今年以来，量化私募因为稳定的业绩表现备受市场关注，不少管理人也是抓住时机招揽人才。 量化私募已经成为资管圈的重要人才高地，吸引众多海外机构顶尖人才回流。今年3月，世坤投资高级执行研 究总监兼中国区副总经理方壮熙，正式加盟国内量化机构宁波平方和投资管理合伙企业（有限合伙）（以下简 称"平方和投资"）。另据记者了解，梁劼在世坤时曾是方壮熙下属。 从今年上半年情况看，量化策略继续受到资金追捧。私募排排网数据显示，上半年备案量化私募产品2448只， 占到备案产品总量的44.83%，较去年上半年同比增幅67.10%，较去年下半年环比增幅116.45%。 百亿量化私募成为上半年私募产品备案主力。私募排排网数据显示，上半年共有1775家私募证券管理人有备案 产品。从管理人类型来看，其中主观私募高达1007家，占比56.73%。混合私募和量化私募分别有372家和331 家，分别占比20.96%和18.65%。另外有65家私募管理人类型不详。 从管理人规模来看，0—10亿元小规模私募管理人数量达1371家，占比为77.24%。10亿 元 —50亿 元 中等规模 私募管理人数量为276家，占比为15.55%。50亿 元 以上大规 ...

Core Insights - The overall performance of billion-yuan private equity firms in the first half of the year was impressive, with an average return of 10.93%, outperforming the Shanghai and Shenzhen 300 Index by 0.03% [1] - A significant 94% of the 50 billion-yuan private equity firms that reported performance achieved positive returns, indicating strong market conditions [1] - Quantitative private equity firms led the performance, with an average return of 13.72% among the 32 firms that reported results, highlighting their effectiveness in the current market environment [1] Performance Breakdown - Among the billion-yuan private equity firms, 47 out of 50 reported positive returns, showcasing a high success rate [1] - The top-performing quantitative private equity firms included Steady Investment, Evolutionary Asset, Xinhong Tianhe, Tianyan Capital, and Longqi Technology, all of which achieved significant returns [1] - In contrast, subjective billion-yuan private equity firms faced limitations due to their strategies, resulting in a lower average return of 5.51% [1]

Group 1: Securities Asset Management Business - Nine securities firms have asset management business scales exceeding 100 billion, with CITIC Securities leading at 343.24 billion [1][2] - The total number of securities asset management products reached 22,482, with a total scale of 5.93 trillion, accounting for 9.23% of the overall asset management market [1][2] - FOF products show significant return differentiation, with strategic allocation products performing exceptionally well, indicating market preference for specific strategies [2] Group 2: Bond ETFs - The first batch of 10 sci-tech bond ETFs sold out on the first day, each with a fundraising cap of 3 billion, indicating strong market demand [3] - The total scale of bond ETFs reached 389.94 billion before the launch of the new products, with expectations to surpass 400 billion following the successful fundraising [3] - The success of these bond ETFs may enhance brand influence for related companies and attract more investors to the bond ETF sector [3] Group 3: Private Securities Products - The number of newly registered private securities products doubled compared to the previous month, with a total of 1,100 products registered in June, marking a significant increase [5] - In the first half of the year, the number of new private securities investment funds reached 5,461, a year-on-year increase of 53.61% [5] - The increase in private product registrations reflects a growing expectation for capital market recovery and a shift in funds towards private sectors [5][6] Group 4: Talent Movement in Asset Management - Sun Jianbo, a former champion fund manager, joined Wanlian Asset Management as Vice General Manager, indicating a significant talent movement in the asset management industry [4] - Wanlian Asset Management aims to expand its capital and pursue public fund licenses, reflecting a strategic focus on growth in asset management [4] - The influx of experienced professionals into the asset management sector may enhance competition and resource allocation within the industry [4]

Company Overview - Zhixin Rongke was established in 2013 by two core founders who previously worked at the renowned hedge fund company WorldQuant, focusing on strategy research as its core competitive advantage [2][6] - The company has developed a highly efficient investment research and trading system, accumulating a diverse range of strategies [2] Performance Highlights - Zhixin Rongke's quantitative CTA strategy has achieved good returns during weak market conditions (2022-2023) and demonstrated strong explosive potential in relatively strong years (2024-2025) [2] - As of May 2025, the "Zhixin Rongke Multi-Strategy No. 8 Class A" managed by Wu Zhengpeng has achieved a remarkable return of ***% over the past year, ranking first among the top ten quantitative CTA funds [2] Development Timeline - 2013: Company registration - 2016: Registration and filing - 2021: Initiated asset management business focusing on CTA strategies - 2023: Launched quantitative stock selection strategy - 2024: Completed upgrade of CTA strategy, adding stock index and treasury futures strategies - 2025: Launched mixed multi-strategy (quantitative CTA + stock selection strategy) and flexible hedging strategy [5] Core Team - The two founders hold PhDs from prestigious universities and have over ten years of quantitative trading experience, having worked as senior scientists at WorldQuant [6][7] Competitive Advantages - **Solid Foundation**: The founders' strong academic backgrounds and experience at WorldQuant contribute to a robust quantitative trading system, with a deep understanding of market dynamics [8] - **Rich Strategy Reserve and High Research Efficiency**: The company has developed a highly efficient backtesting and live trading system over more than a decade, resulting in a well-balanced and extensive strategy library [9] - **Complementary and Stable Core Team**: The founders' complementary expertise and clear division of labor have been crucial for maintaining long-term leadership in the industry [10] Product Lines - **Composite CTA Strategy**: The "Zhixin Rongke CTA No. 7 Class A" fund, established on June 8, 2021, consists of a combination of various low-correlation sub-strategies, covering over 50 futures products [12] - **Quantitative Stock Selection Strategy**: The "Zhixin Rongke Quantitative Stock Selection No. 1" fund, launched on October 14, 2022, employs a multi-factor strategy to select quality stocks while incorporating flexible hedging strategies [14] - **Mixed Multi-Strategy**: The "Zhixin Rongke Multi-Strategy No. 8 Class A" fund, established on September 8, 2022, combines 70% composite CTA strategy and 30% quantitative stock selection strategy to achieve stable overall returns [15]

Group 1: Airline and Logistics Developments - Emirates Airlines launched a direct flight route from Shenzhen to Dubai, increasing weekly flights from 4 to 11, facilitating trade and tourism between Shenzhen and the Middle East [2] - JD Logistics signed a cooperation agreement with Abu Dhabi Airport Free Zone to develop a smart logistics hub, covering an area of approximately 70,000 square meters, expected to be operational by 2028 [2] - The Abu Dhabi Port Group's new roll-on/roll-off ship "Zaher" commenced its maiden voyage, carrying nearly 4,000 domestic cars from Ningbo-Zhoushan Port to Egypt, marking the first automotive export route through the region [3] Group 2: Technology and Financial Innovations - China Communications Technology Co., Ltd. signed a contract for the Dubai Blue Line project, marking its first breakthrough in the Gulf market, providing integrated communication and signal systems [3] - Abu Dhabi Securities Exchange launched the Middle East's first blockchain-based digital bond pricing program, indicating a significant step in financial innovation [4] - The UAE released the world's first mixed aviation operation regulatory framework, allowing electric vertical takeoff and landing aircraft to operate alongside traditional helicopters [6] Group 3: Real Estate and Economic Growth - Dubai's real estate market achieved a record sales volume of $89 billion in the first half of the year, with a 40% year-on-year increase, driven by strong performance across various property types [5] - Dubai Duty Free reported sales of 4.118 billion dirhams (approximately $1.128 billion) in the first half of 2025, a 5.34% increase compared to the previous year [6] - The UAE ranked first globally in mobile shopping adoption, with 67% of consumers using smartphones for their last purchase, a 23% increase from 2022 [4]

Core Viewpoint - The A-share market showed a strong upward trend in June, with the Shanghai Composite Index rising by 2.90%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [2] Private Fund Performance - In June, 2010 private fund products reached historical net value highs, accounting for approximately 45.68% of the private funds with performance data available for nearly one year [2] - Among these, quantitative products numbered 965, while non-quantitative products totaled 1045 [2] - The majority of products employed stock strategies, with 1153 products, followed by multi-asset strategies (272), bond strategies (257), futures and derivatives strategies (256), and combination fund products (72) [2] Company Scale Analysis - The largest number of products came from private funds with a scale below 500 million, totaling 790 products, which is nearly 40% of the total [3] - There were 283 products from private funds with a scale of 10 billion or more [3] Top Performing Products - The top-performing products in the quantitative long stock strategy category included 522 products, with the highest return threshold exceeding ***% [3] - The leading product was "Zeyuan Zhicheng Beta Quantitative No. 1 A Class" managed by Zhou Lihua from Shenzhen Zeyuan, with a recent scale of approximately *** billion and a one-year return close to ***% [5][10] - In the subjective long stock strategy category, the top product was "Xiyue San Shi A Class" managed by Wu Lei from Beijing Xiyue, with a recent scale of approximately 25.73 million and a one-year return close to ***% [10] Multi-Asset Strategy - The top product in the multi-asset strategy category was "Luyuan Ruize Stable Growth" managed by Lu Wentao, with a recent scale of approximately *** billion and a one-year return of about ***% [13] Futures and Derivatives Strategy - In the futures and derivatives strategy category, "Junfu Zhongzheng 500 Index Enhanced No. 1" managed by Wang Jiazhen and Dai Hangxiao from Junfu Investment had a recent scale of approximately *** million and a one-year return of about ***% [17] Bond Strategy - The leading product in the bond strategy category was "Hansheng New Millennium No. 1" managed by Yang Shangmeng from Shanghai Hanhong, focusing on convertible bond trading [19] Billion-Level Private Fund Insights - In June, 283 products from billion-level private funds reached historical highs, with quantitative products making up 87.6% of this total [21] - Notably, 13 billion-level private funds had 10 or more products reaching new highs, with 聚宽投资 leading with 41 products [22]

2025年上半年，伴随着DeepSeek的火爆出圈，AI赋能在量化私募领域的应用，已成为量化私募工 作的重要方向。不少量化私募开启了烧钱的AI军备竞赛，百亿量化私募鸣石基金在持续加大超算等基 础设施投入的基础上，强化AI在策略研发中的应用，全方位助力量化投研。据了解，目前九坤、宽 德、蒙玺等头部量化私募已公开宣布加码AI研发。 DeepSeek点燃量化私募AI战火 2023年7月，幻方量化宣布成立大模型公司深度求索（DeepSeek），创始人梁文锋也成为市场关注 的焦点，其不仅拥有DeepSeek，同时还是中国两家百亿量化私募宁波幻方和九章资产的实控人。资料 显示，梁文锋于2008年开始研究量化对冲，2015年创立幻方量化，高峰时期，管理规模曾超千亿。作为 专业量化投资机构创始人，梁文锋旗下私募近年来业绩表现同样不凡。私募排排网数据显示，截至6月 30日，幻方量化旗下代表产品九章幻方中证500量化多策略1号的单位净值为4.9405 元，今年以来收益率 为18.08%，成立以来收益率高达394.05%。 头部量化私募们在算力、人才等领域不断投入巨资。百亿量化私募鸣石基金相关人士曾告诉《每日 经济新闻》记者，公司 ...

Core Viewpoint - The company, Zhiyu Zhishan Investment, adopts a unique investment philosophy of "investing in excellent companies at reasonable prices" and utilizes its proprietary AI investment system for global asset allocation [1] Group 1: Company Overview - Zhiyu Zhishan Investment has been active in the capital market since its establishment in 2016, successfully entering multiple whitelist programs for brokers, trusts, and listed companies, and joining the China Internet Association's AI Working Committee in 2023 [2] - The founder, He Li, emphasizes that the core identity of the company is the deep integration of AI technology into investment research practices, positioning the firm as a "global value investment practitioner" [2] Group 2: AI Investment System - The company's AI system, named "AI Cybertron," integrates four key components: research, trading, risk control, and backtesting, and is continuously evolving [2] - Recent advancements include incorporating subjective investment frameworks into the AI backtesting system, allowing for traceability of every transaction and research conclusion, addressing the issue of "forgetting errors" in subjective investing [2] - The system also employs a quantitative trading approach within the subjective investment track, ensuring that investment decisions are based on rational team consensus and AI insights rather than individual biases [2] Group 3: Investment Strategy - The company follows a bottom-up approach to portfolio construction, validated by a top-down perspective, with a focus on five core sectors: technology innovation, consumption, pharmaceuticals, manufacturing, and cyclical industries [3] - The investment team promotes a flat collaboration model and encourages cross-research and repeated coverage to ensure depth and diversity in research [3] - The team selects companies that exhibit strong competitiveness, high growth potential, significant value creation, and reasonable pricing [3] Group 4: Market Response and Adaptation - In response to market fluctuations, the company has adopted a strategy of "left hand AI, right hand new consumption," while also investing in lithium mines, innovative pharmaceuticals, and non-bank financial sectors [4] - The investment decisions are based on the principle of safety margin in value investing, where companies with similar qualities are allocated higher levels of investment based on greater safety margins [4] - The company has integrated options tail strategies into its private equity products to better manage short-term market volatility and leverage the "fat tail effect" from significant market fluctuations [4] Group 5: Internal Mechanism and Future Plans - He Li reflects on missed opportunities, such as a leading gold consumption stock in the Hong Kong market, attributing it to teamwork gaps and complacency, and plans to optimize the internal investment research mechanism [5] - In a competitive private equity landscape, the company remains committed to its philosophy of investing in excellent companies at reasonable prices, leveraging its AI system to uncover global investment opportunities while managing tail risks with options strategies [5] - The company aims to deliver a balanced portfolio with "anti-fragile" capabilities, which is seen as a differentiating customer experience and a unique advantage for a non-headquartered subjective investment firm [5]

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 Ecosystem - The report reflects on the past year’s efforts and anticipates future explorations, marking the 14th consecutive year of publication [1][2]. - The concept of "ecological leap" signifies a comprehensive and profound transformation within the industry, requiring collective progress rather than isolated actions from individual institutions [2][3]. - The value of research services is underscored as essential for identifying trends and guiding industry transformation [2]. Group 2: Financial Product Overview - The report includes a detailed directory covering various financial products and market insights, such as the performance of bank wealth management, public funds, ETFs, trust markets, and private equity funds [3][4][5]. - Key topics include the challenges of net value fixed income products, the impact of structured products, and the evolution of private equity strategies [3][4][5][6]. Group 3: Future Directions - The report outlines the necessity for a buyer-centric perspective in research, aiming for a synergistic evolution of the financial ecosystem [3][6]. - It discusses the importance of adapting to new market conditions and the potential for innovative financial products to emerge in response to changing investor needs [4][5][6].

Core Viewpoint - A well-known subjective private equity fund, Heyuan Fund, founded by prominent investor Guan Huayu, has seen a significant decline in its management scale, dropping from over 10 billion to between 5 billion and 10 billion [2] Company Overview - Heyuan Fund was established in March 2022 and completed registration in May of the same year. Guan Huayu has a rich background in investment management, having held various positions in notable firms before founding Heyuan Fund [2] - Guan Huayu holds 67% of Heyuan Fund's shares, with other shareholders having smaller stakes, and many of them previously worked at Shanghai Tongyuan Investment [2] Performance Analysis - Despite a strong start, Heyuan Fund has experienced a "high opening and low running" trajectory, with its products showing cumulative losses of 23% to 25% since their inception in July 2022 [4] - For instance, the "Heyuan Haomai Yuhong Phase 1" product has seen a cumulative loss rate of 24.68% as of June 30, 2023, despite a brief recovery in net value [4] Market Trends - The frequency of new product launches by Heyuan Fund has significantly decreased after an initial surge, with 91.57% of its 83 registered products launched between June and December 2022 [5] - The broader market for subjective private equity funds has seen a decline, with the number of non-quantitative billion-yuan private equity funds dropping from 86 to 47 between February 2022 and May 2023 [5] Industry Insights - Industry experts suggest that the recent market has been characterized by structural trends, leading to frequent changes in market styles and hotspots. This volatility can heavily impact subjective private equity funds that rely on the judgment of core fund managers [6] - Many private equity firms experienced significant growth in management scale around 2021 and 2022, but if their research and investment capabilities do not keep pace, it can adversely affect future investment decisions [6]