对此，该私募创始人、CEO梁宏直接在周报中发文致歉。他在周报中坦言，本轮回撤的首要原因在于个 股问题，其次则是科技互联网板块的股票波动较大，但具体持仓了哪些股票，他并不想透露，只是承认 这波回撤幅度过大，"让人失望"，并对此深表歉意。 【文/羽扇观金工作室】 据智通财经24日报道，希瓦资产在21日发布的周报中披露，旗下多数基金预估净值下跌约7%，从最高 点算起累计回撤约20%，其间产品表现明显跑输主要指数。 梁宏直言，本轮回撤主要来自三方面：第一，重仓的创新药板块下跌，而在高位时没有根据价值兑现大 部分仓位，卖出决策也不够果断，导致后续卖出价格不佳；第二，第一重仓的硬件龙头公司跌幅超过 37%，而在高位估值仍合理的阶段不应继续维持过高仓位；第三，前几个月重仓美股稳定币板块，却忽 略了加密货币转入熊市的三大风险，这笔操作成为今年最大失误。 东方财富网 11月24日，小米集团在港交所发布公告称，小米集团创始人、董事长兼CEO雷军个人斥资超1亿港元增 持小米集团260万股，雷军持股比例增加至23.26%。本月，小米集团连续两日大手笔回购公司股票2150 万股，总斥资金额超8亿港币。今年以来，小米集团累计回购金额已超 ...

Group 1 - The core point of the news is the significant performance decline of Hainan Xiwa Asset Management Co., which has faced a cumulative drawdown of approximately 20% due to several investment missteps [1][2] - The firm reported an estimated net value drop of around 7% in its latest weekly report, which is a stark contrast to the overall positive performance of private equity funds in the A-share market this year [1] - The founder and CIO, Liang Hong, acknowledged three main reasons for the poor performance: heavy investment in innovative drugs that declined, overexposure to hardware leading to a 37% drop, and significant involvement in US stablecoin stocks amidst a cryptocurrency downturn [1][2] Group 2 - Liang Hong has previously apologized to investors for poor performance, indicating a pattern of accountability in response to market challenges [2] - The firm is preparing for potential large-scale redemptions from investors who have experienced prolonged losses, particularly those who invested in 2021 [2] - Despite the setbacks, Liang remains optimistic about the market outlook for the coming year, expressing confidence in a potential recovery and improvement in performance [1][2]

梁宏直言，这波回撤主要有三大原因：一是重仓的创新药股下跌，高位没有根据价值兑现大部分仓位， 卖出决策又不够果断；二是第一重仓的硬件龙头公司跌幅超过37%，该股操作上的问题是高位估值合理 阶段不应该持有过重仓位；三是前几个月重仓了美股稳定币股，忽略了加密货币转熊等三大风险。 "几个股票下跌造成的回撤是直接原因，但更深层次的原因还是自己过于贪婪。"梁宏反思称，"高位时 过于兴奋，过于追求宏大叙事，而忽略了涨幅风险，忽略了性价比。" 0:00 据中国基金报，11月22日，希瓦资产发布的周报显示，旗下多数基金预估净值下跌7%左右，从最高点 累计回撤幅度约20%。其间，产品净值大幅跑输主要指数。对此，创始人梁宏在周报中坦言，这波回撤 重创，让人失望，深表歉意。 ...

【导读】百亿私募希瓦资产创始人、首席投资官梁宏发文致歉 中国基金报记者 李智 产品净值累计回撤约20%，百亿私募希瓦资产创始人、首席投资官梁宏发文致歉。 （原标题：净值回撤20%！百亿私募大佬致歉） 创始人梁宏毕业于上海交通大学管理学院，做过6年的美股职业交易员，在美股、港股、A股三地有15 年以上的投资经验，聚焦成长股投资和价值投资，使用期货期权等衍生工具交易以及衍生工具组合等。 去年11月份，梁宏也曾因业绩回撤公开做出解释，发文反思错过A股行情。对于部分投资人不满的情 况，梁宏彼时回应称，只会坚持自己认为对的投资策略，所有资管资金都是当成个人资金操作。 编辑：格林 校对：王玥 11月22日，希瓦资产发布的周报显示，旗下多数基金预估净值下跌7%左右，从最高点累计回撤幅度约 20%。其间，产品净值大幅跑输主要指数。 对此，梁宏在周报中坦言，此次回撤的主因是个股问题，其次是科技互联网贝塔的原因。这波回撤重 创，让人失望，深表歉意。 梁宏直言，这波回撤主要有三大原因：一是重仓的创新药股下跌，高位没有根据价值兑现大部分仓位， 卖出决策又不够果断，导致后续卖出价格不好；二是第一重仓的硬件龙头公司跌幅超过37%，该股操 ...

产品净值累计回撤约20%，百亿私募希瓦资产创始人、首席投资官梁宏发文致歉。 【导读】百亿私募希瓦资产创始人、首席投资官梁宏发文致歉 中国基金报记者 李智 11月22日， 希瓦资产 发布的 周报显示，旗下多数基金预估净值下跌7%左右，从最高点累计回撤幅度约20% 。其间，产品净值 大幅跑 输主要指数。 对此，梁宏在周报中坦言，此次回撤的主因是个股问题，其次是科技互联网贝塔的原因。这波回撤重创，让人失望，深表歉意。 梁宏直言，这波回撤主要有三大原因：一是重仓的创新药股下跌，高位没有根据价值兑现大部分仓位，卖出决策又不够果断，导致后续卖 出价格不好；二是第一重仓的硬件龙头公司跌幅超过37%，该股操作上的问题是高位估值合理阶段不应该持有过重仓位；三是前几个月重 仓了美股稳定币股，忽略了加密货币转熊等三大风险，这笔操作是今年最大的问题。 "几个股票下跌造成的回撤是直接原因，但更深层次的原因还是自己过于贪婪。"梁宏反思称，"高位时过于兴奋，过于追求宏大叙事，而忽 略了涨幅风险，忽略了性价比。" 梁宏在周报中表示 ： "我知道这次的再次巨大回撤，让多数人对我深深失望和不再信任。不管怎样我在这里还是要道歉。今年的表现已经 落 ...

Core Viewpoint - The 2025 Xueqiu Carnival in Shanghai will focus on analyzing investment opportunities and strategies across various markets, sectors, and assets, driven by the positive market sentiment from recent policy measures and strong performance in technology sectors [1][2]. Group 1: Macroeconomic Overview - The carnival will review the economic situation of 2025 and forecast the macroeconomic outlook for 2026, highlighting the dual support from policies and the economy that has led to a steady upward trend in the A-share market [2]. - The overseas markets have also experienced strong performance this year, although they face challenges such as inflation, high valuations, and geopolitical risks [2]. Group 2: Industry Insights - The Shanghai Composite Index has reached historical highs this year, with sectors such as pharmaceuticals, technology, advanced manufacturing, and cyclical industries providing significant returns to investors [2]. - The carnival will feature professional investors focusing on these hot industry sectors to share insights on investment opportunities [2]. Group 3: Investment Strategies - Various investment strategies, including macro, equity long/short, and quantitative strategies, have gained attention this year, with discussions on how different strategies suit various types of investors and how to balance risk and return in the current market environment [2]. - Leading public and private fund managers will provide in-depth thoughts on these strategies during the carnival [2]. Group 4: Notable Participants - The event will host nearly a hundred prominent guests, including chief economists and fund managers, who will share their insights on economic trends, market observations, and investment opportunities [3]. - Popular Xueqiu users will also participate in sharing their experiences and reflections on the market [3]. Group 5: Community Engagement - Prior to the offline event, Xueqiu has set up five online discussion topics to engage the community, starting from November 24 [5]. - The annual Xueqiu Awards, recognizing influential users and funds, will also be announced during the event [5].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编者按 通常，投资者在了解私募时，会关注公司团队水平、策略运作、中长期业绩、风 险控制等内 容，为此，私募排排网推出# 深度揭秘100家私募 # 栏目，对这些内容进行详解。 本期我们将揭秘： 量化巨头幻方量化 。 幻方量 化实控人为 DeepSeek创始人 梁文锋， 旗下有宁波幻方量化、九章资产两家私募， 公司管理业 绩和规模均位居国内前列。 截至2025年10月底， 幻方量化在私募排排网发布的1-10月百亿量化收益榜排名第2，和1-9月排名保持一致，旗下11只产品平均收益为***%， 且 这11只产品均在今年10月创了历史新高 。 （ 点此看幻方量化旗下11只基金业绩详情 ）。 | 序号 | 产品简称 | 三级策略 | 套类经 | 2025年来收益 近1年收益/ 成立以来收益 | 成立日期 | | --- | --- | --- | --- | --- | --- | | ר | 九章幻方沪深300量化多策略1号 | 沪深300指增 | 徐进 | | 2017-12-22 | | 2 | 幻方量化信淮500指数专享19号1期： | 中证500指 ...

Core Viewpoint - The article discusses the concept of risk appetite among investors, emphasizing its impact on asset allocation, investment strategies, and market price fluctuations in a complex economic environment. It highlights the importance of measuring risk appetite to make informed investment decisions, especially in light of uncertainties in economic growth and market volatility [2]. Group 1: Risk Appetite Measurement Methods - **Volatility Indicators**: Volatility is a direct reflection of market risk, with the VIX index serving as a contrarian indicator of market fear. High volatility indicates low risk appetite, while low volatility suggests a higher willingness to take risks. The implied volatility of the CSI 1000 index is currently low, indicating that investors do not foresee significant systemic risks in the near future [2]. - **Liquidity of Funds**: Fund liquidity is another key indicator of market risk appetite. A shift of funds from high-risk to low-risk assets, or vice versa, reflects changes in risk appetite. The financing balance in the A-share market, which represents investors' willingness to use leverage for stock purchases, has recently reached historical highs, although its growth rate has begun to slow [4][5]. - **Policy Expectations**: Market expectations regarding future government support measures, including fiscal and monetary policies, significantly influence risk appetite. For instance, after a significant market drop due to tariff escalations, government interventions helped stabilize the market, leading to a recovery [6]. Group 2: Market Trends and Implications - The article notes that by analyzing the driving factors of risk appetite, investors can assess whether asset prices are in a bullish or bearish environment. If asset prices show strong annualized returns but experience short-term volatility, and the factors driving the market are improving, it is advisable for investors to start positioning themselves [6]. - Conversely, if the risk appetite factors remain unchanged, it is recommended for investors to maintain their current asset allocations or strategies [6].

新华财经北京11月22日电近期，A股主要股指在年内高位区域持续震荡，前期领涨的科技成长主线热度 下降，个股赚钱效应明显减弱。 在这一背景下，量化多头策略业绩呈现显著分化，头部机构凭借全频段阿尔法与多维度策略迭代展现出 更强韧性。面对因子衰减、成本攀升及合规趋严等多重挑战，量化行业正加速向平台化、人工智能 （AI）化及多策略化演进，以适应愈发复杂的市场环境，行业竞争步入精细化比拼的新阶段。 业绩面临考验 11月以来，市场进入股指高位震荡、个股分化格局，量化多头策略面临严峻考验。百亿级量化私募蒙玺 投资相关负责人直言，在此市况下，"量化多头策略承压明显，短期内部分传统因子和风格类信号有效 性出现变化，导致策略超额获取能力减弱"。 上海蝶威私募创始合伙人魏铭三提供的数据显示，在10月市场赚钱效应边际回落时，量化多头产品当月 仍实现了约0.93%的平均回报率和1.5%的超额收益率，优于同期主观多头策略的表现。但某第三方渠道 机构的数据显示，第四季度以来，多数头部及腰部量化机构在超额收益率方面出现明显分化。 这种分化在11月以来的行情中继续演绎。念空科技总经理王丽观察发现，随着中小盘和微盘股有所回 暖，量化多头策略里的 ...

私募排排网数据显示，截至2025年11月14日，股票私募仓位指数达81.13%，较前一周大幅提升1.05%。 这一数据不仅实现连续3周站稳80%关口、刷新年内新高，更创下近112周以来的峰值。 百亿私募大幅加仓创近185周新高。私募排排网数据显示，截至2025年11月14日，不同规模股票私募仓 位呈现差异化分布，各区间仓位指数依次为：100亿以上规模87.07%、50-100亿规模83.56%、20-50亿规 模78.67%、10-20亿规模80.48%、5-10亿规模80.86%、0-5亿规模80.09%。 其中，百亿股票私募表现尤为突出，不仅以87.07%的仓位位居各规模梯队首位，逼近90%高仓位区间， 更以单周7.98%的大幅加仓力度成为加仓主力，同时这一仓位水平也创下了近185周以来的新高。 百亿股票私募正掀起全面加仓潮，超七成已迈入满仓行列。 私募排排网数据显示，满仓百亿股票私募占比大幅提升至73.41%，对应中等仓位百亿股票私募占比显 著下降至18.47%，显然大量中等仓位百亿私募已将仓位进一步提升至满仓水平。与此同时，空仓百亿 股票私募也在积极调整仓位、向低仓水平靠拢，目前低仓百亿股票私募占比为 ...