Group 1 - The announcement of large-scale tariffs by Trump has led to a significant slowdown in the IPO market, with reports indicating it is "almost at a standstill" [1][6] - In the context of ongoing geopolitical and economic uncertainty, investors are increasingly turning to alternative investments for yield, with BlackRock setting a fundraising target of $400 billion for its private equity business by 2030, aiming to increase its revenue share from 15% to over 30% [2] - Coller Capital's report indicates that most investors plan to increase allocations to private credit and secondary market assets in the coming year, driven by structural growth factors [2][3] Group 2 - Private credit is the most favored asset class among investors in the alternative asset space, with 45% planning to increase allocations, up from 37% six months ago [3] - Geopolitical risks are now a core consideration for portfolio construction, with 44% of investors increasing their focus on these risks, particularly regional conflicts and trade wars [3] - The application of artificial intelligence (AI) in investment portfolio management is becoming a significant trend, with 90% of U.S. investors planning to leverage AI for value addition [4] Group 3 - Traditional exit channels are facing liquidity challenges, prompting over half of global investors to consider trading private equity assets in the secondary market within the next two years [5] - The total transaction volume in the global secondary market is projected to reach $160 billion in 2024, while IPO exits are expected to generate only $1.1 trillion and $1.3 trillion in 2023 and 2024, respectively, significantly lower than the $600 billion in 2021 [5] - The current environment has led private equity executives to prioritize alternative exit strategies, such as divestitures and continuation funds, with 80% of top fund managers entering the continuation fund market [6]

编者按： 本期"寻访金长江之十年十人"，券商中国记者走访千亿私募景林资产，对公司管理合伙人、基金经理高云程进 行了专访。高云程是阅历深厚的价值投资者，2014年8月加盟景林前，他历任中国科技证券证券公司交易员， 研究员；泰信基金管理有限公司高级研究员；APS资产管理公司高级研究员、基金经理。 "景林"两字蕴含"基业长青"的寓意，这与公司坚持长期价值投资的理念不谋而合。深度研究、逆向布局、全球 视野，高云程在投资中深谙此道。在与券商中国记者的交流中，他分享了很多自己对于投资的底层思考。高云 程认为，理性和相信常识，是投资经理最重要的能力，而投资的定力与信心，正是源自对基本面的深刻认知。 精彩观点： 投资经理最重要的能力是理性和相信常识。理性很重要，它能让我们"不上头"、不容易栽大坑。 在市场上和大家走在一起，的确能给你安全感，但往往并不安全。 我们总希望能有更好的宏观环境，但宏观环境不会因为个人意愿改变，你只能客观判断、了解和 接受。 景林坚持以自下而上为主的投资策略，以实业投资的心态考量公司的长期价值。我们在选择标的 时首先考虑的是好公司，并对其长期竞争力、管理团队、公司治理充分论证。 真正长期有定价权和护城 ...

Group 1: Government Investment Fund Regulations - Gansu Province has issued guidelines to strictly control the establishment of government investment funds, emphasizing that these funds should not be set up for the purpose of attracting investment [2][3] - The guidelines promote the optimization and integration of existing funds, with a focus on unified management and avoiding duplication in the same industry or sector [2][3] - The policy reflects a shift from broad capital attraction to a focus on operational efficiency and quality in industry cultivation, aiming to leverage government investment funds for better industry guidance [3] Group 2: Private Equity Market Developments - Goldman Sachs Asset Management is seeking to raise over $14.2 billion for its new S Fund, indicating strong interest in the secondary private equity market [4] - The secondary market is expected to see a total trading volume of $185 billion by 2025, driven by liquidity challenges faced by many limited partners (LPs) [4] - Major firms like Blackstone and Carlyle are also actively engaging in the secondary market, highlighting its importance as an exit channel for private equity investments [4] Group 3: Venture Capital Innovations - Junlian Capital has launched Beijing's first technology innovation bond with a registered scale of 500 million yuan, aimed at supporting long-term investments in technology [5][6] - The introduction of the "technology board" in the bond market is expected to enhance funding channels for venture capital institutions, facilitating investments in early-stage and hard technology [5][6] - The successful issuance of technology innovation bonds by firms like Dongfang Fuhai indicates a growing trend in financing for venture capital institutions [6] Group 4: Corporate Investments - Zhongwei Company announced its participation in establishing a private equity fund with a target size of 1.5 billion yuan, focusing on the semiconductor and related strategic emerging sectors [7] - The fund plans to allocate over 80% of its investments to upstream and downstream enterprises in the integrated circuit industry, aligning with Zhongwei's core business [7] - This focused investment strategy aims to strengthen the supply chain and capture emerging technology trends while minimizing cross-industry risks [7] Group 5: AI and Biotechnology Investments - Insilico Medicine has completed a Series E financing round, raising approximately $123 million, reflecting strong investor interest in the AI-driven biopharmaceutical sector [8][9] - The investment highlights China's competitive edge in AI drug development, with local government and investment platforms strategically positioning themselves in this hard technology field [8][9] - The funding will support Insilico's efforts in drug discovery across various therapeutic areas, showcasing the integration of AI and automation in pharmaceutical innovation [8][9] Group 6: Smart Manufacturing Investments - Xiaomi has invested in Danikel Automation Technology, setting a record for single financing in the automatic feeding and intelligent tightening sector [9] - This investment is part of Xiaomi's broader strategy to deepen its involvement in smart manufacturing, providing technological synergies for its automotive business [9] - The record-breaking financing reflects strong market expectations for domestic high-end equipment replacement opportunities [9] Group 7: AI Infrastructure Investments - Alibaba Cloud has led a multi-million yuan Series A financing round for SiliconFlow, a company focused on general artificial intelligence infrastructure [10][11] - SiliconFlow aims to address high AI computing costs with innovative technologies, positioning itself as a key player in the AI industry [10][11] - The investment underscores the growing competition in AI infrastructure and the strategic importance of companies that can reduce AI deployment costs for enterprises [10][11]

Group 1 - The core viewpoint is that multiple quantitative investment strategies at Yanfu Investment will suspend new client subscriptions starting July 1, 2023, to prioritize business development and investor interests [1] - Yanfu Investment will stop accepting new subscriptions for its index-enhanced products related to the CSI 500, CSI 1000, and Wind Small Cap Concept indices, while existing clients can still make additional investments [1] - Yanfu Investment is a leading quantitative private equity firm in China, founded by Gao Kang, who has a background in quantitative strategy and has previously worked at Two Sigma Investments and Ruitian Investment [1] Group 2 - Ruijun Asset, another private equity firm, announced it will suspend new client subscriptions for products managed by Dong Chengfei starting June 8, 2025, to prioritize performance and control scale [2] - This is the first time Dong Chengfei has taken such action since transitioning from public to private management three years ago, with his current management scale exceeding 10 billion [2] - The suspension aims to enhance product performance and better serve existing clients, with no impact on subscription activities for current clients [2]

行业高压环境正推动量化人才重新权衡职业选择，转向更具确定性的公共部门。 2025年湖南省财政厅最新公布的拟录用名单中， 中信建投前员工龙书玉、百亿量化私募思勰 投资前员工李阳、湖南长银五八消费金融前员工胡彦乔，均赫然在列，金融人才考公上岸添上 最新案例 。据披露，龙书玉、胡彦乔是金融硕士，李阳是税务硕士。 金融圈考公上岸者已屡见不鲜，券商、公募、私募等领域均有从业人员成功跻身公务员队伍。 除了上述李阳，今年4月，上海公务员拟录用名单中就有2人曾供职私募，一位来自国富投 资，一位来自准百亿私募上海正瀛资管；另外，北京朝阳区今年首批公务员拟录用名单中，有 一人曾任职于百亿私募国寿金石资管。 当带着"高学历"等标签的金融精英转向体制内寻求稳定，量化私募频现人事洗牌，两者共同勾 勒出行业生态变革的图景 ：一方面，高压竞争下的职业倦怠推动人才流向保障性岗位；另一 方面，量化机构正通过股权重构、团队迭代应对发展挑战。这是个体职业选择的权衡，也是金 融行业周期性调整的缩影。 4月24日证监会公示的2025年度拟录用名单中，287人里有28名券商从业者入围，涵盖保荐 代表人等岗位；同月，上海公布的拟录用名单里，12家券商15 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 随着量化工具在投资领域的应用越来越广泛，量化策略早已成为了市场中不可或缺的参与力量之 一。在私募基金中典型的量化产品是量化多头策略，主要通过量化模型和算法进行选股和优化， 旨在获得超越基准指数的超额收益。具体划分，又可分为指数增强与量化选股等。 私募排排网数据显示，在刚过去的5月份， 有业绩显示的 574 只 量 化 多 头 产 品 收 益 均 值 为 3.77%，超额收益均值为2.45%，表现较为亮眼。 其中沪深300、中证500、中证100私募指增产 品分别实现超额收益均值为0.97%、3.03%、2.84%，量化选股超额收益均值为2.08%。 | 三级策略 | 符合排名规则的 产品数 | 5月收益均值 | | 5月超额收益均值 5月份正超额产品数 | 正超额占比 | | --- | --- | --- | --- | --- | --- | | 沪深300指增 | 30 | 2.84% | 0.97% | 27 | 90.00% | | 中证500指增 | 168 | 3.74% | 3.03% | 163 | 97.02% | | 中证1 ...

Group 1 - The core viewpoint of the report indicates that Limited Partners (LPs) are actively planning to increase investments in private credit and secondary markets, reflecting a shift towards more defensive investment strategies [1][2] - Nearly half (45%) of LPs plan to increase allocations to private credit assets within the next 12 months, up from 37% six months ago [1] - Over one-third (37%) of investors intend to increase allocations to private secondary market strategies, a rise from 29% in December 2024 [1] Group 2 - In the Asia-Pacific region, LPs show the most positive attitude towards alternative assets, with 67% planning to increase investments in this area [1] - The demand for private secondary market strategies has significantly increased, with 64% of Asia-Pacific LPs planning to allocate more to this asset class, up from 42% six months ago [1] - Private credit remains attractive, with half (50%) of Asia-Pacific investors indicating plans to increase investments [1] Group 3 - The report shows that the total transaction volume in the private secondary market reached $160 billion in 2024, continuing to exhibit strong growth [3] - Two-thirds (65%) of LPs believe that the number of General Partner (GP) led transactions in the private credit market will increase in the next two to three years [3] - North American investors have the strongest expectations for this growth at 74%, followed by Europe at 59% and Asia-Pacific at 54% [3] Group 4 - Over half (54%) of global LPs and 58% of Asia-Pacific LPs indicate they are likely to engage in private secondary market transactions for private equity assets in the next two years [3] - More than one-third (36%) of LPs report an increase in the number of spin-off firms in their private market portfolios over the past two to three years [3] - A significant portion (64%) of Asia-Pacific LPs expect the formation of new fund managers to outpace industry consolidation in the coming years [3] Group 5 - The increase in the number of spin-off firms is likely driven by star members from mature investment teams starting their own firms [4] - Over one-quarter (28%) of LPs believe that existing GPs are insufficient in talent development and retention [4] - With the rise of mega funds, 71% of investors see this trend as a challenge to achieving expected investment returns [4]

Core Insights - The private equity securities fund industry has shown strong performance in the first five months of the year, with an average return of 4.34% across 12,843 funds, and 74.81% of these funds achieving positive returns [1] Group 1: Performance by Strategy - Equity strategies led the market with an average return of 4.81%, with 73.5% of the 8,487 equity funds reporting positive returns [1] - Multi-asset strategies followed with an average return of 4.14%, while futures and derivatives strategies and combination funds had returns of 3.19% and 3.09% respectively [1] - Bond strategies lagged with an average return of 2.42%, indicating a performance gradient among different strategies in the current market environment [1] Group 2: Quantitative Strategies - The strong performance of quantitative strategies is attributed to a favorable market environment characterized by a small-cap growth style [1] - Within equity strategies, quantitative long strategies performed exceptionally well, with an average return of 8.46% and 86.62% of the 1,480 funds achieving positive returns [1] - Market-neutral strategies also performed well, with an average return of 5.00% and a positive return rate of 91.18% [1] Group 3: Futures and Derivatives Strategies - In the futures and derivatives strategies, quantitative CTA strategies had an average return of 3.38%, slightly outperforming subjective CTA strategies at 3.37% [2] - The proportion of funds with positive returns for quantitative CTA strategies was 70.36%, compared to 65.19% for subjective CTA strategies [2] - Other derivatives strategies and options strategies had average returns of 2.45% and 2.41% respectively [2] Group 4: Market Outlook - Leading private equity institutions express optimism for the market, with indications that the A-share market has completed a "bottoming" phase [2] - A prominent private equity firm believes that the A-share market is entering a historic opportunity for asset value reassessment, anticipating significant upward movement [2] - Another firm notes that A-share valuations are currently low, with ample potential funding and a clear policy stance to stabilize the economy and stock market, leading to growing investor confidence [2]

证券时报记者程丹 私募基金收购上市公司的热潮不断涌现。鸿合科技近日表示，合肥瑞丞私募基金管理有限公司拟以 15.75亿元收购该公司25%股份并取得控制权。这是"并购六条"发布以来，A股市场披露的第6单私募股 权创投基金收购上市公司的案例。 更多私募料参与其中 在现已披露的6单私募股权创投基金收购上市公司的案例中，市场更关注2单，关注度主要集中在两起具 有标杆意义的交易上：一是启明创投拟以4.52亿元收购天迈科技26.10%股份，二是合肥瑞丞私募基金计 划以15.75亿元收购鸿合科技25%股份。这两起交易无论哪宗获得监管部门通过，都将在一定程度上对 行业形成示范效应。 监管部门多次明确表示支持私募基金以产业整合为目的收购上市公司，这与市场需求不谋而合。中央财 经大学资本市场监管与改革研究中心副主任李晓认为，部分上市公司有寻找赋能方和融资方等诉求，希 望有新的伙伴加入，私募基金在产业链上下游往往有众多被投企业，若能入主上市公司，可借助上市公 司主体发挥产业协同效应，实现上市公司做大做强，随着政策红利持续释放，市场需求被充分激发。 年内披露多个收购案例 以年初启明创投拟4.52亿元收购天迈科技26.10%股份为始， ...

这场资本盛宴背后，私募机构成为本轮行情最大赢家。据智通财经，截至今年五月底，同犇投资与复胜资产凭借对新消费 的前瞻布局，强势占据头部（50亿以上）私募业绩榜前列。同犇投资掌舵人童驯管理的两只产品"同犇22期"、"同犇智慧1 号"近半年收益高达99.53%、84.05%，分别霸榜第1、第2。值得注意的是，这两只产品收益在5月份大幅走高，分别取得 11.15%、10.83%的月度收益，明显领先于其他头部私募产品。 此外，复胜资产旗下6只产品上榜，近半年收益均在40%以上，其中陈盛业管理的"复胜盛业二号"、陆航管理的"复胜正能 量二号"近半年收益分别为44.99%、44.32%，分别位居第3、第4、5月份收益表现同样继续走高。 私募排排网数据显示，今年五月，私募机构累计调研494家A股上市公司，其中325家当月实现股价上涨。尤为值得注意的 是，筛选出的26家新消费相关被调研企业中，25家在5月股价上扬，7家涨幅突破30%大关。 产业机会掘金 热点聚焦 潮玩引爆，有私募前瞻卡位新消费，业绩霸榜半年收益翻倍！ 近日， A股"泡泡玛特概念股"掀起涨停潮，港股泡泡玛特年内涨幅超200%，市值突破3500亿元，创始人王宁借此 ...