北京商报讯（记者 郝彦）8月14日，广东证监局发布公告表示，珠海市海泽证券投资私募基金管理有限公司（以下简称"珠 海海泽私募"）在开展私募投资基金管理业务过程中，存在以下违规情形：未对部分投资者的风险告知警示过程进行录音 录像；未按合同约定向投资者进行信息披露；未通过获取投资者资产证明等方式了解投资者财务状况。 上述行为违反规定，广东证监局决定对珠海海泽私募采取出具警示函的行政监管措施。 ...

经查，该公司存在以下行为： 一、委托他人募集资金，受托单位或个人不具有基金销售业务资格；二、虚假、片面、夸大等方式开展宣传推介；三、玩忽 职守，不按照规定履行职责；四、不公平对待投资者；五、未按规定履行信息披露义务，未向投资者披露影响其合法权益的重大信息；六、投资层级复杂、 未建立有效的风控措施；七、未严格履行投资者适当性认证。 日前，浙江证监局发布关于对杭州兴健私募基金管理有限公司采取出具警示函措施的决定。 上述行为违反了《私募投资基金监督管理条例》第十一条第一款第三项、第十七条、第二十条、第三十条第五项，《私募投资基金监督管理暂行办法》（证 监会令第105号）第四条第一款、第二十三条第七项、第二十四条，《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）第六条第一款 第四项、第八项、第九条第五项。根据《私募投资基金监督管理条例》第四十条第二款、《私募投资基金监督管理暂行办法》第三十三条，浙江证监局决定 对公司采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 浙江证监局同时对杭州兴健私募基金管理有限公司法定代表人、总经理、执行董事楼海淼采取出具警示函措施的决定。 来源：读创财经 ...

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has issued a warning letter to Ding Tai Si Fang (Shenzhen) Private Securities Fund Management Co., Ltd., along with individuals Yao Yimin and Chen Yongbao, due to violations in private fund management practices [1][3]. Group 1: Regulatory Actions - The Shenzhen Securities Regulatory Bureau has taken administrative regulatory measures by issuing a warning letter to Ding Tai Si Fang (Shenzhen) Private Securities Fund Management Co., Ltd., Yao Yimin, and Chen Yongbao [1][3]. - The actions were based on findings that the company failed to independently fulfill certain investment management responsibilities and treated different investors unfairly within the same private fund [3]. Group 2: Violations Identified - The company and the individuals involved were found to have violated the "Interim Measures for the Supervision and Administration of Private Investment Funds" (CSRC Order No. 105) and related regulations [3]. - Specific violations included not adhering to the duty of diligence and prudence in managing and utilizing private fund assets [3].

Core Viewpoint - The A-share market in July exhibited characteristics of "index breakthrough, hot rotation, and increased trading volume," with the Shanghai Composite Index surpassing 3500 points for the first time on July 9 and closing above 3600 points at the end of the month. The private equity industry saw several fund managers achieve impressive performance amid the improving market conditions [2]. Summary by Categories Overall Performance - As of July 31, there were 533 fund managers with at least three products meeting ranking criteria, achieving an average return of 15.01% year-to-date. Among them, fund managers from firms with over 100 billion in assets had an average return of 17.82%, ranking first among six size groups [3][4]. Fund Manager Rankings - In the category of private equity firms with over 100 billion in assets, the top five fund managers based on performance included: 1. Lu Hang from Fusheng Asset 2. Yin Tao from Wenbo Investment 3. Zhan Haitao from Abama Investment 4. Xie Xiaoyang from Tianyan Capital 5. Jiang Yunfei from Jiuqi Investment [4][6]. Specific Fund Manager Insights - Lu Hang, the top fund manager, emphasized opportunities in new consumption and new technology, with his managed products showing significant returns [7]. - Zhan Haitao from Abama Investment, ranked third, has a background in quantitative investment and previously led ETF research at Everbright Securities [7][8]. - Xie Xiaoyang from Tianyan Capital, ranked fourth, has a strong academic background and extensive experience in trading and investment management [8]. Performance by Fund Size - In the 50-100 billion category, the top fund managers included: 1. Tong Xun from Tongxun Investment 2. Li Jianfei from Guoyuan Xinda 3. He Tianying from Tiansuan Quantitative [9][14]. - In the 20-50 billion category, the top managers were: 1. Li Jiajia from Haokun Shengfa 2. Xu Hongbing from Shenzhen Dream Factory [16][19]. - In the 10-20 billion category, the top managers included: 1. Sun Jie from Nengjing Investment 2. Cai Yingming from Longhang Asset 3. Zhai Jingyong from Rongshu Investment [20][24]. - In the 5-10 billion category, Liu Xianglong from Fuyuan Capital achieved the highest returns [25][27]. - In the 0-5 billion category, Yao Yong from Qinxing Fund ranked first [30][33]. Market Trends and Insights - The report highlights the increasing interest in sectors such as AI computing, new energy, and semiconductor industries, which are expected to be growth drivers in the coming years [24][35].

Group 1 - The core viewpoint of the news is that YuXiu Asset Management has conducted research on a listed company, Aladdin, focusing on its operational platform, market competitiveness, revenue structure, and profit fluctuations [1] - The Kasima platform operates independently from the Chinese Academy of Sciences, with a wide business coverage, including 247,000 registered members, over 1,800 research institutions, and 10,218 suppliers, achieving an annual transaction volume of nearly 4 billion yuan [1] - Revenue sources for the Kasima platform include store fees, bridge fees, value-added service fees, and advertising fees, with 2023 profits being high due to non-recurring income, while a decline in 2024 profits is not attributed to core business operations [1] Group 2 - YuXiu Capital, established in January 2015, is a private equity fund management institution focused on private securities investment, founded by former senior executives from the industry [2] - The company operates under a limited liability partnership structure, aiming to maximize team vitality and provide multi-strategy, high-quality asset management solutions to clients [2]

Group 1 - The core viewpoint of the articles highlights the outstanding performance of private equity funds in the A-share market, with an average return of 11.94% for 11,880 private securities products as of July, 86.97% of which achieved positive returns [1] - Stock strategies have shown particularly strong performance, with 7,760 stock strategy products averaging a return of 14.5%, leading among five major strategies, and 88.2% of these products achieving positive returns [1][2] - Top private equity firms have outperformed the industry average, with 55 billion-level private equity firms averaging a return of 16.6%, and 98.18% of them achieving positive returns [1] Group 2 - Multi-asset strategies follow closely behind stock strategies, with 1,364 multi-asset strategy products averaging a return of 9.59%, and 86.66% of these products achieving positive returns [2] - Combination funds have shown stable performance, with 405 combination funds averaging a return of 8.57%, and 92.10% of these products achieving positive returns [2] - In the bond strategy sector, 1,076 bond strategy products have averaged a return of 5.16%, with 91.54% achieving positive returns [3] Group 3 - The outlook for the market is optimistic, supported by reduced global trade uncertainties and the effectiveness of China's economic structural adjustments, with a focus on sectors like technology, innovative pharmaceuticals, and non-bank financials [3] - The company maintains a high position in its portfolio, particularly in sectors such as overseas AI, domestic computing power, and new consumption [3]

Core Viewpoint - The bond issuance market in China is facing increased regulatory scrutiny, particularly targeting "dark box operations" by private equity firms and rating agencies, leading to self-discipline penalties for several institutions [1][6][10]. Group 1: Regulatory Actions - The China Interbank Market Dealers Association has imposed self-discipline penalties on five institutions, including warnings and orders for correction against rating agency Zhongjian Pengyuan and private equity firms like Shanghai Fuxi Asset and Jiangsu Yuning [1][2]. - Shanghai Fuxi Asset has previously faced disciplinary actions from the Asset Management Association of China, including the cancellation of its membership and a 12-month suspension on fund product filings due to violations related to bond issuance [4][6]. Group 2: Types of Violations - The main violations identified include assisting multiple issuers in non-market-based bond issuance and charging substantial service fees, which contravenes self-regulatory requirements [2][3]. - Specific violations by Jiangsu Yuning include promising guaranteed returns to investors, engaging in unrelated business activities, and providing false information about senior management [5]. Group 3: Market Impact and Concerns - The trend of private equity firms acting as intermediaries in bond issuance poses significant risks to market integrity, potentially misleading investors about the true creditworthiness of issuers and increasing investment risks [10]. - The regulatory framework has been clarified, prohibiting manipulative practices in bond pricing and requiring compliance from all market participants, yet violations persist due to weak compliance awareness and the lure of high service fees [9][10].

Core Viewpoint - The bond issuance market in China is facing increased regulatory scrutiny, particularly targeting "dark box operations" by private equity firms and rating agencies, leading to self-discipline penalties for several institutions [1][8]. Group 1: Regulatory Actions - The China Interbank Market Dealers Association has issued self-discipline penalties to five institutions, including warnings and orders for correction against the rating agency Zhongjian Pengyuan and private equity firms like Shanghai Fuxi Asset and Jiangsu Yuning [1][3]. - Shanghai Fuxi Asset has previously faced disciplinary actions from the Asset Management Association of China (AMAC), including the cancellation of its membership and a 12-month suspension on fund product filings due to violations related to bond issuance [6][8]. Group 2: Violations Identified - The penalized private equity firms were found to engage in two main types of violations: assisting multiple issuers in non-market-based bond issuance while charging substantial service fees, and facilitating "self-financing" issuance through nested asset management plans [3][4]. - Specific violations by Shanghai Fuxi Asset included using its own funds or introducing external funds for bond issuance, which constituted conflicts of interest and improper profit generation from fund assets [6][11]. Group 3: Market Impact and Trends - The trend of strict regulation in the bond issuance market is expected to continue, as private equity firms acting as intermediaries for non-market-based issuance pose significant risks to market integrity and investor interests [1][11]. - The regulatory framework has been clarified, prohibiting manipulation of issuance pricing and requiring transparency in bond issuance processes, with new guidelines set to take effect in August 2024 [10][11].

Core Viewpoint - The article highlights the increasing regulatory scrutiny on the bond issuance market in China, particularly focusing on the misconduct of private equity firms involved in non-market-based bond issuance practices [1][6]. Group 1: Regulatory Actions - The China Interbank Market Dealers Association has recently imposed self-discipline penalties on five institutions, including warnings and corrective orders against the rating agency China Chengxin Securities Rating Co. and severe warnings to private equity firms such as Shanghai Fuxi Asset Management [1][3]. - Other firms like Mengsen (Shanghai) Investment and Shenzhen Qianhai Jiuying have also faced similar penalties for comparable violations in the bond issuance market [1][7]. Group 2: Types of Violations - The penalized private equity firms primarily engaged in two types of violations: assisting multiple issuers in non-market-based bond issuance while charging substantial service fees, and facilitating "self-financing" issuance through nested asset management plans [3][4]. - Shanghai Fuxi Asset Management was specifically noted for using its own funds or introducing external funds to participate in bond issuance, which constituted a conflict of interest with its private fund management duties [4][5]. Group 3: Market Impact and Compliance Issues - The article emphasizes that the actions of private equity firms in the bond issuance market can significantly distort the true market conditions, leading to misjudgments by investors regarding creditworthiness and bond values, thereby increasing investment risks [9][10]. - The ongoing trend of strict regulation is expected to continue, as the private equity firms often exhibit weak compliance awareness and are lured by high service fees, leading them to take risks [8][10].

近日，中国银行间市场交易商协会（以下简称"交易商协会"）再出"重拳"，对5家机构予以自律处分。 其中，交易商协会对评级机构中证鹏元资信评估采取警告、责令改正的处分措施；对私募机构上海复熙 资产以及已被撤销管理人登记的江苏煜宁、上海寰财分别予以严重警告或警告。此外，同批被警告的还 包括中原期货。 21世纪经济报道记者注意到，近年来，私募机构由于在债券发行市场中充当通道工具、返费中介，继而 被监管处罚的案例时有曝光。 除了上述机构，此前不久，蒙森（上海）投资、深圳前海玖瀛等私募机构亦因同类问题被交易商协会予 以自律处分。 21世纪经济报道记者 易妍君 债券发行市场中的"暗箱操作"，成为监管重点打击领域。 受访人士向记者指出，违规私募机构往往合规意识不强且抱有侥幸心理，在"高额服务费"诱惑下选择铤 而走险。私募机构协助债券非市场化发行可能给市场带来危害，严监管趋势仍将延续。 违规开展通道业务 上海复熙资产、江苏煜宁正是因为这类违规而被交易商协会予以严重警告。 二是相关私募基金管理人，通过自身管理的私募基金嵌套相关资产管理计划后协助某发行人"自融"发 行。上海寰财则因此被采取警告处分。 "近期的处分主要涉及私募基金管 ...