北京商报讯（记者 刘宇阳）11月6日，浙江证监局发布公告表示，经查，嘉兴邦成投资管理有限公司（以下简称"嘉兴邦成投资"）在开展私募基金业务中， 存在片面宣传部分私募基金收益导致投资者不能准确认识私募基金风险；部分私募基金收益不与投资项目的资产、收益、风险等情况挂钩；部分承担募集推 介的从业人员不具备基金从业资格；法定代表人在业务冲突机构兼职；未对部分投资者进行信息披露等行为。 上述行为违反了相关规定，浙江证监局决定对嘉兴邦成投资采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 同时，浙江证监局指出，赵文彬作为公司法定代表人及总经理，黄勇作为公司副总经理和具体负责公司日常事务的管理人员，未勤勉谨慎履行相关职责与义 务，对公司上述问题负有主要责任，决定对两人采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。 ...

Core Insights - The report from the China Securities Investment Fund Industry Association indicates a decline in the number of private fund managers and funds in September, while the overall fund size increased slightly by 0.01 trillion yuan [1][2]. Group 1: Private Fund Management - As of the end of September, there were 19,404 active private fund managers, a decrease of 210 from the previous month [2]. - The total number of managed funds was 137,245, down by 677 from August [2]. - The total managed fund size reached 20.74 trillion yuan [1][2]. Group 2: Private Equity and Venture Capital (PE/VC) - In September, the number and scale of newly registered PE/VC funds showed a significant increase compared to August [1][4]. - The third quarter saw a continued recovery in the PE/VC market, with a notable increase in the number of funds and investment activity [5]. Group 3: Regional Concentration - Major regions for private fund managers include Shanghai, Beijing, Shenzhen, Zhejiang (excluding Ningbo), Guangdong (excluding Shenzhen), and Jiangsu, which collectively accounted for 72.31% of the total number of managers [3]. - The top six regions also represented 75.41% of the total managed fund size, with Shanghai leading at 53,251.97 billion yuan [3]. Group 4: Fund Products - In September, 1,605 new private funds were registered, with a total scale of 71.174 billion yuan [4]. - The number of newly registered private equity funds was 177, with a scale of 198.39 million yuan, reflecting a 288.7% increase compared to August [4]. Group 5: Investment Trends - The third quarter saw 3,008 investment cases, a 11.7% increase from the previous quarter, with a total investment scale of 3,466.01 billion yuan, up 30.6% [6]. - The electronic information sector dominated the primary market, with significant investments in semiconductors, artificial intelligence, and biomedicine [7].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年10月底，管理规模在20亿以下的私募管理人有近7200家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 金和晟基金 。 Part.1 公司概况 上海 金和晟私募基金管理有限公司（登记编号P1071636）于2020年8月26日注册成立，2025年7月完成注册地迁移及管理人名称变更。目前管 理资产规模10-20亿，存续产品32只。（ 点击查看产品收益 ） | 序号 | 产品简称 产品策略 | 基金经理 成立日期 | 近6月收益 今年来收益 | 成立以来收 载 | | --- | --- | --- | --- | --- | | 1 金和全天候1号A类份额 宏观策略 | | 空動 2024/4/15 | 应合规要求 | | | 金和中证1000指数增强1 量化多头。 3 | 를 | 王建兵 2021/2/26 ...

● 本报记者 刘英杰 这种深耕产业的思路也体现在其对科创企业的赋能上。因诺资产于2022年在北京投资设立了科创企业 ——日新生生科技。这家企业扮演着双重角色：一方面作为因诺资产的技术研发中心，承担核心系统的 开发任务；另一方面则作为创新孵化器，利用来自母公司的稳定资金支持，开展独立的科研项目。这种 模式形成了"私募基金哺育科创企业，科创企业反哺私募技术"的闭环生态，生动诠释了科技与金融的深 度融合。 践行守正理念 "星耀领航计划"不仅关注机构的科创能力，同样重视其守正发展的社会责任担当。在这一维度，因诺资 产形成了从本职坚守到公益回馈的完整实践体系。 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构上海因 诺资产管理有限公司，与公司创始人、总经理兼投资总监徐书楠进行深度对话。 本次调研围绕量化投资的科技内核、私募与科创企业的双向赋能路径以及企业的社会责任实践等问题展 开，共同探讨量化私募在推动科技金融落地、服务实体经济高质量发展中的独特价值与模式。作为以科 技为驱动的资产管理机构，因诺资产的实践为行业提供了"硬科技赋能投资、软实力回馈社会"的鲜活样 本。 深耕科技沃土 在 ...

Core Insights - The A-share market has seen a resurgence in 2023, leading to a significant increase in the issuance of private equity products, with a total of 994 private securities products registered in October, a 19.90% increase compared to the same month last year [1][3] - Stock strategy products remain the dominant category, accounting for 68.31% of the total registered products, indicating strong investor demand for equity assets [1][2] - Multi-asset strategy products have gained popularity, with 122 products registered in October, representing 12.27% of the total, reflecting a trend towards diversified investment strategies among private equity firms [1][2] Strategy Distribution - Quantitative stock strategy products have shown steady growth, with 333 out of 432 registered quantitative products being stock strategies, making up 77.08% of the total [2] - Futures and derivatives strategies have also emerged as a significant area for quantitative investment, with 50 products registered, accounting for 11.57% of the total quantitative products [2] - Bond strategies and combination funds have seen similar registration numbers, with 49 and 36 products respectively, representing 4.93% and 3.62% of the total [2] Market Dynamics - The increase in private securities product registrations is attributed to multiple factors, including the Shanghai Composite Index surpassing 4000 points, highlighting structural market opportunities [3] - Third-party sales institutions have intensified marketing efforts, further stimulating investor interest in private equity products [3] - The influx of northbound capital and a stable funding environment have provided favorable conditions for private equity operations, allowing firms to enhance product returns and innovate strategies [3]

北京商报讯（记者 刘宇阳）11月4日，浙江证监局发布公告称，经查，湖州赛泽基业私募基金管理有限公司（以下简称"赛泽基业私募"）在开展私募基金业 务中，存在利用所管理基金向基金投资标的收取服务费用；未勤勉谨慎履行管理人职责，由外部不具备资质的第三方参与基金业务管理活动、与关联方混同 办公、未严格履行投资者适当性义务等。上述行为违反了相关规定，浙江证监局决定对赛泽基业私募采取出具警示函的监督管理措施，并记入证券期货市场 诚信档案。 同时，浙江证监局指出，方刚作为赛泽基业私募法定代表人及总经理，未勤勉谨慎履行相关职责与义务，对公司上述问题负有主要责任，宋昊宁作为赛泽基 业私募的从业人员，利用公司管理基金向基金投资标的收取服务费，违反了相关规定，决定对两人分别采取出具警示函的监督管理措施，并记入证券期货市 场诚信档案。 ...

Core Viewpoint - Qiming Venture Partners is making progress in acquiring a controlling stake in Tianmai Technology, with recent announcements indicating changes in transaction terms and pricing [1][2]. Group 1: Transaction Details - Tianmai Technology announced that its actual controller is set to change, with the controlling shareholder and its concerted parties signing a supplementary agreement to the share transfer agreement [1]. - The new transaction price has increased by approximately 90 million yuan compared to the original agreement, necessitating additional fundraising by Qiming Venture Partners' Suzhou Qichen Fund to cover the funding gap [1][3]. - The buyer's entity has changed from "Suzhou Qihan" to "Suzhou Qichen," triggering a re-negotiation of the transaction price due to regulatory requirements [1][2]. Group 2: Market Context - This case represents the first instance of a market-oriented venture capital institution acquiring a listed company following the "Six Merger Rules" introduced in September 2024, which encourages private equity funds to acquire listed companies for industrial integration [4]. - Recent announcements from other companies, such as Honghe Technology, indicate a growing trend of private equity funds engaging in acquisitions of listed companies, reflecting a shift in the market landscape [4][5]. Group 3: Challenges for Private Equity Funds - Despite policy encouragement, private equity funds face significant challenges in acquiring listed companies, including the dilemma of whether to secure funding or lock in transaction prices first [5]. - The requirement for detailed disclosure of transaction agreements and changes in equity ownership adds complexity to the acquisition process for market-oriented venture capital institutions [5].

Core Viewpoint - The release of the "Research White Paper on Problem Fund Disposal" serves as a critical guide for the private equity fund industry, addressing the risks associated with problem funds and providing professional guidance for investor rights protection and fund disposal [3][9]. Group 1: Event Overview - The event was co-hosted by Sanqifa Technology and Shanghai Zhixin Law Firm, gathering experts from various fields to discuss the disposal of problem funds [1]. - The white paper aims to act as a "mine clearance guide" for the industry, offering references for regulatory optimization and investor education [3]. Group 2: Key Insights from the White Paper - The white paper outlines the causes of problem funds, identification standards, classification types, and disposal challenges, while evaluating the shortcomings of existing mechanisms [7]. - It highlights four core aspects: the evolution of risks over ten years, pain points in asset valuation and investor coordination, legal solutions through case analysis, and a closed-loop disposal path from risk diagnosis to asset relief [7][9]. Group 3: Expert Discussions - A roundtable forum discussed the transition from "post-event risk disposal" to "full-chain compliance" in risk fund governance, emphasizing the importance of property takeover mechanisms established by regulations [11]. - The forum identified innovative practices that enhance internal control mechanisms for fund managers, marking a shift towards a modern governance system that includes legal regulation, judicial auditing, self-discipline, and investor supervision [11]. Group 4: Industry Impact - The successful hosting of the event signifies a move towards systematic consensus building in addressing the complex issue of problem fund disposal [13]. - Sanqifa Technology aims to apply professional knowledge to institutional risk governance and market development, promoting the sustainable growth of the private equity fund market in China [13].

Core Viewpoint - The company, Danshuiquan Investment, warns investors about illegal activities conducted by fraudsters using its name, emphasizing the importance of verifying the legitimacy of investment services [1][3][5] Group 1: Company Information - Danshuiquan Investment is officially registered as "Danshuiquan (Beijing) Investment Management Co., Ltd." and is a private securities investment fund manager recognized by the Asset Management Association of China with registration code P1000294 [3] - The company has never engaged in public securities investment consulting or training activities and has not authorized any third parties to conduct such activities in its name [3] Group 2: Investor Warnings - Investors are advised to be cautious and verify the identity of service providers when engaging in investment activities to protect their legal rights [3][5] - The official website of Danshuiquan Investment is www.springs-capital.com, and its verified social media accounts can be identified by the platform's verification mark [3] Group 3: Legal Actions - The company strongly condemns the illegal activities conducted by fraudsters using its name and reserves the right to pursue legal action against them [5] - Investors are encouraged to report any suspicious activities and can contact the company through its official website or customer service hotline for verification [5]

Core Insights - The private equity fund industry in China is experiencing a strong recovery, with total assets reaching 20.74 trillion yuan by the end of September 2025, nearing historical peak levels [1][2] - The number of billion-yuan private equity firms has surpassed 100, with quantitative strategy institutions becoming a dominant force, holding nearly half of the market share [1][4] Private Fund Scale Recovery - As of September 2025, the total number of private funds is 137,245, with a total scale of 20.74 trillion yuan, including 79,845 private securities investment funds with a scale of 5.97 trillion yuan [2] - The private fund scale had previously dropped to 19.64 trillion yuan in September 2024, marking the lowest point in nearly four years, but has since rebounded significantly [2] Performance and New Entrants - The average return for 70 billion-yuan private equity firms this year is 30.49%, with 98.57% of these firms achieving positive returns [3] - In October 2025, 11 new private equity firms were registered, and 1,236 new private funds were filed, with private securities investment funds dominating the new registrations [3] Growth of Billion-Yuan Private Equity Firms - The number of billion-yuan private equity firms has increased to 108 as of October 28, 2025, up from 96 at the end of September [3] - Among the new entrants, 13 firms became billion-yuan private equity firms, with 8 being quantitative firms, indicating a shift towards quantitative strategies [4] Dominance of Quantitative Strategies - Of the 108 billion-yuan private equity firms, 53 are quantitative, representing 49.07% of the total, while 45 are subjective, making up 41.67% [4] - The rise of quantitative private equity firms is attributed to their strong performance, favorable risk-return characteristics, and increased demand for index-enhanced products [4]