本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月初以来，A股开启了长达五个月的"慢牛"行情，上证指数一度从最低3040点，涨到现在3800点，创出近十年新高。在牛市行情下， 踏空、 跑输大盘带来的痛苦程度往往比熊市里亏钱更甚， 毕竟熊市里大家都在亏，而牛市大家都在盈利自己却踏空，所带来的失败感与挫败感十分强 烈。 那么，在4月3日-8月底的近5个月的"慢牛"行情中，有哪些私募跑赢大盘，用实力拒绝踏空呢？ 私募排排网数据统计，股票策略私募旗下 2911 只产品，在这轮"慢牛"行情下实现20.35%的收益均值(同期大盘涨15.76%)。符合排名规则的产品在3只及以上的股票策略私募共366家，其中 227家的收益均值跑赢大盘，跑赢占比高达75.68%，其中有32家百亿私募跑赢大盘。 (本文"慢牛"行情统计区间为：4月3日-8月底，仅统计纯股票策略私募，本文大盘指的是沪深300指数，4月3日-8月底区间涨幅为15.76%，参与 排名的私募：需满足4月3日-8月底区间和近1年业绩区间，在私募排排网符合排名规则的产品数均在3只及以上。) 0 1 100 亿以上：超 8 成跑赢大盘！东方港湾、复胜资产 ...

Core Viewpoint - In August, financial institutions received 573 penalties totaling 214 million yuan, indicating a decrease in regulatory intensity compared to July, although certain sectors still experienced high penalty frequencies [1][7]. Group 1: Penalty Overview - The total number of penalties in August decreased by 37.99% from July, while the total penalty amount decreased by 33.74% [7]. - The banking sector faced the most significant drop, with 361 penalties and a total of 167 million yuan in fines, reflecting decreases of 46.68% and 22.18% respectively [7]. - The insurance sector received 158 penalties totaling 34.62 million yuan, with reductions of 14.13% and 20.86% [7]. Group 2: Regulatory Agency Actions - The State Administration of Foreign Exchange (SAFE) issued 25 penalties totaling 11.82 million yuan, marking a significant increase from July [4]. - The People's Bank of China (PBOC) maintained a strong regulatory stance with 205 penalties totaling 97.49 million yuan, focusing on anti-money laundering and credit information management violations [4]. - The China Securities Regulatory Commission (CSRC) maintained the same number of penalties as July, targeting issues like inadequate internal controls and violations in fund sales [4]. Group 3: Major Penalties - Shanghai Bank received the largest penalty of 29.21 million yuan from the PBOC for violations related to credit information management and anti-money laundering responsibilities [12]. - Guangyin Wealth Management was fined 11.59 million yuan for non-compliant investment operations and data management [12]. - The Agricultural Development Bank of China was penalized 10.2 million yuan for non-compliance in credit fund allocation and post-loan management [12]. Group 4: Compliance Trends - There was a 73.08% increase in penalties related to false financial/business data, with 45 penalties issued in August, primarily against insurance companies [16]. - A significant rise of 133.33% in penalties related to inadequate internal controls was noted, with 28 penalties issued [17]. - The banking sector saw penalties for internal control failures leading to economic losses, with some individuals facing bans from the industry [17]. Group 5: Penalty Rankings - Shanghai Bank topped the penalty rankings with a total of 33.32 million yuan from three penalties, primarily due to anti-money laundering violations [20]. - The Agricultural Development Bank ranked second with 10.95 million yuan from four penalties, focusing on credit fund compliance issues [20]. - Non-bank institutions, particularly insurance and wealth management companies, dominated the penalty rankings, with Guangyin Wealth Management leading at 11.59 million yuan [22].

21世纪资管研究院研究员 唐曜华 实习生 姜博文 8月金融机构共收到573张罚单，合计罚没金额2.14亿元，处罚力度环比有所回落。但在部分领域依然保持较 高的处罚频次。 一、8月不同类型机构处罚情况 从监管机构维度看，8月各部门处罚力度较7月整体有所回落，但外管局罚没金额同比、环比均呈增长态势。 外管局8月以25张罚单、1182.26万元罚没金额，较7月的罚单数量和金额上均大幅提升，主要处罚违反外汇账户管理规定、违反规定办理结汇业务、违反规 定办理资本项目资金收付等。 央行仍保持较大处罚力度，以205张罚单、9749.21万元罚没金额，主要处罚违反反洗钱管理规定、违反征信业务管理规定、违反信用信息采集/提供/查询及 相关管理规定等。尤其对违反反洗钱相关规定保持一定处罚力度。 证监会8月罚单数量与7月持平，重点处罚内部控制不健全、未对互联网营销活动进行有效管控、基金销售违规等。 从月度分布来看，今年前8个月金融机构处罚呈现出明显的月度波动特征，1月和7月为处罚小高峰，8月处罚力度整体有所回落。 8月罚单数量为573张，相较于7月的924张减少了37.99%；罚没金额为2.14亿元，较7月减少33.74%。这表明 ...

Core Viewpoint - The A-share market experienced a significant upward trend in August, with major indices showing substantial gains, particularly in the technology growth sector, leading to a divergence in the performance of private equity firms [2][6]. Group 1: Market Performance - In August, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose approximately 8%, 15%, and 24% respectively [2]. - The private equity industry showed mixed performance, with firms heavily invested in technology sectors, particularly those focused on computing power, achieving explosive growth [2][6]. Group 2: Popular Private Equity Firms - Longqi Technology maintained its position as the most popular private equity firm, followed by Rido Investment and Shanghai Xiaoyong Private Equity [2][6]. - Notable increases in popularity among private equity firms included Rido Investment, Mingcong Investment, Century Frontier, and Honghu Private Equity [2][6]. Group 3: Popular Fund Managers - The top four private equity fund managers remained consistent, with Dan Bin, Lin Yuan, Wu Yuefeng, and Li Bei leading the rankings [7][12]. - Significant rises in popularity were noted for fund managers such as Wu Zhou from Deyuan Investment and Han Guangbin from New Thinking Investment [7][12]. Group 4: Popular Private Equity Products - The top two popular products were both quantitative long products managed by Mingcong Investment and Dayan Capital [14][22]. - In terms of performance this year, subjective long products dominated the top three positions among the twenty listed products [14][22].

Group 1 - Foreign institutions are diversifying their investments through ETFs, focusing on sectors like gold, innovative pharmaceuticals, and semiconductors, with significant returns reported [1] - Private equity firms have increased their research activities, conducting over 6000 A-share company investigations in August, reflecting a positive outlook and a focus on "hard technology" and "big health" sectors [2] - The polyester filament industry has shown strong performance with a 10.15% increase in the polyester index since August 1, indicating a favorable investment opportunity as demand peaks [4] Group 2 - Leading companies in various sectors are optimistic about the second half of the year, predicting a sales peak driven by market demand and supportive policies [5] - The optical switch market is expected to grow rapidly, with a projected market size of $2.02 billion by 2031 and a compound annual growth rate of 16.3% [7] - Oil service companies are poised for growth as international oil prices remain stable, with several firms reporting solid performance in their recent half-year reports [8] Group 3 - The demand for energy storage solutions has surged, leading to a significant increase in orders for domestic battery manufacturers, with some companies reporting full production capacity [11] - A new tax policy has been introduced to support the management of state-owned equity and cash income for social security funds, which may impact investment strategies [12][13] - Institutional investors, including public funds and social security funds, have shown a consensus on 145 stocks, particularly in the new productivity sector, indicating a shared outlook on policy and industry trends [14] Group 4 - Stardust Intelligent has secured a large order for humanoid robots, marking a significant step in the commercialization of AI robots for various industrial applications [15]

Group 1: Equity Fund Market - In September, the enthusiasm for launching equity funds continues to rise, with 124 funds expected to be issued, of which 85 are equity funds, accounting for nearly 70% [1] - On September 1 alone, 57 funds were launched, with 47 being equity funds, indicating a strong market sentiment supported by policy and market performance [1] - The stock fund index and equity fund index have reached nearly three-year highs, with a year-on-year increase of approximately 50% [1] Group 2: Growth of ChiNext Companies - As of August 2025, ChiNext companies reported a total revenue exceeding 2 trillion yuan, with over 70% achieving profitability [1] - The advanced manufacturing, digital economy, and green low-carbon sectors showed significant performance, with leading companies demonstrating strong growth [1] - There is a continuous increase in R&D investment among ChiNext companies, reflecting a strong willingness to expand production [1] Group 3: A-share City Commercial Banks - In the first half of 2025, 14 out of 17 A-share city commercial banks reported positive revenue growth, with an average growth rate of 5.22%, up from 2.96% in the first quarter [2] - 15 banks reported positive net profit growth, with an average increase of 6.74%, compared to 5.49% in the previous quarter [2] - Jiangsu Bank surpassed Beijing Bank in asset size, indicating a shift in the ranking of city commercial banks [2] Group 4: Optical Switch Market Growth - The optical switch market is expected to grow rapidly, with a projected market size of $2.02 billion by 2031 and a compound annual growth rate of 16.3% [2] - Companies like Huawei and Unisplendour are actively entering the optical switch industry, alongside international players like Google and Coherent [2] Group 5: Cement Industry Mergers and Acquisitions - The cement industry is experiencing active mergers and acquisitions, with leading companies accelerating consolidation to enhance market concentration [3] - The industry showed resilience in the first half of 2025, with many companies reporting profit growth due to rising cement prices and declining coal costs [3] - Analysts predict a slight improvement in cement demand in the second half of the year, although price recovery may be limited [3] Group 6: Private Equity Focus - In August, private equity firms increased their research frequency, focusing on "hard technology" and "big health" sectors [4] - The number of private equity firm visits to A-share companies exceeded 6,000, reflecting a positive outlook for the market [4] Group 7: Apple AI Talent Loss - Apple faces a talent drain in its AI division, with key personnel leaving for Meta, including the head of robotics AI research [4] - This recent wave of departures has raised concerns about the stability of Apple's AI team, which is crucial for developing its AI platform [4] Group 8: XGIMI Technology's H-share Listing - XGIMI Technology plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, considering the interests of existing shareholders [5] Group 9: WuXi AppTec's Fundraising - WuXi AppTec plans to raise over 1.31 billion HKD through a discounted share placement, with a 4% discount on the share price [6] Group 10: China National Petroleum's Share Transfer - China National Petroleum plans to transfer 541 million A-shares to China Mobile Group, enhancing strategic cooperation without changing control [7] Group 11: China Export Credit Insurance - China Export Credit Insurance has successfully insured a nickel material production project in Morocco, marking a significant investment in Africa [8] Group 12: Gree Electric's Share Buyback - Gree Electric's major shareholder completed a share buyback plan, investing 2.099 billion yuan to increase its stake in the company [9]

Core Viewpoint - The article discusses the recent surge in gold prices, driven by expectations of interest rate cuts from the Federal Reserve, with predictions of a new upward trend in precious metals after a four-month consolidation period [1][2]. Group 1: Gold and Silver Price Movements - On September 2, London spot gold prices broke through the $3,500 per ounce mark, reaching a high of $3,508.49 per ounce, marking a historical peak and ending a four-month period of price stagnation [2]. - COMEX gold and silver futures also reached historical highs, with COMEX gold peaking at $3,578.4 per ounce and COMEX silver at $41.99 per ounce, the highest levels since 2012 [2]. - Domestic gold and silver futures in China also saw significant increases, with the Shanghai gold futures closing at 804.32 yuan per gram, up 1.21%, and silver futures at 9,824 yuan per kilogram, up 2.33% [2]. Group 2: Market Drivers and Predictions - Analysts attribute the current upward trend in gold prices to macroeconomic policy expectations and political risks, particularly the dovish shift from the Federal Reserve and concerns over its independence due to political pressures [4]. - The expectation of a rate cut by the Federal Reserve is seen as a major short-term positive for gold prices, with a high probability of a 25 basis point cut in September [2][4]. - The article highlights that the price of silver, which has strong industrial properties, is expected to rise alongside gold, potentially outpacing gold in percentage gains [4]. Group 3: Investment Opportunities - The article notes that various metals, including rare earths and copper, have also experienced price increases, indicating a broader rally in the commodities market [4]. - The article mentions that a well-known private equity firm has focused its investments on upstream resource sectors, including gold, copper, and aluminum [4]. - UBS's strategy report suggests that gold prices are likely to continue reaching new highs in the coming quarters, supported by low interest rates and economic uncertainties [6].

Group 1 - Apollo Global Management plans to launch a $5 billion sports investment fund, marking its first dedicated permanent capital allocation for the sports sector [1][2] - The new fund will focus on lending to sports leagues and teams, as well as acquiring club equity, indicating a systematic approach to sports investments [1][2] - The sports finance market is attracting private equity interest due to traditional lenders' insufficient services in this area, allowing private firms to deploy capital quickly for high returns [1][2] Group 2 - The fund will employ a dual investment strategy, providing loans to sports leagues and teams while also acquiring club equity, which offers stable debt returns and long-term asset appreciation [2][3] - Apollo's existing sports investment portfolio includes notable transactions, such as an £80 million loan to Nottingham Forest FC secured by club assets, and a £40 million loan to Sports Invest Holdings at a 10.25% interest rate [2][3] - Apollo is actively seeking direct ownership of quality sports assets, as evidenced by negotiations to acquire a stake in Atlético Madrid and previous considerations for financing a Manchester United acquisition [3] Group 3 - Apollo is not the only private equity firm interested in sports investments; competitors like CVC and Ares Management are also making significant moves in this space [4][5] - The increasing number of private equity firms entering the sports investment sector is expected to drive up transaction valuations while providing more financing options for sports organizations [6]

Group 1 - The impact of the Trump administration's policies is causing top investors from Asia and the Middle East, including sovereign funds, to seek to avoid U.S. assets [2] - Partners Group, managing over $170 billion in assets, reports that many Asian investors are increasingly looking towards non-U.S. assets due to uncertainties related to tariffs and potential trade restrictions [2] - Discussions regarding the avoidance of U.S. exposure have emerged this year, driven by the U.S. government's policies, with some investors requesting to open euro accounts instead of dollar accounts [2] Group 2 - The global financial system is expected to become more fragmented and less integrated as a result of these investment shifts [2] - The CEO of Partners Group emphasizes the importance of stability in U.S. policies for maintaining investor confidence, noting that the current period is critical for demonstrating such stability [2][3] - Despite the challenges posed by U.S. tariffs, the U.S. remains an attractive destination for capital investment in key sectors such as technology and healthcare, according to the private equity business head at Partners Group [3]

Group 1 - The article highlights the latest adjustments in holdings by several large private equity firms in the A-share market as of the end of Q2 2025, revealing significant investment strategies and stock selections [1][2] - Gao Yi Asset's Feng Liu increased positions in New City Holdings and Taiji Group, while also reducing holdings in Hikvision and several material stocks [3][4] - Gao Yi Asset's Dong Xiaofeng added to positions in Zijin Mining and Yun Aluminum, indicating a bullish outlook on the non-ferrous metals sector [4][5] Group 2 - Rui Jun Asset's Dong Chengfei entered the top ten shareholders of Yangjie Technology and Rabbit Baby, reflecting a strategic shift towards semiconductor and building materials [7][8] - Ningquan Asset, led by Yang Dong, also made new investments in Tianhao Energy and increased holdings in Meichang Co., indicating a focus on energy and materials sectors [9][10] - Jinglin Asset increased its stake in Shiji Information, while the Honghu Fund, a joint venture by China Life and Xinhua Insurance, made new investments in China Shenhua and China Petroleum, showcasing a diversified investment approach [11][12][13]