格隆汇10月15日｜养元饮品公告称，公司以自有资金向私募基金芜湖闻名泉泓投资管理合伙企业（有限 合伙）增资10亿元，增资完成后，私募基金总规模由30亿元增至40亿元，公司认缴出资额由29.97亿元 增至39.97亿元，占比99.925%。本次增资款项将用于私募基金对其他项目的投资，不再对目前已投资项 目追加投资。 ...

Core Insights - The A-share market has shown strong resilience and vitality in 2023, reaching a nearly ten-year high despite significant fluctuations in the international financial market [1] - The private equity fund industry in China is experiencing notable changes, with continuous performance recovery and an increase in the diversity of products and strategies [1] - The emergence of AI large models signifies a new phase of technological innovation and capital empowerment in the Chinese private equity sector [1] Industry Developments - The implementation of the "Guidelines for the Operation of Private Securities Investment Funds" has led to a more legalized and standardized trajectory for private equity funds, while also intensifying competition [1] - The overall structure of the industry is optimizing, raising higher demands for institutional professionalism and compliance [1] - High-quality development is now seen as a necessity for survival and growth within the industry [1] Awards and Recognition - The "Guotai Junan Cup - 16th Private Equity Golden Bull Award" ceremony was held on October 15, recognizing outstanding private equity firms and investment managers [4] - A total of 102 awards were distributed among nearly 100 private equity firms and 28 investment managers across various strategies, including stock strategies, index enhancement strategies, and bond strategies [5]

Group 1: Monetary and Financing Data - As of the end of September, the broad money supply (M2) reached 335.38 trillion yuan, with a year-on-year growth of 8.4% [1] - The total social financing scale increased by 30.09 trillion yuan in the first three quarters, which is 4.42 trillion yuan more than the same period last year [2] - The net cash injection in the first three quarters was 761.9 billion yuan [1] Group 2: Gold Prices and Market Trends - The price of domestic gold jewelry has surged over 100 yuan per gram, exceeding 1235 yuan per gram as of October 15 [3] - Private equity funds have distributed over 14 billion yuan in dividends this year, with a total of 1,038 products participating in dividend payouts [3] Group 3: Technology and Manufacturing Developments - A subsidiary of New Kai Lai launched a new generation of ultra-high-speed real-time oscilloscopes, supporting advanced 3nm and 5nm process development [4] - The global PC display panel shipment is expected to grow by 4% in 2025, driven by strong demand for AI products and new releases [5][6] Group 4: Corporate Performance and Announcements - High Energy Environment reported a net profit increase of 15.18% year-on-year for the first three quarters, with revenue of 10.16 billion yuan [9] - Sichuan Road and Bridge announced a 25.16% increase in the total amount of projects won in the first three quarters, reaching 97.173 billion yuan [14] - Tai Ling Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with projected revenue of approximately 766 million yuan [15] Group 5: Market Reactions and Stock Performance - The Shanghai Composite Index rose by 1.22%, returning to the 3900-point mark, with over 4300 stocks in the market experiencing gains [18] - Robotics and aviation sectors saw significant stock price increases, with several companies reaching their daily limit [18]

Group 1 - The A-share market has shown strong profitability this year, leading to increased dividend distribution by private equity funds, with 1,038 products distributing dividends totaling 14.085 billion yuan as of September 30, 2025 [1] - Stock strategy products have been the primary contributors to dividends, accounting for 107.35 billion yuan, which is 76.22% of the total, and achieving an average return of 31.19%, the highest among five mainstream strategies [1][2] - The active dividend distribution from stock strategy products is attributed to strong performance, management's intention to control product scale, and enhancing investor experience [1] Group 2 - Multi-asset strategies have distributed dividends 190 times, totaling 1.267 billion yuan, ranking second after stock strategies [2] - Subjective private equity products have shown more active dividend distribution, with 848 distributions totaling 94.15 billion yuan, while quantitative products have distributed 443 times for 46.70 billion yuan [2] - The rise in private equity fund dividends reflects both market profitability and management's efforts to optimize operations and improve investor experience [3] Group 3 - Market outlook suggests a continued upward trend amidst fluctuations, with investment strategies focusing on growth and balanced allocation, particularly in TMT, non-ferrous metals, and pharmaceutical sectors [3] - Companies with competitive advantages, high-quality earnings, and core technology patents are prioritized for stock selection, alongside those with improved fundamentals [3] - Confidence in China's economy and capital markets remains strong, with a focus on long-term competitive advantage in sectors represented by new productive forces [3]

Core Viewpoint - The private equity industry in China is undergoing a significant cleansing process, with over 24,000 private fund managers having been deregistered in the past decade, marking a transition from a chaotic era to a more mature phase characterized by stronger players surviving and thriving [1][3][15]. Group 1: Industry Overview - As of October 13, 2023, there are 19,614 active private fund managers in China, including 7,684 private securities fund managers and 11,740 private equity and venture capital fund managers [3]. - The number of private fund managers has been steadily declining over the past decade, with 1,014 deregistrations occurring in 2023, a decrease of 22% compared to the previous year [4][7]. - The deregistration wave began in 2016, with a peak of 11,249 deregistrations that year, primarily due to the crackdown on "shell private equity" firms [5][8]. Group 2: Regulatory Environment - The recent deregistration trend is attributed to a combination of regulatory pressure and market conditions, with the introduction of stringent regulations raising compliance costs and operational thresholds for private fund managers [9][10]. - The new regulations, effective May 1, 2023, have significantly increased the capital and operational requirements for private equity firms, effectively elevating the bar to a level comparable to public funds [9][10]. - The regulatory environment has led to a systematic elimination of non-compliant and underperforming firms, with a focus on enhancing the quality of the remaining players in the industry [13][19]. Group 3: Market Dynamics - The current market conditions are described as a "frozen period," with significant challenges for private equity firms, particularly those in the equity sector, due to reduced IPO activity and increased exit difficulties [10][12]. - The operational costs for maintaining a private equity license have escalated, with annual expenses ranging from 1 million to several million yuan, further straining smaller firms [10][11]. - The industry is witnessing a trend where larger, more established firms are likely to dominate, while smaller firms face diminishing survival prospects, leading to increased market consolidation [15][17]. Group 4: Future Outlook - Experts predict that the trend of deregistration will continue, but at a slower pace, with estimates suggesting that the number of deregistrations may not reach the levels seen in previous years [14]. - The future competition in the private equity sector will focus on specialization, compliance, and brand strength, with larger firms likely to expand while smaller firms may struggle to survive [17][18].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年8月底，管理规模在20亿以下的私募管理人有7200余家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 久期量和 。 Part.1 公司概况 上海久期量和投资有限公司（以下简称"久期量和"或"公司"）成立于2015年12月，2016年5月6日在中国证券投资基金业协会备案，登记编号为 P1031301，现为基金业协会普通会员，拥有投资顾问资质。 公司专注于量化投资领域，建立了各类以对冲和套利为核心的量化解决方案。公司团队拥有计算机、数学工程、金融等复合型专业背景，成员均来 自国内知名的大型银行、外资银行、证券公司等金融机构，具有深厚的学术背景和丰富的资产管理经验。 Part.2 核心团队 目前，公司总人数26人，投研团队18人，核心团队毕业于北大、清华、人大、港大、中科大、伦敦政治经济学院（LSE）、多伦多大学等 ...

Core Insights - The private equity industry in China is undergoing a significant cleansing process, with over 24,000 private fund managers having been deregistered in the past decade, marking a shift from a one-time policy-driven cleanup to a normalized deep reshuffling influenced by both regulation and market dynamics [1][3][12] Industry Overview - As of August 2025, there are 19,614 active private fund managers in China, including 7,684 private securities fund managers and 11,740 private equity and venture capital fund managers [2] - The number of private fund managers has been steadily declining over the past decade, with 1,014 deregistrations reported in 2023, a decrease of 22% compared to the previous year [3][6] Historical Context - The first wave of deregistration began in 2016, with a dramatic increase from 51 deregistrations in 2015 to 11,249 in 2016, primarily due to the cleanup of "shell private equity" firms [5][6] - The second wave of deregistration started in 2022, with 2,210 firms deregistered that year, and a peak of 2,537 in 2023, reflecting ongoing market challenges [6][7] Regulatory Changes - Recent regulatory changes have significantly raised the entry barriers for private fund managers, with the minimum investment threshold for private equity products now set at 10 million yuan, a tenfold increase from the previous 1 million yuan [8][9] - The implementation of the "most stringent new regulations in private equity history" on May 1, 2023, has further tightened requirements regarding capital, personnel, and operational standards [7][9] Market Dynamics - The current deregistration wave is driven by a combination of market stagnation, self-purification within the industry, and stringent regulatory pressures [9][10] - Smaller private equity firms, particularly those reliant on IPO exits, are facing heightened challenges, leading to a higher deregistration rate compared to larger firms [9][10] Future Outlook - The trend of deregistration is expected to continue, but at a slower pace, with estimates suggesting that the number of deregistrations may not reach the levels seen in previous years [12] - The private equity industry is entering a phase characterized by "the strong getting stronger," with larger firms likely to dominate the market while smaller firms struggle to survive [13][14] Survival Strategies - Private equity firms are focusing on three main areas for survival: achieving sustainable performance, securing funding, and maintaining compliance with regulatory standards [14][15] - Different firms are adopting varied strategies, with some opting for a "boutique" approach while others are building comprehensive platforms to compete effectively in the market [14][15]

北京商报讯（记者李海媛）10月14日，广西证监局发文称，经查，广西瀚源私募基金管理有限公司（以下简称"瀚源私募"）在开展私募基金业务过程中存在 实际控制人未经法定程序擅自干预管理人的业务活动的问题。公司实际控制人陈立宁，在未经股东会及董事会决议等法定程序的情况下，操作公司1只在管 私募证券投资基金证券账户下单交易股票。 同时，瀚源私募存在内部控制制度机制不健全的问题。一是对于存在基金经理使用其个人手机操作基金证券账户下单交易的情形，未对可能存在的风险制定 有效的防范体系、管控措施。二是未建立健全相关用印管理制度，重要印章的使用缺乏规范的登记记录，用印时间、事由、经手人等关键信息未能及时留 存，难以追溯核实。三是未定期开展全面的外包业务风险评估。四是未完整保存1只在管私募证券投资基金投资决策记录。 广西证监局还指出，瀚源私募办公地不具备独立性，且在基金业协会登记的办公地址与实际办公地址不符未及时履行变更手续。由于上述情形不符合相关规 定，根据有关规定，广西证监局决定对瀚源私募、陈立宁采取出具警示函的监督管理措施。 （文章来源：北京商报） | 索 引 号 | bm56000001/2025-00011875 | ...

Group 1 - The core issue identified by the Guangxi Securities Regulatory Bureau is that Guangxi Hanyuan Private Fund Management Co., Ltd. (referred to as "Hanyuan Private Fund") had its actual controller, Chen Lining, intervene in the management activities of the fund without following legal procedures [1] - Hanyuan Private Fund was found to have inadequate internal control mechanisms, including the use of personal mobile phones by fund managers for trading, lack of effective risk prevention measures, and absence of a proper seal management system [1] - The company did not conduct regular comprehensive risk assessments for outsourced business and failed to maintain complete investment decision records for one of its managed private securities investment funds [1] Group 2 - The office location of Hanyuan Private Fund was deemed not independent, and there was a discrepancy between the registered office address with the fund industry association and the actual office address, which was not updated in a timely manner [1] - As a result of these violations, the Guangxi Securities Regulatory Bureau decided to issue a warning letter as a supervisory management measure against Hanyuan Private Fund and Chen Lining [1]

21世纪经济报道特约记者 庞华玮 据中基协数据统计，年内又有逾千家私募管理人注销。而近10年来，已有超2.4万家私募管理人成为历史。 事实上，近10年私募基金管理人的数量在持续下降，这与基金行业的注销潮息息相关。 据中基协官网数据统计，截至10月13日，年内已注销私募基金管理人1014家，较去年同期1297家，减少283家，降幅约22%。其 中，"主动注销""协会注销""12个月无在管注销"以及"依公告注销"4种类型注销数量分别为486家、454家、71家和3家。 而9月下旬，在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清介绍，"私募基金风险整治 扎实推进，约7000家僵尸机构完成出清，'伪私募'等增量风险基本得到遏制。" 这场始于2016年的行业大出清，已从政策驱动的"一次性清理"，演变为监管与市场共同作用的常态化"深度洗牌"。 当备案门槛升至千万、运营成本高达百万，私募行业正彻底告别"草莽时代"，走向"强者恒强"的成熟发展阶段。 两轮注销潮 近10年来，私募基金行业加速出清。 目前来自中国证券投资基金业协会（以下简称"中基协"）的最新数据显示，截至2025年8月末，存续 ...