本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 ） 在海外投资日益常态化的当下，无论是为了对冲市场波动，还是为了布局多元资产、实现财富的传承，越来越多的投资者正将目光投向国际市场。但机会 背后，也伴随着更高的合规要求。 CRS（共同申报准则）的全面实施， 正推动全球迈入一个税务透明、监管趋严的新阶段。 对于拥有或计划配置海外资产的投资者而言，"合规"不仅关乎 法律责任，更是提升财富安全、追求资产长远增值的核心前提。 观看地址 图片来源：国家税务总局 注： CRS之下的 金融账户涉税信息自动交换 首先是由一国（地区）金融机构通过尽职调查程序识别另一国（地区）税收居民个人和企业在该机构开立的账户，按年向金融机构所在国（地区）主管部门报 送账户持有人名称、纳税人识别号、地址、账号、余额、利息、股息以及出售金融资产的收入等信息，再由该国（地区）税务主管当局与账户持有人的居民国税务主管当局开展信息交换，最终为各国（地 区）进行跨境税源监管提供信息支持。截至2024年，共有来自111个司法管辖区的税务机关宣布执行CRS，包括英属维尔京群岛、开曼群岛、百慕大、摩纳哥和巴拿马等知名地区。 6月20日（周五） ...

Core Insights - The private equity sector in the securities industry is experiencing a positive trend with both performance and positions rising significantly this year [1][3] - Stock strategy products are leading among the five major strategies, reflecting increased investment confidence and a favorable outlook on policies, economic expectations, and A-share valuations [1][3] Performance Summary - As of May 31, 12,843 private equity securities products recorded an average return of 4.34% in the first five months of the year, with nearly 75% of products showing positive returns [3] - Stock strategy products, totaling 8,487, achieved an average return of 4.81%, with approximately 73.5% of these products in positive territory [3] - Quantitative stock strategies particularly benefited from the small-cap growth market style, with 1,480 quantitative long products averaging a return of 8.46% and over 86% showing positive returns [3] Positioning Summary - As of June 6, the average position of large-cap stock private equity firms reached 79.10%, an increase of nearly 9 percentage points from the end of December last year, indicating a high level of investment [3] - Nearly half of the private equity firms are in a heavy or fully invested state, with the overall average position for stock private equity at 74.43% [3] Investment Focus - The continuous increase in positions is driven by three main factors: positive policy signals boosting market expectations and investor confidence, A-share valuations being historically reasonable and low, and the emergence of structural opportunities in the market this year [3] - Key investment areas identified by leading private equity firms include high-dividend low-valuation stocks, AI and hard technology sectors, and new consumption trends, all reflecting a pursuit of "certainty" in investments [3][4]

Core Insights - The private equity issuance market is experiencing a dichotomy, with some large quantitative private equity firms seeing significant inflows while many others face fundraising challenges [1][4] - Notable quantitative firms like Yanfu Investment and Kuande Investment are closing their funds to new investors due to strong performance, while subjective private equity firms are struggling to replicate past fundraising successes [3][4] Group 1: Quantitative Private Equity - Yanfu Investment announced plans to close new client subscriptions for its index-enhanced products starting July 1, with a management scale exceeding 70 billion yuan and an average return of over 27% in the past year [3] - Kuande Investment, also performing well, will close all channels for new subscriptions on June 30 [3] - The National Gold Fund has implemented large subscription restrictions on its National Gold Quantitative Multi-Factor Fund, which achieved a return of 30.26% in the past year, to protect investor interests [3] Group 2: Subjective Private Equity - Some well-known subjective private equity firms, such as Ruijun Asset, have paused new client subscriptions due to a peak in fundraising earlier this year, with Ruijun reportedly raising "tens of billions" [3][4] - Other large subjective private equity firms like Chongyang Investment and Ningquan Asset have also seen significant inflows, with Chongyang's total subscription scale reaching nearly 3 billion yuan this year [3] - Despite the success of top firms, the overall subjective private equity market is facing difficulties, with many firms unable to attract capital and some even experiencing significant net redemptions due to poor past performance [4]

● 本报记者 王宇露 百亿级量化私募衍复投资近日公告称，基于公司业务发展的战略规划以及对投资者利益的综合考量，计 划于7月1日起关闭所有中证500、中证1000、万得小市值概念指数增强产品的新客户申购。无独有偶， 渠道人士6月18日透露，知名量化私募宽德投资也将在6月30日全渠道进行封盘。此前，百亿级主观私募 睿郡资产也曾宣布旗下明星基金经理董承非所管产品封盘。 尽管封盘的消息时有传出，不过从整体上来看，私募发行市场仍然呈现冷热不均的态势，产品热销现象 仅发生在极少数头部绩优私募上，大多数私募机构仍面临募资难题。 封盘现象频现 中国证券报记者近日从销售渠道处获悉，衍复投资近日发布公告称，计划于7月1日起关闭所有中证 500、中证1000、万得小市值概念指数增强产品的新客户申购，已持有投资者追加投资不受影响。 量化私募吸金能力更强 资料显示，2019年7月高亢创立衍复投资，2020年1月衍复投资第一只产品建仓运作。同年6月，其管理 规模破10亿元，同年10月管理规模破100亿元，仅用了不到一年半的时间就步入"百亿俱乐部"。据悉， 衍复投资最新管理规模超700亿元。私募排排网数据显示，截至今年5月底，衍复投资旗下 ...

Core Insights - The A-share market has shown significant structural characteristics this year, with a volatile market environment and rapid sector rotation providing an ideal operating soil for index enhancement (referred to as "指增") strategies [1] - Private equity fund industry index enhancement products have performed well, demonstrating strong excess return capabilities, with an average annual return of 10.59% and an average excess return of 11.92% for 682 products in the first five months [1][2] Market Environment - The market style has shifted towards small-cap stocks, which benefits quantitative index enhancement strategies that have a natural advantage in small-cap stock allocation [1] - High market liquidity has created favorable conditions for index enhancement strategies, expanding the range of investable targets and significantly reducing transaction costs [1] Product Performance - Among the 128 index enhancement products based on the CSI 1000 index, the average excess return was 10.95%, with 97.66% of products achieving positive excess returns, leading to an average return of 12.24% [2] - In contrast, the 197 products based on the CSI 500 index had an average excess return of 10.25%, but due to a decline in the index, the average return was only 9.20% [2] - The CSI 300 index enhancement products performed the weakest, with an average return of only 2.49% [2] Management Scale Insights - Large private equity firms (with assets under management over 5 billion yuan) showed a clear advantage in index enhancement strategies, achieving an average excess return of 12.86% across 254 products, with nearly 100% achieving positive excess returns [3] - Smaller private equity firms (under 1 billion yuan) also found opportunities in specific areas, with 40 products achieving excess returns over 20%, and one even reaching 70.07% [3] - Medium-sized private equity firms (1 billion to 5 billion yuan) maintained a balance of stability and flexibility, with 96.69% of their products achieving positive excess returns [3] Competitive Advantages - Large institutions leverage resource advantages, including strong technical research investments, specialized research teams, and high market recognition, which enhance strategy execution efficiency [4] - Future competition among private equity index enhancement products is expected to focus on data mining depth, trading execution precision, and risk control capabilities [4]

Group 1 - The private equity industry is witnessing a trend of limiting new client subscriptions, signaling a strategic shift towards managing fund sizes to protect existing investors' interests [2][3][4] - Quantitative private equity firms, such as Yuanfu Investment and Longqi Technology, have announced plans to close certain products to new investors, while allowing existing clients to continue investing [2][3] - The rationale behind these actions includes preventing dilution of investment returns and ensuring that fund managers can maintain performance amid market volatility [4][5] Group 2 - The trend of limiting subscriptions reflects a cautious approach by private equity firms in response to current market uncertainties, indicating a focus on long-term performance rather than rapid growth [5][6] - Recent data shows that retail investor sentiment is improving, with significant net inflows into the A-share market, suggesting a potential recovery in market conditions [6][7] - Private equity firms are increasingly focusing on sectors such as semiconductors and medical devices, with a notable increase in research activity in these areas [10][11]

优化合格境外投资者制度改革再有新举措！ 随着国内私募行业的竞争日益激烈，有一级市场的私募股权机构也将目光投向了海外市场，通过"出 海"来寻找新的业绩增长点。证券时报记者获悉，就在5月底经中国证监会核准，基石资本旗下香港扬子 江资产管理有限公司正式获批合格境外投资者（QFII）资格。香港扬子江资产管理有限公司持有香港证 监会所颁发的第四类"就证券提供意见"以及第九类"资产管理"牌照，这意味着获颁牌照后，基石资本可 在香港开展证券咨询和资管服务业务，可以为该机构境外投资者提供卓越的资产管理服务。 随着一级市场面临募投管退的多重挑战，投资机构开始逐步转型。有熟悉一级市场的人士分析，基石资 本在香港市场的新布局，或将打通境内外投资的双向通道。"香港9号牌"，即由香港证监会（SFC）所 颁发9号金融牌照，适用于进行资产管理业务的许可，只有持牌机构才能在香港管理客户资金——业务 类型相当于内地的私募基金牌照。 就在去年底，字节跳动联合创始人张一鸣创立的"Cool River Venture HK Limited"，正式拿下香港9号 牌。根据香港证监会网站的公告，Cool River Venture HK Limited公 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 很 着 详 私募排排网公众号 数据来源:私募管理人/托管人,整理自私募排排网,截至2025年5月底。产品展示的 收益期间可能较短, 不代表该基金及管理人其他在管产品长期及未来业绩表现, 不 构成对基金经理及基金管理人投资管理能力的任何预测或保证。扫码可查看产品完 整业绩、产品规模、基金经理信息等具体内容。 | 排名 | 公司简称 | 公司规模 | 员工 人数 | 成立时间 | 办公城市 | 符合排名规则 近半年 | 近1月收益 收益 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 的产品数 | | | 1 | 量派投资 | 100亿以上 | 47 | 2015/7/15 | 上海 | 9 | | | 2 | 宁波幻方量化 | 100亿以上 | ୧୫ | 2016/2/15 | 杭州 | 11 | | | 3 | 海南盛丰私募 | 20-50亿 | 22 | 2022/1/20 | 深圳 | 11 | | | 4 | | | 84 | 2014/5/5 | 上漫 | ...

证券代码：001330 证券简称：博纳影业 公告编号：2025-034 号 博纳影业集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资概述 公司将严格按照相关规定，根据本基金的后续进展情况及时履行信息披露义 务。敬请广大投资者理性投资，注意投资风险。 四、备查文件 《私募投资基金备案证明》 特此公告 博纳影业集团股份有限公司 董事会 博纳影业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第 三届董事会第十五次会议，审议通过了《关于全资子公司与专业投资机构共同投 资的议案》，同意全资子公司天津博纳企业管理咨询有限公司（以下简称"天津企 管"）作为有限合伙人，以自有资金出资人民币 99,900 万元，与专业投资机构光 合（海南）私募基金管理有限公司（以下简称"光合私募"）共同投资嘉兴光影智 趣股权投资合伙企业（有限企业）。具体内容详见公司于 2025 年 4 月 29 日在《中 国 证 券 报 》《 证 券 时 报 》《 上 海 证 券 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （w ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近半年来，全球金融市场在贸易争端、地缘政治风波等外部事件扰动下，行情呈现持续动荡态势。对应国内市场，自"9.24"行情告一段落后，A 股市场也逐渐步入震荡平整期，上证指数、沪深300、创业板指等市场权重指数在近半年来表现相对弱势。多数指数期内收益基本持平，部分权 重指数甚至为负收益。 在A股市场整体表现弱势的背景下，私募整体业绩表现如何？据私募排排网最新数据统计，近半年来，旗下产品数符合排名规则、管理规模超5 亿的私募公司平均收益为7.11%，展现出不俗的投资水平。上榜近半年收益百强私募榜名单的私募公司，平均收益更是达到16.76%，大幅跑赢同 期市场权重指数。 为了给投资者提供更多业绩参考，本文还特意在5亿以上规模私募中，梳理出"近半年收益百强私募"、"近一年收益百强私募"和"近三年收益百强 私募"。接下来，就让我们一起看看这些业绩领先的私募选手吧！ 0 1 近半年百强私募：超 20 家百亿私募上榜！进化论资产、宁波幻方量化赫然在列！ 根据私募排排网数据，近半年百强私募的"上榜门槛"为 ***% ，且有多达16家私募近半年收益均值超过 ***% ...