Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in private fund registrations, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflow, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Equity strategy funds dominated the registration landscape, accounting for nearly 70% of total registrations, with 887 equity strategy funds registered, reflecting a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, representing 12.48% of total registrations and a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, accounting for 9.63% of total registrations, reflecting a slight 1.63% month-on-month increase [2] - The number of registrations for bond and combination fund strategies remained relatively low, suggesting an increase in investor risk appetite amid the market recovery [2] Group 3 - The leading private fund institutions in terms of registration volume are those with assets exceeding 100 billion, with 48 such institutions registering a total of 198 funds in July [2] - Among the 676 private institutions that completed registrations, 12 out of 13 institutions with at least 10 registered funds were 100 billion-level private institutions, highlighting their dominance in the market [2] - Quantitative private fund institutions, such as Inno (Shanghai) Asset Management Co., Ltd., registered 7 funds in July, emphasizing the importance of adaptability and risk control in a complex market environment [3]

Core Insights - The asset management industry is undergoing significant changes driven by regulatory policies and market dynamics, with a focus on compliance, consumer protection, and high-quality development [1] Group 1: Policy Changes - On September 24, 2024, a comprehensive set of financial policies was introduced, leading to a turning point in stock and bond market trends, with the Shanghai Composite Index surging by 4.2% on the same day [2][3] - The introduction of several key regulations, including the "Financial Institutions Product Appropriateness Management Measures," aims to enhance compliance and protect consumer rights in the wealth management sector [5][6] Group 2: Market Trends - The stock market experienced a significant shift, with the CSI 300 Index rising by 21% by the end of October 2024, marking a transition from a bear to a bull market [3] - The bond market saw fluctuations, with the 10-year government bond yield dropping below 2.5% following the implementation of easing policies [3][4] Group 3: Investment Strategies - The introduction of policies to promote long-term capital market investments, including increasing the investment ratio of commercial insurance funds in A-shares, is expected to shape asset allocation strategies for large asset management institutions [7][8] - The public fund industry is responding to new regulations by implementing performance-based fee structures and enhancing the assessment mechanisms for fund managers [9][10] Group 4: Industry Developments - The number of private equity firms is decreasing due to stricter regulations, with 568 private fund managers being deregistered in the first half of 2025 [15] - The popularity of passive investment strategies is rising, with passive equity fund sizes surpassing active funds, reflecting a shift in investor preferences [16][17] Group 5: Gold Investment - The gold market has seen a significant increase in investment, with the price rising from approximately $1,178 per ounce in late 2018 to around $3,280 per ounce by mid-2025, marking a cumulative increase of about 178% [18][19] Group 6: Bond ETF Growth - The bond ETF market is rapidly expanding, with the total scale surpassing 500 billion yuan, and new products like the Sci-Tech Bond ETF being introduced to cater to evolving market needs [20]

投资界消息，8月1日，洛阳市隆兴国晟产业投资基金合伙协议签约仪式在孟津区举行。本支基金由轩银基金公司、国晟产业基金联合隆兴集团发起，总规 模3亿元，围绕孟津区优势重点布局高端石化、新能源、新材料、智能制造等战略性新兴产业，深度挖掘产业生态投资机遇，通过"投资+赋能"双轮驱动， 为被投企业注入资本、应用场景与产业资源等关键要素，实现区域产业链补位、价值链提升，助力洛阳重点行业企业蓬勃发展。 图：签约仪式现场 来源：洛阳轩银私募基金管理有限公司 ...

Group 1 - The Beijing Jingguochuan Cultural Technology Industry Private Equity Investment Fund Center has been established with a capital contribution of 400 million yuan, focusing on private equity investment, investment management, and asset management activities [1][2] - The fund is a limited partnership and is registered in Shijingshan District, Beijing, with a business duration from August 1, 2025, to 2034 [2] - The fund's partners include Beijing State-owned Capital Operation Management Co., Ltd. (49%), Beijing Shijingshan Modern Innovation Industry Development Fund Co., Ltd. (25%), Beijing Zhenhong Enterprise Operation Management Co., Ltd. (14%), and Wen Tou Holdings Co., Ltd. (10%) [3][4] Group 2 - The fund is managed by Beijing Jingguochuan Fund Management Co., Ltd., which serves as the executive partner and private fund manager [4] - The fund's establishment indicates a growing interest in private equity investments within the cultural and technological sectors in Beijing [1][3] - The involvement of state-owned enterprises as major partners highlights the strategic importance of this fund in supporting innovation and development in the region [3][4]

Core Insights - Since 2025, the A-share market has shown a structural trend favoring small and mid-cap stocks, leading to impressive performance from quantitative strategy private equity funds, with the best performers achieving a return of 73% [1] - The number of private equity funds with over 10 billion yuan in assets has rapidly expanded, surpassing the number of subjective private equity funds for the first time [2] Group 1: Performance Metrics - As of mid-year, 51 private equity funds with over 10 billion yuan reported an average return of 10.87% in the first half of the year, with 94.12% of these funds achieving positive returns [1] - Among the 48 funds that made profits, 21 had returns within 10%, another 21 had returns between 10% and 19.99%, and 6 funds achieved returns of 20% or more [1] - In the quantitative long strategy category, over 800 private equity products reported positive returns this year, with a success rate of approximately 94% [2] Group 2: Strategy Insights - Quantitative stock selection strategies have shown particularly strong performance, with an average return close to 20%, and the best product exceeding 54% [2] - The average return for quantitative index enhancement strategies is 17%, with 94% of these products achieving positive returns [2] - The growth of quantitative private equity funds is not solely driven by small-cap stocks, but rather reflects a broader strategy that can adapt to various market conditions [3]

Core Viewpoint - Since the "9.24 market" last year, the A-share market has shown a structural slow bull trend, with private equity products focusing on stock strategies achieving strong performance in the first half of this year and over the past year. However, over a longer time frame of three to five years, futures and derivatives strategies have shown stronger performance, with significant increases in commodities like gold and lithium carbonate [2][3]. Summary by Category Private Equity Strategy Performance - As of June 30, 2025, there are 593 futures and derivatives strategy products that meet ranking criteria, with average returns of 39.11% over three years and 97.41% over five years, outperforming other strategies [2][3]. - The average returns for various strategies in the first half of the year and over different time frames are as follows: - Stock Strategy: 12.36% (H1), 36.36% (1 year), 35.48% (3 years), 74.97% (5 years) - Futures and Derivatives Strategy: 5.04% (H1), 18.12% (1 year), 39.43% (3 years), 98.23% (5 years) - Multi-Asset Strategy: 8.20% (H1), 25.76% (1 year), 37.34% (3 years), 95.98% (5 years) - Bond Strategy: 5.54% (H1), 13.01% (1 year), 35.14% (3 years), 82.64% (5 years) - Combination Fund: 6.72% (H1), 20.70% (1 year), 15.06% (3 years), 34.10% (5 years) - Overall Average: 10.08% (H1), 30.13% (1 year), 35.81% (3 years), 80.06% (5 years) [3]. Top Performing Private Equity Firms - Among firms with over 20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Junfu Investment 2. Junchen Asset 3. Loshu Investment - The average returns for these firms are not disclosed due to regulatory requirements [4][5]. - Junfu Investment focuses on a diverse range of asset classes, including commodity strategies and various index enhancements, with eight qualifying products showing returns above a certain threshold [6][9]. Mid-Sized Private Equity Firms - For firms with 5-20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Guanzhi Fund 2. Zhemeng Investment 3. Mingrui (Beijing) Private Equity - The average returns for these firms are also not disclosed [10][12]. Small Private Equity Firms - Among firms with 0-5 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Fuying Investment 2. Qihe New Asset Management 3. Mufeng Investment - The average returns for these firms exceed a certain threshold, with Fuying Investment's top product showing significant returns [15][16].

Core Viewpoint - The article discusses the performance of subjective private equity funds in the A-share market, highlighting the advantages of subjective investment strategies over quantitative approaches in capturing structural opportunities and achieving superior returns [2][4]. Group 1: Performance of Subjective Private Equity Funds - As of July 25, 2023, the average return of subjective private equity funds was 5.74%, compared to 4.74% for quantitative funds [2]. - The average return for subjective long-only products in the top tier (over 5 billion) was 11.91%, with 96.30% of products showing positive returns [2][3]. - The top three fund managers in the over 50 billion category were Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset [2][3]. Group 2: Fund Manager Rankings by Size - In the 20-50 billion category, the average return was 15.32%, with 91.16% of products showing positive returns. The top managers were Xu Hongbing from Shenzhen Dream Factory Investment, Chen Yu from Shennong Investment, and He Xiao from Orange Capital [5][6]. - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns. The leading managers were Sun Jie from Nengjing Investment, Zhai Jingyong from Rongshu Investment, and Ding Yushuang from Chenyao Private Fund [8][9]. - In the 5-10 billion category, the average return was 22.88%, with 91.99% of products showing positive returns. The top managers were Liu Xianglong from Fuyuan Capital, Chen Long from Youbo Capital, and Han Yongfeng from Jiu Private Fund [11][12]. - In the 0-5 billion category, the average return was 18.36%, with 90.24% of products showing positive returns. The top managers were Yao Yong from Qinxing Fund, Xian Lisheng from Weifang Fund, and Li Linkai from Xinjing Investment [15][16]. Group 3: Investment Strategies and Market Trends - Tong Xun and Lu Hang successfully captured the "new consumption" trend, leading to their top performance in the market [4]. - Chen Yu from Shennong Investment focused on innovative pharmaceuticals, benefiting from the sector's strong performance this year [7][8]. - Liu Xianglong from Fuyuan Capital emphasized high-growth new consumption companies, indicating a strategic focus on sectors poised for recovery [12][13].

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

Core Insights - The A-share market experienced significant gains in July, leading to increased issuance of private equity funds, particularly in the quantitative sector, which has shown strong performance this year [1][3][10] Group 1: Quantitative Private Equity Growth - As of July 30, 2023, a total of 3,059 quantitative private equity products have been registered this year, accounting for 45.7% of all registered products [1][4] - The number of newly issued quantitative private equity products increased by 1,129 in just two months, reflecting a substantial rise in both product quantity and market share [1][4] - The number of billion-level quantitative private equity firms reached 41 in July, surpassing subjective private equity firms for the first time [4][10] Group 2: Sales and Marketing Strategies - Companies are adopting innovative sales strategies, including increased roadshow frequency and rapid response times, to enhance sales capabilities [2][8] - The use of AI tools is being integrated into sales processes to improve efficiency and professionalism [2][8] - Effective communication with clients about the nature of quantitative strategies and their inherent risks is emphasized to build trust and understanding [8][9] Group 3: Performance Metrics - The average return for 33 billion-level quantitative private equity firms in the first half of the year was 13.54%, with all firms achieving positive returns [10][11] - In a volatile market, quantitative stock selection strategies have shown significant advantages, with top strategies yielding over 36% returns year-to-date [11][12]

私募出海渐成趋势。私募排排网数据显示，截至8月1日，已获得香港证监会发放的9号牌照且牌照为存 续状态的内地私募共有87家，其中管理规模超50亿元的私募占比超四成。据悉，获取香港9号牌的私 募，可成立香港资管子公司或关联公司，直接管理美元基金，实现投资端和募资端的全面出海。 业内人士称，随着全球增配中国资产的需求升温，私募业走上规范发展之路，管理人出海将成为中长期 趋势。在此过程中，具备长期业绩积累，合规风控体系健全的头部私募，更显出海优势，中小私募则须 进一步提升机构化、专业化水平。 私募"组团"拿9号牌 私募排排网数据显示，今年以来，黑翼资产和前海博普资产获得了香港9号牌照，至此，获香港9号牌照 且牌照为存续状态的私募达87家。其中，持牌的主观私募、量化私募和混合型（"主观+量化"）私募分 别有58家、20家和9家。 ■私募新观察 积极参与全球配置 87家内地私募获香港9号牌照 ◎记者 马嘉悦 在业内人士看来，出海是海外投资者与境内资管机构的一场"双向奔赴"。 王丽称，近年来，随着居民财富管理需求增长，私募业发展走上快车道，百亿级私募持续扩容。在此背 景下，越来越多私募意识到资金结构多元化对公司长期稳健发展 ...