从年内新增持牌机构的特征来看，其投资模式呈现均衡分布态势，主观私募与量化私募各占5家，平分秋色。从管理规模来 看，100亿元以上及0至5亿元规模的机构数量居首，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；50亿至100亿元规模的私募机构有2家，分别是优美利投资、前海博普资产；10亿至20亿元和20亿至50亿元规 模的私募机构各1家，依次为龙航资产、弘尚资产。 对于大规模私募成为持牌主力的现象，排排网财富研究总监刘有华解释道，跨境布局需承担合规体系搭建、海外团队组建、市 场调研等高额初始成本，唯有管理规模雄厚的头部私募具备资金实力消化前期投入。同时，大型私募长期服务机构投资者与高净值 客群，这类群体的全球化配置需求为其提供了天然客户基础。此外，头部私募在长期运营中积累的合规管理优势与公司治理经验， 使其更易通过香港地区严苛的监管审批。 | | 持有香港９号牌照私募管理人分规模统计 | | | --- | --- | --- | | 公司规模 | 公司数量 | 数量占比 | | 0-5 亿 | 37 | 34. 58% | | 100亿以上 | 35 | 32.71 ...

Core Insights - The private equity industry in China has evolved over the past two decades, transitioning from rapid growth to regulated development, with many firms achieving significant scale and impressive performance across various time frames [2] - As of November 14, 2025, there are 158 established private equity firms over 10 years old, representing 66.38% of top private equity firms and 3.79% of all established firms [2] - The average returns for top private equity firms with at least three products displayed performance over the last year, three years, and five years are 33.8%, 58.77%, and 76.28% respectively [2] Performance Rankings Last Year - In the past year, the top 10 private equity firms had a performance threshold of ***% for inclusion [3] - Among the top 10, subjective private equity firms slightly outnumbered quantitative firms, with 6 subjective and 4 quantitative [3] - Shanghai leads in the number of private equity firms, with 6 firms in the top rankings [3] Last Three Years - The top 10 private equity firms over the last three years also had a performance threshold of ***% [6] - Subjective private equity firms dominated the rankings, with 6 out of the top 10 being subjective [6] - Shanghai firms accounted for a significant portion of the top performers [6] Last Five Years - The top 10 private equity firms over the last five years had a performance threshold of ***% [12] - Subjective private equity firms made up the majority of the top rankings, with 4 subjective, 4 quantitative, and 1 mixed [12] - Both Shanghai and Shenzhen had a strong representation in the top rankings [12] Notable Firms - Ruiyang Investment ranked 5th in the last year, with a focus on industry allocation and stock selection to achieve stable returns [5] - Kaishi Private Equity ranked 2nd in the last three years, emphasizing value investment in Hong Kong stocks [9] - Bopu Technology secured the 2nd position in the last five years, leveraging advanced technology for competitive advantage [14]

Group 1 - The Chinese capital market is increasingly seen as a "ballast" in the global economic landscape, with A-share total market value surpassing 100 trillion yuan in August 2025, indicating a mature market ecosystem [2] - Hong Kong's IPO market leads globally with 78 new listings and over 210 billion HKD raised in the first ten months of 2025, reflecting a strong international capital interest in Chinese assets [2] - The upcoming 19th HED China Summit in Shenzhen on January 15, 2026, will gather over 400 decision-makers from private equity, securities, banking, and trust sectors to explore new opportunities in Chinese assets [2] Group 2 - Since the initiation of the "924 market," the Chinese capital market has seen both valuation and performance improvements, with the Shanghai Composite Index reaching 3,836.77 points, a cumulative increase of over 38% [3] - The technology and advanced manufacturing sectors are identified as core growth engines, with the number of technology companies in the top 50 A-share market increasing from 18 to 24 since the end of the 13th Five-Year Plan [3] - The Hong Kong Hang Seng Technology Index has risen nearly 40% year-to-date, with major companies like Alibaba and Kuaishou experiencing significant rebounds [3] Group 3 - International capital's attitude towards Chinese assets has shifted from cautious observation to proactive investment, with net inflows of foreign mutual funds into the Chinese stock market reaching 50.6 billion USD in the first ten months of 2025, a 344% increase compared to the entire year of 2024 [4] - Actual foreign investment in China amounted to 621.93 billion yuan, with significant growth in high-tech industries and investments from countries like the UAE and the UK increasing by over 13% [4] - The summit will feature insights from various institutional representatives on the underlying logic of "overweighting" Chinese assets and the selection criteria for foreign capital [4] Group 4 - Over 20 leading private equity firms have established branches in Singapore and Hong Kong since 2025, with a 35% year-on-year growth in managed assets [5] - The overseas managed assets of Chinese private equity firms surpassed 80 billion USD in the first three quarters of 2025, expanding investment areas to Southeast Asia, Europe, and the US technology stocks [5] - The summit will include discussions on the opportunities and challenges of private equity firms going global, focusing on market expansion strategies and capturing alpha opportunities [5] Group 5 - The HED China Summit addresses the evolving investment logic in China, shifting the focus from "whether to invest" to "how to efficiently allocate assets" [6] - The summit aims to replace generic discussions with precise dialogues and create a high-end communication platform for resource linkage [6] Group 6 - The summit invites over 400 industry decision-makers to engage in deep dialogues with industry leaders, facilitating resource matching and cooperation for investment strategies in the new year [7]

近年来，百亿量化私募凭借AI技术、算力、人才、风控等各方位优势，在量化模型的迭代上越发精进，以此维持了量化模型持续输出超额收益 的能力。私募排排网数据显示，388只百亿私募旗下量化产品，今年来收益均值为34.26%，超额收益高达10.87%，超额胜率均值高达61.33%， 在各大规模私募中明显领先。 | 公司规模 | 有业绩显示的 量化产品数 | 产品规模合计(亿元) | 今年来收益均值 | 今年来超额均值 | 今年来超额胜率 料信 | | --- | --- | --- | --- | --- | --- | | 100亿以上 | 388 | 534.06 | 34.26% | 10.87% | 61.33% | | 50-100亿 | 166 | 172.39 | 25.20% | 8.14% | 56.48% | | 20-50亿 | 210 | 220.57 | 27.19% | 10.77% | 55.91% | | 10-20亿 | 176 | 126.74 | 26.56% | 8.95% | 54.63% | | 5-10亿 | 219 | 116.78 | 26.05% | 8.99% | ...

在报价环节就备受关注的摩尔线程，网下初步配售结果终于落地。 在此前初步询价阶段，267家网下投资者管理的7555个配售对象全部参与申购，最终网下有效申购数量达到 704.06亿股，而网下初步配售仅为3920万股，获得初步配售的配售对象比例仅为约0.0557%，意味着整体申购 与获配的倍数接近1:1800。在资金"挤满门口"的背景下，这近4000万股最终落在谁的账户里，成为市场新的关 注点。 在激烈的配售竞争中，一批实力公募基金成为本轮获配大赢家，年金管理机构同样通过数量庞大的计划组合包 揽大量配额。而在非A类的B类投资者中，部分量化私募及券商自营也挤入获配名单，但规模与分布则明显收 紧。 在一位业内人士看来，这种高比例限售安排，一方面提高了打新资金的时间成本，抬高了短线资金的参与门 槛，另一方面也在一定程度上绑定了对公司中长期成长性的看法，"不是简单赌一把上市首日的价格，而是要 考虑九个月甚至更长时间的估值消化"。 公募基金强势揽配，多家头部公司集体押注"国产GPU第一股" 长期资金大量入围 从本次配售规则看，发行人与保荐机构明显将配售资源更多地倾斜给被界定为A类的长期资金。公告披露，A 类投资者包括公募基金 ...

在报价环节就备受关注的摩尔线程，网下初步配售结果终于落地。 在此前初步询价阶段，267家网下投资者管理的7555个配售对象全部参与申购，最终网下有效申购数量达到704.06亿股 ，而网下初步配售 仅为3920万股，获得初步配售的配售对象比例仅为约0.0557%，意味着整体申购与获配的倍数接近1:1800。在资金"挤满门口"的背景下， 这近4000万股最终落在谁的账户里，成为市场新的关注点。 在激烈的配售竞争中，一批实力公募基金成为本轮获配大赢家，年金管理机构同样通过数量庞大的计划组合包揽大量配额。而在非A类的B 类投资者中，部分量化私募及券商自营也挤入获配名单，但规模与分布则明显收紧。 长期资金大量入围 从本次配售规则看，发行人与保荐机构明显将配售资源更多地倾斜给被界定为A类的长期资金。公告披露，A类投资者包括公募基金、社保 基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品以及合格境外投资者资金，除A类之外的其他投资机构被划入B 类。 在网下有效申购中，A类投资者申购数量为625.78亿股，占比接近九成，获配股份3858.96万股，占网下初步配售约98.44%。B类投资者 虽然申购数量也达到7 ...

原创 大财可富司机 实习研究员月薪2万起，应届毕业生年薪50万起，债券研究员更是60万起打底。当不少职场新人转正后月薪还在一万上下挣扎时，有基金公司已经对"潜力 股"出手，豪到让人咋舌！ 虽然知道金融圈收入高，但当司机看到新思哲投资这份招聘启事时，还是忍不住揉了揉眼睛，这年头连实习生都能拿上月薪两万档，这波操作属实把行业 高薪卷到了新高度！ 新思哲是一家老牌私募，2009年在深圳正式成立。公司创始人韩广斌是中国最早践行价值投资的先行者之一。早在1993年就一头扎进证券投资研究领域， 亲身见证并成功穿越中国资本市场的多轮牛熊周期，沉淀二十余年更是总结出一套独属于新思哲的价值投资哲学体系。 | 职务 | 77 法定代表人 董事长 总经理 | | 姓名 韩广斌 | 757 | | --- | --- | --- | --- | --- | | 是否有基金从业资格 | 是 | | 资格获取方式 通过考试 | | | 工作履历 | 时间 | 任职单位 | 任职部门 | 明务 | | | 2009.12 - | 深圳市新思哲投资管理有限公司 | 深圳市新思哲投资管理有限公司投 资部 | 法定代表人,董事长,总经理 | | ...

近日A股市场出现盘整。个股赚钱效应与市场人气同步减弱的背后，是内外因素交织下的资金集体避险 行为。面对这场调整，一线私募机构展现出了截然不同的应对之策。在11月中旬股票私募平均仓位创下 近112周新高的背景下，有的机构选择高仓位坚守，有的则通过衍生品进行风险对冲，有的机构积极调 整结构，为下一轮行情布局。 ● 本报记者王辉 多因素共振引发市场调整 止于至善则采用了更为精细的风险对冲手段。何理透露："我们在市场处于高位时，会购买一些虚值看 跌期权来保护组合不发生极端回撤。" 涌津投资董事长谢小勇则更关注资金面因素，他认为"海外流动性再收紧"是重要诱因。10月末以来，美 联储态度转鹰，美元指数冲高导致外资资金短期净流出，对A股高估值科技板块形成直接压力。同时， 近期题材炒作监控趋严，两融与游资活跃度快速下降，短线资金被迫降杠杆，形成了"多头回吐"的局 面。 从资金行为角度来看，百亿级私募勤辰资产表示，临近年末，机构资金兑现浮盈等防守性行为自然会导 致市场出现短期波动。这一判断与涌津投资观察到的"年内最活跃的资金在11月集中兑现收益"现象不谋 而合。 另一家百亿级私募淡水泉则从更底层的市场逻辑出发，认为市场定价正从 ...

Core Viewpoint - The release of the "Asset Management Trust Management Measures (Draft for Comments)" is significantly impacting the trust and private equity industries, pushing them towards active management and away from passive channel business models [2][3][5]. Group 1: Impact on Trust Industry - The new regulations require trust companies to take on active management responsibilities, limiting their ability to facilitate illegal activities through trust products [3][4]. - Trust companies that heavily rely on channel business will face challenges due to reduced management capabilities and income from these activities [3][4]. - Specific restrictions include limiting the investment amount from a single institutional investor and their affiliates to 80% of the trust product's actual scale, and capping investments in the same asset to 25% of the trust scale [4]. Group 2: Challenges in Private Equity - The private equity sector is also experiencing a contraction in channel business, with several firms being penalized for regulatory violations related to channel activities [6][8]. - Regulatory bodies have issued warnings to multiple private equity firms for improper delegation of investment management responsibilities [6][7]. - The tightening of regulations has led to a significant reduction in the viability of channel business within private equity, with firms now hesitant to engage in such activities [8]. Group 3: Shift Towards Active Management - The industry is witnessing a clear trend towards enhancing active management capabilities, with over 80% of trust companies mentioning active management in their 2024 annual reports [10]. - Recruitment efforts in the trust sector are increasingly focused on specialized talent, reflecting the industry's shift towards professionalization and active management [10][11]. - The competitive landscape is expected to intensify as firms prioritize professional skills and capabilities, marking a departure from the previous "easy profit" model [11].

Group 1 - The A-share market experienced a pullback due to intertwined short-term risk factors, leading to cautious capital outflows, despite stock private equity positions reaching a nearly 112-week high [1][5] - Private equity firms are adopting varied strategies in response to the high positions, with some maintaining high exposure, others using derivatives for risk hedging, and some quietly reallocating assets for future market opportunities [1][6] Group 2 - Multiple private equity firms attribute the market adjustment to a combination of internal and external factors, with a focus on changes in external environments and liquidity expectations [3] - The tightening of overseas liquidity, particularly following the Federal Reserve's hawkish stance, has led to short-term net outflows of foreign capital, putting pressure on high-valuation technology sectors in A-shares [3][6] - Defensive behaviors from institutions cashing out profits towards year-end are expected to contribute to market volatility [3] Group 3 - As of November 14, the stock private equity position index reached 81.13%, marking a nearly 112-week high, with large private equity firms' positions nearing 90% [5] - Different private equity firms are employing distinct strategies under high positions, with some maintaining optimism about quality companies' growth despite short-term volatility [6][8] - Strategies include purchasing protective put options to hedge against market downturns and reallocating investments towards cyclical sectors while optimizing technology sector layouts [6] Group 4 - Despite short-term market pressures, leading private equity firms remain confident in the medium to long-term outlook and are actively seeking investment opportunities during the adjustment [8] - Focus areas include emerging growth sectors and cyclical industries, such as AI innovations in power construction and domestic semiconductor trends [8] - The Hang Seng Index is viewed as having reached historical low valuations, with structural opportunities in sectors like food and beverage and social services [8] Group 5 - Optimism about the market's future is reflected in the belief that major indices have returned to reasonable risk premiums after filling previous gaps, with substantial capital waiting on the sidelines [9] - The current adjustment is characterized as healthy, aiding in controlling leverage levels and optimizing trading structures [9] - Private equity firms are continuing to identify undervalued opportunities during this pullback, preparing for the next market cycle [9]