6月26日， 由证券时报主办、长江证券协办的"2025金长江私募基金发展论坛暨第十届中国私募基金 金长江奖颁奖典礼"在武汉成功举办， 重阳投资荣膺 2016年以来，证券时报携手长江证券推出的"中国金长江私募基金发展高峰论坛"，每年都汇集了众多金 融行业领袖和私募行业领军人物参与，为中国私募基金行业健康发展出谋献策、贡献力量。同时，主办 方力求通过客观而公允的评价体系，筛选出在本轮市场波动中表现优异的私募管理机构、基金经理和私 募产品，并让这些优异者得以充分展示，以推广其在投资方面的先进理念和成功经验，提升投资者财富 管理和风险识别能力。 公众号改变了推送规则， 我们的文章可能会迷失在茫茫的信息流中， 你的一个 分享、点赞、"在看" ， 能让我们之间的距离更近一步， 为了更好地相遇， 星标置顶 也是极好的。 重阳投资，始终和你在一起。 十年来，"金长江"见证了一批私募从小到大的成长，也见证了行业间的起起落落。在私募业迈入严监管 时代的背景下，私募基金唯有不断的提升投资能力和风控能力，注重公司治理，才能行稳致远。"中国私 募基金金长江奖"已成为中国私募基金业内最具影响力和权威性的奖项之一。 ▲向上滑动阅览 【免责 ...

Core Viewpoint - The recent report from the Shenzhen Securities Regulatory Bureau highlights the increasing prevalence of private equity funds engaging in activities unrelated to their core business, raising concerns about compliance and ethical standards in the industry [1][2]. Summary by Sections Violations Identified - The report identifies six typical violations among private equity fund managers, including selling pseudo-gold exchange products, providing consulting services, selling equity of investment target companies, assisting non-employees in obtaining fund practitioner qualifications, and conducting unrelated activities in office spaces [1][8]. Specific Cases - A private equity firm was found promoting a real estate company's receivables transfer plan through a pseudo-gold exchange, earning over 1.5 million yuan in consulting fees [3]. - Another firm signed multiple financing service agreements to help companies secure funding from outside channels, charging fees based on the financing amount [4]. - A firm managed two funds and acquired shares from a company’s controlling shareholder at zero cost, later selling them to third-party investors, profiting over 200,000 yuan [5][6]. - A firm assisted non-employees in obtaining fund practitioner qualifications, disrupting industry order by facilitating unauthorized registrations [7]. - Some firms operated in shared office spaces without proper identification, engaging in unrelated activities such as fortune-telling and paid knowledge services [8]. Industry Trends - The private equity industry is undergoing a rapid cleansing process, with 598 private fund managers deregistered as of June 24, 2024, including many well-known institutions [9][10]. - The number of private equity fund managers has decreased significantly, with 1,2083 registered as of 2024, down by 810 from 2023 [10]. - The industry is witnessing a survival of the fittest, as fundraising becomes critical for private equity and venture capital firms, with over 100 firms deregistered due to inactivity [11][12].

【导读】汉斯（上海）私募基金管理有限公司完成私募基金管理人登记 又一家外商独资私募基金管理人在中国证券投资基金业协会（以下简称协会）完成登记。 汉斯（上海）私募基金管理有限公司成立于2025年1月21日，注册资本为200万美元，由HINES SINGAPORE PTE.LTD.全资持股。汉斯（上 海）私募的机构类型为私募股权、创业投资基金管理人，业务类型包括私募股权投资基金、私募股权投资类FOF基金、创业投资基金、创业 投资类FOF基金，注册地址位于上海市浦东新区自由贸易试验区。其法定代表人、董事长、总经理为YAN XIAO YUAN。 资料显示，汉斯（上海）私募基金管理有限公司的母公司Hines于1957年在休斯敦成立，是全球领先的房地产投资、开发、物业管理公司， 业务遍布30个国家和地区，截至2023年12月31日，其管理总资产达932亿美元，并为超938.3万平方米资产提供专业物业服务。Hines于1995 年进入中国市场，其在中国收购、管理、开发的房地产面积超过91万平方米。 （文章来源：中国基金报） 协会备案信息显示，汉斯（上海）私募基金管理有限公司于6月23日完成私募基金管理人登记，其股东为全球知 ...

【导读】 汉斯（上海）私募基金管理有限公司完成私募基金管理人登记 见习记者 杨晨 上述四家外商独资机构，除安耐德私募基金管理（北京）有限责任公司外，其余三家的注册 地址均位于上海。 汉斯（上海）私募基金管理有限公司成立于2025年1月21日，注册资本为200万美元，由 HINES SINGAPORE PTE.LTD.全资持股。汉斯（上海）私募的机构类型为私募股权、创业 投资基金管理人，业务类型包括私募股权投资基金、私募股权投资类FOF基金、创业投资基 金、创业投资类FOF基金，注册地址位于上海市浦东新区自由贸易试验区。其法定代表人、董 事长、总经理为YAN XIAO YUAN。 资料显示，汉斯（上海）私募基金管理有限公司的母公司Hines于1957年在休斯敦成立，是 全球领先的房地产投资、开发、物业管理公司，业务遍布30个国家和地区，截至2023年12月 31日，其管理总资产达932亿美元，并为超938.3万平方米资产提供专业物业服务。Hines于 1995年进入中国市场，其在中国收购、管理、开发的房地产面积超过91万平方米。 编辑： 杜妍 校对：王玥 制作：鹿米 审核： 陈墨 又一家外商独资私募基金管理人在 ...

Core Viewpoint - The article introduces lesser-known investment strategies such as FOF, long-short equity, arbitrage, and options strategies, highlighting their performance over the past year and providing insights for investors [2]. FOF Strategy - FOF (Fund of Funds) is designed to invest in other investment funds, helping investors navigate the challenge of selecting from thousands of funds [5]. - As of May 31, there are 111 FOF products with an average return of 18.51% over the past year, ranking in the upper-middle tier among secondary strategies [5]. - The top-performing FOF products include "老友天玑一号" from Shanghai Taiying, which achieved significant returns [4][11]. Long-Short Equity Strategy - The long-short equity strategy holds both long and short positions to hedge risks and achieve returns in various market conditions [12]. - There are 65 long-short equity products with an average return of 15.40% over the past year, outperforming major indices like the CSI 300 [12]. - Notable products include "奇点多元策略1号" from 共青城奇点, which has shown rapid growth since the market rally [12][18]. Arbitrage Strategy - Arbitrage strategies exploit price differences across markets for low-risk profits and include various forms such as ETF arbitrage and statistical arbitrage [19]. - There are 83 arbitrage products with an average return of 14.06% over the past year, slightly lower than FOF and long-short strategies [19]. - Top products include "安合融信匠人匠心10号" from 安合融信, which ranks first in returns [21]. Options Strategy - Options strategies utilize options and their combinations to navigate complex market environments [24]. - There are 93 options products with an average return of 9.48% over the past year, ranking lower among secondary strategies [24]. - The leading product is "汇誉欣欣向荣一号A类份额" from 云南汇誉基金, which significantly outperformed others [28].

Group 1 - The core viewpoint emphasizes the need for cultivating patient capital to bridge the funding gap and cycle mismatch in the integration of technological and industrial innovation [1][2] - The China Securities Regulatory Commission (CSRC) chairman highlighted the importance of long-term capital in supporting the sustainable growth of technology enterprises [1][4] - Private equity funds play a crucial role in nurturing patient capital, as they align with the growth patterns of technology innovation and cover the financing needs throughout the lifecycle of tech companies [1][2] Group 2 - Recent data shows that private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board and over half of those on the Growth Enterprise Market [2] - As of April 2025, there are nearly 20,000 private fund managers managing over 140,000 funds with a total scale of 20 trillion yuan [2] - The CSRC plans to focus on enhancing the fundraising, investment, management, and exit processes of private equity funds to attract more long-term capital [2][3] Group 3 - The development of technology innovation indices can provide a safety net and value anchor for patient capital by accurately selecting technology assets with long-term growth potential [3] - The introduction of public funds with technology attributes can transform fragmented and short-term market funds into long-term capital supporting technological innovation [3] - Since the launch of the "Eight Measures for the Sci-Tech Innovation Board," multiple technology innovation indices have been released, significantly contributing to attracting incremental capital into the market [3][4] Group 4 - The continuous nurturing of patient capital is essential for the growth of technology and industrial innovation, with expectations for improved policy environments and diversified funding sources [4] - The capital market is anticipated to accelerate the cultivation of patient and long-term capital to support the growth of technology enterprises and the rise of emerging industries [4]

以下文章来源于创业板观察 ，作者闫军 其中，违规收取咨询顾问费、融资服务费等问题是通报的重点，比如某股权类私募机构因增量业务不足，与某房地产企业签署《承销协 议》，向多名自然人投资者推介该房企在伪金交所发行的应收账款收益权转让计划，并收取150余万元咨询顾问费；还有私募证券机构为多 家债券发行人提供咨询服务，对接金融机构资金，协助促成债券成交，并收取咨询费。 其中，有几种典型案例引发市场关注： 有的私募基金管理人公然在自媒体"卖课"、或向券商、期货公司推荐客户获取返佣；有的私募基金 管理人在市场上伙同其他机构进行利益输送、收取大额顾问费、更有甚者，在管基金与高管自有资金进行"高买低卖"交易。此外，还有私募 基金管理人涉嫌非法集资、操纵市场以及开展场外配资等。 今年以来，深圳证监局分别就基金募集销售、基金投资运作、从事无关业务等关键环节与领域出现的违规问题进行了通报。 "相关人员合规意识淡漠，为追求经济利益主动偏离或者放弃主责主业，个别机构甚至沦为犯罪工具。"深圳证监局表示，下一步将持续加强 对辖区私募基金管理人合规运作的监管检查力度，严肃问责各类违法违规行为，督导各私募机构聚焦投资主业，完善合规风控机制，不断 ...

一年一度的私募界盛会——"金长江"奖颁奖典礼即将开幕！ 6月26日（周四），由证券时报主办、长江证券协办的"第十届中国金长江私募基金发展高峰论坛"将在武汉正 式举行。2015年至2025年，金长江走过了十年星光，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。 本届论坛可谓大咖云集。复旦大学经济学院院长张军、基石资本董事长张维、东方港湾董事长但斌、明汯投资 创始人裘慧明、中欧瑞博董事长吴伟志、银叶投资首席投资官许巳阳、茂源量化创始人郭学文、景林资产合伙 人田峰、高毅资产合伙人韩海峰、凯丰投资董事长吴星等数十位重量级嘉宾出席。 自"9·24"行情以来，受一系列重磅政策的刺激，大量长期资金进场。2025年开年，DeepSeek横空出世，一举扭 转了中国AI落后的悲观预期；4月初，关税战一度震动全球市场，仅40天后峰回路转，中国资产重受青睐，市 场信心再度增强。 在这样的背景下，A股市场情绪有所升温，两市日均成交额在1.2万亿元上方，沪指在3400点附近蓄势待发，私 募基金有望迎来一轮赚钱机遇。 为了让更多人能够聆听中国私募基金行业领袖的真知灼见，本届论坛主办方特别安排了线上直播，参与直播的 平台包括 ...

Core Viewpoint - The optimization of the investor structure and the promotion of coordinated development among various types of investors are crucial aspects of the reform of the investment side of the capital market [1] Investor Structure Analysis - The A-share investor structure is categorized into five types: industrial capital, government holdings, professional investment institutions, individual major shareholders, and general individual investors, with their respective market value proportions at 34.4%, 7.6%, 19.2%, 6.4%, and 32.3% by the end of 2024 [1] - Industrial capital and government holdings have increased their market value share, while professional investment institutions and individual major shareholders have seen slight declines [1][2] Role of Industrial Capital and Government Holdings - Industrial capital and government holdings act as a "ballast" for the market, with their combined market value share rising from 37.4% at the end of 2021 to 42.0% by the end of 2024, reflecting their counter-cyclical adjustment role during weaker market conditions [1][2] - The number of shares held by general legal entities, including industrial capital and government holdings, reached 35.5 trillion shares, accounting for 50.9% of A-share circulating shares, marking a continuous increase over two years [2] Impact on Investment Chains - The changes in industrial capital and government holdings guide investment in the industrial chain and stabilize market expectations, particularly in strategic sectors such as public utilities and basic chemicals, where their shareholding has increased significantly [3] Growth of Professional Investment Institutions - Domestic professional investment institutions have been growing, with their shareholding proportion rising to 14.9% by the end of 2024, despite a slight decline in public fund holdings [6][7] - Public funds remain the largest category of institutional investors, with a market value of approximately 5.7 trillion yuan, although their shareholding proportion has decreased to 7.3% [7] Private Equity and Insurance Funds - Private equity funds have become significant players in the A-share market, with a shareholding proportion of 4.1% and a market value of 1.9 trillion yuan [8] - Insurance companies have seen their A-share holdings increase to 1.5 trillion yuan, with a shareholding proportion of 1.9%, reflecting a recovery trend [9] Social Security Fund and Other Institutions - The social security fund, with total assets exceeding 3 trillion yuan, has become an important channel for pension investment in the capital market, holding nearly 500 billion yuan in A-shares [10] - Other domestic investment institutions have also diversified, with their shareholding proportion rising to 0.9% by the end of 2024 [11] Foreign Investment Trends - Foreign institutional holdings have decreased, with a market value of approximately 3.4 trillion yuan, reflecting a decline from a high of 5.6% in 2021 to 4.3% by the end of 2024 [12] Individual Investor Dynamics - General individual investors maintain a shareholding proportion above 30%, with their holdings reaching 25 trillion yuan by the end of 2024, despite a slight decline [13][14] Trading Behavior and Market Impact - Public funds, quantitative private equity, and foreign institutions significantly influence A-share trading styles, with public funds accounting for 8.3% of total trading volume [15][17] - The trading behavior of individual investors has shown a slight decline, with institutional trends becoming more pronounced [16] Coordination Among Investor Types - The differing preferences of various investor types contribute to changes in A-share trading structure, with a need for better alignment and coordination among them to enhance market stability [18][19][20]

"近年来，深圳证监局在日常监管中发现，辖区少数私募基金管理人从事与私募基金管理相冲突或无关 的业务，有的私募基金管理人利用在管私募基金进行利益输送，损害投资者合法权益，还有的私募基金 管理人利用其资质实施或配合开展违法犯罪活动。"深圳证监局指出。 6月20日，深圳证监局发布最新一期《私募基金监管情况通报》，披露了当前私募基金管理人的典型问 题，涉及从事与私募基金管理无关的业务、利用在管私募基金进行利益输送、利用管理人资质从事违法 犯罪活动等三大类违规行为。 合规意识淡漠 三大类私募乱象频发 据了解，此次《私募基金监管情况通报》对当前私募基金管理人的典型问题进行了披露，主题为聚焦私 募基金管理人主责主业，提升专业化运作水平。 深圳证监局认为，从事与私募基金管理无关的业务是私募的主要乱象之一，包括销售伪金交所产品、对 外提供咨询服务、对外提供居间服务、销售投资标的公司股权、协助非公司员工获取基金从业资格、在 办公场地内开展无关活动等。 比如，在销售伪金交所产品方面，某股权类私募机构因增量业务不足，与某房地产企业签署《承销协 议》，向多名自然人投资者推介该房企在伪金交所发行的应收账款收益权转让计划，并收取150余万 ...