Core Insights - Private equity firms are becoming significant holders of ETFs, with 154 firms entering the top ten holders of 190 newly listed ETFs this year, holding a total of 2.929 billion shares [1][2][11] Group 1: Private Equity Participation - Subjective private equity firms are the main subscribers of ETFs, with 76 firms holding 1.122 billion shares, accounting for 38.31% of the total [2][3] - Quantitative private equity firms follow, with 41 firms holding 0.950 billion shares, representing 32.43% of the total [2][3] - Mixed subjective and quantitative private equity firms are less common, with 37 firms holding 0.857 billion shares, making up 29.26% of the total [2][3] Group 2: Size of Private Equity Firms - Small and medium-sized private equity firms show a stronger preference for ETFs, with 79 small firms holding 1.155 billion shares (39.43%) and 49 medium firms holding 1.154 billion shares (39.40%) [3][4] - In contrast, large private equity firms (26 firms) hold only 0.620 billion shares, accounting for 21.17% of the total [3][4] Group 3: ETF Characteristics and Appeal - ETFs are valued for risk diversification, operational efficiency, cost advantages, strategy flexibility, and liquidity management, making them attractive to private equity firms [5][6] - The total number of ETFs issued this year reached 322, with a total issuance of 244.644 billion shares, marking a year-on-year increase of 79.89% in quantity and 91.83% in volume [6] Group 4: Focus on Sci-Tech Board ETFs - Private equity firms are particularly interested in Sci-Tech Board ETFs, with 48 firms entering the top ten holders of these ETFs, holding a total of 0.820 billion shares [1][6] - Among the ETFs with significant holdings by private equity, those related to the Sci-Tech Board constitute a notable portion, with 4 out of 12 ETFs holding at least 50 million shares [6] Group 5: Controversies Surrounding ETF Investments - There are debates regarding the implications of private equity firms heavily investing in ETFs, with some questioning whether this reflects a lack of research capability [10] - Some private equity firms engage in arbitrage strategies, participating in ETF launches while hedging risks through related index futures [10]

Core Insights - The enthusiasm for private equity product issuance continues to rise as the A-share market increases, with a total of 10,608 private securities investment funds registered this year, reflecting a year-on-year growth of 100.76% [1] Summary by Category Private Equity Market Activity - The issuance of private equity products remains robust, with 994 private securities products registered in October, maintaining a level similar to September but showing a significant increase of over two times compared to the same period last year [1] Strategy Breakdown - Stock strategies dominate the private equity landscape, with 6,954 newly registered stock strategy private funds, accounting for 65.55% of the total [1] - Multi-asset strategy private funds follow with 1,494 new registrations, representing 14.08% of the total [1] - Futures and derivatives strategy private funds saw 1,062 new registrations, making up 10.01% of the total [1] - Bond strategy and combination fund private products had 427 and 419 new registrations respectively, each accounting for less than 5% of the total [1]

Core Viewpoint - The private equity fund industry has seen a significant increase in dividend distributions this year, with 20.42% of products distributing dividends, totaling 151.58 billion yuan, a 263.76% increase compared to the previous year [1] Group 1: Dividend Distribution Overview - As of October 31, 1135 out of 5558 private equity products have distributed dividends, with a total of 1443 distributions [1] - The average return of private equity funds this year is 24%, with over 90% of products achieving positive returns [1] - The increase in dividend distributions is attributed to strong fund performance, investor confidence, and management's ability to convert floating profits into certain income [1] Group 2: Investment Strategy Analysis - Stock strategy products are the main contributors to dividend distributions, with 848 distributions totaling 115.86 billion yuan, accounting for 76.43% of total dividends [2] - Multi-asset strategies have distributed dividends 209 times, amounting to 13.76 billion yuan, representing 9.08% of total distributions [2] - Futures and derivatives strategies and bond strategies have similar dividend amounts, around 9.36 billion yuan and 9.37 billion yuan respectively, each accounting for 6.18% of total distributions [2] Group 3: Management Mode Insights - Subjective private equity products have distributed dividends 943 times, totaling 100.42 billion yuan, which is 66.25% of total distributions, while quantitative products have distributed 51.16 billion yuan, making up 33.75% [3] - The difference in dividend distribution is due to subjective funds focusing on long-term value investment and quantitative funds being more conservative in their distribution decisions [3] - Among private equity institutions, those with over 100 billion yuan in assets have led in dividend distributions, with 152 distributions totaling 54.79 billion yuan, representing 36.14% of total distributions [3]

2025年11月17日，由安永[1]、太保资本及通力律所联合主办的"基遇∞-卓越私基金管理人论坛"在上海成功举办。作为安永构建私募生态圈系列活动全新 升级后的焕新启幕之作，本次论坛汇聚了众多行业精英。太保资本总经理刘龙、财务负责人王晶及核心管理团队、通力律师事务所合伙人史成律师以及众 多顶尖私募基金管理人的合伙人与高级管理人员均应邀出席。安永、太保资本与现场嘉宾围绕构建私募生态圈展开深度交流，并聚焦科技主题，分享了私 募行业最前沿的实践经验和专业见解，引发了热烈讨论与思维碰撞。 安永大中华区金融服务首席合伙人、安永亚太区金融科技及创新首席合伙人忻怡发表了欢迎致辞。忻怡指出： "当前私募行业正面临资产配置逻辑重构、科技创新驱动等多重结构性变迁，面对挑战，没有谁能够独善其身，更没有谁能够独自破局，唯有开放协作、 生态共生才是通向未来的可行之路。忻怡表示，安永希望结合全球视野与本土洞察，为私募行业提供认知、连接及运营三个维度的赋能，并强调真正的生 态价值，不在于规模的简单叠加，而在于通过良好的机制设计，激发'1+1+1趋近无限可能'的协同效应，希望安永可以与太保资本等业内顶尖机构携手打 造资本可溯、风险可控、价值可 ...

私募基金经理是私募产品的"掌舵人"，是投资者在挑选私募产品时的重要参考因素。2025年以来的A股、港股、美股，黄金、白银等期货市场均有不俗表 现，那么，今年来，有哪些基金经理脱颖而出呢？ 根据私募排排网数据，截至2025年10月底，"在私募排排网至少有3只私募产品有今年1-10月业绩展示"的基金经理共有565位（其中股票策略基金经理占 345位），今年1-10月收益中位数约为24.32%，跑赢同期的上证指数（18%）。 经统计，今年1-10月收益在***%以上的基金经理有16位，在***%以上的基金经理有81位。为了给投资者提供一些参考，笔者按照所任职公司的管理规模 （100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿），分别梳理出了各规模组中今年1-10月收益居前10强的基金经理。 [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代。] 经梳理发现，除百亿私募规模组外，其余规模组10强基金经理多来自主观私募，与前2年量化私募基金经理频繁霸榜截然不同。这或是因为今年来A股市 场表现较好，算力、机器人、游戏、创新药、新能源等多个赛道都有亮眼表现，看对赛道或者踩准市场 ...

近日，浙江证监局公布的行政处罚决定书显示，当事人林艺平利用职务便利实施"老鼠仓"行为，违法所得超8800万元，被罚没合 计超1.77亿元，同时被采取5年证券市场禁入措施。 公告显示，林艺平在2022年10月至2023年9月期间，任职于杭州某某科技有限公司（以下简称"某某科技"），承担交易策略前端开 发，产品风控，部分产品交易测试、决策、下单、监控等工作。 同时，浙江省内两家私募基金管理人与上述杭州某某科技均由同一实控人控制，同一管理团队管控，林艺平实质上实施了私募基 金从业人员的履职行为。 据都市快报，市场传闻称，该私募基金正是浙江某知名量化私募。 期间，林艺平不仅因工作职责可接触、查询前述两家私募基金管理人的相关未公开信息，而且直接获取、加工过相关未公开信 息。监管部门查明，林艺平通过控制"林某治""何某龙"的4个证券账户，在沪深两市进行趋同股票买入操作，形成典型的"老鼠 仓"交易。 资金来源方面，"林某治"名下证券账户的相关资金由林艺平筹措，"何某龙"名下证券账户的资金为何某龙的原有资金，但4个账户 的盈亏均由林艺平承担。 监管部门指出，林艺平的行为违反了《私募投资基金监督管理暂行办法》《私募投资基金监督 ...

Core Viewpoint - The article emphasizes the significance of macro strategy private equity funds in the current investment landscape, highlighting their ability to dynamically balance multiple asset classes to manage risks and achieve returns in various market conditions [2][16]. Group 1: Characteristics of Macro Strategy Funds - Unlike single-market focused strategies, macro strategy funds operate like "multi-asset aircraft carriers," typically holding three to four core asset classes, including stocks, bonds, commodities, and currencies, with some managers extending to U.S. stocks, gold, overseas bonds, and futures [4][5]. - The underlying strategy involves systematic judgment on macroeconomic cycles, liquidity, inflation, and policy expectations, allowing for flexible asset allocation based on market conditions [5][6]. Group 2: Performance Analysis - The correlation analysis of the macro strategy index over the past three years reveals that its returns are primarily linked to risk assets, with a correlation of 0.71 with the A-share index, while showing low or negative correlations with commodities, bonds, and gold [9][12]. - The volatility contribution analysis indicates that stock indices contribute the most to the fund's volatility, while bonds and gold often help to stabilize overall risk during market fluctuations [12]. Group 3: Insights and Implications - The article concludes that volatility should not be viewed as risk but rather as an opportunity, as macro strategy funds can navigate through the asset volatility to seek returns [13][16]. - For investors, macro strategies serve as a long-term allocation tool that can act as a "stabilizer" and "volatility buffer," particularly in uncertain economic cycles, making them suitable as a core satellite investment [16].

Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, particularly focusing on Wuliang Capital, which has shown strong performance in quantitative investment strategies [3][6]. Part 1: Company Overview - Wuliang Capital, established in 2015, specializes in quantitative investment and is based in Shenzhen, with a current management scale of approximately 2 billion RMB [6]. - The company has expanded its focus from A-share quantitative investment to include macro quantitative and CTA quantitative strategies, aiming to develop a multi-asset, multi-strategy approach [6]. Part 2: Core Team - Wuliang Capital employs a team of 20, primarily consisting of research personnel with backgrounds in statistics, finance, mathematics, and computer science from prestigious universities [10]. - The team has accumulated extensive experience in quantitative and portfolio management across various asset classes, including stocks and futures [10]. Part 3: Core Strategies and Representative Products - The company has evolved its strategies from a focus on quantitative stock selection to a diversified macro quantitative multi-asset strategy since 2022 [20]. - The macro quantitative multi-strategy product aims to achieve stable long-term growth by diversifying investments across various asset classes while managing risks effectively [20]. - The product's design is inspired by Bridgewater's all-weather strategy, emphasizing risk parity and low correlation among assets [20]. Part 4: Core Advantages - Wuliang Capital's approach is data-driven, focusing on asset allocation and enhancement rather than relying on subjective predictions [22]. - The product's performance has been diversified, with returns coming from a broader range of assets compared to other macro products that may rely heavily on a few asset types [22]. - The company has achieved positive returns for three consecutive years, demonstrating strong risk-adjusted returns [22]. Part 5: Continuous Evolution Capability - The company plans to expand its strategy lines and enhance its quantitative trading and research systems to support steady growth in management scale [23]. - Wuliang Capital aims to strengthen its position in quantitative investment by investing in talent and optimizing its data-driven research model [23].

Core Insights - The A-share market has shown a certain profit-making effect this year, leading to increased enthusiasm for market entry among investors [1][2] - The number of newly registered private equity securities investment funds has exceeded 10,000 this year, with stock strategies being the dominant force in the issuance market [1][3] Fund Issuance Market Activity - As of November 17, 2023, a total of 10,608 private equity securities investment funds have been registered this year, representing a 100.76% increase compared to the same period last year [3] - Stock strategy funds account for 65.55% of new registrations, with 6,954 funds, while multi-asset strategy funds follow with 14.08% [3] Performance of Private Equity Funds - The average return of private equity securities investment funds with performance data available reached 24.32% by the end of October, with 91.33% of products showing positive returns [5] - Stock strategy funds have outperformed others, achieving an average return of 29.52% and a positive return rate of 92.73% [5] Market Sentiment and Future Outlook - Despite increased market volatility in the fourth quarter, private equity fund issuance remains active, with investor confidence gradually recovering [4][6] - Leading institutions are optimistic about future structural opportunities and are maintaining high stock positions, with some exceeding 90% [7]

Core Viewpoint - The macro strategy private equity funds have shown remarkable performance in 2023, with an average return of 24.91% in the first ten months, significantly surpassing previous years' performance [2]. Group 1: Performance Overview - The average return of macro strategy private equity funds from 2021 to 2024 is 13.90%, -9.20%, -4.18%, and 20.63% respectively, indicating a substantial improvement in 2023 [2]. - The top-performing macro strategy products in the 50 billion and above category achieved an average return of 20.15% in the first ten months of 2023 [4]. Group 2: Top Products by Size - In the 50 billion and above category, the top three macro strategy products are managed by Juki Investment, Yinye Investment, and Yuanxin Investment, all of which are large private equity firms [4][7]. - The leading product in the 20-50 billion category is managed by Luyuan Private Equity, with an average return of 27.27% [9][13]. - The top product in the 5-20 billion category is managed by Zhong'an Huifu, achieving a return of 26.55% [14][16]. - In the 0-5 billion category, Yize Investment, Jiali Asset, and Sanhua Asset are the top three, with an average return of 34.80% [17][20]. Group 3: Notable Fund Managers - Zhao Weihua, the investment director at Yuanxin Investment, has a decade of macro research and investment experience, contributing to the strong performance of the "Yuanxin Multi-Asset Strategy" [8]. - Li Bei from Banxia Investment is recognized as a pioneer in the domestic macro hedge fund sector, with the "Banxia Balanced Macro Hedge" product achieving impressive returns [8]. - Luyuan Private Equity's fund manager, Lu Wentao, emphasizes the long-term support for gold prices due to ongoing fiscal and monetary stimulus policies [13].