Core Viewpoint - The founder of Shiwa Asset, Liang Hong, publicly apologized for significant net value declines in his funds, attributing the losses to three investment misjudgments related to innovative pharmaceuticals, hardware leaders, and US stablecoin concept stocks, reflecting decisions driven by "greed" and "grand narratives" [1][4] Investment Performance Summary - Shiwa Asset's weekly report indicated that most funds experienced an estimated net value drop of around 7%, with a cumulative decline of approximately 20% from peak values [2][3] - The three main investment errors accounted for about 18% of the total decline, contributing to the overall 20% drop [3] Detailed Investment Errors - The first error involved an innovative pharmaceutical stock that initially contributed over 8 percentage points to net value growth but plummeted after a failed business development announcement, leading to a loss exceeding 4% due to delayed profit-taking [2][3] - The second error was related to a hardware leader stock, which constituted 30% of the portfolio and fell 37% due to rising storage chip prices and negative public sentiment, negatively impacting net value by over 9% [3] - The third error focused on US stablecoin concept stocks, which were heavily invested based on optimistic cryptocurrency market expectations. After a significant price drop of 60%, this investment caused a net value loss of 4-5 percentage points [3] Reflection on Investment Decisions - Liang Hong identified the root causes of the investment mistakes as "greed" and decisions driven by "grand narratives," emphasizing a pattern of over-excitement at high valuations while neglecting risk and cost-effectiveness [4] - An expert noted that Liang's case highlights common pitfalls in the private equity industry, such as over-reliance on single narratives and the failure of risk control mechanisms under emotional pressure [4] Strategic Adjustments - In response to the losses, Liang indicated a shift in investment philosophy, suggesting a need to balance long-term holding with absolute return considerations to reduce future drawdowns [5] - Shiwa Asset plans to maintain its focus on high-quality companies while increasing sensitivity to valuations and market style changes, enhancing quantitative research to mitigate subjective judgment uncertainties [5] Future Investment Direction - Looking ahead, Shiwa Asset intends to maintain a technology-focused investment strategy while also exploring opportunities in sectors like chemicals and consumer goods that may benefit from macroeconomic recovery [6]

根据私募排排网数据，截至2025年11月21日， 在私募排排网有近 1年业绩展示的女性私募基金经理共有195位 。其中， 来自主观私募的居多， 占 116位 ；来自量化私募、"主观+量化"混合型私募的分别有40位、38位；另有1位所属私募未公布投资模式。 从公司规模看，来自5亿以下规模私募的女性基金经理最多，占94位； 来自 20亿以上规模私募的女性基金经理有39位，其中有11位来自头部私 募 （公司规模在50亿以上，下同），分别是： 半夏投资李蓓、恒基浦业钱博文、广东德汇投资刘晓芳、念空私募王丽、子午投资谢兰、前海博 普资产何瑞琳、玖鹏资产林雪、半鞅私募基金王芹、悦海盈和基金王江宁、千惠资产丁怡、承壹私募贾一鸣 。 其中， 半夏投资李蓓是为数不多的准百亿私募女性掌舵人，也是国内知名的宏观对冲私募基金经理 ，在今年10月下旬的一次采访中，李蓓表 示：没有对科技、细分医药和消费进行研究并主动放弃，错过了结构性牛市，并不会影响个人长期投资收益率。在她看来， 守住自己的能力圈 更为重要，一个人如果在自己能力圈之外进行投资，短期内或许能追逐到一些动量和收益，但长期来看很难赚到超出认知范围的钱。 另外，来自5-10亿规 ...

Core Viewpoint - Since 2025, the A-share market has shown a slow bull pattern, with private equity funds performing well overall. However, recent market corrections have led to significant net value declines for some private equity products, drawing attention to the chairman of Shiwa Investment, Liang Hong, due to substantial losses in his funds [1]. Group 1: Performance of Shiwa Investment - Shiwa's core products have experienced consistent declines since October, with the "Shiwa Daniu No. 1" product showing a year-to-date return of 15.84% but suffering a significant short-term drop, including a single-day decline of 4.46% on October 10 and a total monthly decline of 7.51% in October [2]. - The "Shiwa Xiaoniu No. 19" product has mirrored the performance of "Shiwa Daniu No. 1," with a year-to-date return of 15.93% and similar monthly declines, indicating systemic pressure on Shiwa's overall investment portfolio [2]. Group 2: Reasons for Decline - Liang Hong attributed the significant underperformance to three key investment mistakes, starting with a heavy investment in the innovative drug sector, which led to a net value drop exceeding 4% due to a lack of decisive sell-off actions [3]. - The second blow came from a leading hardware stock that Liang over-weighted at 30%, which subsequently fell over 37%, reflecting a misjudgment in risk exposure [4]. - The most critical issue was a heavy investment in U.S. stocks related to stablecoins, which Liang had defined as a "five-fold potential stock." This investment faced a 50%-60% adjustment, leading to a negative contribution of 4%-5% to the fund's net value due to overlooked risks [4]. Group 3: Reflections and Future Strategy - Liang Hong acknowledged that greed was a deep-seated issue causing excessive net value fluctuations and poor investor experiences, emphasizing a pattern of over-enthusiasm at high valuations without considering risk and cost-effectiveness [5]. - Despite the reflections, Liang remains optimistic about the market for the coming year, indicating a shift from a long-term holding strategy to a more active approach to reduce product drawdowns [6]. - Future strategies will focus on maintaining value investment principles while incorporating absolute return considerations and preparing for adjustments to strategies by year-end [7].

Core Viewpoint - The article highlights the significant presence of small to medium-sized private fund managers in the industry, with a focus on "Holding Win Private Fund" as a standout performer in the CTA product category, showcasing impressive returns and innovative strategies [3][4]. Group 1: Company Overview - Nanjing Holding Win Private Fund Management Co., Ltd. was established in 2007 and specializes in the futures market, emphasizing rational investment and risk control [9][10]. - The company has a management scale of approximately 9 billion and operates under a subjective CTA investment model [10]. Group 2: Performance Highlights - As of October 2025, the "Holding Win Jingcheng Suozhi A Class" fund managed by Qian Jun achieved a remarkable return of ***% from January to October, ranking first among CTA products [3]. - The "Holding Win Chizhi Yiheng A Class" fund has also shown outstanding performance, with a cumulative return of ***% in 2023, leading the non-debt private fund products [3][4]. Group 3: Investment Philosophy & Strategies - The core investment philosophy focuses on risk control, advocating for timely stop-loss measures and maintaining light positions to manage risks effectively [15][16]. - The representative strategy, "Holding Win Subjective CTA Trend Tracking Strategy," aims to capture complete trends while managing risks through gradual position adjustments [19]. Group 4: Core Advantages - The company boasts over 20 years of practical experience in the futures market, with a proven track record of effective strategies that have been validated through various market cycles [22]. - A robust risk control system ensures that all completed products have positive returns since inception, demonstrating a commitment to safeguarding investor capital [23]. - The investment approach emphasizes both offense and defense, prioritizing the safety of new capital while locking in profits from existing investments [25]. Group 5: Management Insights - The management maintains a bullish long-term outlook on gold, believing that geopolitical dynamics will continue to support its price increase, with expectations for new highs by the end of the year or early next year [27].

Group 1 - The core message indicates that Dongfang Hongwan's overseas fund ranks third in three-year returns and fifth in one-year returns among 9,970 global hedge funds as of October 2025, according to Morgan Hedge [2] - The performance of Dongfang Hongwan's domestic products shows that the publicly available products have returns around 15% this year, significantly lower than the average of 24.32% for similar funds [6] - The representative product "Dongfang Hongwan Marathon No. 1" has a net value of 5.147 yuan as of November 14, with a year-to-date return of 15.07% and a one-year return of 19.86% [6] Group 2 - There are legal concerns regarding the public disclosure of fund performance by private equity firms, as it may violate regulations that restrict advertising to qualified investors only [5] - Data from private equity ranking platforms shows that the top 5% of subjective long/short strategy private equity funds have an impressive return of 82.48%, highlighting a significant gap compared to Dongfang Hongwan's one-year return of 26.63% [5]

Core Viewpoint - The recent performance of Hainan Shiva Asset Management has raised concerns as the majority of its funds experienced an estimated net value decline of approximately 7%, with a cumulative drawdown of about 20% from their peak, significantly underperforming major indices [1][3]. Group 1: Performance Analysis - The founder and chief investment officer, Liang Hong, publicly apologized in the weekly report, acknowledging that the recent drawdown has deeply disappointed many investors [1][4]. - The cumulative drawdown of approximately 18% was attributed to three main investment mistakes, which were compounded by market index corrections, leading to a total loss of 20% [3][9]. - The report highlighted that the decline was primarily due to individual stock issues rather than broader market factors, with specific reference to the technology and internet sectors [6]. Group 2: Investment Mistakes - The first major mistake involved heavy investment in innovative pharmaceutical stocks without timely profit-taking at high valuations, resulting in a significant loss [7][9]. - The second mistake was maintaining a high position in a leading hardware company, which saw a decline of over 37%, despite the stock being in a reasonable valuation range [7][9]. - The third mistake was a substantial investment in U.S. stablecoin stocks, where the firm overlooked the risks associated with the cryptocurrency market, leading to significant losses [8][9]. Group 3: Future Outlook - Liang expressed a commitment to making adjustments by the end of the year and aims for a "good change" in the following year, indicating a shift in strategy to reduce drawdowns while maintaining value investment principles [5][9]. - The firm has a management scale exceeding 10 billion, and Liang has a substantial following, positioning him as a prominent figure in the private equity sector [5].

● 私募股权类基金管理人新登记26家，存续管理人总量下降至11,928家 ● 新增基金数量稳定增长，新增备案私募股权类基金1,366只，披露认缴规模5,530.59亿人民币 ● 浙江新增基金数量领跑（共计298只），规模显著领先（合计1,004.74亿元） ● 嘉兴、青岛、苏州三城新备案基金数量最多；北京、上海、杭州位列全国吸金前三甲 ● 共计990家机构新增备案私募股权类基金，机构参与数量较上年同期增加26.11% ● 机构LP贡献超九成募资，国资背景LP占据主导地位 ● 机构LP城市版图：北京、上海机构LP出手次数均为239次，并列全国第一 ● 共113只新备案基金穿透涉及127家上市公司LP参与，出资规模达163.01亿元 身 都曾分析 2025Q3私募基金备案:浙江新增数量领跑,规模显著领先 2025年Q3，国内共有28个地区产生新备案私募股权基金,浙江、江苏、广东、山东新备 案基金数量较多,占披露地区基金总数的59.05%。其中浙江地区新增基金数量最多,新增 298只,占总数的22.19%。相比之下,上海排名第八位,北京排名第十位。 从新备案基金规模看,浙江(1,004.74亿元)、广东(555.9 ...

Core Insights - The article highlights the rapid growth of quantitative private equity firms, with 852 firms established by November 14, 2025, and 135 new firms founded in the last five years, representing approximately 16% of the total [2][3] - New quantitative private equity firms have shown impressive average returns of 21.11% over the past six months and 36.05% over the past year, significantly outperforming older firms established before November 14, 2020 [2][3] Group 1: Market Overview - As of November 14, 2025, the majority of the 135 new quantitative private equity firms were established between 2021 and 2022, accounting for nearly 90% of the total [2] - The largest segment of private equity firms falls within the 0-5 billion range, with 88 firms, while only 5 firms have surpassed the 100 billion mark [3][4] Group 2: Performance Metrics - Among the new firms, the top 10 in terms of performance over the past six months include 京盈智投, 龙吟虎啸, and 海南磊喧私募, with a minimum return threshold of ***% to qualify for the ranking [9][12] - 京盈智投 has been particularly notable, leading both the six-month and one-year performance rankings with returns of ***% [10][12] Group 3: Strategy and Location - The majority of new quantitative private equity firms focus on stock strategies, with 82 firms, while futures and derivatives strategies have 28 firms, and multi-asset strategies have 17 firms [4] - Most of these firms are located in major cities like Shanghai (57 firms), Beijing (28 firms), and Shenzhen (18 firms), indicating a concentration in key financial hubs [4] Group 4: Notable Firms and Management - The top five firms with over 100 billion in assets under management, all established in 2022, include 齐家私募, 北京正定私募, 上海睿量私募, 磐松资产, and 上海波克私募 [3][6] - 京盈智投, founded in April 2021, is led by谢黎博, who has extensive experience in quantitative investment, and focuses on futures and derivatives strategies [10][12]

Core Viewpoint - The article discusses a significant case of insider trading involving a strategy front-end developer at a quantitative investment firm in China, who illicitly profited 88.57 million yuan through unauthorized trading activities [6][9][17]. Group 1: Insider Trading Case - The case involves Lin Yiping, who worked at a quantitative firm and was found to have engaged in insider trading, leading to a regulatory fine [7][9]. - Lin Yiping's role allowed him to access and manipulate trading strategies, giving him an unfair advantage in the market [10][11]. - The regulatory body imposed a fine of approximately 177 million yuan, including the confiscation of illegal gains and a five-year ban from the securities market [17]. Group 2: Financial Implications - Lin Yiping's illegal profits of 88.57 million yuan suggest a substantial underlying capital requirement, estimated at around 700 million yuan based on the performance of a related investment product [12][14]. - The article highlights the potential for leveraging funds, indicating that the actual capital used by Lin Yiping could be significantly lower due to the use of leverage [14][15]. Group 3: Mechanism of Insider Trading - The article explains that Lin Yiping's position allowed him to see every transaction in real-time, akin to having advance knowledge of lottery results, which facilitated his trading decisions [11][12]. - The method of insider trading described is distinct from traditional methods, focusing on exploiting internal information to execute trades ahead of the market [15][16]. - The operations resemble a scenario where Lin Yiping utilized company resources and information to profit at the expense of the firm's own trading activities [16][17].

2025年以来，A股走出震荡慢牛格局，私募基金整体业绩亮眼。其中，股票策略以29.52%的平均收益率 领跑五大策略，92.73%的相关产品盈利。而市场近期的回调却让部分私募产品净值出现大幅回撤。百 亿私募希瓦投资董事长梁宏就因旗下基金大幅回撤而受到市场关注。 "在牛市行情下，因业绩承压致歉并不常见。"梁宏坦言，此次回撤大幅跑输主要指数，核心问题出在个 股选择与仓位管理上，具体可归结为三笔关键投资的失误。 第一波回撤始于9月26日当周，因重仓的创新药板块个股下跌，直接导致基金净值回撤超4%。"高位没 有根据价值兑现大部分仓位，卖出决策不够果断。"梁宏将此次失误归结为对止盈信号的迟钝。 第二重打击来自硬件龙头股的持续大跌。梁宏自30元附近建仓该股，40元左右摊薄成本，因看好"人工 智能时代硬件入口"的逻辑，将仓位提升至30%的超重水平，目标价预估至60元。但事与愿违，该公司 负面因素缠身，股价累计跌幅超37%，目前仅能维持盈亏平衡或略亏损状态。"高位估值合理阶段，不 该持有30%这么重的仓位，20%会合理很多。"梁宏反思称，对单一标的过度乐观导致了风险敞口过 大。 最致命的是第三笔投资，被梁宏称为"今年最大的问题 ...