Core Viewpoint - The article highlights the insights of Lu Hang, Chairman of Fusheng Asset, emphasizing the importance of performance-driven investment and the focus on growth stocks in the current market landscape, particularly in new technology and new consumption sectors [1][17]. Company Overview - Fusheng Asset was established in December 2015 and has 23 employees, with a research team of 12, including 3 fund managers and 8 researchers [7]. - The company employs a bottom-up approach to stock selection, focusing on underlying business barriers and identifying performance growth inflection points for investments in A-shares and Hong Kong stocks [7]. Investment Philosophy - The core investment philosophy is performance-driven, with a key criterion being whether a company's expected revenue compound growth rate can reach 20% over the next three years, distinguishing growth stocks from value stocks [9]. - Companies with revenue growth below 10% are classified as value stocks, while those with growth between 10% and 20% are approached with caution [9]. Market Insights - The current Chinese stock market is characterized by significant differentiation, presenting numerous investment opportunities, particularly in new technology and new consumption sectors [17][18]. - The shift from a real estate-driven economy to one focused on new consumption and technology is seen as a new investment era, requiring investors to understand consumer needs and product effectiveness [17]. Investment Strategy - The strategy involves identifying market themes each year, with a focus on leading companies whose performance is less likely to be manipulated [10][11]. - The company emphasizes the importance of high-quality research and monitoring financial reports to track revenue trends [10]. Performance and Risk Management - Fusheng Asset aims to capture the main investment themes each year, acknowledging that only about 30% of selected stocks typically drive significant profits [11]. - The company employs a diverse stock portfolio to manage volatility and uses a dynamic reduction strategy for stocks that do not meet performance expectations [16]. Future Outlook - The private equity industry is expected to undergo significant differentiation, with high-quality managers emerging, while investors should temper their return expectations [19].

Group 1 - Star Stone Investment recently conducted research on Zhongtai Co., which has an order backlog of approximately 2.4 billion yuan for Q1 2025, with 40% of orders coming from overseas [1] - The company expects new orders to accelerate in the second half of the year, with a sales target for the equipment segment in 2025 projected to grow by 20% compared to 2024 [1] - Deep cooling technology has been applied in the Korea Nuclear Fusion Research Institute's experimental device, which can be utilized in the low-temperature phase of controllable nuclear fusion [1] Group 2 - The high dependence on ethane imports and restrictions from the United States may impact the olefin industry, potentially creating a demand for domestic ethane production [1] - The company has not locked in prices for major raw materials due to the long project cycles and unpredictable aluminum price fluctuations [1] - Overseas orders signed in 2023 are expected to be delivered gradually starting from Q1 2024, leading to a gradual release of performance [1] Group 3 - Adjustments in procurement structure are anticipated to lower costs, as the pricing for Shandong's civil gas has not been fully completed [1]

市场行情保持较高热度，私募证券行业迎来一轮产品备案热潮。 私募排排网数据显示，今年前5个月私募行业累计备案私募证券产品达4361只，较去年同期增长 45.03%；5月单月备案产品数量达到870只，同比增幅高达77.19%。 沪上一位机构人士告诉记者，私募产品供给端发力的主要驱动因素是A股市场企稳回升，在人工智能、 新消费、创新药等赛道接连活跃背景下，市场风险偏好显著提升。 今年前5个月私募行业累计备案私募证券产品达4361只，较去年同期增长45.03%。 除了供给端回暖，私募机构正加速布局ETF市场。 "监管环境持续优化也是私募新发市场回暖的一大主因，"融智投资FOF基金经理李春瑜认为，随着私募 行业合规体系的进一步完善，信息披露透明度提高，运作规范性增强，为市场参与方提供了更加稳定、 可预期的发展环境。 供给端发力，年内私募备案破4000只 具体看来，这轮私募备案热情持续始于3月份，每个月新发同比均有增加。 其中，3月分私募备案数量1043只，较2月份的546只增长约一倍，同比增幅更是高达89%；4月备案数量 达到1170只，成为年内备案数量最高的月份。此外到了5月，私募备案数量达到870只，尽管较4月份峰 ...

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has announced the cancellation of registration for 15 private fund managers who failed to contact the association after a one-month public notice period, indicating a continued effort to regulate the private fund industry and protect investors' rights [1][2]. Group 1: Regulatory Actions - As of June 8, 2023, a total of 551 private fund managers have been deregistered this year, with the majority (275) being canceled by the association itself, accounting for 49.91% of all cancellations [2]. - The types of deregistration include "association cancellation," "voluntary cancellation," "12 months without management," and "cancellation by announcement," with the first two types being the most prevalent [2]. - The trend of deregistration has been increasing, with 2,537 private fund managers deregistered in 2023, marking a historical high, although the pace of cancellations has slowed recently [2]. Group 2: Industry Trends - The private fund industry is experiencing a clear trend of "supporting the excellent and limiting the inferior," with over 1,000 private fund managers deregistered annually from 2019 to 2024 [2]. - Regulatory measures have led to the elimination of non-compliant private fund managers, and the remaining managers are increasingly focusing on compliance to enhance their competitiveness [3]. - The introduction of regulations such as the "Regulations on the Supervision and Administration of Private Investment Funds" has clarified the direction for the industry's standardized development [3]. Group 3: Stakeholder Responsibilities - Investors are encouraged to strengthen their risk awareness and prioritize choosing well-regulated private fund institutions, which can drive industry standardization through feedback mechanisms [4]. - Third-party institutions, such as law firms and accounting firms, are urged to provide compliance consulting and financial auditing services to help private fund managers improve their internal control systems [4]. - Financial institutions are also encouraged to support quality private fund managers through funding and business expansion collaborations [4].

Group 1 - The private equity securities fund market is showing a strong recovery trend, with 4,361 funds registered in the first five months, a year-on-year increase of 45.03% [1] - In May alone, 870 funds were registered, representing a significant year-on-year growth of 77.19%, indicating a new wave of development in the private equity industry [1] Group 2 - Quantitative private equity funds are leading the market recovery, with 1,930 funds registered in the first five months, accounting for 44.26% of the total registered private equity securities funds [3] - Among the 66 private equity institutions with at least 10 registered products, 40 are large institutions, with 31 being quantitative private equity firms, highlighting the strong growth of leading quantitative firms [3] - The majority of quantitative private equity products focus on stock strategies, with 1,339 products registered, making up 69.38% of the total quantitative products [3] Group 3 - Stock strategies remain dominant, with 2,749 stock strategy products registered, representing 63.04% of the total 4,361 private equity securities funds [4] - Multi-asset strategies and futures and derivatives strategies rank second and third, with 646 and 510 products registered, accounting for 14.81% and 11.69% respectively [4] - The distribution of strategies reflects an increasing demand for diversified investment options among investors [4] Group 4 - There are 1,558 private equity fund managers with registered products, with 1,177 small firms managing under 1 billion yuan and registering 2,062 products [4] - Medium-sized firms managing between 1 billion and 5 billion yuan have 259 firms with 914 registered products, while large firms managing over 5 billion yuan have 122 firms with 1,385 registered products [4]

Core Viewpoint - The article highlights the significant evolution and growing influence of private equity funds in China's capital markets over the past decade, emphasizing their transition from participants to key players in various financing activities, including IPOs and private placements [2][3][4]. Group 1: Private Equity Fund Growth - As of March 2025, the total management scale of private equity funds reached 5.25 trillion yuan, marking substantial growth from 463.97 billion yuan in 2014 [3]. - Private equity funds held a market value of 1.86 trillion yuan in circulating stocks by the end of Q1 2025, reflecting a 1.77% increase quarter-on-quarter and a 5.72% increase year-on-year [3]. - Private equity funds have become dominant players in the strategic placement market of the Beijing Stock Exchange, with 128 out of 183 strategic placements involving private equity funds in 2024 [3]. Group 2: Evolving Collaboration with Investment Banks - Investment banks are increasingly providing comprehensive services to private equity funds, facilitating efficient capital supply and demand matching [4][6]. - Private equity funds accounted for approximately 30% of the participation in recent IPO inquiries, making them one of the most significant market participants after public funds and insurance [4]. - The collaboration between private equity funds and investment banks has shifted from simple financing to a full-chain service model, focusing on specialized and refined services [7]. Group 3: Challenges and Opportunities - Despite the growth, private equity funds face challenges such as market volatility affecting risk appetite and a tightening of equity financing [8][9]. - Key constraints include uncertainties in exit strategies post-lockup periods, stricter compliance and risk management requirements, and the need to adapt investment logic to attract long-term capital [9][10]. - Recent regulatory changes, such as the revised rules for strategic placements and asset restructuring, are expected to create new opportunities for private equity funds to engage in capital operations and long-term investments [11].

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以栉风沐 雨的征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔流。 本期是"寻访金长江之十年十人"第五期，券商中国记者走进老牌百亿量化私募——因诺资产，专访其创始人、 总经理兼投资总监徐书楠。从清华园到麻省理工学院，再到2014年创办因诺资产，徐书楠坚定走在量化投资的 道路上。他不仅是中国最早一批回国创业的海外量化人才，也是一位将人工智能技术深度嵌入策略体系、始终 坚守长期主义的实践者。 十年创业，恰逢量化投资在中国的快速发展期。从最初亲自主导策略研发，到搭建起多团队协作、策略多元共 生的系统平台；从早期多策略的探索，到扩展至多资产类别、多周期维度、全球市场的策略布局；从AI工具 辅助投研的尝试起步，到实现从数据采集、因子挖掘、信号构建到交易执行的全链条智能系统。徐书楠和因诺 的成长脉络，也正是中国 ...

Group 1 - The private equity securities fund market is experiencing strong growth, with a significant increase in product registrations, totaling 4,361 funds in the first five months of 2025, representing a 45.03% year-on-year increase [1] - In May alone, 870 products were registered, marking a remarkable 77.19% increase compared to the same month last year [1] - Key factors driving this surge include a recovering A-share market, improved regulatory frameworks, strong performance of quantitative strategies, and accelerated product innovation [1] Group 2 - Quantitative private equity funds have shown particularly strong performance, with 1,930 funds registered in the first five months, accounting for 44.26% of total registrations [2] - The recovery of the technology sector since September 2022 has significantly boosted market activity, leading to increased interest in quantitative funds due to their algorithm-driven decision-making and risk management capabilities [2] - The number of private equity fund managers reached 1,558, with a notable presence of smaller firms managing under 1 billion yuan, which registered 2,062 products [2] Group 3 - Large quantitative private equity institutions dominate the market, with 40 out of 66 institutions having registered at least 10 products being large firms, and 31 of these being quantitative [3] - The private equity fund industry is perceived to be entering a golden period of development, driven by improving market conditions and increasingly diverse investor demands [3]

Core Viewpoint - The private equity fund industry is increasingly engaging in social responsibility and charitable activities, contributing significantly to education, healthcare, and social assistance [1][2] Group 1: Company Initiatives - Shanghai Jiaqi Investment Management Co., Ltd. (Jiaqi Investment), a quantitative private equity firm, is highlighted for its digital technology efforts to support rural education [1] - Jiaqi Investment has undergone a change in actual control, marking an important milestone in its development, with a commitment to customer-centric principles and continued focus on technology and research [1] - The company has participated in various charitable projects since its inception, including the Chunlei Plan, Onion Teaching Action, and Guixin Book House, emphasizing the importance of social responsibility alongside commercial value [1] Group 2: Educational Charitable Trust - Jiaqi Investment established the "Jiaqi Photovoltaic Education Charity Trust" in collaboration with Onion Academy, focusing on rural public education [2] - As of April 2025, the project has assisted 9 rural areas, 337 schools, 6,695 teachers, and 288,590 students, providing resources such as teaching software and customized training [2] - The project promotes innovative teaching methods through digital resources, implementing a "human-machine dual-teacher teaching model" and personalized tutoring using big data analysis [2] Group 3: Industry Trends - The private equity fund industry is integrating social responsibility into its core operations, reflecting a new mission to support the real economy and technological innovation [2] - The industry is recognized as a vital part of China's financial sector, tasked with developing patient capital and contributing to high-quality economic growth [2]

Core Viewpoint - The article emphasizes the growing popularity and effectiveness of quantitative stock selection strategies in the A-share market, particularly in a challenging market environment where traditional index-based returns are hard to achieve [2]. Group 1: Market Context - The A-share market has been characterized by a lack of index opportunities, often experiencing fluctuations or declines, making it difficult to obtain beta returns [2]. - In this context, investors are increasingly relying on alpha returns, leading to a surge in interest for quantitative stock selection products [2]. Group 2: Advantages of Quantitative Stock Selection - Quantitative stock selection offers several advantages over traditional subjective investment strategies: 1. Objective decision-making that mitigates human emotional biases such as fear and greed [2]. 2. Efficient scanning of the entire market to identify overlooked investment opportunities [2]. 3. Rapid response and discipline in executing trades, ensuring timely actions based on market signals [2]. Group 3: Performance Metrics - As of May 30, 2025, quantitative stock selection strategies have outperformed major A-share indices over various time frames: - 6-month return: 7.24% - 1-year return: 26.57% - 3-year return: 36.88% - 5-year return: 86.17% [3]. Group 4: Company Profile - 微观博易 - 微观博易 has demonstrated strong performance in the quantitative stock selection space, with its product "微观博易-夏之" achieving significant returns since transitioning to a quantitative strategy [4]. - The company employs a multi-factor stock selection model that combines both human and machine-generated factors, aiming for a balanced and diversified portfolio [5]. - The firm has invested heavily in infrastructure, including proprietary technology for low-latency trading, which enhances its competitive edge in the market [10]. Group 5: Team and Strategy - 微观博易's team consists of over 30 professionals with backgrounds from prestigious institutions and experience in top-tier trading firms [7][9]. - The company focuses on a multi-asset strategy, with a strong emphasis on risk management and maximizing risk-adjusted returns [9][10]. - The firm plans to expand its quantitative stock selection product line, indicating a commitment to growth and innovation in this area [13].