今年1-11月，在政策支持、产业突破等利好因素的背景下，A股结构性行情突出。其中，部分"小而美"私募凭借着灵活性和适应性，在中小盘股 整体表现占优的"慢牛"行情下，展现出较强的进攻性和爆发力。 私募排排网数据显示，规模为0-5亿的私募共有6195家，占所有私募总数的81.86%。其中，今年来至少有3只产品符合排名规则的私募共有238 家，平均收益为29.2%。 那么，究竟有哪些规模为0-5亿私募在今年的行情中表现更优呢？接下来，笔者将根据投资模式进行划分，盘点今年来收益位列10强的"小而 美"量化私募、主观私募和混合型私募。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 0 1 量化"小而美"：京盈智投、锦望投资、广州天钲瀚位列10强 在量化私募中，至少有3只产品符合排名规则的私募共有47家，今年来平均收益为 *** %，其中10强私募的上榜门槛为 *** %。（ 点此查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] 在10强量化私募中，核心策略为股票策略的私募有5家，占据半壁江山；另外还有3家私募为期货及衍生品策略，2家私 ...

记者了解到，在代销这款私募基金的过程中，银河证券及其工作人员涉嫌多重违规操作，且已被监 管部门采取监管措施，但蔡女士的500万元投资最终还是打了水漂。 代销过程涉嫌多重违规操作 "雷根全天候五号是银河风控、银河资金监管的。"银河证券南京江东中路证券营业部工作人员石敏 向蔡女士推销产品时称，这款基金投资策略稳健，以港股打新为主、中资银行美元债为辅，新股上市申 购后开盘首日即卖出，不涉及长期持股；产品与大盘指数相关性低、抗风险能力强，本质上就是"固收 +"产品。 南京62岁的蔡女士一提起自己500万元的投资经历，便痛心疾首。当初，她基于对中国银河证券的 信任，认购了该公司代销并托管的一款私募基金产品，如今却落得血本无归的境地。 2024年12月12日，江苏证监局也发布公告，查明石敏在任职期间，推介私募基金时使用不恰当言辞 误导客户，对其出具警示函并记入证券期货市场诚信档案。 银河证券未履行托管监督职责 这款名为"雷根添宝全天候五号二期私募证券投资基金"（下称"雷根五号基金"）的产品，由上海雷 根资产管理有限公司（下称"雷根资产"）管理，银河证券同时担任其代销机构和托管人。2022年7月5 日，蔡女士在银河证券Ap ...

| 序号 | | | 股东名称 持股比例 ÷ | | --- | --- | --- | --- | | 1 | | e | 交银金融资产投资有限公司 | | | | 交银投资 | 央企子公司 | | 2 | + | 6 | 中国银河资产管理有限责任公司 | | | | | 央企子公司 | 企查查APP显示，近日，上海交汇银合私募投资基金有限公司成立，法定代表人为董小浩，注册资本20亿人民币，经营范围为以私募基金从事股权投资、投 资管理、资产管理等活动。企查查股权穿透显示，该公司由交银金融资产投资有限公司、中国银河资产管理有限责任公司共同持股。 | 11 5 5 13 13 1 | 上海交汇银合私募投资基金有限公司 全国企业信用查询 | | × 苔一下 | | --- | --- | --- | --- | | 基本信息 6 | 法律诉讼 | 经营风险 | 经营信息 | | 法定代表人 | 董小浩 | 登记状态 | 存续 | | | | 注册资本 | 200000万元 | | 组织机构代码 | MAK1XCFM-2 | 工商注册号 | 310000000202282 | | 企业类型 | 其他有限责任公司 | ...

近日，深圳证监局公告，对深圳泽源私募证券基金管理有限公司、杨光采取出具警示函的监管措施。 经查，深圳泽源私募证券基金管理有限公司在从事私募基金业务活动中，存在由非公司从业人员承担部 分私募基金投资管理职责、不公平对待同一私募基金的不同投资者的情形，说明在管理、运用私募基金 财产的过程中未履行谨慎勤勉义务。杨光负责相关私募基金投资运作，实施了不公平对待同一私募基金 不同投资者的违规行为，未恪守相关行为规范。 据官网介绍，深圳泽源私募证券投资基金管理有限公司成立于2015年11月11日，2017年12月25日在中国 证券投资基金业协会登记为私募证券基金管理人，登记编码 P1066466，截止2023年10月，累计管理规 模20亿元。 来源：读创财经 相关行为违反了《私募投资基金监督管理暂行办法》（证监会令第105号，以下简称《私募管理办 法》）第四条、《关于加强私募投资基金监管的若干规定》（证监会公告〔2020〕71号）第九条第一款 第五项的规定。 依据《私募管理办法》第三十三条的规定，深圳证监局决定对深圳泽源私募证券基金管理有限公司、杨 光采取出具警示函的行政监管措施。 ...

企查查APP显示，近日，上海交汇银合私募投资基金有限公司成立，法定代表人为董小浩，注册资本20 亿人民币，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显示， 该公司由交银金融资产投资有限公司、中国银河资产管理有限责任公司共同持股。 ...

Core Viewpoint - The article discusses the significant financial losses incurred by Zhonglai Co., Ltd. due to the inability to redeem a 200 million yuan private equity fund, leading to a total loss of approximately 180 million yuan, which is about half of the company's net profit for that year [6]. Group 1: Fund Redemption Issues - Zhonglai Co., Ltd. attempted to redeem a 200 million yuan private equity fund but faced repeated refusals from the fund manager, ultimately only managing to redeem 20 million yuan after ten months [2][3]. - By the end of November 2020, the net value of the remaining fund was reported at 163 million yuan, but this value drastically decreased due to poor investment decisions [3][4]. Group 2: Financial Losses and Legal Proceedings - The company experienced a staggering loss of 97.18% in one month, reducing the fund's value to just 4.61 million yuan [4][5]. - The case escalated to litigation, with the Jiangsu High Court ruling that the fund manager, Li Pingping, must compensate Zhonglai Co., Ltd. for all losses incurred, totaling 158 million yuan plus 10% annual interest [6]. Group 3: Recurrent Issues with Private Equity Funds - In 2025, a similar situation arose with another private equity fund managed by Li Pingping, where investors were unable to redeem their 200 million yuan investment due to claims of needing to share profits from alleged risky operations [8][9]. - The Shenzhen Securities Regulatory Bureau intervened but could not facilitate the redemption of funds for the investors, highlighting ongoing issues within the private equity sector [9]. Group 4: Li Pingping's Controversial Role - Li Pingping has been identified as a central figure in both cases, with allegations of using complex maneuvers to evade legal consequences and potentially misappropriating funds [10][13]. - Reports indicate that she has multiple legal cases against her, suggesting a pattern of behavior that raises concerns about her management practices in the private equity industry [20][22].

Core Insights - Jiangyin hosted the 2025 Economic and Trade Cooperation Conference, attracting nearly 300 guests from home and abroad to discuss cooperation and development opportunities [1] Investment Projects - During the 14th Five-Year Plan period, Jiangyin signed 321 projects with investments exceeding 100 million yuan, totaling 262.7 billion yuan, including 81 projects over 1 billion yuan and 10 projects over 5 billion yuan [1] - Notable projects include six major projects worth over 10 billion yuan each, such as Changdian Microelectronics and Shenghe Crystal Micro [1] - In the recent "Golden Autumn Investment Month," Jiangyin conducted over 50 investment activities, signing 208 projects with a total investment of 68 billion yuan, including one project over 10 billion yuan and 29 projects over 1 billion yuan [3] Future Development Plans - Jiangyin aims to implement the spirit of the 20th National Congress, focusing on becoming a regional central city and a model for county-level development, with plans to establish regional industry, technology, transportation, openness, and cultural tourism centers [1] Industry Promotion Initiatives - The event featured the launch of the "Innovation Jiangyin" university technology transfer alliance and showcased key industrial parks, including Jiangyin Microelectronics Industrial Park and Jiangyin Carbon Neutral Technology Industrial Park [2] - A roundtable discussion on industrial development was held, featuring leaders from various companies discussing capital empowerment and creating a favorable business environment [2]

Core Insights - The private equity fund industry in China has reached a record management scale of 22.05 trillion yuan, with a month-on-month increase of 1.31 trillion yuan as of the end of October [1] - The growth in private equity funds is driven by the recovery of existing fund net values rather than new product launches, indicating a solid foundation for the industry [1][3] - The dual drivers of private securities and private equity funds enhance the industry's ability to withstand risks and meet diverse asset allocation needs of investors [1] Fund Management and Scale - As of the end of October, there are 19,367 registered private fund managers managing 137,905 funds, with a total management scale of 22.05 trillion yuan [1] - The private securities investment fund scale has surpassed 7 trillion yuan for the first time, with new registrations in October amounting to 429.2 billion yuan, accounting for over 60% of all new registered funds [1] - The private equity and venture capital funds have respective scales of 11.18 trillion yuan and 3.56 trillion yuan, with quarter-on-quarter increases of 0.2 trillion yuan and 0.08 trillion yuan, representing growth rates of 1.8% and 2.3% [3] Market Dynamics - The recovery of the secondary market and the release of profit-making effects are significant engines for growth, with the A-share market's upward trend boosting the net value of private equity products [2] - Increased investor risk appetite and favorable policies, such as long-term stock investment trials for insurance funds, contribute to the steady expansion of private fund scales [2] Regulatory Environment - The tightening of regulations has accelerated the survival of the fittest in the industry, with a decrease in the number of private fund managers and funds, indicating a focus on quality over quantity [3][4] - The average management scale of existing managers is expanding, reflecting a rational selection of large institutions with stable performance and compliance [4] Future Outlook - The industry is expected to see a transformation towards a more professional and transparent asset management ecosystem, better meeting the wealth management needs of residents and injecting professional strength into the long-term stable development of the capital market [4]

Group 1 - Over 1200 private equity securities investment funds completed registration in November, representing a nearly 30% increase compared to October [1] - As of November 21, the stock private equity position index approached 83%, an increase of 1.84 percentage points from the previous week (November 14) [1] - Industry insiders express optimism regarding the medium to long-term performance of equity assets, driven by gradual recovery in corporate earnings and continuous inflow of incremental funds into the equity market [1] Group 2 - The current market adjustment provides a favorable opportunity for positioning in high-quality companies that are expected to enter a new upward cycle after short-term fluctuations [1]

（原标题：私募发行大爆发！单月备案量大增近30%） 临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据证券时报·券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中 国记者反映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加 快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无 ...