10月15日，由中国证券报主办的"固本 砺新 行远——2025私募基金高质量发展大会暨国信证券杯·第十 六届私募金牛奖颁奖典礼"在深圳举行。上海量客私募基金管理有限公司荣获金牛私募管理公司（三年 期相对价值策略）奖。 金牛奖是由新华社旗下中国证券报主办的权威奖项，凭借着对评选规则的严格执行和对资管行业发展规 律的尊重，金牛奖评选赢得了资管行业和社会各界的普遍认可，是中国资本市场财富管理领域最具公信 力的奖项之一。 公司表示，今年既是"十四五"规划的收官之年，也是"十五五"规划谋篇布局的关键节点。量客投资亦希 望以此次再获殊荣为契机，深度融入金融行业"五篇大文章"的实践进程：依托自上而下的"宏观-量化-交 易"多策略体系，助力客户构建数字金融核心能力，夯实普惠金融与养老金融发展基础，积极参与科技 金融与绿色金融的全面升级。最终将专业资产管理能力，既落实到高质量金融发展的时代浪潮中，也转 化为实实在在的优质产品与服务，陪伴客户共同成长。 国内经济正处于从"数量规模"向"质量效益"转型的阶段。作为金融行业的重要细分领域，私募基金积极 响应"金融强国"战略号召，不仅为资本市场注入充足流动性与耐心资本，为资产管理行业提 ...

Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, particularly focusing on ZeYuan Fund, which has a unique investment strategy and a strong performance record [3][4]. Group 1: Company Overview - ZeYuan Fund was established on November 11, 2015, and registered as a private securities fund manager on December 25, 2017, with a cumulative management scale of 1.9 billion [4]. - As of August 2025, ZeYuan Fund's products have achieved an average return of ***%, ranking first among "subjective + quantitative" mixed private funds with a scale of 1-2 billion [4]. Group 2: Core Team - The team at ZeYuan Fund comprises professionals from banks, trusts, and securities asset management, skilled in using quantitative tools to enhance traditional fundamental analysis [7]. - Key members include: - Yang Guang, General Manager, with over 10 years of experience in financial institutions [8]. - Tang Yunjie, subjective strategy fund manager, with a Ph.D. in management engineering and extensive academic and practical experience in finance [10]. - Zhou Lihua, composite strategy fund manager, with over 10 years of overseas derivatives quantitative trading experience [12]. Group 3: Investment Philosophy & Representative Strategies - ZeYuan Fund employs financial technology theories and modern computing techniques to identify opportunities in asset price fluctuations, enhancing traditional analysis with quantitative tools [14]. - Representative strategies include: - **Beijing Stock Exchange Quantitative Strategy**: A self-operated strategy focusing on high turnover and flexible adjustments based on daily performance data, with an average daily turnover rate of around 50% and an annual turnover rate of 150 times [15]. - **Subjective Strategy**: Focuses on undervalued small stocks, with a holding period of 1-6 months and a maximum single-stock concentration of 25% [19]. - The fund also emphasizes low correlation asset combinations to reduce risk and improve overall returns [21].

Core Insights - Zhuhai has emerged as a "dark horse" in China's urban investment and financing landscape, ranking 15th nationally with a financing scale of 90.796 billion yuan, surpassing cities like Xiamen and Changsha [1][2] - The city has seen a significant increase in private equity fund registrations, reaching 1,917, placing it 9th in the country, indicating its attractiveness for fund management [1][5] - The investment strategy in Zhuhai focuses on "few but large" transactions, with only 549 financing deals supporting the substantial amount, reflecting the strong capital absorption capacity of major projects [2][4] Investment Dynamics - The investment amount in Zhuhai surged dramatically from 8.773 billion yuan in 2020 to 50.102 billion yuan in 2021, marking an increase of over 470% [2] - Key drivers of this investment boom include the "Hengqin Effect" and significant strategic financing from Wanda Commercial Management, which raised 6 billion USD (approximately 40 billion yuan) [2][3] Policy and Strategic Support - The "Hengqin Guangdong-Macao Deep Cooperation Zone" plan, released in September 2021, aims to develop high-tech industries, traditional Chinese medicine, cultural tourism, and modern finance, creating an attractive investment environment [3] - The strategic investment from Wanda has positioned Zhuhai prominently in the national capital market, attracting international and domestic capital for economic restructuring [3] Sector Focus - Zhuhai's investment ecosystem is increasingly centered on "hard technology," with the top three sectors being computer software, smart hardware, and new energy vehicles [5][6] - The city has a robust foundation in the software industry, with over 20 years of development, producing leading companies and fostering a mature ecosystem for AI applications [6] Cross-Regional Collaboration - Zhuhai's capital management is extending beyond its borders, exemplified by the establishment of a 10 billion yuan fund in collaboration with Wuhan, focusing on cutting-edge technology sectors [7] - This collaboration aims to leverage Zhuhai's strengths in integrated circuits and smart hardware with Wuhan's expertise in optical communication and laser technology, enhancing regional industrial synergy [7] Financial Infrastructure Challenges - Despite the growth in private equity and venture capital firms, Zhuhai's modern financial system still faces structural shortcomings, such as the absence of trust companies, limiting its capabilities in wealth management and asset securitization [8] - Recommendations include introducing trust companies to enhance asset securitization services and promoting infrastructure projects for better financial channel development [8]

Core Points - Hongbei Investment won the "Golden Bull Private Fund Management Company (Annual FOF/MOM)" award at the "2025 Private Fund High-Quality Development Conference" held in Shenzhen on October 15 [1] - The Golden Bull Award is recognized as one of the authoritative awards in the domestic private equity industry, aimed at establishing a scientific evaluation system for private equity fund management institutions and enhancing the industry's influence [2] - Since its establishment in 2021, Hongbei Investment has focused on multi-asset allocation and FOF fund investment, believing that scientific multi-asset allocation is key to navigating cycles and improving risk-return ratios [2] Company Overview - Hongbei Investment emphasizes absolute return principles and combines macro research with an understanding of multi-asset operational logic to select high-quality private fund managers [2] - The company aims to balance defensive and offensive strategies through a framework of "multi-assets, multi-strategies, and multiple sources of returns," striving to provide investors with stable returns that can withstand market cycles [2] - The recognition received by Hongbei Investment reflects its strong performance, research and investment system, and long-term strategy stability [3] Future Outlook - Hongbei Investment plans to continue adhering to the philosophy of "cautious beginnings and steady progress," focusing on long-term value and enhancing professional investment capabilities and service standards [3] - The company aims to accompany investors through market cycles and create sustainable wealth growth [3]

Group 1 - The "Private Fund Golden Bull Award" is recognized as a prestigious award in the domestic private equity industry, often referred to as the "Oscar of Private Equity" [2] - The award aims to establish a scientific evaluation system for private equity fund management institutions and investment managers, showcasing excellence in the industry and promoting healthy development [2] - Square and Investment, founded in August 2015, specializes in quantitative investment and has a core team with an average of over 15 years of experience from renowned hedge funds [2][3] Group 2 - Square and Investment has focused on enhancing its research and investment system through team optimization and technological upgrades, including the integration of a scientific division of labor [3] - As of Q3 2025, the management scale of Square and Investment has surpassed 10 billion yuan, with computational resources increasing by approximately 2.3 times year-on-year [3] - The company has maintained a consistent strategy framework since its inception, achieving long-term adaptability and providing a stable investment experience for investors [3]

Core Insights - The A-share market has strengthened this year, leading to increased dividend distributions among private equity funds, with a total of 1,038 products distributing dividends amounting to 14.085 billion yuan [1][2] Group 1: Dividend Distribution Overview - A total of 1,291 dividend distributions occurred this year, with an average dividend ratio of 27.59% across 5,344 products that reported performance [1] - Stock strategy products accounted for 752 distributions, with an average dividend ratio of 31.8%, totaling 10.735 billion yuan, representing 76.22% of the total dividend amount [1] - Multi-asset strategies had 190 distributions with an average ratio of 23.78%, totaling 1.267 billion yuan, making up 9% of the total [1] - Futures and derivatives strategies and bond strategies had similar dividend amounts, with 155 and 140 distributions respectively, totaling 933 million yuan and 880 million yuan, with average ratios of 23.18% and 13.45% [1] Group 2: Factors Influencing Dividend Activity - The increase in dividend distributions for stock strategy private equity products is driven by strong performance, management's intent to control product scale, and the desire to provide investors with tangible returns [2] - Subjective private equity products have been more active in dividend distributions, with 848 distributions, an average ratio of 28.88%, and a total of 9.415 billion yuan, accounting for 66.84% of the total [2] - Quantitative private equity products, despite strong performance, have shown less enthusiasm for dividends, with 443 distributions, an average ratio of 25.24%, and a total of 4.670 billion yuan, representing 33.16% [2] Group 3: Management Scale and Performance - Among private equity managers distributing at least 1 billion yuan, the majority are billion-yuan firms, with 8 such firms, while 2 firms fall within the 2-5 billion yuan range [3] - The highest dividend activity is seen from the billion-yuan subjective private equity firm, Ri Dou Investment, with 14 distributions totaling 2.812 billion yuan [3] - Six billion-yuan quantitative private equity firms also distributed over 1 billion yuan, with Ji Kun Investment and Tian Yan Capital following Ri Dou Investment in total distributions [3]

中证报中证网讯（王珞）10月15日，由中国证券报主办的"固本 砺新 行远——2025私募基金高质量发展 大会暨国信证券杯·第十六届私募金牛奖颁奖典礼"在深圳举行。凭借产品的出色表现，恒基浦业蝉联金 牛私募管理公司（年度债券策略）奖。 金牛奖是由新华社旗下中国证券报主办的权威奖项，凭借着对评选规则的严格执行和对资管行业发展规 律的尊重，金牛奖评选赢得了资管行业和社会各界的普遍认可，是中国资本市场财富管理领域最具公信 力的奖项之一。 在当前行业面临低利率环境挑战的背景下，公司始终坚持"资产为核、风控为先、稳健为舵、交易为 桨"的理念，立足投资者需求，加大策略创新力度以适应债券市场变化，与投资人和合作方共创价值， 本次获奖是对公司恪守初衷的再次肯定。 过去3年，债券市场经历了数次调整，债券类固定收益产品遭遇了以往少有的净值回撤与赎回压力。面 对市场压力，恒基浦业保持了产品净值与管理规模的稳定，再次经受住了市场的考验。这主要归因于以 下两点：首先，公司始终坚持敬畏市场的投资哲学。在投资过程中，从宏观维度做好布局规划，以投行 思维筛选相关标的；投资团队秉持攻守兼备的策略，跳出配置型策略的"舒适区"，通过提升主动交易的 ...

Core Viewpoint - Yangyuan Beverage has announced a capital increase of 1 billion yuan to the private equity fund Qianhong Investment, raising its total scale from 3 billion yuan to 4 billion yuan, and increasing its shareholding ratio to 99.925% [1][2] Group 1: Investment Details - The funds from the capital increase will be used entirely for new project investments by the private equity fund and will not be allocated to existing projects, including Changjiang Storage [2] - Qianhong Investment has made cumulative external investments of 2.954 billion yuan, with direct investments in companies across various sectors such as real estate, AI, new energy, and offline media [2] - A notable investment was made in Changjiang Storage's parent company, Changkong Group, with an additional 1.6 billion yuan, acquiring 0.99% of the shares, making Yangyuan Beverage the eighth largest shareholder [2] Group 2: Financial Performance - Yangyuan Beverage's revenue has declined from 8.144 billion yuan in 2018 to 6.058 billion yuan in 2024, with net profit dropping from 2.837 billion yuan to 1.722 billion yuan [3] - Revenue from walnut milk, the core product, has decreased by 5.86% to 5.373 billion yuan, with sales volume down by 4.71% to 565,300 tons [3] - In the first half of 2025, Yangyuan Beverage reported a revenue of 2.465 billion yuan, a year-on-year decline of 16.19%, and a net profit of 744 million yuan, down 27.76% year-on-year [3]

Core Insights - In September 2023, A-shares indices reached new highs, with the Shanghai Composite Index rising 0.64%, while the Shenzhen Component and ChiNext Index increased by 6.54% and 12.04% respectively [2] - A total of 2,993 private equity products achieved historical net value highs in September, representing approximately 62.22% of products established for over a year [2] - Among these products, 1,125 were quantitative, and 1,868 were non-quantitative, with stock strategy products being the most prevalent [2][3] Product Types - Stock strategy products accounted for 1,931, approximately 64.52% of the total, followed by multi-asset strategy products (443), futures and derivatives strategy products (339), bond strategy products (173), and combination fund products (107) [2] - The majority of products (1,252) came from private equity firms with assets under management below 500 million, while 429 products were from firms with over 10 billion [3] High-Performing Private Equity Firms - A total of 66 private equity firms had all their products reach historical highs in September, with 40 being subjective private equity firms, 19 quantitative, and 7 combining both strategies [4][5] - Among these, 8 firms with over 10 billion in assets included notable names such as Fusheng Asset and Ningbo Huanfang Quantitative [5] Notable Products - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, featured 30 products, predominantly subjective long products [13] - The top-performing products in the quantitative long category had a threshold return of over ***% [16] Investment Strategies - The quantitative long strategy had 476 products achieving historical highs, with the top five returns coming from firms like Huanrong Investment and Longyin Tiger Roar [16] - For subjective long strategies, 606 products reached new highs, with the top five returns from firms such as Shanghai Geru Private Equity and Beijing Xiyue Private Equity [19] Multi-Asset and Derivatives Strategies - Multi-asset strategy products numbered 268, with the top five returns coming from firms like Juku Investment and Yiku Capital [28] - In the futures and derivatives strategy category, 149 products reached historical highs, with a focus on quantitative and subjective CTA strategies [33]

Core Viewpoint - The article discusses the establishment of Shanghai Ruicheng Private Equity by Ding Luming, a prominent analyst with 16 years of experience in sell-side research, emphasizing a unique investment philosophy based on the "Kondratiev Wave" theory and a commitment to achieving sustainable excess returns for investors [2][4][5]. Group 1: Company Overview - Shanghai Ruicheng Private Equity aims to create a "Chinese version of Bridgewater," focusing on a differentiated path that prioritizes unique asset allocation strategies based on the Kondratiev cycle rather than blindly pursuing scale [5][10]. - The firm has successfully registered its products and is positioned to leverage Ding Luming's extensive experience in sell-side research to directly benefit investors [6][19]. Group 2: Investment Philosophy - The investment philosophy is rooted in the belief that the period before 2025 will be characterized by a long-term bearish outlook, while the period after 2025 is expected to shift towards a bullish perspective [6][25]. - Ding Luming's strategy combines traditional asset allocation with modern quantitative investment techniques, aiming to create products that investors can hold for the long term [8][9]. Group 3: Performance Metrics - Ding Luming's personal trading account reportedly achieved an excess return of ***% from January to July this year, with the excess return exceeding ***% in August [5][19]. - The strategy employed by Ruicheng has demonstrated significant performance, with a simulated annualized excess return of ***% over the CSI 300 index from 2017 to 2024 [5][19]. Group 4: Market Outlook - The firm anticipates a significant transformation in the A-share market over the next 30 years, driven by China's rise as a global leader in technology and economic sectors [25]. - The expected ranking of asset classes for the next 6-12 months is equities > bonds > commodities, with technology sectors identified as having the highest potential returns [24][25].