Core Viewpoint - The article presents a unique perspective on small-cap stocks, arguing that their valuation, as measured by price-to-book ratio, remains reasonable despite market fears of a collapse in this segment [3][6]. Group 1: Valuation Insights - The price-to-book ratio for small-cap stocks has decreased significantly from over 4 times in 2016 to 2.23 currently, indicating a drop of more than 50% [3]. - The price-to-book ratio has stabilized around 2 since 2019, with fluctuations between a high of 2.5 in December 2023 and a low of 1.3 in February 2024 [3]. - The use of price-to-book ratio is preferred over price-to-earnings ratio due to the volatility in earnings of small-cap companies, which often leads to distorted valuations [4]. Group 2: Market Perception and Opportunities - Many investors dismiss small-cap stocks as "junk" due to high price-to-earnings ratios, but these companies may have significant upside potential if their earnings improve [5]. - Recent mergers and acquisitions in the small-cap space, where larger companies have invested billions, suggest that these stocks possess inherent value that is not immediately reflected in their financial statements [5]. - The article emphasizes that the current valuation of small-cap stocks is still within a reasonable range, contrary to mainstream market beliefs [6]. Group 3: Market Trends and Performance - In 2023, small-cap stocks experienced a remarkable increase, with the Wind Micro Cap Index rising by 47.57%, while major indices like the CSI 500 and CSI 300 fell [7]. - The beginning of 2024 saw a significant downturn for small-cap stocks, with the Wind Micro Cap Index dropping by 34.90% in just two weeks due to liquidity crises triggered by automatic redemption options [8]. - By September 2024, small-cap stocks rebounded significantly, with the trading volume and volatility increasing, leading to a recovery of previous losses and reaching historical net asset value highs [10]. Group 4: Regulatory Changes and Future Outlook - The introduction of new regulations in April 2024 aimed at tightening delisting supervision has raised concerns about small-cap stocks, which are often seen as high-risk for delisting [9]. - The new restructuring regulations introduced in May 2025 simplified the merger and acquisition processes, providing a favorable environment for small-cap stocks [11]. - Overall, the small-cap private equity sector has shown significant resilience and potential for high returns, with some products yielding 60% to 70% returns since their inception [12].

进入2025年下半年 ，股市将会如何演绎，明星私募最新观点受到市场关注。 和谐汇一董事长兼总经理林鹏在投资月报中表示，6月的外部环境并不太平，在以 伊 冲突升温、美联储政策博 弈等外围市场扰动下，中国资本市场仍展现出较强的韧性，A股、港股同步走强，市场情绪保持了相对的亢 奋。 积极的一面是，中美经贸关系继续呈现持续缓和态势。国内经济基本面是下一阶段行情更为关键的变 量。 聚鸣投资董事长刘晓龙表示，经济总量需求依然比较低迷，处于底部状态，多数行业呈现总量平淡，结构性有 少数亮点的状态。流动性方面，在四月关税冲击后，全球总体风险偏好回升，虽然发生了以伊冲突，但总体平 稳。A股和港股市场也呈现流动性结构牛的迹象。高股息类资产、避险资产、结构增长的资产，还是市场共识 所在。 也要注意，政府高度重视内卷带来的经济负面冲击，在一些行业，可能会逐步学习电解铝行业，走出 行业恶性内卷，这可能是未来机会所在。 重阳投资合伙人、战略研究部主管寇志伟对市场总体不悲观。 他近期表示，现在无论是中国内地市场还是中 国香港市场，流动性都非常充裕，港元和美元短期利率发生了历史上从没有过的背离。中国内地经济和股票市 场都在4月份经历了关税战 ...

Group 1 - The A-share market has shown strong fluctuations and rebounds this year, leading to increased confidence among private equity institutions [1] - In the first half of the year, the number of registered private equity securities products reached 5,461, a 53.61% increase compared to the same period last year [1] - Stock strategies remain the dominant strategy for registered products, accounting for 63.32% with 3,458 products [1] Group 2 - Multi-asset strategies and futures and derivatives strategies are the second and third most favored strategies, with 802 and 633 registered products, representing 14.69% and 11.59% respectively [1] - Quantitative private equity products have seen significant growth, with 2,448 products registered, making up 44.83% of the total, a 67.10% increase year-on-year [2] - Among quantitative products, stock strategies dominate with 1,715 products, accounting for 70.06% of the total quantitative products [2] Group 3 - The performance of private equity securities products, especially quantitative strategies, has attracted significant capital allocation due to their outstanding excess return capabilities [3] - The demand for diversified asset allocation has increased significantly in a low-interest-rate environment, reflected in the growing number of multi-asset and futures strategies [3] - The current market conditions suggest that the opportunity cost of equity investment is very low, making the Hong Kong and A-share markets attractive after sufficient adjustments [3]

程序化交易新规7月7日(下周一)实施在即，近期市场传言称"新规中高频交易频率将从每秒299次降至30 次"，对此，记者向多家量化私募求证，该传言不属实。今年4月3日，沪深北三大交易所发布《程序化 交易管理实施细则》，明确对高频交易管理要求，其中，将"单个账户每秒申报、撤单的最高笔数达到 300笔以上，或单个账户单日申报、撤单的最高笔数达到2万笔以上"认定为高频交易，纳入差异化监管 安排，包括额外报告要求、从严管理异常交易行为、实行差异化收费标准等。多家量化私募机构表示， 现行监管标准未作调整。(智通财经) ...

Group 1 - The A-share market in the first half of 2025 experienced significant volatility, leading to a stark performance divergence among private equity firms, with some capitalizing on new trends while others faced losses [1] - Notable private equity firms like Tongben Investment achieved substantial positive returns due to the rise of the new consumption sector, shifting their focus from "big consumption" to "new consumption" since November 2024 [1][2] - The emergence of new consumption is fundamentally a supply-side transformation, driven by factors such as high demand in niche markets and a generational shift towards younger consumers who prioritize emotional value in products [2] Group 2 - The first half of 2025 was characterized by wide fluctuations and structural opportunities in the stock market, with many investors struggling to navigate the volatility and identify long-term trends [2][3] - Key time points included the "DeepSeek moment" before the Spring Festival and overseas disturbances in early April, which influenced the technology sector's revaluation [3] - Some private equity firms reflected on their low allocation to the banking and insurance sectors, which performed well in June, indicating a need for increased research focus on these areas [3] Group 3 - Looking ahead, private equity firms remain optimistic about the second half of the year, focusing on sectors such as artificial intelligence, new consumption, innovative pharmaceuticals, and dividend assets [3][4] - Long-term funds are expected to anchor on fundamentals while speculative funds will seek out previously stagnant sectors for quick rotations, suggesting a complementary market dynamic rather than a zero-sum game [4] - Specific investment directions include a continued emphasis on "technology + consumption," with an increased focus on leading companies in the new consumption space and a broader definition of the technology sector [4]

Core Viewpoint - The private equity fund under Sire Group has announced a dividend distribution, reflecting a growing trend of dividend payouts among private equity products this year, driven by strong performance and market recovery [1][2]. Group 1: Dividend Announcement - On July 1, Sire Investment announced a dividend for its convertible bond private equity product, based on distributable income as of June 30, 2025 [2]. - The cash dividend distribution date is set for July 2, and the normal operation of the fund will not be affected by this distribution [2]. - The fund manager attributed the decision to distribute dividends to the favorable market conditions, including a recovering stock market and structural opportunities, resulting in significant absolute returns for the fund in the first half of the year [2]. Group 2: Industry Trends - As of June 17, 2023, a total of 537 private equity securities products have distributed dividends this year, with 584 instances of dividend payouts, nearing 60% of last year's total [4]. - The primary reasons for these dividend distributions include contractual obligations, strong fund performance, and strategic adjustments to fund size and positioning [4]. - Equity strategy products have been the main contributors to dividend distributions, with nearly 300 products accounting for over half of the total dividend payouts [4]. Group 3: Impact on Investors - Dividends provide cash flow to investors, meeting their liquidity needs, while also potentially reducing their holdings due to performance fee deductions by fund managers [5]. - Cash dividends allow investors to realize some profits, especially in the event of future market downturns [5].

Core Viewpoint - The letter emphasizes the importance of identifying and holding onto the best businesses in a city, focusing on certainty and long-term value rather than chasing trends [2][4]. Summary by Sections Market Overview - The first half of 2025 is characterized by significant volatility and structural opportunities, with new consumption and innovative pharmaceuticals being highlighted as key investment areas [3]. - The development of AI is recognized as a major technological revolution, showing strong fundamentals and increasing revenue potential [3]. Investment Strategy - The strategy involves concentrating on a few high-quality businesses and undervalued assets, with free cash flow serving as the basis for returns [4]. - Historical data suggests that chasing popular assets often leads to negative returns in subsequent years [4]. Key Investment Directions 1. Social entertainment platforms evolving towards AI agents [5]. 2. Companies with strong pricing power in advanced chip design [6]. 3. Enterprises with scarce metal and copper resources amid a weakening dollar trend [7]. 4. Leading AI models and public cloud services in the AI era [8]. 5. Brands focused on sports and outdoor lifestyles, showing improved supply chain and brand management capabilities [8]. Market Sentiment - The Hong Kong market has become a leading venue for IPO financing, indicating a shift in international capital's perception of Chinese assets [9]. - The transition from a unipolar to a multipolar world is expected to provide additional rewards for investment portfolios [9].

以下文章来源于i资管工厂 ，作者你们的厂长大大 i资管工厂 . i资管工厂团队核心成员均具有10年以上投资经验，目前在管一只低波、一只中波FOF。我们联合覆盖 了除债券外的绝大多数策略类型，与数百家管理人和金融机构建立了长期联络，能迅速了解业内动向， 为大家挖掘稀缺策略和产品额度。 作者 | 厂长 来源 | i资管工厂 量化罗生门 时隔多年，又见到量化创始人撕逼的故事了。 6月上旬的时候，笔者看到 某量化 的创始人 范思奇写信说，准备卸任基金经理，产品也要清盘了。 理由是自己做的太累了，影响生活质量，自己也没激情了。 该量化随后"澄清"：清盘的只是 范思奇个人管的少量自营盘 ，公司其他产品一切正常。看起来是 场体面分手，当时笔者也就没在意。 结果这两天风向不对了， 一篇标题为《十年努力，一朝背刺》、落款为范思奇的文章广泛流传。 导语： 从现有信息看，策略主要是靖奇投资创始人范思奇负责开发的，现在做策略的核心负责 人撂挑子了，业绩如何，有很大不确定性。 第二，该量化的业绩只能算还行，过去一年来看，和一些真正业绩出色的量化选股产品相比，收益 差的很多，回撤也没优势。 第三，谁对谁错先不论，血泪教训告诉我们—— 创 ...

近期市场情绪的抬升，正获得资金面的有力验证。 近期，A股市场量价齐升。在这轮攻势背后，头部私募机构正以真金白银的仓位布局A股—— 全市场股 票私募机构平均仓位继续运行在今年以来的相对高位，近九成百亿级股票私募机构的仓位超50%。 一线私募认为，海外风险趋缓、政策预期升温与市场内生修复动能形成合力，共同点燃本轮行情。随着 中报业绩预告时间窗口的临近， 私募机构将投资目光聚焦于科技成长、红利防御与消费复苏三大主 线，预期市场中期表现值得期待。 机构仓位整体高位运行 来自第三方机构私募排排网的监测数据显示，私募机构已进入"较高仓位状态"。截至6月20日，全市场 股票私募平均仓位达74.62%，较前一周小幅上升0.37个百分点，这一数值处于今年以来的中等偏高水 平。 百亿级股票私募机构的仓位更为激进。 截至6月20日， 百亿级股票私募机构 平均仓位为 79.43%， 显著 高于行业均值，处于今年以来的高位区间。 其中，有52.99%的百亿级股票私募机构处于重仓或满仓状 态（仓位大于80%），另有35.63%的百亿级股票私募机构的仓位处于中等偏高水平（仓位在50%至80% 之间）。这意味着近九成（88.62%）百亿级股 ...

Core Viewpoint - The article discusses the performance of the A-share market in the first half of the year, highlighting significant events in the fund industry and the rise of AI in quantitative investment strategies, particularly through the DeepSeek model developed by Huanfang Quantitative. Group 1: A-share Market Performance - In the first half of the year, the A-share market experienced volatility, with major indices rising; the Shanghai Composite Index increased by 2.76% and the Northern Securities 50 Index surged by 39.45%, reaching a historical high [2] - The market showed a clear structural differentiation, with a resonance between technology and dividend sectors [2] Group 2: Fund Industry Developments - Several major events in the fund industry sparked market discussions, including the emergence of DeepSeek in January and the collective support from prominent private equity firms for the Chinese market in April [2][3] - In May, a systematic reform document for the public fund market was released, marking a shift from a focus on scale to a focus on returns [2][6] Group 3: AI and Quantitative Investment - The launch of DeepSeek-R1, an AI model by Huanfang Quantitative, has garnered significant attention due to its cost-effectiveness, being approximately one-tenth the training cost of GPT-4, while achieving complex logical reasoning capabilities [3] - As of May 27, 15 major quantitative private equity firms have reported substantial progress in AI applications [4] Group 4: Fund Manager Responses to Market Conditions - In April, notable fund managers expressed confidence in Chinese assets despite tariff impacts, with some increasing their positions significantly [6][7] - Data shows that as of May 31, the number of billion-dollar quantitative private equity firms is approaching that of subjective private equity firms, indicating a growing trend in quantitative strategies [7] Group 5: Public Fund Systematic Reform - The systematic reform plan for public funds aims to shift the focus from "scale" to "returns," with specific measures to adjust performance compensation for fund managers based on their performance relative to benchmarks [16] - As of June 30, 2025, only 12.37% of actively managed equity funds exceeded their performance benchmarks by more than 10% over three years [16] Group 6: ETF Market Growth - The total scale of domestic ETFs surpassed 4 trillion yuan for the first time in April, driven by significant inflows from state-owned funds during market volatility [18] - The increase in ETF scale reflects a broader trend of institutional investment in the market, particularly during critical periods [18]