Core Viewpoint - The stock private equity positions have significantly increased for two consecutive weeks, indicating a sustained optimistic sentiment in the market [1] Group 1: Private Equity Position Index - As of November 21, 2025, the stock private equity position index reached 82.97%, marking a substantial increase of 1.84% from the previous week and setting a new high for the year, as well as a 185-week high [1] - The index has maintained a level above 80% for four consecutive weeks, suggesting that recent market adjustments have not caused panic among private equity firms, but rather provided an opportunity for increased positions [1] Group 2: Position Distribution Among Private Equity Firms - The proportion of fully invested private equity firms has risen to 68.99%, while the shares of medium, low, and empty positions have decreased to 18.56%, 8.56%, and 3.89% respectively, indicating a clear trend of increasing investment among private equity firms [3] - Among different scales of private equity firms, those with over 10 billion in assets show the most pronounced optimism, with all scales reporting position indices above 80% [3] Group 3: Recent Trends in Private Equity Positions - The position index for private equity firms with over 100 billion has increased to 89.23%, up from 87.07% the previous week, indicating a strong bullish sentiment [4] - The fully invested ratio for large private equity firms has reached 78.19%, with declines in medium, low, and empty positions [5] Group 4: Drivers of Increased Positions - The increase in positions among private equity firms is driven by three main factors: ongoing policy support improving market sentiment, year-end performance rankings prompting firms to increase positions, and positive expectations for economic recovery and structural opportunities in the coming year [7]

第二大致损原因是硬件龙头公司。"最近两个月，第一重仓硬件龙头公司，持续下跌，跌幅超过37%，在这两个月回撤里面-9%以上的净值负贡献。"梁宏介 绍，该股最初建仓于30多元/股，后期在高位加仓，平均成本约为40多元/股。尽管公司在人工智能硬件入口逻辑上具备生态卡位优势，且一度预计2024年净 利润可达700亿元，但受存储芯片价格上涨影响，消费电子终端销售承压，叠加负面舆情发酵，尤其是成都事故引发舆论关注，汽车业务前景被重新评估。 第三大致损原因是美股稳定币股。"几个月前公司重仓介入了美股稳定币股。该股上市后一度股价冲到300美元/股，随后该标的股价调整50%-60%以后希瓦 买入。但该股票属于新股上市，后续出现了巨量低成本股份解禁，而且我忽略了加密货币行业反转带来的巨大负面影响。近四周该标的的调整对组合造成了 4%-5%的净值下跌。"梁宏直言。 这三次失误加起来造成了18%的净值回撤，再加上一些跟随指数的正常下跌，最终酿成了希瓦私募20%的累计回撤。 希瓦私募最新周报显示，该私募旗下多数基金周度预估净值下跌7%左右，从最高点累计回撤幅度约为20%，本次回撤大幅度跑输主要指数，主因还是个股 问题，其次是科技互联网 ...

Core Insights - The article discusses the evolution and philosophy of Fusheng Asset Management, highlighting its focus on performance-driven investment and risk management through a "weakness mindset" [1][2][3] Company Development - Fusheng Asset Management was established in December 2015 and has grown from a startup to a professional team of nearly 30, managing over 10 billion yuan [1] - The company emphasizes the importance of compound interest in its name, reflecting its commitment to integrity and long-term investment success [1] Investment Philosophy - The core investment philosophy is performance-driven, with a focus on identifying growth stocks that are expected to achieve over 20% revenue and profit growth over three years [4] - The company maintains a cautious approach to stocks with growth rates between 13% and 18%, viewing them as potential value traps [4][5] Team Structure - The core investment team, consisting of three fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure, supported by a dynamic research team [2] - The company has experienced challenges, notably in Q1 2020, where it faced a significant drawdown of nearly 20% while many peers achieved positive returns [2][3] Adaptation and Growth - The difficulties faced in early 2020 prompted a strategic shift towards asset management, focusing on providing long-term, stable performance for a broader client base [3][6] - The company has improved its risk management and stock selection processes, leading to a more disciplined approach to portfolio management [3] Future Vision - Fusheng Asset Management aims to evolve into a competitive asset management firm, attracting top talent from the public fund sector while maintaining a focus on consistent and superior performance [6][7] - The company prioritizes alignment of interests between management and clients, ensuring that investment decisions are made with a client-centric approach [7] Conclusion - The narrative of Fusheng Asset Management illustrates a journey of resilience and adaptation in the face of market challenges, emphasizing the importance of focus, response to change, and a principled approach to investment [7]

第一：白银狂飙，刷新历史新高 11月28日，现货白银大涨超6%，突破56美元/盎司，创下历史新高。现货黄金则重回4200美元。 背后原因是市场对美联储12月份降息的概率大幅提高及美军的新动作，这个原因同时也推动了近期美股 的反攻。 第二：私募规模首破22万亿 数据显示，截至2025年10月末，存续私募基金管理人19367家，管理基金数量137905只，管理基金规模 22.05万亿元。 其中，二级市场炒股的超7500家，数量持续缩减；存续规模首次超7万亿。剩下的就是股权方面的。 12 3 该小区一度代价达到20万/平米，如今挂牌价15万/平米，根据实际情况来看，恐怕还不到这个价格。 人口净流出的区块，想都不要想。我在汕头，早就认亏了。 第四：周末愉快 冬天的周末，感觉有点难度过，哈哈哈。外出不太方便，有点儿冷，待家里，也不是我最心仪的选择。 搞不好，就要去楼下公园，跟中老年一起散步、发呆了。好在，明天就是读书会第34本书开读的日子， 生活在持续提高。 我是李聪，10年读书会主理人，活到老、学到老，关注我，一起向上成长。 以上仅为个人看法，不作为任何建议。 同时，仓位规模达80%，满仓的私募超65%。我想问的是， ...

Core Viewpoint - The article discusses the performance of private equity index enhancement strategies in the A-share market over the past five years, highlighting the challenges faced due to geopolitical tensions, the pandemic, and tariff impacts, while identifying products that have consistently outperformed their benchmarks [2][4]. Group 1: Performance of Index Enhancement Strategies - The A-share market has experienced significant fluctuations, with the CSI 300 index showing returns of -5.20%, -21.63%, -11.38%, and 14.68% from 2021 to 2024, with a year-to-date increase of 14.75% as of November 21 [5][6]. - Only five products have achieved positive excess returns for five consecutive years in the CSI 300 index enhancement category, with four from large private equity firms and one from a mid-sized firm [5][6]. Group 2: Notable Products in CSI 300 Index Enhancement - The top-performing product is "JiuZhang HuanFang CSI 300 Quantitative Multi-Strategy No. 1," managed by Xu Jin, which has shown remarkable cumulative excess returns since 2021 [7]. - Other notable products include those from Longqi Technology, MingHuan Investment, and MingShi Fund, with the only mid-sized firm being BaiLu Asset [6][7]. Group 3: Performance of Other Indexes - The CSI 500 index has seen returns of 15.58%, -20.31%, -7.42%, and 5.46% from 2021 to 2024, with a year-to-date increase of 21.40% as of November 21, and 43 products have achieved positive excess returns over five years [8][9]. - Among these, 27 products are from large private equity firms, with JQ Investment having 11 products listed [8][9]. Group 4: Performance of CSI 1000 Index Enhancement - The CSI 1000 index has recorded returns of 20.52%, -21.58%, -6.28%, and 1.20% from 2021 to 2024, with a year-to-date increase of 21.82% as of November 21, and only seven products have achieved positive excess returns over five years [13][14]. - The leading product is "JiuKun Daily Enjoy CSI 1000 Index Enhancement No. 1," managed by Yao Qicong, which has shown significant cumulative excess returns since 2021 [14][15]. Group 5: Quantitative Stock Selection - Quantitative stock selection, referred to as "air index enhancement," has yielded 15 products with positive excess returns over five years, with notable firms including TianYan Capital and JiLu Asset [16][17]. - The top product in this category is "JiLu No. 9," managed by Yu Xuezhi, which has achieved high cumulative excess returns since 2021 [18][19].

中证报中证网讯(王珞)11月28日，由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经济研 究院提供独家学术支持的"2025量化行业高质量发展大会暨金融科技.量化机构金牛奖颁奖典礼"在上海 徐汇西岸举行。上海锐耐私募基金管理有限公司荣获"年度金牛量化机构(多空对冲策略)"奖。 锐耐私募作为国内量化投资领域的杰出代表，是一家以低延时套利策略为核心，深度融合顶尖信息技术 (IT)、前沿算法与严谨投研团队的专业机构。10月15日，锐耐私募获得"金牛私募管理公司(年度相对价 值策略)"奖。 市场的认可是衡量一家私募管理公司成功与否的最终标准。在过去短短三年多时间，锐耐私募凭借其出 色的策略表现，在各类大小规模的行业实盘竞赛中，累计斩获了超过一百个冠亚军奖项，不仅体现了其 策略的强大普适性与盈利能力，更彰显了团队在不同市场环境下的卓越适应性和稳定性。 锐耐私募旗下产品以其鲜明的"低回撤、高夏普"特征而备受市场青睐。在追求阿尔法收益的同时，公司 将风险控制置于首位。通过精密的模型设计和严格的风控体系，其产品净值曲线平滑，回撤幅度远低于 行业平均水平，为投资者提供了卓越的持有体验。极高的夏普比率则意味着，投资者在承担 ...

Core Viewpoint - The article highlights the crackdown on tax-related intermediary services that engage in illegal activities for profit, with the tax authorities exposing multiple cases of violations in the industry [3][6]. Group 1: Overview of Violations - The tax authorities have disclosed over 18 typical cases of violations by tax-related intermediary institutions this year, signaling a strong enforcement stance [3][6]. - Common methods of violation include the issuance of false invoices to assist companies in tax evasion, leading to significant tax underpayment [4][5]. Group 2: Specific Cases - A case involving Shenzhen Caizhi Hengtong Enterprise Management Consulting Co., Ltd. revealed that from 2019 to 2021, the company helped Shenzhen Dingxin Private Equity Fund Management Co., Ltd. evade taxes by providing 52 false invoices, resulting in a tax underpayment of 11.87 million yuan and a profit of 840,800 yuan for the intermediary [4]. - Wuhan Ruiqi Biological Engineering Co., Ltd. was found to have purchased false invoices to evade corporate income tax, involving 504 false invoices totaling 260 million yuan [5]. Group 3: Consequences and Regulatory Actions - Tax-related intermediary institutions face confiscation of illegal gains and potential fines up to three times the amount of tax evaded, with some being classified as untrustworthy entities [6]. - The tax authorities emphasize the importance of compliance and integrity among tax service providers, urging businesses to carefully select their tax service partners to avoid illegal practices [6].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在全球资本市场联动日益紧密的当下，香港作为国际金融枢纽，其监管牌照成为内地私募"出海"的通行证。 香港9号牌照由香港证券及期货事务监察委员会（SFC）颁发，是从事资产管理业务的法定准入许可。持牌机构可以全权委托形式为客户管理证 券或期货合约投资组合，包括设立和管理基金、提供投资组合管理、财富规划、投资顾问等服务。 私募排排网数据显示，截至 2025年11月26日，年内已有10家私募获得香港9号牌照，持有该牌照的私募数量增加至107家。 其中，主观私募、量 化私募和混合型（"主观+量化"）私募分别有69家、28家和10家。 ( 点此领取持有香港9号牌照的107家私募全名单 ） 那么，年内斩获9号牌照的10家私募都有谁？持有香港9号牌照的私募最新业绩又如何？ 0 1 5家头部量化私募今年获批牌照！盛麒、幻方业绩领跑！ 在头部私募（规模50亿以上）中，持有香港9号牌照的私募共有54家，其中年内获得9号牌照的私募共有5家，且均为量化私募，分别为 优美利投 资、平方和投资、致诚卓远、前海博普资产、黑翼资产 。 在这54家私募中，百亿私募数量较多，共有35家 ...

Core Insights - Multi-asset strategy private equity products have gained popularity in 2023, with 1,400 products registered from January to October, second only to stock strategy products [1] - The appeal of multi-asset strategies is attributed to significant global asset price fluctuations expected in 2024-2025, evolving investor demands for risk-return matching, and the search for absolute returns by long-term funds [1][8] Performance Overview - As of November 14, multi-asset strategy products have an average annual return of 20.37%, ranking just below stock strategies, with a slightly higher Sharpe ratio and lower volatility and drawdown [2][3] - The performance metrics for various strategies are as follows: - Stock Strategy: 29.54% average return, 93.14% positive return ratio, 35.96% volatility [3] - Multi-Asset Strategy: 20.37% average return, 91.73% positive return ratio, 25.84% volatility [3] - Composite Fund: 18.98% average return, 96.34% positive return ratio, 39.15% volatility [3] - Futures and Options: 13.79% average return, 82.49% positive return ratio, 48.73% volatility [3] - Bond Strategy: 8.46% average return, 92.10% positive return ratio, 11.76% volatility [3] Sub-strategy Performance - Among sub-strategies, macro strategies outperform in average return, positive return ratio, and Sharpe ratio [4] - Macro Strategy: 25.09% average return, 97% positive return ratio, 25.48% volatility [5] - Composite Strategy: 21.14% average return, 90.93% positive return ratio, 1.63 Sharpe ratio [7] - Arbitrage Strategy: 8.87% average return, 89.95% positive return ratio, lowest volatility and drawdown [7] Market Dynamics - The macro strategy focuses on dynamic allocation across major asset classes based on global macroeconomic analysis [6] - Bridgewater's "All Weather Strategy" exemplifies macro strategies, aiming for stable performance across different economic environments [6] - Local macro strategy firms like Honghu and Banxia are emerging as key players in the market [7] Challenges and Considerations - Successfully implementing multi-asset strategies requires more than just combining different assets; it necessitates creating a synergistic portfolio [8] - The complexity of the Chinese market, with significant differences in Sharpe ratios and economic cycles, demands experienced management and a tailored methodology [8] - A robust IT system covering research, trading, risk control, and operations is essential for distinguishing the capabilities of multi-asset strategy private equity firms [8]

值得一题的是，年内新增的持牌机构中，黑翼资产、平方和投资、致诚卓远为百亿级私募。 在排排网财富研究总监刘有华看来，大规模私募成为持有9号牌照的核心主力，核心源于资金实力匹配 高昂初始成本、客群需求形成天然支撑、合规优势与治理经验、战略布局突破行业天花板这四大关键因 素的支撑。 目前，持香港9号牌照的107家内地存续私募中，主观私募数量达69家，量化私募28家，主观+量化混合 私募仅10家。 从规模来看，头部机构占据主导地位，35家百亿级私募和19家50-100亿规模私募合计占持牌机构的五 成。 值得一题的是，景林资产早在2005年就拿下该牌照，且持有香港9号牌照时间早于国内私募成立时间。 源峰基金2017年持有香港9号牌照，同样早于国内私募成立时间。 2025年中国私募国际化战略布局迎来关键突破，尤其是以香港9号牌照为核心的跨境布局成果显著。同 时在业务策略、资金合作、区域拓展等多方面呈现出多元化推进态势，不同规模、不同类型的私募机构 均积极参与其中。 截至2025年11月26日，内地存续私募中获得香港9号牌照的机构数量首次突破百家，达107家，年内新增 10家，分别为黑翼资产、弘尚资产、青柏资产、永信国际投 ...