Core Viewpoint - The article discusses the increasing trend of public fund managers transitioning to private equity, driven by changes in incentive mechanisms, a trend towards "de-starring," and a bullish market environment since 2025 [1]. Group 1: Public to Private Transition - As of September 19, 2023, a total of 307 public fund managers have left their positions this year, marking a five-year high, with several star managers rumored to join private equity firms [1]. - Notable departures include managers from Huashang Fund, Invesco Great Wall Fund, and China Merchants Shekou, with many expected to join Hillhouse Capital's Lingren Investment [1]. Group 2: Performance of Former Public Fund Managers - Among the 859 former public fund managers, those who transitioned to private equity have shown strong performance, with average returns of 28.26%, 57.63%, and 58.89% over the past year, three years, and since the beginning of the year, respectively [1]. Group 3: Top Performers in 2023 - Wang Penghui from Wangzheng Asset tops the list of private fund managers for this year, with an average return of ***% across three products [4]. - The only quantitative fund manager on the list is Nie Shouhua from Hanrong Investment, who ranks fourth with an average return of ***% [5]. Group 4: Performance Over One Year - In the past year, Zeng Weijiang from Beijing Zhenke Private Equity leads with a significant advantage, achieving an average return of ***% [6][7]. - The top ten list includes eight subjective private fund managers, with many managing less than 50 billion [6]. Group 5: Performance Over Three Years - In the last three years, Zhang Wenlong from Jinyu Investment and Yuan Wei from Huazhong Hexin rank among the top five, with average returns of ***% [9][10]. - Wang Penghui and Lu Hang have consistently appeared in the top rankings across different time frames [9].

同时，"反内卷""两新"等政策支撑叠加新动能持续接力，四季度基建与制造业投资有望企稳回升，成为 投资的重要支撑项。"反内卷"推进有望带动部分行业价格回升、利润改善，制造业企业投资意愿或将迎 来修复。此外，超长期特别国债重点支持"两重"建设，并加力扩围实施"两新"政策，为制造业技术改造 和高技术产业投资提供有力政策保障。 对于当前的市场行情，太平洋证券认为，近几日科技板块整体依旧表现强势，但上涨已经出现分化，此 前领涨的个股略显疲态，新的低位个股在补涨，资金畏高的态势较为明显，且板块筹码较为拥挤，已经 拥有科技持仓的投资者可适当获利了结降低持仓成本。反内卷相关板块仍在底部，且相关商品有了企稳 回升的迹象，后续或迎来股商齐涨的行情。 展望今年四季度，湘财证券预计，A 股前三季度整体震荡上行，科技、通信、有色金属板块领涨。四季 度预计延续"慢牛"态势，宽幅震荡中逐级抬升，建议关注人工智能、反内卷相关行业及"十五五"规划方 向。 汇丰晋信基金表示，随着美联储开启新一轮降息周期、国内增量政策有望加码，内需和新动能潜力有望 继续释放，成为支撑经济韧性的关键力量。四季度进入全年消费旺季，叠加更多增量政策有望出台的支 撑下， ...

值得注意的是，本次仓位指数的上涨主要由低仓私募向中等仓位的迁移所驱动，预示着私募整体乐观情 绪正在扩散。 经济观察网据人民财讯消息，随着市场赚钱效应的持续显现，股票私募仓位创年内新高。根据私募排排 网最新数据，截至2025年9月19日，股票私募仓位指数为78.41%，较前一周上升0.37个百分点，实现连 续第二周上涨。同时，在经历持续加仓后，当前股票私募仓位指数已刷新今年以来的最高水平。百亿级 私募加仓意愿最为坚决，单周加仓1.73%，连续两周大幅加仓。 ...

搭建资源对接桥梁 对于"星耀领航计划"的平台作用，周晟给予了积极评价。他认为，证券公司与媒体作为"知根知底的资 源整合者"，在连接私募机构与科创企业方面具有天然优势。中国银河证券等机构不仅能够理解私募管 理人的技术需求，也同样清楚管理人能输出什么内容。这种精准对接，远比通用型平台更高效。 中国银河证券财富管理总部私募同业客户部负责人盖彬表示，鸣石基金在科技投入、合规治理与社会责 任等方面的实践，为行业树立了"领航"标杆。"星耀领航计划"正是要通过赋能式投资，推动更多私募机 构支持科技创新、践行守正发展。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具科技创 新能力与合规治理水平的私募管理机构。本次调研旨在进一步推动"领航者"经验的行业共享，助力构建 科技、资本与实体经济良性循环的生态体系。 从金融场景到科技外溢 鸣石基金董事总经理周晟在接受中国证券报记者专访时表示，量化投资天生具备科技基因。"我们的方 法论是建立在数据和实证基础上，从早期依赖经典理论，到近年来广泛应用机器学习、深度学习等人工 智能（AI）技术，科技已成为行业进化的核心驱动力。"他说。 据了解，鸣石基金于 ...

对于"星耀领航计划"的平台作用，周晟给予了积极评价。他认为，证券公司与媒体作为"知根知底的资 源整合者"，在连接私募机构与科创企业方面具有天然优势。中国银河证券等机构不仅能够理解私募管 理人的技术需求，也同样清楚管理人能输出什么内容。这种精准对接，远比通用型平台更高效。 ● 本报记者 刘英杰 中国银河证券财富管理总部私募同业客户部负责人盖彬表示，鸣石基金在科技投入、合规治理与社会责 任等方面的实践，为行业树立了"领航"标杆。"星耀领航计划"正是要通过赋能式投资，推动更多私募机 构支持科技创新、践行守正发展。 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构鸣石基 金，围绕科技创新赋能投资、私募与科创企业双向协同、行业合规与社会责任等议题展开深入交流，共 同探索科技与金融深度融合的新路径与新范式。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具科技创 新能力与合规治理水平的私募管理机构。本次调研旨在进一步推动"领航者"经验的行业共享，助力构建 科技、资本与实体经济良性循环的生态体系。 从金融场景到科技外溢 鸣石基金董事总经理周晟在接受 ...

Core Insights - Quantitative investment has gained popularity among investors due to its rational, scientific, and emotionally stable characteristics. Jiukun Investment, one of the earliest quantitative private equity firms in China, has won over 150 industry awards and maintains competitive performance and scale [2][6]. Performance Metrics - As of the end of August, Jiukun Investment has 13 products with reported performance, achieving an average return of ***% this year. The "Jiukun Day Enjoy CSI 1000 Index Enhanced No. 1" product ranks first in returns this year, with a five-year excess return of ***% and a cumulative return of ***% since inception, showcasing Jiukun's strong long-term investment capabilities in the index enhancement sector [2][4]. AI Integration - With the rapid development of artificial intelligence, Jiukun Investment has positioned itself as a technology company from its inception, establishing an AI team early on and launching an internal lab in 2020. Over 90% of the researchers hired in the past five years have an AI research background, enabling comprehensive AI capability coverage in the investment research team [5][12]. Investment Principles - Jiukun Investment adheres to three core investment principles: "rationality, long-term focus, and scientific approach," which empower its quantitative investment strategies to create long-term value for investors [6][11]. Talent and Organizational Structure - The company emphasizes the importance of talent and organizational structure as core assets in the quantitative field. Jiukun has a diverse team of experts in mathematics, physics, and computer science, and it fosters a culture of free research and collaboration to enhance its research capabilities [10][15]. Long-term Strategy and Market Position - Jiukun Investment has been deeply involved in the quantitative field for over 13 years, accumulating extensive historical data and practical experience. This foundation allows the firm to quickly address new market challenges and develop robust index enhancement strategies, such as the recently launched A500 index enhancement product [16][17].

Core Viewpoint - The article discusses the increasing trend of public fund managers transitioning to private equity, driven by changes in incentive mechanisms, a shift away from star managers, and a bullish market environment since 2025 [1]. Group 1: Public to Private Transition - As of September 19, 2023, a total of 307 public fund managers have left their positions this year, marking a five-year high, with several star managers rumored to join private equity firms [1]. - Notable managers who have transitioned include Zhou Haidong from Huashang Fund and Bao Wuke from Invesco Great Wall, both reportedly joining Hillhouse Capital's Lingren Investment [1]. Group 2: Performance of Transitioned Managers - Among the 859 former public fund managers, those who have moved to private equity have shown strong performance, with average returns of 28.26%, 57.63%, and 58.89% over the past year, three years, and since the beginning of the year, respectively [1]. - The top-performing managers in the current year include Wang Penghui from Wangzheng Asset, who leads with an average return of ***% [2][4]. Group 3: Top Managers by Performance - In the current year, the top 10 "public to private" fund managers have a performance threshold of ***%, with 9 being from subjective private equity and only 1 from quantitative private equity [2]. - Wang Penghui from Wangzheng Asset ranks first, with an average return of ***% across three products [4]. - The only quantitative manager in the top ranks is Nie Shouhua from Hanrong Investment, with an average return of ***% [5]. Group 4: Yearly and Three-Year Performance - In the past year, Zeng Weijiang from Beijing Zhenke Private Equity achieved the highest average return of ***%, with 8 out of the top 10 managers being from subjective private equity [6][7]. - Over the past three years, Zeng Weijiang also leads with an average return of ***%, with Wang Penghui and Lu Hang appearing in the top ranks multiple times [9][10].

Core Viewpoint - The article discusses the significant growth of the Hong Kong innovative drug sector, which has seen indices rise over 100% this year, and emphasizes the importance of understanding the underlying companies rather than just focusing on standout products [2][4]. Group 1: Research Perspective - The research approach taken by Chen Jialin focuses on the governance structure of companies, which is crucial for identifying sustainable growth and avoiding potential pitfalls [5][17]. - Chen emphasizes the importance of filtering out noise from public information while still valuing the insights gained from company reports and management discussions [6][7]. - The need to consider the buyer's perspective in the BD (business development) model is highlighted, as issues with large overseas buyers could impact the Chinese innovative drug market [7][60]. Group 2: Market Dynamics - The innovative drug sector is currently experiencing a phase of structural differentiation, with a shift towards capturing alpha opportunities as the market stabilizes after a period of rapid growth [4][12]. - The article notes that the innovative drug industry is in a long-term growth trajectory, with significant potential for returns, particularly in the context of global market dynamics and China's increasing share in the sector [14][66]. - Chen points out that the current market environment is characterized by high uncertainty, which poses challenges for sustaining excess returns [16][70]. Group 3: Investment Strategy - The investment strategy discussed involves a balanced approach between aggressive and defensive positions, with a focus on minimizing errors rather than chasing opportunities [9][10]. - Chen advocates for a trading strategy that capitalizes on human behavioral biases, allowing for the identification of mispriced opportunities in the market [42][43]. - The importance of understanding the broader geopolitical and economic landscape is emphasized, as these factors can significantly influence market conditions and investment outcomes [16][66]. Group 4: Future Outlook - The article suggests that the current phase of the BD model is not yet complete, with ongoing developments in the innovative drug sector expected to yield further opportunities [64][65]. - Chen expresses optimism about the future of Chinese innovative drug companies, citing their competitive advantages in R&D efficiency and market access [68][69]. - The potential risks associated with external factors, such as regulatory changes and market sentiment, are acknowledged, but the overall trend remains positive for the sector [60][63].

Core Viewpoint - The article discusses the regulatory developments in quantitative trading in China's securities and futures markets, highlighting the growth and performance of quantitative CTA strategies in the private equity sector amidst market fluctuations [1][3]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) introduced the "Securities Market Algorithmic Trading Management Measures" in 2024, marking the beginning of standardized development for quantitative trading in the stock market [1]. - The new regulations for algorithmic trading in the futures market, which have been in trial since June, will officially take effect on October 9 [1]. Performance of Quantitative CTA Strategies - Quantitative CTA strategies have gained popularity among investors due to their low correlation with stocks and bonds, especially in volatile market conditions [1]. - From 2021 to the end of 2024, quantitative CTA strategies significantly outperformed subjective long and quantitative long strategies during a turbulent market [1]. Year-to-Date Performance Comparison - As of September 19, 2023, the average return for 399 quantitative CTA products was 10.84%, while subjective long strategies averaged 34.59% and quantitative long strategies averaged 37.05% [3]. - Among private equity firms managing over 5 billion, the average return for quantitative CTA products was 7.63%, with 87.10% showing positive returns [3]. Top Performing Quantitative CTA Products - The article lists the top-performing quantitative CTA products for the year, with the leading product managed by 信弘天禾 (Xinhong Tianhe) achieving a return of ***% [4][5]. - Other notable products include those managed by 宏锡基金 (Hongxi Fund) and 洛书投资 (Luoshu Investment), which also performed well [4][5]. Performance in Different Fund Sizes - For private equity firms with assets between 20-50 billion, the average return for quantitative CTA products was 6.42%, with a positive return rate of 93.94% [6]. - In the 10-20 billion category, the average return was 11.04%, with a positive return rate of 97.56% [9]. - For firms managing 5-10 billion, the average return was 7.45%, with 84.21% showing positive returns [11]. - In the smallest category (0-5 billion), the average return was 14.15%, with 83.05% of products achieving positive returns [13]. Conclusion on Market Trends - The article emphasizes the potential for growth in the quantitative trading market in China, suggesting that it is still in a phase of rapid development with significant future opportunities [5].

Core Viewpoint - The article highlights the rapid rise of quantitative investment in the absence of strong beta market trends, emphasizing its ability to efficiently capture alpha returns through mathematical models and algorithms [2] Group 1: Company Overview - Maoyuan Quantitative was established in 2013 and has grown to manage over 20 billion yuan, focusing on quantitative trading across various asset classes including stocks, futures, and bonds [5] - The company has received multiple awards, including recognition as one of the "Top 50 Private Securities Institutions (Quantitative Strategy)" in China, showcasing its consistent performance over the years [5][9] Group 2: Leadership and Team - The founder and CEO, Guo Xuewen, has a strong academic background and entrepreneurial experience, which has influenced the company's management and operational strategies [7][13] - The team is characterized by a high proportion of IT and research personnel, with over 75% of the workforce coming from leading tech companies, enhancing the company's engineering capabilities [14][17] Group 3: Investment Strategies and Products - Maoyuan Quantitative offers a diverse product matrix tailored to different investor needs, including tool-type products for experienced investors and solution-type products for those seeking comprehensive investment strategies [20] - The company emphasizes the importance of risk-return characteristics in its product offerings, aiming to provide stable excess returns while exploring new product lines [18][20] Group 4: Risk Management - The company has established a comprehensive risk management framework that includes both broad and narrow risk assessments, ensuring systematic oversight of operational and investment risks [21] - Risk management processes are integrated into all stages of investment, from pre-trade analysis to post-trade evaluations, enhancing overall effectiveness [21] Group 5: Future Outlook - The article suggests that the quantitative investment industry in China is on a path to becoming globally competitive, with Maoyuan Quantitative aiming to enhance its management practices and research capabilities [22][23] - The company is focused on continuous improvement and innovation, with plans to expand its investment strategies beyond domestic markets [23]