第一：白银狂飙，刷新历史新高 11月28日，现货白银大涨超6%，突破56美元/盎司，创下历史新高。现货黄金则重回4200美元。 背后原因是市场对美联储12月份降息的概率大幅提高及美军的新动作，这个原因同时也推动了近期美股 的反攻。 第二：私募规模首破22万亿 数据显示，截至2025年10月末，存续私募基金管理人19367家，管理基金数量137905只，管理基金规模 22.05万亿元。 其中，二级市场炒股的超7500家，数量持续缩减；存续规模首次超7万亿。剩下的就是股权方面的。 12 3 该小区一度代价达到20万/平米，如今挂牌价15万/平米，根据实际情况来看，恐怕还不到这个价格。 人口净流出的区块，想都不要想。我在汕头，早就认亏了。 第四：周末愉快 冬天的周末，感觉有点难度过，哈哈哈。外出不太方便，有点儿冷，待家里，也不是我最心仪的选择。 搞不好，就要去楼下公园，跟中老年一起散步、发呆了。好在，明天就是读书会第34本书开读的日子， 生活在持续提高。 我是李聪，10年读书会主理人，活到老、学到老，关注我，一起向上成长。 以上仅为个人看法，不作为任何建议。 同时，仓位规模达80%，满仓的私募超65%。我想问的是， ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募指数增强策略是以跟踪某一特定指数（如沪深300、中证500、中证1000等）为目标，在严控误差的前提下，通过量化方式调整投资组合， 力求获取超越标的指数一种投资策略。 指数增强 策略的重点也就在于它的 "强"，强过对应指数，也就是跑出正超额收益。 然而在近五年的A股行情中，经历了地缘政治、疫情、关税冲击等一系列不确定性的冲击下，市场跌宕起伏。以沪深300指数为例，2021年-2023 年涨跌幅分别为-5.20%、-21.63%、-11.38%、2024年涨幅为14.68%，今年来延续涨势。 在这种行情下，私募指数增强策略想要跑出自己的 "强"实属不易，而在这近五年行情中，能够连续五年跑出超额收益更是凤毛麟角，为了给予 更有价值的信息，本文按不同指增策略，分别梳理出连续五年跑出正超额收益的产品，供投资者参考。 0 1 沪深300指增：幻方、龙旗、明汯领衔！白鹭资管上榜！ 沪深300指数在2021年-2024年的涨跌幅分别为-5.20%、-21.63%、-11.38%、14.68%，此外，截至11月21日，今年来的涨幅为14.75%；私募排 排网 ...

中证报中证网讯(王珞)11月28日，由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经济研 究院提供独家学术支持的"2025量化行业高质量发展大会暨金融科技.量化机构金牛奖颁奖典礼"在上海 徐汇西岸举行。上海锐耐私募基金管理有限公司荣获"年度金牛量化机构(多空对冲策略)"奖。 锐耐私募作为国内量化投资领域的杰出代表，是一家以低延时套利策略为核心，深度融合顶尖信息技术 (IT)、前沿算法与严谨投研团队的专业机构。10月15日，锐耐私募获得"金牛私募管理公司(年度相对价 值策略)"奖。 市场的认可是衡量一家私募管理公司成功与否的最终标准。在过去短短三年多时间，锐耐私募凭借其出 色的策略表现，在各类大小规模的行业实盘竞赛中，累计斩获了超过一百个冠亚军奖项，不仅体现了其 策略的强大普适性与盈利能力，更彰显了团队在不同市场环境下的卓越适应性和稳定性。 锐耐私募旗下产品以其鲜明的"低回撤、高夏普"特征而备受市场青睐。在追求阿尔法收益的同时，公司 将风险控制置于首位。通过精密的模型设计和严格的风控体系，其产品净值曲线平滑，回撤幅度远低于 行业平均水平，为投资者提供了卓越的持有体验。极高的夏普比率则意味着，投资者在承担 ...

Core Viewpoint - The article highlights the crackdown on tax-related intermediary services that engage in illegal activities for profit, with the tax authorities exposing multiple cases of violations in the industry [3][6]. Group 1: Overview of Violations - The tax authorities have disclosed over 18 typical cases of violations by tax-related intermediary institutions this year, signaling a strong enforcement stance [3][6]. - Common methods of violation include the issuance of false invoices to assist companies in tax evasion, leading to significant tax underpayment [4][5]. Group 2: Specific Cases - A case involving Shenzhen Caizhi Hengtong Enterprise Management Consulting Co., Ltd. revealed that from 2019 to 2021, the company helped Shenzhen Dingxin Private Equity Fund Management Co., Ltd. evade taxes by providing 52 false invoices, resulting in a tax underpayment of 11.87 million yuan and a profit of 840,800 yuan for the intermediary [4]. - Wuhan Ruiqi Biological Engineering Co., Ltd. was found to have purchased false invoices to evade corporate income tax, involving 504 false invoices totaling 260 million yuan [5]. Group 3: Consequences and Regulatory Actions - Tax-related intermediary institutions face confiscation of illegal gains and potential fines up to three times the amount of tax evaded, with some being classified as untrustworthy entities [6]. - The tax authorities emphasize the importance of compliance and integrity among tax service providers, urging businesses to carefully select their tax service partners to avoid illegal practices [6].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在全球资本市场联动日益紧密的当下，香港作为国际金融枢纽，其监管牌照成为内地私募"出海"的通行证。 香港9号牌照由香港证券及期货事务监察委员会（SFC）颁发，是从事资产管理业务的法定准入许可。持牌机构可以全权委托形式为客户管理证 券或期货合约投资组合，包括设立和管理基金、提供投资组合管理、财富规划、投资顾问等服务。 私募排排网数据显示，截至 2025年11月26日，年内已有10家私募获得香港9号牌照，持有该牌照的私募数量增加至107家。 其中，主观私募、量 化私募和混合型（"主观+量化"）私募分别有69家、28家和10家。 ( 点此领取持有香港9号牌照的107家私募全名单 ） 那么，年内斩获9号牌照的10家私募都有谁？持有香港9号牌照的私募最新业绩又如何？ 0 1 5家头部量化私募今年获批牌照！盛麒、幻方业绩领跑！ 在头部私募（规模50亿以上）中，持有香港9号牌照的私募共有54家，其中年内获得9号牌照的私募共有5家，且均为量化私募，分别为 优美利投 资、平方和投资、致诚卓远、前海博普资产、黑翼资产 。 在这54家私募中，百亿私募数量较多，共有35家 ...

Core Insights - Multi-asset strategy private equity products have gained popularity in 2023, with 1,400 products registered from January to October, second only to stock strategy products [1] - The appeal of multi-asset strategies is attributed to significant global asset price fluctuations expected in 2024-2025, evolving investor demands for risk-return matching, and the search for absolute returns by long-term funds [1][8] Performance Overview - As of November 14, multi-asset strategy products have an average annual return of 20.37%, ranking just below stock strategies, with a slightly higher Sharpe ratio and lower volatility and drawdown [2][3] - The performance metrics for various strategies are as follows: - Stock Strategy: 29.54% average return, 93.14% positive return ratio, 35.96% volatility [3] - Multi-Asset Strategy: 20.37% average return, 91.73% positive return ratio, 25.84% volatility [3] - Composite Fund: 18.98% average return, 96.34% positive return ratio, 39.15% volatility [3] - Futures and Options: 13.79% average return, 82.49% positive return ratio, 48.73% volatility [3] - Bond Strategy: 8.46% average return, 92.10% positive return ratio, 11.76% volatility [3] Sub-strategy Performance - Among sub-strategies, macro strategies outperform in average return, positive return ratio, and Sharpe ratio [4] - Macro Strategy: 25.09% average return, 97% positive return ratio, 25.48% volatility [5] - Composite Strategy: 21.14% average return, 90.93% positive return ratio, 1.63 Sharpe ratio [7] - Arbitrage Strategy: 8.87% average return, 89.95% positive return ratio, lowest volatility and drawdown [7] Market Dynamics - The macro strategy focuses on dynamic allocation across major asset classes based on global macroeconomic analysis [6] - Bridgewater's "All Weather Strategy" exemplifies macro strategies, aiming for stable performance across different economic environments [6] - Local macro strategy firms like Honghu and Banxia are emerging as key players in the market [7] Challenges and Considerations - Successfully implementing multi-asset strategies requires more than just combining different assets; it necessitates creating a synergistic portfolio [8] - The complexity of the Chinese market, with significant differences in Sharpe ratios and economic cycles, demands experienced management and a tailored methodology [8] - A robust IT system covering research, trading, risk control, and operations is essential for distinguishing the capabilities of multi-asset strategy private equity firms [8]

值得一题的是，年内新增的持牌机构中，黑翼资产、平方和投资、致诚卓远为百亿级私募。 在排排网财富研究总监刘有华看来，大规模私募成为持有9号牌照的核心主力，核心源于资金实力匹配 高昂初始成本、客群需求形成天然支撑、合规优势与治理经验、战略布局突破行业天花板这四大关键因 素的支撑。 目前，持香港9号牌照的107家内地存续私募中，主观私募数量达69家，量化私募28家，主观+量化混合 私募仅10家。 从规模来看，头部机构占据主导地位，35家百亿级私募和19家50-100亿规模私募合计占持牌机构的五 成。 值得一题的是，景林资产早在2005年就拿下该牌照，且持有香港9号牌照时间早于国内私募成立时间。 源峰基金2017年持有香港9号牌照，同样早于国内私募成立时间。 2025年中国私募国际化战略布局迎来关键突破，尤其是以香港9号牌照为核心的跨境布局成果显著。同 时在业务策略、资金合作、区域拓展等多方面呈现出多元化推进态势，不同规模、不同类型的私募机构 均积极参与其中。 截至2025年11月26日，内地存续私募中获得香港9号牌照的机构数量首次突破百家，达107家，年内新增 10家，分别为黑翼资产、弘尚资产、青柏资产、永信国际投 ...

Core Insights - The private equity industry in China is undergoing a significant transformation, with leading firms accelerating their international expansion efforts, as evidenced by the approval of 10 new firms for Hong Kong's 9 license, bringing the total to 107 licensed firms [1][2]. Group 1: Industry Overview - As of November 26, 2023, the number of licensed private equity firms in China has surpassed 100 for the first time, indicating a shift from a trial phase to a new cycle of global competition [1]. - Among the licensed firms, subjective private equity firms dominate with 69 firms, followed by quantitative firms with 28, and mixed strategy firms with 10 [5]. Group 2: New Entrants and Market Structure - The newly approved firms include an equal number of subjective and quantitative private equity firms, with a clear tiered structure in terms of management scale [3]. - In the existing 107 licensed firms, large-scale private equity firms (over 10 billion) hold a significant market share, with 35 firms managing over 100 billion, accounting for nearly 50% of the total [3][4]. Group 3: Drivers of International Expansion - Key factors driving the internationalization of leading private equity firms include the high initial costs of compliance and market entry, a strong client base with global asset allocation needs, and accumulated compliance advantages [4]. - The global market offers diverse asset classes and financial instruments, which support private equity firms in expanding their investment strategies and identifying differentiated return opportunities [8]. Group 4: Future Outlook - The trend of private equity firms seeking global expansion is expected to continue, with industry experts predicting a new wave of growth in cross-border business over the next 3 to 5 years [8].

主观私募全球化布局积极性更高。数据显示，持牌的107家存续私募证券管理人中，主观私募数量达69 家，占比超六成，比量化和主观+量化混合的总和还要多。其次是量化私募，有28家持有香港9号牌 照，占比为26.17%。主观+量化混合私募数量最少，仅10家持有香港9号牌照，占比不足9.35%。 来源：深圳商报 据私募排排网不完全统计，截至11月25日，全市场存续私募证券管理人中，已有107家内地私募持有香 港9号牌照(香港9号牌照是内地机构进军国际资本市场的关键通行证)。其中，今年以来新增获批私募机 构达10家，反映国内私募全球化布局的积极态势。 从投资模式看，年内新增获批香港9号牌照的私募机构呈现均衡分布特征，主观私募与量化私募各占五 家，平分秋色。管理规模维度则呈现多梯队格局：100亿以上及0-5亿规模机构数量居首，均为3家，前 者包括黑翼资产、平方和投资、致诚卓远，后者为青柏资产、永信国际投资、鑫善投资；50亿-100亿规 模私募机构有2家，分别是优美利投资、前海博普资产；10亿-20亿和20亿-50亿规模私募机构各1家，依 次为龙航资产、弘尚资产。 (责任编辑：叶景) ...

Core Insights - The private equity industry in China is undergoing a rapid transformation, with leading private equity firms accelerating their international expansion efforts [1][6] - As of November 26, 2023, the number of licensed private equity firms in Hong Kong has surpassed 100, indicating a significant milestone in the internationalization of Chinese private equity [1][2] Group 1: Industry Overview - A total of 10 new private equity firms have been approved for the Hong Kong license this year, with a balanced distribution between subjective and quantitative firms [2] - The majority of licensed firms are large-scale, with 35 firms managing over 10 billion yuan, representing nearly 50% of the total licensed firms [2][3] - The trend indicates that large private equity firms are becoming the main players in cross-border operations due to their financial strength and established client bases [2][6] Group 2: Firm Characteristics - Among the 107 licensed firms, subjective private equity firms dominate with 69 firms, accounting for over 60% of the total [3] - The large-scale private equity firms are primarily focused on international expansion, with 35 firms having obtained the Hong Kong license [4] - The historical timeline shows that 2021 and 2023 were peak years for large private equity firms obtaining the Hong Kong license, with multiple firms receiving approval during these years [5] Group 3: Strategic Drivers - The push for international expansion is driven by the need to diversify risks, enhance investment strategies, and meet the growing global asset allocation demands of clients [6] - The increasing regulatory requirements for cross-border operations favor larger firms that have accumulated compliance advantages over time [2][6] - The anticipated deepening of financial market integration between Hong Kong and mainland China is expected to create new opportunities for private equity firms in the next 3-5 years [6]