Core Insights - Established private equity firms are experiencing a performance rebound, with some products achieving over 40% returns in the past six months and regaining investor interest [1][2] Group 1: Performance Recovery - The market has shown signs of recovery, leading to a significant performance rebound for established private equity firms, with notable examples including: - Zhaojun's Dushuquan achieving a year-to-date return of 15.98% and a one-year return of 35.46% as of August 1 [2] - Chongyang Investment's products also recording over 15% returns year-to-date and close to 35% over the past year [2] - Yuanlesheng's representative products achieving a year-to-date return of 35.54% and over 40% in the last six months [2] - Pankin Investment's products yielding 27.67% year-to-date [2] - High Yi Asset's products exceeding 10% returns year-to-date [2] Group 2: Investment Strategies - Different investment strategies have been employed by established private equity firms to adapt to market conditions: - Some firms focus on deep value investment, heavily investing in undervalued blue-chip stocks [3] - Others are capitalizing on growth opportunities in sectors like AI [3] - Firms are also reforming their investment research systems to enhance adaptability, such as Dushuquan's organizational changes and the establishment of a new industry research institute [3][4] Group 3: Future Outlook - The outlook for the market remains optimistic, with structural opportunities expected to dominate: - Dushuquan emphasizes that despite uncertainties, high levels of capital activity will support the market, focusing on three key opportunities: valuation reassessment of quality Chinese assets, globalization of advantageous Chinese industries, and technological innovation [5] - Yuanlesheng's current asset allocation includes technology (overseas AI and domestic computing power), innovative pharmaceuticals, non-ferrous metals, new consumption, and non-bank financials, with non-bank financials being a new addition due to rising market activity and interest rates [6]

Core Insights - The A-share market has shown a structural slow bull trend since the "9.24 market" last year, with stock strategies being the strongest performers in private equity products for the first half of this year and the past year [1] - However, over a longer time frame of three to five years, futures and derivatives strategies have outperformed, with significant gains in commodities like gold and lithium carbonate [1] - As of June 30, 2025, there are 593 futures and derivatives strategy products that meet ranking criteria, with average returns of 39.11% over three years and 97.41% over five years [1][2] Private Equity Strategy Performance - Stock Strategy: 2599 products, average returns of 12.36% (H1), 36.36% (1 year), 35.48% (3 years), and 74.97% (5 years) [2] - Futures and Derivatives Strategy: 593 products, average returns of 5.04% (H1), 18.12% (1 year), 39.43% (3 years), and 98.23% (5 years) [2] - Multi-Asset Strategy: 568 products, average returns of 8.20% (H1), 25.76% (1 year), 37.34% (3 years), and 95.98% (5 years) [2] - Bond Strategy: 325 products, average returns of 5.54% (H1), 13.01% (1 year), 35.14% (3 years), and 82.64% (5 years) [2] - Total: 4206 products, average returns of 10.08% (H1), 30.13% (1 year), 35.81% (3 years), and 80.06% (5 years) [2] Top Performing Private Equity Firms - For firms with over 20 billion in scale, the top three in futures and derivatives strategy returns are Junfu Investment, Junchen Asset, and Loshu Investment [3][5] - Junfu Investment specializes in a variety of asset classes, including commodity strategies and index enhancements [5][6] - For firms with 5-20 billion in scale, the top three are Guanzhi Fund, Zhemeng Investment, and Mingrui (Beijing) Private Equity [9][11] - For firms with 0-5 billion in scale, the top three are Fuying Investment, Qihe New Asset Management, and Mufeng Investment [13][15] Notable Products - Junfu Investment's "Junfu Gold Enhanced No. 1" has shown strong performance with returns above ***% over three years [6][7] - Guanzhi Fund's "Guanzhi Zhaijin Growth No. 1 A Class" also reported impressive returns over three years [12] - Fuying Investment's "Fuying Progress No. 1" leads in returns among small-scale firms, achieving returns above ***% [16]

过去三年多的私募圈，有人鲜花怒马，有人暗夜惫行。 私募大V中，吴悦风是有着独特"定位"的。他爱点评、爱交流，加之机构出身自有一幅独特的思考体系，也曾经是业内最 爱发言的私募基金经理。 但在过去两年内，吴悦风相比过去竟然有些"寡言寡语"起来，这很出人意料。 说起来，这或许与吴悦风的投资风格有关。他早期任职于安邦保险资管，之后加入北京一家名为沣京资本的私募，职业人 生总体上不是公募基金经理那种"一板一眼"型的，反而更加灵活和"野性"。 吴悦风在社交圈的崛起也有点"另类"。他社交平台上几乎是每日更新的频率，活跃于各大中文投资社区，一度合计拥有300 万的粉丝。 2022年夏季，他加盟嘉越投资，随后发行单独管理的私募产品。 再次"奔私"后，吴悦风最初十分"顺利"，踩中了2023年上半年的人工智能爆发行情，似乎与东方港湾的但斌一样"志同道 合"。如果顺着这个趋势，两人都有可能成长为后来AI投资的代表人物。 当桥水、邓晓峰等一路战胜市场的同时，一些曾经同样"光芒四射"的投资大腕们却突然业绩失色，在净值的黑洞中沉默。 2025年夏天，一场"私募大V的"逆袭秀"正在上演。 有的产品从0.3多的深坑里暴力翻倍，用几周时间把三年 ...

Group 1: Financial Support for New Industrialization - The People's Bank of China and seven departments issued guidelines to enhance financial support for new industrialization, emphasizing the integration of digital economy and real economy [7][8] - Financial institutions are encouraged to utilize technologies like big data, blockchain, and AI to streamline processes and improve service efficiency for manufacturing, especially for SMEs [1][8] - Long-term loan support will be strengthened for digital infrastructure projects such as 5G and industrial internet, with various financing methods proposed to broaden funding sources [1][8] Group 2: Cross-Border Trade and Financial Services - The guidelines aim to enhance the convenience of cross-border financial services and expand the scale of RMB settlement in cross-border trade [3][8] - A special action plan for SMEs going abroad will be implemented, focusing on improving the efficiency of cross-border trade settlements [3][8] - Pilot programs for cross-border cash pool businesses will be supported to facilitate the management of domestic and foreign funds [3][8] Group 3: Investment Opportunities in Emerging Markets - Emerging markets, including China, are becoming increasingly attractive for investment as the risk gap between U.S. assets and emerging market assets narrows [5] - Weak employment data in the U.S. suggests a potential shift towards a rate cut by the Federal Reserve, which may put pressure on the dollar [5] - The actual economic impact of tariffs on emerging markets is less severe than anticipated, as many imported goods still enjoy tariff exemptions [5] Group 4: Logistics Industry Performance - In July, China's logistics industry prosperity index was reported at 50.5%, indicating continued expansion in logistics demand despite adverse weather conditions [11] - The index showed a slight decrease of 0.3 percentage points from the previous month, reflecting a slowdown in growth rate while maintaining overall expansion [11] Group 5: Private Equity Market Trends - In July, the number of private equity products registered reached 1,298, marking an 18% month-on-month increase and the highest level in 27 months [10] - Stock strategy products dominated the market, accounting for nearly 70% of the total registered products in July, with a 24.58% increase from the previous month [10]

Core Viewpoint - The quantitative private equity industry has been thriving this year, with some firms achieving impressive performance and gaining attention in rankings, but a recent tax penalty has exposed serious issues within a prominent firm, Square and Investment, highlighting potential risks in the industry [1][2]. Company Summary - Square and Investment, referred to as a "quasi-100 billion private equity" firm, has been penalized for tax evasion, with its general manager, Lü Jieyong, involved in issuing fraudulent VAT invoices totaling over 14.55 million yuan, resulting in a fine of 1.67 million yuan [2][3]. - The firm has been under scrutiny as it approaches its tenth anniversary in 2025, with its reputation now at risk due to the tax evasion scandal [5][10]. - As of June 2023, Square and Investment managed approximately 7 billion yuan in assets, with a product mix of around 3 billion yuan in index enhancement and 4 billion yuan in market-neutral strategies [5]. Industry Context - The tax penalty serves as a warning to the entire quantitative private equity industry, emphasizing the importance of adhering to legal regulations to maintain trust and credibility [2][10]. - The firm has seen increased interest in its products this year, attributed to strong performance, with one of its index enhancement products achieving double-digit excess returns annually from 2020 to 2024 [6][7]. - The market-neutral strategy of Square and Investment has also performed well, with one product yielding over 20% in the past year, despite challenges faced by the broader market [7][8]. Operational Insights - The tax evasion scheme involved using external companies to issue fraudulent invoices, allowing Square and Investment to evade normal financial oversight and tax reporting [3][4]. - The firm has made tax adjustments for previous years, including supplementary declarations for rental expenses and salaries, leading to significant tax liabilities and penalties [4]. - The recent changes in the core team, including the hiring of a former senior executive from a well-known quantitative firm, have raised expectations for improved governance and performance [8][9].

中证报中证网讯(记者王辉)知名量化私募星阔投资8月5日表示，全天候策略(All Weather Strategy)凭借 其"风险均衡、弱化择时"的核心特质，有望成为投资者应对不确定性的关键工具。 星阔投资表示，今年以来全球金融市场呈现两大特征：一方面，欧美股市主要股指屡创新高，但对应的 隐含波动率则跌至2021年以来最低水平，机构投资者正通过"回溯式期权"等复杂工具防范市场高位回调 风险；另一方面，国内A股市场波动率在今年也出现阶段性抬升。同时，近期国内债券市场受风险偏好 回升影响波动加大，部分债市资金已出现逐步流向权益资产的趋势。在大宗商品市场方面，在近期贵金 属价格波动率收敛的同时，国内工业类大宗商品价格出现较大幅度波动。 星阔投资同时提示，全天候策略并非投资的"万能钥匙"，对于该策略仍需关注利率反转、对冲成本增加 等方面的风险，投资者对于类似的低波产品，需重点关注其长期的夏普比率表现。 星阔投资介绍，该机构以哈利.布朗"永久组合"策略为基础，推出了量化增强的全天候策略。在股票类 资产方面，将股票仓位配置于自由现金流指数增强等指数增强策略，聚焦于投资具有充裕自由现金流、 持续高盈利和低估值等特征的股票；在 ...

近日，宁波税务局官网公示的一则文书号为"甬税稽三罚〔2025〕90号"的税务行政普通程序处罚结果显示，平方和投资因收用173份虚开的增值税普通发票 被宁波市税务局第三稽查局合计罚款167.61万元。 根据公示内容，2019-2020年生产经营期间，平方和投资总经理吕某勇为套取账面资金于账外使用，以支付7%开票费的形式收用虚开的增值税普通发票173 份，价税合计约1455.16万元。由于平方和投资已将上述非法取得的发票金额入账计入成本并在税前扣除，导致公司分别少计2019年度和2020年度应纳税所 得额335.64万元和1119.52万元。 | 收用时间 | 公司名称 | 发票数量 | | --- | --- | --- | | 2020年4月=2020年7月 | 上海喻丹信息科技有限单位 | | | 2020年10月 | 河南博信智诚企业管理咨询有限单位 | | | 2019年4月=2020年5月 | 郑州捷尊企业服务有限单位 | 80 | | 2019年12月=2020年9月 | 河南起晟科信息技术有限单位 | | | 2020年12月 | 陕西未普士劳务派遣有限单位 | | 表格：平方和投资收用虚开的增值 ...

Core Viewpoint - The article discusses the performance of major stock markets in July 2025, highlighting the upward trends in A-shares, Hong Kong stocks, and US stocks, along with the popularity of certain private equity fund managers and companies based on user searches on the platform [1][2]. Market Performance - In July, the A-share market saw the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increase by 3.74%, 5.2%, and 8.14% respectively, with the Shanghai Composite Index surpassing 3600 points for the first time since October 8, 2024 [1]. - The Hong Kong market's three major indices also rose over 2%, with the Hang Seng Index leading at 2.91% [1]. - All three major US stock indices recorded gains, with the Nasdaq Index achieving the highest increase of 3.7% [1]. Popular Fund Managers - The top three popular fund managers in July are Dan Bin, Lin Yuan, and Wu Yuefeng, with Dan Bin's popularity rising significantly [1][3]. - Dan Bin's average return for the year reached ***% as of July, with a near 3-month rebound of ***% [6]. - Wu Yuefeng's fund "Jia Yue Monthly Wind Investment Genesis" reported a return of ***% for the year, with a near 3-month return close to ***% [7]. Popular Private Equity Companies - The top three private equity companies are Longqi Technology, Shanghai Xiaoyong Private Equity, and Mengxi Investment, all showing significant increases in popularity [9][11]. - Longqi Technology's average return for its 16 products this year is ***%, with the "Longqi Technology Innovation Selected No. 1 C Class" achieving the highest return of ***% [14]. - Shanghai Xiaoyong Private Equity has seen its company scale increase from 20-50 billion to over 50 billion, marking its rise as a leading quantitative private equity firm [14]. Popular Private Equity Products - The top five popular private equity products include those managed by Hainan Shengfeng Private Equity, Longqi Technology, and Road Far Private Equity, with Longqi Technology having two products in the top five [16][18]. - The product "Longqi Stock Quantitative Multi-Head No. 1" managed by Zhu Xiaokang is among the top performers [18].

记者从私募排排网获悉，7月共有1298只私募证券产品完成备案，环比增幅18.00%，创27个月以来新 高，同时年内备案私募证券产品达6759只，同比增幅61.39%。具体来看，7月备案股票策略产品887 只，占到当月备案产品总量近七成，同时较上月环比增长24.58%，增幅和占比均在五大策略中居首。 相比之下，求稳的债券策略和组合基金投资者关注相对较低，7月分别备案组合基金和债券策略产品48 只和46只，依次占到当月备案产品总量的3.70%和3.54%。 （文章来源：贝壳财经） ...

Core Viewpoint - The recent significant decline in the net value of multiple products under Honghu Investment has led to a wave of investor redemptions, contrasting sharply with the company's previous year of outstanding performance, where annual returns approached 90% [1][2] Group 1: Performance Overview - In the past week (July 28 to August 1), several products from Honghu Investment experienced substantial declines, with specific products showing weekly drawdowns of 6.61%, 6.6%, and 6.57% respectively [2] - The company had previously achieved a remarkable performance in 2024, with its flagship product generating an annual return of 88.23%, ranking second among 886 fund managers [6][7] Group 2: Investment Strategy and Market Conditions - Honghu Investment attributed the recent negative returns to a mismatch between medium-term fundamental signals and short-term market price signals, leading to significant portfolio drawdowns [4][5] - The company noted that the "anti-involution" expectations began to impact the commodity supply chain in mid-July, prompting adjustments in their investment strategy [4] - Despite the recent downturn, the company maintains a diversified asset allocation strategy, with bond assets contributing over 1% positive returns, while equities and commodities faced declines [5] Group 3: Future Outlook - Looking ahead to 2025, the company plans to focus on the commodity market, anticipating increased volatility in precious metals that have performed well over the past three years [1][7] - The company has indicated that it will continue to monitor the dynamics of supply and demand in the commodity sector, particularly in light of potential policy changes affecting production limits [4][5]