Core Viewpoint - The private equity industry is transitioning from rapid growth to stable development, with increasing concentration among leading firms and a shift from quantity to quality due to regulatory improvements [1]. Industry Landscape - The private equity industry is experiencing a significant head effect, with a reduction in the number of funds and managers due to market adjustments and regulatory pressures [4]. - Among the surveyed private equity managers, 46.3% have been established for over 10 years, while 39.89% have been in operation for 5-10 years [4]. - The majority of investment strategies focus on stocks, with subjective stock strategies accounting for 44.44% and quantitative stock strategies for 20.37% [4]. Competitive Landscape - 61.11% of surveyed institutions believe the industry is highly concentrated, while 24.07% view it as competitive with a high elimination rate [5]. - The trend of new private equity products indicates that funds are increasingly flowing towards leading firms, particularly top quantitative private equity firms [7]. Future Development Trends - A significant majority (92.59%) of surveyed institutions anticipate steady growth and a slowdown in growth rates over the next five years [9]. - Over 50% of respondents identify the development of investment strategies as the primary growth point for the private equity industry, with 20% citing financial technology and overseas market expansion as additional growth sources [18]. Collaboration with Custodian Services - A third of surveyed private equity institutions report frequent collaboration with custodian services, with 98.15% indicating some level of cooperation [11]. - Satisfaction with custodian services is high, with 37.04% very satisfied and 59.26% relatively satisfied [12]. - 81.48% of institutions express a need for improved technical support from custodian services, and 62.96% seek faster response times [13]. Challenges and Opportunities - The primary challenge identified by 35.19% of institutions is the tightening of regulatory policies, followed by increased investment difficulty and intensified competition [16]. - The industry is seen as attractive for talent, with nearly 90% of institutions acknowledging this [20]. Recommendations for Future Development - Institutions suggest enhancing transparency and information disclosure in the private equity industry, focusing on ESG (Environmental, Social, Governance) investments to align with investor expectations [22]. - There is a consensus on the need to strengthen compliance systems, improve investor education, and enhance brand building [24].

【导读】两家外资私募同一天完成备案登记 6月16日，中国证券投资基金业协会（以下简称协会）最新备案名单显示，淡明（上海）私募基金管理有限公司（以下简称淡明私募）与安耐德私募基金 管理（北京）有限责任公司（以下简称安耐德私募）同步完成登记。前者股东是新加坡淡马锡的全资子公司，后者母公司为投资中国超20年的全球资管巨 头Earnest Partners。 淡明私募完成备案登记 股东是淡马锡的全资子公司 此次完成登记的淡明私募的法定代表人、总经理许晔，拥有超过20年的金融从业经验，他曾经担任中国建设银行投资银行部副总经理、资产托管业务部资 深副经理，也担任过建信信托副总裁；2021年9月他加入淡马锡投资咨询（北京）有限公司，担任投资部（企业发展部）执行总经理，2025年4月担任淡明 私募总经理。 | 電属信息 | | | | | | --- | --- | --- | --- | --- | | 职务 | 法定代表人 总经理 | | 姓名 许晔 | | | 是否有基金从业资格 | 是 | | 资格获取方式 通过考试 | | | | 时间 | 任职单位 | 任职部门 | 职务 | | | 2025.04 - | 淡明 ...

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the transformation of the wealth and asset management industry towards a service-oriented model, highlighting the need for industry-wide collaboration and the reconstruction of the wealth ecosystem [2][3]. Group 1: Insights on Wealth Ecology in 2024 - The report discusses the potential decline in yields of deposit-replacement products and the challenges in getting clients to accept net value fixed-income products [3][4]. - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investors' choices between funds and wealth management [3][4]. - The report addresses the impact of the toolization trend and how index-based investments are reshaping the competitive landscape of financial products [3][4]. Group 2: Review and Outlook of Various Financial Products - The report includes a comprehensive review of bank wealth management over the past 20 years, focusing on net value returns and the landscape of low-volatility products [4][5]. - It provides an overview of the public fund market, highlighting the ecological structure in a low-profit era and the collaborative evolution of product insights and strategies [4][5]. - The ETF section discusses the market's rapid growth, with both scale and market share reaching new highs, and the innovative policies supporting the ETF sector [4][5]. Group 3: Ecological Leap and New Industry Landscape - The report outlines the necessity of an ecological leap in the wealth and asset management industry, driven by five significant articles that catalyze industry transformation [6]. - It emphasizes the importance of a buyer's perspective in product comparison across markets and the scientific approach to fund investment through strategy indices [6]. - The report discusses the implications of large models in wealth management, exploring how they can enhance household service capabilities and reshape the service paradigm [6].

Core Insights - The average return of private equity fund managers in the past year reached 21.84%, significantly outperforming the market [2] - Stock fund managers showed the highest average return of 25.52%, benefiting from the recovery of the A-share market since "924" [2][4] - Fund managers with assets under management between 0-5 billion yuan had the best performance, with average returns of 23.38% [2][4] By Strategy - Stock Strategy: 1471 managers, 2853 products, total AUM of 2330.34 billion yuan, average return of 25.52% [4] - Futures and Derivatives: 393 managers, 652 products, total AUM of 393.50 billion yuan, average return of 17.27% [4] - Multi-Asset: 297 managers, 531 products, total AUM of 476.29 billion yuan, average return of 19.32% [4] - Bond: 179 managers, 409 products, total AUM of 445.17 billion yuan, average return of 9.70% [4] - Combination Funds: 63 managers, 94 products, total AUM of 42.59 billion yuan, average return of 24.17% [4] By Company Size - Managers with over 10 billion yuan AUM: 114 managers, 586 products, total AUM of 998.51 billion yuan, average return of 20.66% [4] - Managers with 5-10 billion yuan AUM: 400 managers, 707 products, total AUM of 468.51 billion yuan, average return of 23.38% [4] - Managers with 0-5 billion yuan AUM: 1442 managers, 2104 products, total AUM of 750.51 billion yuan, average return of 22.52% [4] Top Performers - Wang Chen from Jiukun Investment topped the list among managers with over 10 billion yuan AUM [5][9] - Wu Xing from Shenzhen Kaifeng Investment led the 50-100 billion yuan category [10][11] - Chen Yu from Shennong Investment ranked first among 20-50 billion yuan managers, focusing on innovative drugs [15][19] - Sun Jie from Nengjing Investment led the 10-20 billion yuan category [22][23] - Hu Shiyuan from Wantao Private Equity topped the 5-10 billion yuan category [29][30] - Tan Guanhua from Hainan Xiangyuan Private Equity led the 0-5 billion yuan category [30][32]

Core Viewpoint - The article emphasizes the importance of rationality and common sense as the most critical abilities for investment managers, which help avoid significant pitfalls and maintain a long-term perspective in investment decisions [3][10]. Company Overview - Jinglin Asset Management, established in 2012, is one of the early and leading private fund managers in China, focusing on value investment and bottom-up fundamental research across A-shares, Hong Kong stocks, and U.S. equities [9]. Investment Philosophy - Jinglin adheres to a bottom-up investment strategy, assessing companies' long-term value with a focus on their competitive advantages, management teams, and corporate governance [6][14]. - The firm believes that truly long-term companies with pricing power and economic moats are extremely rare and should be held onto when identified [7][15]. Market Environment and Macro Research - Investment decisions should be made based on objective assessments of the macro environment, which cannot be changed by personal desires; instead, investors should adapt to existing conditions [5][12]. - The firm has shifted its focus to Chinese companies due to their lower valuations, despite macroeconomic pressures, indicating a strategic response to market conditions [20]. Research and Team Structure - Jinglin employs a unique model where fund managers share a common research platform, leading to consistent long-term performance across different managers [13]. - The firm emphasizes deep, comprehensive research, including extensive 360-degree evaluations of potential investments, involving various stakeholders [14]. International Expansion - Over the years, Jinglin has evolved from focusing solely on Chinese companies to researching industries in Asia and the U.S., enhancing its investment capabilities [17]. - Building a team capable of understanding overseas markets is crucial, as it involves grasping different business models and market dynamics [18][19]. Future Outlook - The private equity industry in China is expected to undergo consolidation, with a focus on quality over quantity, leading to the emergence of a few trusted firms over time [24]. - The Hong Kong market is anticipated to remain active, with increasing participation from international investors, which could provide better opportunities for Chinese companies [21].

Core Viewpoint - The article highlights the growing significance of quantitative strategies in the investment landscape, particularly within private equity funds, showcasing their ability to generate excess returns compared to benchmark indices [2][3]. Group 1: Quantitative Strategies Overview - Quantitative strategies, especially quantitative long strategies, have become essential in the market, focusing on stock selection and optimization through models and algorithms to achieve excess returns [2]. - In May, 574 quantitative long products reported an average return of 3.77%, with an average excess return of 2.45%, indicating strong performance [2][3]. - The average excess returns for specific indices were as follows: CSI 300 at 0.97%, CSI 500 at 3.03%, and CSI 1000 at 2.84% [3]. Group 2: Performance of Specific Strategies - The top-performing products in the CSI 300 index over the past six months included those from Hainan Pengpai Private Equity and Ningbo Huansheng Quantitative, with excess returns of 6.81% and 5.67% respectively [4][5]. - For the CSI 500 index, the leading product was from Jintong Investment, achieving an excess return of 11.91% [8][10]. - In the CSI 1000 index, the top product was managed by Xiaoxiongmao Asset, with an excess return of 13.26% [10][12]. Group 3: Other Index Strategies - Other index products reported an average excess return of 14.41%, with the top performers coming from Liangchuang Investment and Longqi Technology [13][15]. - The strategy shift of certain products, such as the change from CSI 500 to other indices, has led to significant performance improvements [15]. Group 4: Quantitative Stock Selection - The average return for quantitative stock selection products was 9.83%, with an average excess return of 12.34% [17]. - The leading product in this category was managed by Zhuhai Zhengfeng Private Equity, achieving an excess return of ***% [19].

Core Insights - The private equity securities fund industry has shown strong performance in the first five months of the year, with an average return of 4.34% across 12,843 funds, and 74.81% of these funds achieving positive returns [1] Group 1: Performance by Strategy - Equity strategies led the market with an average return of 4.81%, with 73.5% of the 8,487 equity funds reporting positive returns [1] - Multi-asset strategies followed with an average return of 4.14%, while futures and derivatives strategies and combination funds had returns of 3.19% and 3.09% respectively [1] - Bond strategies lagged with an average return of 2.42%, indicating a performance gradient among different strategies in the current market environment [1] Group 2: Quantitative Strategies - The strong performance of quantitative strategies is attributed to a favorable market environment characterized by a small-cap growth style [1] - Within equity strategies, quantitative long strategies performed exceptionally well, with an average return of 8.46% and 86.62% of the 1,480 funds achieving positive returns [1] - Market-neutral strategies also performed well, with an average return of 5.00% and a positive return rate of 91.18% [1] Group 3: Futures and Derivatives Strategies - In the futures and derivatives strategies, quantitative CTA strategies had an average return of 3.38%, slightly outperforming subjective CTA strategies at 3.37% [2] - The proportion of funds with positive returns for quantitative CTA strategies was 70.36%, compared to 65.19% for subjective CTA strategies [2] - Other derivatives strategies and options strategies had average returns of 2.45% and 2.41% respectively [2] Group 4: Market Outlook - Leading private equity institutions express optimism for the market, with indications that the A-share market has completed a "bottoming" phase [2] - A prominent private equity firm believes that the A-share market is entering a historic opportunity for asset value reassessment, anticipating significant upward movement [2] - Another firm notes that A-share valuations are currently low, with ample potential funding and a clear policy stance to stabilize the economy and stock market, leading to growing investor confidence [2]

证券时报记者程丹 私募基金收购上市公司的热潮不断涌现。鸿合科技近日表示，合肥瑞丞私募基金管理有限公司拟以 15.75亿元收购该公司25%股份并取得控制权。这是"并购六条"发布以来，A股市场披露的第6单私募股 权创投基金收购上市公司的案例。 更多私募料参与其中 在现已披露的6单私募股权创投基金收购上市公司的案例中，市场更关注2单，关注度主要集中在两起具 有标杆意义的交易上：一是启明创投拟以4.52亿元收购天迈科技26.10%股份，二是合肥瑞丞私募基金计 划以15.75亿元收购鸿合科技25%股份。这两起交易无论哪宗获得监管部门通过，都将在一定程度上对 行业形成示范效应。 监管部门多次明确表示支持私募基金以产业整合为目的收购上市公司，这与市场需求不谋而合。中央财 经大学资本市场监管与改革研究中心副主任李晓认为，部分上市公司有寻找赋能方和融资方等诉求，希 望有新的伙伴加入，私募基金在产业链上下游往往有众多被投企业，若能入主上市公司，可借助上市公 司主体发挥产业协同效应，实现上市公司做大做强，随着政策红利持续释放，市场需求被充分激发。 年内披露多个收购案例 以年初启明创投拟4.52亿元收购天迈科技26.10%股份为始， ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 半鞅私募基金简介 半鞅私募基金 成立于 2021年9月，核心投研团队为国内最早（2018）将机器学习运用于量化选股的团队之一。 半鞅私募基金 专注于挖掘高频Alpha，并自主开发了高频交易算法和高频交易系统。目前半鞅量化策略已有超过10年的经验，机器学习策略研 发经验超7年。投研框架成熟，且策略都已经历过多轮牛熊周期的考验。公司50%自有资金跟投在资管产品中，与投资者利益长期绑定。（点此 查看 半鞅私募基金旗下产品收益、核心团队及最新路演 ） 管理规模突破5亿:上线第二代 2023年 执行算法,提升短期趋势预 测;新增DMA、多空策略、中 波CTA等产品线 管理规模突破10亿，机器学习 2024年 领域取得显著突破，灰度上线 0 第三代执行算法,上线跨期套 管理规模突破20亿,Infra、 利模块,并开发新的展期策略 Alpha策略、量化CTA策略均取 2025年 得重大进展,包括上线新一代 · 流处理引擎、即将上线新一代 分布式计算平台、提高调仓频 率、提升交易收益占比等方 面。 秒 喜排排网 y 半额 户 核心团队 核心投研团队为国内最早(2 ...

近期，A股行情再度进入震荡阶段。在贸易争端、地缘冲突等因素的影响下，投资不确定性带来 的扰动影响持续。从私募角度出发，当下市场对于数十亿甚至上百亿规模的头部私募关注度较 高，但对小微型私募关注相对较小。 私募排排网数据显示， 有业绩显示的 5亿规模以下私募在近半年、近一年、近三年、近五年分别 实现6.84%、25.29%、45.51%、93.49%的收益，整体表现明显强于大盘。 为了给予投资者更 有价值的信息，本文在5亿以下规模私募中，分别梳理出了近半年、近一年、近三年、近五年收 益的TOP20私募，供投资者参考。 0 1 近半年 " 小而美 " 私募 TOP20 ：主观扛大旗！富延资本收益遥遥领先 私募排排网数据显示，截至2025年5月底的近半年数据中，0-5亿规模有业绩显示且产品数在3只 以上的私募共196家，合计规模约为234.36亿元，近半年收益均值高达6.84%。近半年"小而美"私 募收益均值上榜TOP20的门槛为 ***%。 从投资模式来看，主观私募上榜达15家，量化私募占3 家，"主观+量化"混合类私募占2家。（ 点此查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用*** ...