来源：金石随笔 12月4日消息，今年前三季度可以说是大牛市行情，公募、私募们赚的是盆满钵满。公募来说，金石随 笔统计wind数据发现，今年以来有760只基金收益超50%，收益超30%的有2475只。 | 519133.OF | 用品造成年整功 | *** | 60.12% | 44.32% | 66.6376 | 31,45% | 3.0.34% | 180:2282 | 65.07% | -14.7 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 005109.OF | 工安多情感A | *** | 50.08% | 39.13% | 47.07% | 48.40% | 107,89% | 191/2282 | 65.03% | -14. | | 588700.0F | 情时时创板人工智能ETF | - | 50.07% | - | 44 | .. | 50.10% | 254/2828 | 55.02% | -25.3 | | 013552.OF | 工作基层长波完A | ***** | 50.06% | 48 ...

12月3日，由方正证券（601901）主办、证券时报提供媒体支持的"方华正茂 砺行致远"方正证券私募基 金大会在上海举行，超200家私募参会，大会旨在搭建专业交流平台，促进私募行业生态良性互动，推 动私募机构与资本市场的高效对接。 作为拥有37年历史的大型综合券商，方正证券执行委员会主任、总裁姜志军在致辞时表示，该公司正坚 定向财富管理特色鲜明的大型综合券商转型，聚焦"大财富、大投交、大资管、大机构"四大业务板块。 未来，将重点在资金、交易和研究体系三方面发力私募业务。 作为媒体支持方，证券时报社党委委员、副总编辑汤泳在致辞中表示，今年私募基金行业呈现两大显著 新变化：一是量化私募强势回归，百亿量化私募数量首次超过主观策略；二是随着市场风格平稳，凭借 扎实投研的老牌主观私募业绩回暖。 在主题演讲环节，方正证券首席经济学家燕翔、毕盛投资首席投资官王康宁、蒙玺投资总经理李骧分别 就各自研究领域进行了主题演讲。 此外，大会期间还举办了第三届"方华杯"私募成长计划优秀管理人颁奖仪式，表彰表现卓越的私募机 构。同时，创新推出的"方华好友荟"交流展，为私募管理人与机构投资者搭建了直接交流的平台。 方正证券将三方面发展私募 ...

一是从事与私募基金管理无关的业务。根据行政监管措施决定书、现场检查事实确认书和机构向中基协提供的情况说明，2020年至2023年间，青岛祺顺使用 基金产品购买相关债券参与债券发行活动，由基金托管户多次收取相关主体支付的"信用补足金"。 二是利用基金财产或职务之便为本人或者投资者以外的人牟取利益。根据行政监管措施决定书、现场检查事实确认书和机构向中基协提供的情况说明，青岛 祺顺存在使用多只基金购买债券，而"信用补足金"只由其中1只基金收取的情况，以及使用基金产品购买债券却由其公司账户收取债券发行人支付的服务费 的情况。 三是未能勤勉尽责、审慎履职，未能全面了解投资者情况。根据行政监管措施决定书、现场检查事实确认书和机构向中基协提供的情况说明，青岛祺顺未能 严格审查祺顺致远5号私募证券投资基金的投资者韩某、祺顺鸿图固收1号私募证券投资基金的投资者严某的合格投资者认定材料。 11月28日，中国证券投资基金业协会公布关于青岛祺顺投资管理有限公司（以下简称"青岛祺顺"）的纪律处分决定书。 中国证券投资基金业协会指出，青岛祺顺存在以下违规行为： 鉴于以上基本事实、情节和审理情况，根据相关规定，中国证券投资基金业协会决定取 ...

每经记者｜杨建 每经编辑｜程鹏 赵云 A股恰逢调整，债市又出大动静。 近期，以稳健著称的百亿债券私募合晟资产，旗下多只纯债策略产品净值突发"断崖式"下跌，单周跌幅超4%，今年以来的收益几近归零。 公告一出，资本市场恐慌情绪蔓延，万科境内债券价格连续下挫。12月1日交易所收盘数据显示，"21万科04"跌超45%，"21万科06"跌超39%，"22万科 02"跌超38%，"21万科02"跌超20%。持有万科债的机构随即被卷入风波，百亿私募合晟资产便是其中之一。 私募排排网数据显示，合晟资产旗下多只纯债策略产品净值出现大幅回撤： 合晟同晖恒信2号：11月28日单周净值大跌4.35%。该基金成立于今年5月21日，前期净值走势平稳，截至11月28日单位净值跌至0.9701元，今年以来收益 由正转负，亏损1.84%； 《每日经济新闻》记者以投资者名义求证，得到合晟资产相关人员确认：产品回撤确因持有万科债所致。 合晟资产多只产品净值"跳水" 近期万科债券的异动，可以说给了机构投资者一记闷棍。 这一切的导火索始于11月26日晚间。万科发布公告称，浦发银行定于12月10日召开"万科2022年度第四期中期票据2025年第一次持有 ...

中证报中证网讯（记者 王辉）近日，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 上海举行。上海蝶威私募基金管理有限公司（简称蝶威量化）凭借其优秀的长期业绩表现与稳健的投研 体系，荣获"三年期金牛量化机构（指数增强策略）"奖项。 在风控方面，公司坚持风险"提前规划、实时调节"。公司在投研体系内置了动态风险预算与风险平价框 架，能根据市场波动与策略状态实时调整风险分配。这些风控举措和强化学习策略、组合优化器、交易 执行模块整合在同一个闭环系统中，实现了风控与投研交易的深度协同。 对于此次获奖，蝶威量化投研团队表示，这既是对过往阶段的肯定，更意味着一份责任。未来，蝶威量 化将继续聚焦于端到端强化学习、多源数据挖掘与多阶组合优化的主航道，持续加大技术投入，致力于 为专业机构与高净值投资者提供经得起时间检验、体验更稳健的量化投资解决方案，在不确定性中寻找 可持续的确定性。 在量化投研领域，区别于传统量化模型的分段式流程，蝶威量化的核心优势在于构建了一套端到端强化 学习驱动的投研框架。该框架将信号生成、仓位决策、 ...

Group 1: Economic Development in Guangdong - Guangdong is China's largest economic province and a vibrant capital market region, with significant achievements during the "14th Five-Year Plan" period, including advancements in the Greater Bay Area financial hub and increased activity in mergers and acquisitions [1] - The construction of the Greater Bay Area financial hub has been supported by various financial policies, leading to tangible results over the past six years [1] Group 2: Cross-Border Financial Initiatives - The "Cross-Border Wealth Management Connect" has seen participation from 169,800 individual investors by September 2025, with a notable 57.3% increase in mainland investors [2] - As of September 2025, Guangdong's securities companies reported a net capital of 139.36 billion yuan, total assets of 1.01 trillion yuan, and net assets of 180.58 billion yuan, reflecting significant growth since 2020 [2] Group 3: Investment Advisory and Wealth Management - The establishment of investment advisory institutions in Guangzhou aims to enhance the wealth management transformation of industry organizations, with support from the Guangdong Securities Regulatory Bureau [2] - The approval of E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd. marks a significant move for leading fund companies to expand their wealth management business [3] Group 4: Private Equity and Innovation - By October 2025, private equity funds had invested in 10,351 projects in high-tech and startup enterprises in Guangdong, with a total investment of 554.55 billion yuan, serving as a crucial source of innovation capital [3] - The establishment of the Guangzhou Futures Exchange has enhanced the futures market's ability to serve the real economy, contributing to the development of a complete futures industry chain [3][4] Group 5: Capital Market Support for Innovation - From January 2021 to October 2025, Guangdong saw 143 new IPOs, with 135 being technology companies, accounting for 94.41% of the total [6] - The issuance of innovation bonds has increased, with 118 innovation bonds issued, raising 88.68 billion yuan, reflecting a steady growth trend [6][7] Group 6: Mergers and Acquisitions Activity - Since the release of the "Six Merger Rules" in 2024, over 250 listed companies in Guangdong have engaged in mergers and acquisitions, with a total transaction volume exceeding 150 billion yuan [9] - Notable merger projects include TCL Technology's acquisition of LG Guangzhou and Huaxing Semiconductor, reinforcing Guangdong's position in the semiconductor and display industries [9] Group 7: Regulatory Support and Future Directions - The Guangdong Securities Regulatory Bureau is focused on building a capital market ecosystem that supports comprehensive innovation and aims to enhance the quality of listed companies [8][11] - Future initiatives will include supporting listed companies in technology innovation and industry upgrades, leveraging policy benefits to drive high-quality development [11]

Core Insights - Dushuquan (Beijing) Investment Management Co., Ltd. has been recognized as the "Most Institutional-Recognized Private Fund Company of the Year" at the "2025 Capital Market High-Quality Development Forum" due to its strong performance, mature investment system, and operational excellence [1] Performance Highlights - Dushuquan's products have shown exceptional performance in a complex market environment, generating long-term stable returns for institutional investors [2] - As of October 30, 2024, Dushuquan's Growth Phase I fund achieved a return of 53.3%, significantly outperforming the CSI 300 index, which rose by 17.9%, resulting in an excess return of 35 percentage points [2] - Over the past year and two years, Dushuquan's Growth Phase I fund recorded returns of 45.64% and 63.26%, respectively, with excess returns of 34 and 38 percentage points compared to the CSI 300 [2][3] Investment Strategy - The fund's returns are primarily driven by sectors such as new consumption and new energy, showcasing strong stock-picking capabilities [3] - Dushuquan has adapted its investment strategy by incorporating a top-down macro configuration framework to enhance its adaptability to market changes [4] Organizational Capability - Dushuquan emphasizes the importance of organizational capability in determining long-term competitiveness, focusing on team collaboration and talent development [4][5] - The firm has strengthened its research capabilities by integrating macroeconomic analysis into its decision-making framework and enhancing team collaboration for investment opportunities [4] Future Market Outlook - Dushuquan anticipates that the A-share market is entering a new phase, with the current level of the Shanghai Composite Index at 4000 points being more valuable than in the past [6][7] - The firm believes that the market's pricing logic is shifting from valuation-driven to fundamental-driven, with a focus on structural growth opportunities [7][8] Investment Focus - Dushuquan's investment strategy is centered around two main lines: emerging growth sectors such as AI technology innovation and energy infrastructure, and cyclical sectors benefiting from "anti-involution" policies [8]

私募排排网数据显示，截至2025年11月底，近1年有业绩展示的量化多头产品有785只，产品规模合计约为603.93亿元， 近 1年平均收益达 38.48% ， 领先主观多头 35.16%的平均收益，并在私募二级策略中位居榜首 。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自去年"9.24行情"以来，A股市场持续震荡上扬，截至2025年11月底，近1年上证成指的涨幅为16.90%，深证成指和创业板指的涨幅分别约为 22.36%、37.26%，市场整体赚钱效应良好。在这样的市场环境下，与股市高度关联的股票多头私募基金今年来收益表现亮眼，其中，量化投资 依赖数据、模型和算法，规避因投资者情绪导致的非理性决策等优势，热度逐步攀升，且取得了较为不错的成绩。 | 排序 | 私募二级策略 | 近1年有业绩展示的产品 产品规模合计(亿元) | | 近1年收益均值 | | --- | --- | --- | --- | --- | | 1 | 曹샌옹杀 | 785 | 603.93 | 38.48% | | 2 | 主观多头 | 2094 | 1794.58 | 35.16% | | 3 | 其他衍生品策 ...

人民财讯12月3日电，12月3日，在方正证券主办、证券时报提供媒体支持的"方华正茂砺行致远"方正证 券私募基金大会上，证券时报社党委委员、副总编辑汤泳在致辞中援引中国证券投资基金业协会数据指 出，截至2025年10月底，国内存续私募基金管理人达19367家，管理基金规模为22.05万亿元。其中，私 募证券投资基金管理人7592家，存续规模7.01万亿元。行业集中度持续提升，前不久百亿私募机构数量 已突破100家。 汤泳表示，中国私募业自诞生以来便与资本市场发展同频共振，已成为服务实体经济、激发市场活力的 重要力量。今年私募基金行业伴随市场稳中有进而呈现两大显著新变化：一是量化私募强势回归。在结 构性行情与充裕流动性双重加持下，指数增强策略成为核心引擎，AI赋能推动行业效率升级，百亿量 化私募数量首次超过主观策略。二是老牌主观私募业绩回暖。随着市场风格趋于平稳、产业逻辑清晰， 一批深耕细分领域的老牌机构凭借扎实投研重新赢得认可。 他表示，未来，证券时报将继续深耕行业研究、强化专业服务，为私募基金行业搭建更多优质的交流合 作平台。 ...

Group 1 - Industrial and Commercial Bank of China has raised the minimum threshold for its three-year large-denomination time deposits to 1 million yuan, while the industry standard is around 200,000 yuan [1] - The private equity fund industry in China has surpassed 22 trillion yuan in management scale, indicating a shift towards professionalization and differentiation in competition [1] - Insurance capital is increasingly participating in industrial chain investments through private equity funds, helping to address low interest rate challenges and align with national strategies [1] Group 2 - The A-share merger and acquisition market is experiencing a "not-so-dull" season, with 107 companies announcing major asset restructuring since October, showing significant growth compared to previous years [2] - Major lithium battery separator companies have confirmed price increases, with overall price hikes expected to exceed 20%, potentially turning losses into profits for these companies [2] - The nuclear fusion sector is gaining traction with significant investments, aiming for a market space worth trillions, as projects like the "artificial sun" are progressing towards operational phases [3] Group 3 - Amazon is launching its latest AI chip, Trainium3, aiming to compete with Nvidia and Google by offering lower-cost and more efficient computing power for AI models [3] - ChatGPT faced accessibility issues for some users, with OpenAI implementing measures to restore service [4] - Momenta has denied rumors of a secret IPO application in Hong Kong after abandoning plans for a U.S. listing [4] Group 4 - A founder of an A-share company voted against becoming chairman due to dissatisfaction with the salary, highlighting issues of executive compensation [4] - A wine company faced legal challenges due to aggressive expansion strategies, leading to an apology from its chairman [5] - JD Industrial plans to globally issue approximately 211 million shares at a price not exceeding 15.50 HKD per share [6] Group 5 - Transsion Holdings has submitted an application for H-share issuance, marking a significant step in its dual listing strategy [7] - Kosi Co., Ltd. has undergone a change in actual control following the inheritance of shares, with the new controller maintaining stable operations despite short-term performance pressures [8] - Tianfu Communication announced plans for executives to reduce their holdings, citing personal financial needs [9]