Group 1 - The charity concert organized by Galaxy Securities aimed to raise funds for employment support for individuals with intellectual disabilities, highlighting the importance of corporate social responsibility [1][2] - The concert featured performances by individuals from the intellectual disability community, showcasing their resilience and deepening the understanding of social responsibility among financial professionals [1][2] - Galaxy Securities emphasizes its commitment to "political and people-oriented" principles, reflecting its role as a state-owned financial enterprise in serving the public [1][2] Group 2 - The concert raised awareness about the challenges faced by individuals with intellectual disabilities, with estimates indicating that there are between 12 million to 25 million such individuals in China, including 100,000 to 200,000 in Beijing [2] - The funds raised will primarily be used to hire professional employment counselors to assist these individuals in integrating into the workforce [2] - Financial institutions are increasingly participating in charitable activities as part of their commitment to inclusive finance and serving the real economy [2][5] Group 3 - Private equity firms, such as Ming Stone Fund and Quantum Finance, actively participated in the concert, demonstrating the deep connection between charity and investment [3] - The concept of long-term commitment is emphasized, with firms expressing the need for sustained efforts in both investment and charitable activities [3] - Financial institutions are exploring collaborations with social organizations to enhance the effectiveness of their charitable contributions [5] Group 4 - The financial sector's involvement in charity is expected to evolve from voluntary actions to more institutionalized and standardized practices [5] - Galaxy Securities launched the "Star Charity Plan" in 2022 to encourage participation from charitable organizations and individuals, aiming to extend social responsibility to special groups [5] - The collaboration between financial institutions and social organizations is seen as a way to optimize resource allocation and ensure effective use of funds [5]

| | | | 近一个月不同规模股票私募仓位指数统计 | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | | | 100亿以上 50-100亿 20-50亿 10-20 亿 5-10 亿 5 亿以下 | | | | | 2025-09-12 | 78. 22 | 86. 49 | 74.22 | 75. 88 | 76.28 | 78. 85 | | 2025-09-05 | 67.11 | 82. 12 | 73.78 | 73. 31 | 74.21 | 76.77 | | 2025-08-29 | 75. 40 | 82. 86 | 73. 59 | 72. 50 | 73.65 | 76. 63 | | 2025-08-22 | 78. 11 | 82. 23 | 71. 89 | 72.04 | 71.92 | 76. 84 | | 2025-08-15 | 82. 29 | 78. 68 | 68. 75 | | 72.16 70.74 | 75.04 | | | | | 数据来源:私募排排网,截至 2025年9月22 日 | | ...

● 本报记者 葛瑶 日前，银河证券联合北京市晓更助残基金会、融爱融乐心智障碍者家长支持中心等慈善机构，成功在京 举办筹款慈善音乐会。鸣石基金、念空科技、艮岳投资、巨量边界、量子金服、阳泽投资、无隅资产、 启林投资和简文投资等多家知名私募管理人积极参与并捐款。 这场音乐会的主角是一群特殊的"心青年"——心智障碍者群体。他们用音乐展现了生命的坚韧，也让在 场的金融从业者进一步加深了对企业社会责任的理解。作为本次活动的公益支持方，银河证券以实际行 动践行"政治性"和"人民性"的企业使命，体现国有金融企业服务人民的责任担当，诠释资本向善的时代 价值。 聚焦民生关切 奏响公益乐章 以资本之能，解社会之需。此次慈善音乐会旨在为心智障碍者群体筹集就业支持资金，促进社会各界对 这一特殊群体的了解与关注。银河证券表示，作为国企券商始终把"政治性"和"人民性"放在首位，本次 参与组织活动正体现其"人民性"的一面。 融爱融乐目前和多家酒店、餐饮企业合作设立就业实习基地，让心智障碍青年尝试布草整理、物品分拣 等基础岗位，但类似的机会仍属稀缺。这些青年需要经过漫长的转型期才能真正融入职场，而这一过程 离不开就业辅导员的陪伴与指导。音乐 ...

Core Insights - Quantitative trading is expanding at an unprecedented pace, with quantitative long strategies being particularly popular in the market [1][3] - The average new fundraising scale for quantitative managers has exceeded 1 billion yuan this year, indicating strong demand for quantitative products [1][3] - Quantitative private equity has become a significant player in the capital market, with its strategies attracting more individual investors [2][3] Group 1: Market Performance - Quantitative long strategy products have shown a strong performance, with top institutions reporting absolute returns exceeding 40% this year [3] - As of the end of August, the average return for 1,303 quantitative long strategy private equity products was 31.84%, compared to 25.62% for subjective long strategy products [3] - The number of new quantitative private equity products registered this year reached 3,584, a year-on-year increase of 100.34%, accounting for 45.33% of new registrations in the securities category [3] Group 2: Market Impact - The average turnover rate for quantitative private equity has been around 80 times, with some leading firms reporting rates between 40 to 60 times [4] - The management scale of quantitative private equity has surpassed 1 trillion yuan, with daily trading volume estimated at around 200 billion yuan, representing over 20% of total market trading volume [4] - Quantitative strategies are particularly influential in trading small-cap stocks, contributing nearly 40% to the trading volume in this segment [4] Group 3: Future Trends - The growth of quantitative trading is expected to enhance market liquidity and potentially transform quantitative private equity into a long-term investor in the capital market [2][7] - Regulatory guidance has led to a more standardized development of the quantitative private equity industry, with firms focusing on optimizing strategies and reducing trading frequency [6][7] - Many leading private equity firms are now emphasizing fundamental factors, with annual turnover rates dropping below 50 times, indicating a shift towards long-term investment strategies [7]

随着A股的持续回暖，私募机构的仓位水平快速攀升。 私募排排网最新数据显示，股票私募整体仓位已飙升至年内新高，其中百亿私募大幅加仓，单周加仓幅度高达 11.11%，而50亿—100亿元规模私募仓位更是创下近三年来新高，凸显出头部机构对市场的信心。 多家私募机构一致表示，在资金与信心的双轮驱动下，A股市场整体有望延续强势行情。不过当前市场结构分 化严重，部分股票短期涨幅较大，在个股层面或有回调风险。 股票私募仓位升至年内新高 9月以来，上证指数在高位盘整，深成指和创业板指表现强势，市场情绪高涨，上周两市日均成交额升至2.5万 亿，汇聚诸多高手的私募机构选择再度加仓。 私募排排网数据显示，截至2025年9月12日，股票私募仓位指数达到78.04%，较前一周的75.08%大幅上升2.96 个百分点。这一水平不仅与年内高点持平，也反映出私募整体的配置积极性正在加速提升。 从仓位分布来看，中高仓位私募占据市场主导。具体而言，60.02%的股票私募保持满仓状态，23.34%的私募 维持中等仓位，而低仓与空仓的私募合计不足两成。这意味着，大多数私募机构已经选择积极参与市场，普遍 看好后市行情。 对于此次私募大幅加仓的核心原因 ...

Group 1 - The core viewpoint of the articles indicates that stock private equity in the A-share market has significantly increased its positions, reaching a new high for the year, reflecting optimistic expectations for future market trends [1][2] Group 2 - As of September 12, the stock private equity position index reached 78.04%, a substantial increase of 2.96% from the previous week’s 75.08%, indicating a notable rise in overall allocation enthusiasm [1] - The distribution of positions shows that 60.02% of stock private equity is fully invested, while 23.34% maintain moderate positions, and less than 20% are in low or empty positions, suggesting a majority of private equity firms are actively positioning themselves in the market [1] Group 3 - Different scales of stock private equity exhibit varied positioning characteristics, with the largest firms showing particularly strong performance; for instance, the position index for firms with over 100 billion is 78.22%, while those between 50 billion and 100 billion have the highest at 86.49%, marking a three-year peak [1][2] - The increase in positions among large private equity firms is significant, with a week-on-week rise of 11.11% for those managing over 100 billion, where over 54% are fully invested [2]

Core Viewpoint - The stock private equity market in A-shares is experiencing significant increases in positions, reflecting optimistic expectations for future market trends [1][2] Group 1: Overall Market Sentiment - The stock private equity position index reached 78.04% as of September 12, up from 75.08% the previous week, marking a weekly increase of 2.96% and matching the year's high [1] - A majority of private equity firms are actively positioning themselves in the market, with 60.02% of stock private equity firms fully invested [1] Group 2: Position Distribution - The distribution of positions among different scales of private equity firms shows notable differences, with larger firms exhibiting higher levels of investment [1] - As of September 12, the position indices for various scales of private equity firms are as follows: over 100 billion, 78.22%; 50-100 billion, 86.49%; 20-50 billion, 74.22%; 10-20 billion, 75.88%; 5-10 billion, 76.28%; and under 5 billion, 78.85% [1] - The highest position index of 86.49% was recorded for private equity firms with assets between 50 billion and 100 billion, reaching a three-year high [1] Group 3: Large Private Equity Firms - Large private equity firms (over 100 billion) showed the most significant increase in positions, with an 11.11% rise compared to the previous week, bringing the position index to 78.22% [2] - Over half of the large private equity firms are fully invested, with 54.04% in full positions, while only 5.28% and 1.86% are in low and empty positions, respectively [2]

业内人士称，当私募业最为常见的"作坊"模式遇上快速增长的管理规模，量化管理人所面临的公司治理 难题愈发不容忽视。因此，越来越多头部量化私募着手优化公司治理结构，比如明晰股权架构和高管分 工、塑造企业文化、优化人才激励机制等。 越来越多量化私募正在形成共识：唯有打造稳健的公司架构、强大的团队实力，方能实现长跑。 "分家"戏码再度上演 6月以来不断发酵的靖奇投资股东纷争，引发市场关注。 6月，靖奇投资原法定代表人范思奇发文称卸任靖奇投资基金经理职务，但不久便以"十年努力，一朝背 刺"为标题发文表示自己被踢出公司。8月，范思奇又发布文章称，靖奇投资存在工作人员非法使用伪造 法人印章及冒用法人签名的情形。 ◎记者 马嘉悦 据中信证券统计，截至上半年末，量化私募管理人总体资产管理规模超1.7万亿元，在证券私募行业中 的占比升至近30%。下半年以来，头部量化私募旗下多头策略产品，依旧备受资金青睐。 不过，热闹之下，量化私募在公司治理方面仍面临挑战。据公开资料，8月以来，靖奇投资两位合伙人 内斗不断升级，伪造印章、抢公众号等操作暴露在大众视野。不久前，北京一家量化私募也因虚开增值 税发票受到市场关注。 今年以来，量化私募的 ...

Market Overview - The current market shows a clear structural differentiation, with an overall temperature in the 40-50 degree range, indicating it is not overheated (80 degrees and above) [2][10] - According to the seasonal theory, the market is still in the spring-summer phase and has not yet transitioned to autumn or winter [2][8] Investment Strategy - The company has increased allocations in cyclical, technology, and pharmaceutical sectors while reducing exposure to high-dividend sectors [1][11] - Future investment opportunities will focus on artificial intelligence (AI) and innovative pharmaceuticals [1][11] Growth Stock Characteristics - Growth stocks should exhibit three key characteristics: significant future revenue and profit growth potential (3-5 times growth, with an average annual increase of 20% or more), a strong business model with pricing power, and an excellent management team [4][5] - Growth stocks are categorized into four types for investment decisions: new economy growth stocks, market share gainers, stable market share with profit enhancement, and cyclical growth stocks [4][5] Team-Based Research and Decision-Making - The company emphasizes a team-based investment research system, with nearly 30 members divided into fundamental research, quantitative research, and international investment teams [6][7] - This structure allows for specialization and comprehensive coverage of key industries and emerging opportunities, enhancing decision-making efficiency [7][8] Market Timing and Signals - The company utilizes the seasonal theory as a guiding principle for investment, adjusting strategies based on market conditions [8][10] - Current market conditions do not show signs of overheating, and there are no clear signals indicating a market peak [10][11]

Core Insights - The A-share market has been performing strongly, but there is a noticeable divergence in sector performance, with previously popular quantitative products now struggling to outperform the market [1] - A resurgence of subjective products has been observed, with many previously quiet funds beginning to recover in net value, indicating a "subjective comeback" trend [1] Fund Manager Rankings - As of September 14, among the top 20 fund managers, 15 are from subjective private equity, dominating the rankings [1] - The top-ranked fund manager is Dan Bin, whose products have shown significant returns over the past month and year [3] - The second-ranked manager, Shi Zhi, and others in the top 8 are primarily from smaller private equity firms with assets under 5 billion [2] Performance of Specific Funds - Dan Bin's "Oriental Harbor Marathon Global A Class" has achieved a high cumulative net value and significant returns since inception [3] - Xu Qiongna, ranked 8th, has also seen impressive performance from her funds, particularly "Jinban Capital No. 5," which has shown the highest returns this year [6][7] Market Trends and Predictions - The current market is seen as being in a "slow bull" phase, with expectations of continued recovery driven by policy support and changes in industry supply-demand dynamics [8] - Chen Yu, a prominent fund manager, believes the market is at a pivotal point, similar to historical trends, and anticipates a long-term bull market driven by technological advancements [12][13] Notable Fund Managers - Li Jianfei and Shi Jianghui from Guoyuan Xinda are notable for having two fund managers listed among the top ranks, indicating strong performance across their funds [9] - Cai Yingming from Longhang Asset is recognized for focusing on undervalued, high-cost-performance targets, with his fund "Longhang No. 1" showing significant returns [14][15]