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]

Core Insights - The private equity fund management scale in China has reached a historical high of 22.05 trillion yuan by the end of October 2025, marking a significant increase from previous months and indicating a structural transformation within the industry [1][2]. Fund Management Scale - As of October 2025, the number of newly registered private funds was 1,389, with a new registration scale of 670.10 billion yuan. The total number of existing private funds reached 137,905, with a total scale of 22.05 trillion yuan, surpassing the previous high of 20.82 trillion yuan in July 2023 [2][1]. Structural Changes in the Industry - The number of private fund managers has decreased from 21,996 in July 2023 to 19,367 by October 2025, indicating a trend of consolidation and increased concentration in the industry. This is attributed to heightened regulatory compliance costs and the exit of smaller firms lacking competitive advantages [3][4]. Growth of Securities Private Funds - The scale of securities private funds has seen significant growth, with an increase of 1.13 trillion yuan since July 2023, while private equity funds saw a slight decrease. By October 2025, the scale of securities private funds reached 7.01 trillion yuan, marking a notable milestone [4][5]. Competitive Landscape - The industry is shifting from a focus on scale to a focus on capability, with an emphasis on investment research, risk management, and differentiated services. The competition is expected to intensify as firms strive to enhance their comprehensive service capabilities [6][7]. Future Outlook - The private equity industry is anticipated to benefit from increased allocation of risk assets by domestic residents, driven by declining deposit yields. Regulatory measures are expected to enhance investor trust and support the long-term growth of the private equity sector [6][7].

2025年10月末，私募基金管理规模首次突破22万亿元，站上历史新高。这一数字背后，是行业内在结构 的悄然重塑：尾部管理人持续出清，资源加速向头部汇聚；证券私募强势崛起，推动行业从过去的"单 轮驱动"转向更为均衡健康的"双轮并进"。 站在新的规模起点上，一场围绕专业能力、合规经营与技术赋能的深度转型已然展开，行业正告别"规 模红利"，步入以核心投研能力与差异化服务决胜未来的新阶段。 ● 本报记者 王宇露 私募规模站上新台阶 2025年10月，在中基协资产管理业务综合报送平台办理通过的机构15家，其中，私募证券投资基金管理 人3家，私募股权、创业投资基金管理人12家。2025年10月，注销私募基金管理人52家。截至2025年10 月末，存续私募基金管理人19367家，其中私募证券投资基金管理人7592家；私募股权、创业投资基金 管理人11594家；私募资产配置类基金管理人6家；其他私募投资基金管理人175家。 证券私募崛起 业内人士认为，与前期数据对比来看，私募基金内在结构已经发生了深刻且积极的变化。 一方面，头部集中现象更加突出。近年来，私募基金管理人数量整体呈现下行趋势，私募基金管理人已 经由2023年7月 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末， 存续私募证券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也 是私募证券投资基金市场 首次突破7万亿元大关。 在规模持续增长的同时， 近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情 绪。 私募排排网数据显示，截至2025年11月21日， 股票私募仓位指数达82.97%，在前一周的基础 上大涨1.84%，再次刷新年内新高的同时，创下 近185周新高。 其中，在各规模梯队中， 百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提 升。 1 0月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元； 较2025年9月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中， 私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投 资 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规模梯队中，百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提升。 记者丨易妍君 编辑丨姜诗蔷 10月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元；较2025年9 月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募 ...