Core Viewpoint - The willingness of large-cap stock private equity funds to increase positions is strong, with a continuous increase in holdings throughout the year, reflecting positive market sentiment and investment opportunities in specific sectors [1][2]. Group 1: Private Equity Fund Positioning - As of May 30, the position index of large-cap stock private equity funds has surpassed 80%, reaching 80.28%, an increase of 4.1 percentage points from the end of April [1]. - Since the end of last year, the overall trend of the position index has been upward, rising by 10.01 percentage points compared to the end of 2024 [1]. - The proportion of large-cap stock private equity funds with positions above 80% has significantly increased from 45.25% at the end of April to 60.96% [2]. Group 2: Performance and New Product Issuance - In May, the average return of 50 large-cap private equity funds was 2.73%, outperforming the performance of the CSI 300 index during the same period [2]. - The year-to-date average return for these funds reached 7.07% as of the end of May [2]. - The number of newly registered private equity securities products has surged, with a total of 4,361 products registered this year, a 45.03% increase compared to the same period last year [2]. Group 3: Market Outlook - Industry insiders view the data from private equity funds as a positive signal, indicating strong support for the market from both policy and capital perspectives [3]. - With the implementation of various policies, the market is expected to maintain a volatile trend in the short term, but the long-term economic improvement trend remains unchanged [3]. - Continuous inflow of medium to long-term capital is anticipated to enhance market structure and investor confidence, supporting overall market risk appetite [3].

金发局主席洪丕正表示，香港具备独特优势，有潜力将其金融生态系统跃升为新一代初创企业的发展平 台，连结全球资本与区域创新。透过深化另类投资市场，进一步巩固其在资产与财富管理体系中的战略 性角色，香港有望催化一个更具活力与可持续扩展的创新经济体，为应对全球挑战提供具影响力的解决 方案，"报告提出的政策建议，旨在规划一条前瞻性的发展路径，协调诱因、促进机构间协作，并引导 私人资本投入，以释放另类投资与创新互动的最大潜能。透过强化公私营合作、突破瓶颈，为更具包容 性的经济增长与长远社会价值奠定基础。" 据介绍，报告反映了金发局的专责行业工作小组的专业见解，并就推动另类投资与创新融合提出具体建 议。这些建议包括：一，制定具策略性及前瞻性的政策愿景，推动香港成为全球另类投资基金枢纽； 二，设立私募股权、创业投资及私募信贷专属发牌制度；三，优化税务与监管框架以支援另类投资发 展；四，引导公共资金推动私募股权、创业投资及私募信贷发展；五，通过革新融资模式与技术转移加 速创新成长；六，将特定另类投资选项纳入强积金计划，提升投资组合多元化。 截至2024年6月，香港私募基金、创投基金及私募债权(含私募信贷)领域的管理资产规模(A ...

三、拟设置奖项 1、英华十年典范私募示范机构：作为第十届英华案例评选的特别设置，结合本届及以往9届英华评选情 况，评出十年典范私募。 2、综合实力50强示范机构：中国证券私募基金综合实力50强示范机构，以公司旗下产品综合风险回报 特征为主要定量评价指标，根据规模系数调整后得到公司最终分，结合业内专业评价，再进行定性筛 选。 评选涵盖（主动）股票策略、量化策略（包括但不限于指数增强、量化选股、股票阿尔法、股票择时对 冲、相对价值套利策略等多种以股票、股票衍生工具及ETF等为主要投资标的量化策略）、债券策略 （包括但不限于普通债券策略、转债策略）、CTA（包括但不限于主观CTA、量化CTA）、宏观策略以 及复合策略（主要策略涵盖股票、量化、债券、CTA或宏观等两种以上的）等多种主流策略。参评公司 旗下至少有1只资管产品（非自营）持续运作满三年，并且满三年的产品规模不低于5000万元。 （原标题：正式启动！第十届证券私募英华示范案例评选来了） 一、活动名称 中国基金报英华证券私募示范案例征集 二、活动宗旨 树立证券私募基金行业标杆，扩大证券私募基金社会认知度，促进行业规范发展。 3、成长示范机构：公司成立及产品运作 ...

Core Insights - The A-share market has stabilized and shown improved risk appetite since 2025, leading to a surge in high-net-worth clients entering through private equity channels [1] - The private equity sector is experiencing a product registration boom, with a total of 4,361 private equity securities products registered by May 31, 2025, marking a 45.03% increase compared to the same period in 2024 [1] - Stock strategies dominate the private equity landscape, with 2,749 stock strategy products accounting for 63.04% of the registered products in 2025 [2] Group 1: Market Trends - The number of registered private equity products in May 2025 reached 870, a year-on-year increase of 77.19%, indicating strong industry momentum [2] - The market sentiment has been recovering since the significant rebound in September 2024, with private equity products showing renewed interest despite previous market adjustments [2][5] - The overall market environment has improved significantly compared to 2024, with trading volumes exceeding one trillion, benefiting both subjective and quantitative investments [5] Group 2: Quantitative Strategies - Quantitative private equity products have gained significant traction, with 1,930 products registered in 2025, representing 44.26% of the total private equity securities products [4] - Among the registered quantitative products, 1,339 are stock strategy products, making up 69.38% of the total quantitative product registrations [4] - Major quantitative private equity firms dominate the registration landscape, with 31 out of 66 firms having registered more than 10 products being large quantitative firms [4] Group 3: Future Outlook - The private equity industry is expected to see a more pronounced Matthew effect, with an increasing focus on high-quality industry supply enhancing the sector's image and investor confidence [2] - The market is anticipated to shift its focus from overseas risks to domestic factors, with economic fundamentals and policy impacts expected to play a larger role in market performance [3] - The current market conditions are seen as favorable for quantitative strategies, with high trading volumes and liquidity providing ample opportunities for capturing excess returns [5]

Group 1 - Li Bei, a prominent private equity fund manager, reflects on her poor investment performance over the past two years, attributing it to a lack of understanding of domestic policy mechanisms [1] - Li acknowledges shortcomings in sectors such as technology, consumption, and pharmaceuticals, and admits to missing several investment opportunities while making poor decisions in industrial products [1] - Currently, Li's portfolio is primarily composed of undervalued cyclical stocks, with a focus on gold and a low allocation to industrial products, having cleared her positions in government bond futures [1] Group 2 - The number of newly registered private equity securities funds has increased by over 45% compared to the same period last year, with 870 new registrations in May alone, marking a 77.19% year-on-year increase [2] - Stock strategies dominate the new registrations, with 2,749 new private equity products focused on stocks by the end of May [2] - Private equity firms are increasingly targeting technology sectors, with a focus on AI, robotics, innovative pharmaceuticals, and new consumption, identifying companies with global strategic vision [2] Group 3 - Private equity firms have become major buyers of ETFs, particularly those related to free cash flow and the STAR Market, with 50 firms collectively holding approximately 3.85 billion shares of 17 free cash flow ETFs [3] - The Dachen CSI All-Index Free Cash Flow ETF is notably popular among private equity, with four private equity products among its top ten holders [3] - Other free cash flow ETFs also show significant private equity holdings, with at least 35 million shares held in several funds [3] Group 4 - Over 500 private equity fund managers have been deregistered this year, with 522 cancellations reported as of June 9, and more than 50 firms receiving penalties [4] - The majority of deregistrations fall under the "association deregistration" category, accounting for 52.68% of total cancellations [4] - The number of active private equity fund managers continues to decline, with 19,891 remaining as of April 2025, managing approximately 14.16 trillion yuan in funds [4] Group 5 - Danikel Automation Technology has completed a strategic financing round of over 100 million yuan, setting a record in its niche market, with investments from Xiaomi Industrial Investment and Zhongding Capital [5] - The funds will be used for core technology research and development, capacity expansion, and international market expansion [5] - Danikel focuses on self-research and local manufacturing to ensure product stability and consistency [5] Group 6 - Chery Group's private equity fund plans to acquire Honghe Technology for approximately 1.575 billion yuan, gaining control of 25% of the company's shares [6] - The acquisition is set to be finalized as Honghe Technology's stock resumes trading [6] Group 7 - NeuralFin, a subsidiary of Delin Holdings, has completed a multi-million Hong Kong dollar Series A financing round, aimed at technology upgrades and team expansion [7][8] - The company focuses on integrating AI with financial technology, developing an AI-driven financial community for personalized services [8] Group 8 - Digital Huaxia has secured several million yuan in angel financing, with funds directed towards technology development and product optimization [9] - The company specializes in AGI robots and has a range of humanoid and interactive robots [9] Group 9 - Xinyi Securities has appointed Su Junliang as the new Party Secretary, succeeding Yang Huahui, who held the position since 2017 [10][11] - Su has extensive experience in the financial sector, having worked in various roles within Xinyi Bank and other financial institutions [11] Group 10 - Yuekai Securities has announced its new board of directors, with candidates from diverse professional backgrounds in finance, law, and corporate governance [12][14] - The new board will require shareholder approval before becoming official [14] Group 11 - Wang Qiong, former vice president of Caixin Securities, is set to become the general manager of Guosheng Asset Management [15] - Wang has a rich background in finance, having held various senior positions in multiple financial institutions [15] Group 12 - The Shandong Securities Regulatory Bureau has issued a penalty to Lide Capital for 12 violations, covering multiple aspects of private fund operations [16][18] - The violations include misleading promotional practices and inadequate investor protection measures [18] Group 13 - Tianjin Zhongcheng Guangli Investment Management has had its equity in Zhongtou Xinlian frozen due to a court ruling, affecting 6.24 million in equity [19][20] - The freeze is set to last from June 3, 2025, to June 2, 2028 [20]

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专 业为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾 情推出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以 栉风沐雨的征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔 流。 本期"寻访金长江之十年十人"，券商中国记者走进老牌百亿量化私募九坤投资。九坤投资CEO王琛是清华 大学数学物理学士、计算机博士，拥有16年量化交易经验，曾任职于美国千禧年管理公司（Millennium L.P.）的量化交易策略团队。2012年王琛和姚齐聪联手成立九坤投资，寓意"极竞天数为九，厚德载物为 坤"，产品线有市场中性、指数增强、股票多空、CTA和债券等。 现代量化投资虽源于海外，但我国早在《礼记・大学》中，就有"格物致知"的说法，或许正好可以用来形 容量化的科学内核精神。量化投资凭借理性、科学、情绪稳定的特质，深刻影响着投资机构的发展。九坤 投资是中国量化发展史上绕不开的名字，也是量化投资在中国生根落地、发展成熟的典型案例 ...

知名量化私募基金经理范思奇卸任 金十数据6月11日讯，记者6月11日获悉，知名量化私募上海靖奇投资管理有限公司法定代表人、基金经 理范思奇6月10日向投资者致信。范思奇表示，经过慎重考虑，将于6月卸任靖奇投资基金经理职务，其 所管理的基金产品也将于本周起进入清盘流程。公司人士表示，接下来公司仍照常运作，由范思奇管理 的自营部分产品可能会做清盘处理，其参与的其他产品后续会变更基金经理，用其他表现更好的策略做 替代。 （中证金牛座） ...

Core Viewpoint - The article discusses the reflections and investment strategies of Li Bei, a prominent private equity fund manager, who acknowledges her underperformance over the past two years due to a lack of understanding of domestic policy-making and execution mechanisms [1][6]. Investment Performance - Li Bei admits that her investment performance has been poor in the last two years, missing opportunities in sectors like small-cap stocks, new consumption, technology, and pharmaceuticals, which led to mediocre equity returns [2][3]. - The performance of her fund, the Honghu Zhongyu Macro Hedge Fund, has shown a cumulative return of 121.91% since its inception, significantly outperforming the CSI 300 index's 21.94% over the same period, but has lagged in the last two years with a return of -15.63% compared to the index's 0.97% [9]. Investment Strategy - Li Bei emphasizes her commitment to avoiding large positions in pharmaceuticals and new consumption, as well as not participating in small-cap stocks, while focusing on cyclical, high-dividend, and low price-to-book ratio stocks [1][6]. - She proposes three improvement measures: enhancing foreign capital tracking, selecting stocks with alpha potential, and prioritizing safety and risk-reward ratios by choosing low PB and high dividend stocks [3]. Portfolio Composition - Li Bei presents two investment portfolios for consideration, with her preference for Portfolio B, which includes low PB and high dividend stocks, indicating a focus on safety and long-term value [4][5]. - The current asset allocation includes 55%-60% in equities, 10%-15% in gold for hedging against dollar risks, and a focus on low-carry commodities and government bonds [5][6]. Market Analysis - Li Bei reflects on the changing dynamics of policy execution in China, noting a significant decrease in the effectiveness and duration of policy implementation over the past two years, which has contributed to her investment misjudgments [3][8]. - The article highlights the challenges faced by Li Bei in making accurate market predictions, particularly in the context of her macro hedge strategy, which relies heavily on timing and market trend analysis [8].

Core Insights - The private equity and venture capital industry in Shenzhen plays a crucial role in promoting technological innovation, driving industrial upgrades, and fostering new economic growth points [1] - The industry has shown significant progress in fundraising, investment, and exit strategies, reflecting a positive development trend [4][20] Fundraising - By the end of 2024, there were 17,110 institutional investors in Shenzhen's private equity and venture capital funds, with a total contribution of 835.86 billion yuan, representing year-on-year growth of 0.76% and 0.41% respectively [6] - The number of long-term capital investors, including government funds, pension funds, and insurance funds, increased by 16.74% year-on-year, with a total contribution of 238.11 billion yuan [6] - The number of guiding funds increased significantly, with 624 investors contributing 90.95 billion yuan, marking a year-on-year growth of 24.32% and 14.11% respectively [6] Investment - As of the end of 2024, the private equity and venture capital funds invested in 9,462 seed and startup projects, a year-on-year increase of 4.28%, accounting for 46.36% of total investments [11] - Investment in small and medium-sized enterprises reached 13,732 projects, with a year-on-year growth of 3.87%, while investments in initial technology enterprises grew significantly, with 5,678 projects and a total investment of 98.758 billion yuan [11] - The focus on "hard technology" has led to investments in 10,899 high-tech projects, a year-on-year increase of 5.71%, with significant growth in aerospace, semiconductors, and biotechnology sectors [12] Exit Strategies - In 2024, the number of exit projects reached 1,954, a record high with a year-on-year growth of 96.42%, and the actual exit amount was 58.831 billion yuan, up 70.28% [16] - The primary exit channels were through agreement transfers and company buybacks, with 1,369 projects completed, yielding an exit amount of 33.836 billion yuan [16] - Public market exits also saw strong growth, with 331 projects and an exit amount of 22.241 billion yuan, marking increases of 89.14% and 104.50% respectively [16] Market Trends - The concentration of resources is accelerating towards large institutions, with the top 10% of institutions managing approximately 74% of the total private equity and venture capital fund size [7] - The industry is gradually maturing, with a focus on optimizing the funding structure and enhancing the confidence in Shenzhen's venture capital ecosystem [7][20] - The private equity and venture capital industry is expected to play a larger role in nurturing new productive forces and driving technological innovation and industrial upgrades in the future [20]

按核心策略来划分，股票策略私募占 33家，占比超8成； 多资产策略私募占5家，期货及衍生品 策略私募占1家。 按私募的办公城市划分，上海占 18家，接近"半壁江山" ；北京占9家，海南澄 迈占4家。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来的 A股市场缺乏指数型行情，盘面以结构性行情为主，市场波动较大。在这样的市场背景 下，量化私募凭借其相对亮眼的业绩逐步发展壮大 。 为了给读者提供一些参考，笔者按照公司规模分类（100亿元以上、50-100亿元、20-50亿元、 10-20亿元、5-10亿元、5亿元以下），分别梳理出了各规模组中近一年收益居前10的量化私募 （旗下有3只以上私募产品在私募排排网有近一年业绩展示） 。 0 1 百亿量化私募增至 39 家！聚宽投资重回百亿！ 百亿量化私募作为量化私募中的头部公司，备受市场关注。据私募排排网数据，截至2025年5月 底， 管理规模超 100亿元的量化私募共有39家，相比上个月新增1家，为来自北京的聚宽投资。 按员工人数来看， 员工人数在 50人以上的百亿量化私募有24家；在100人以上的有7家， 他们分 别是：灵均投资（156人）、佳 ...