排版：刘珺宇 校对： 吕久彪 百万用户都在看 超级空头，突袭！ 北交所，突然大异动！发生了什么？ 直线拉升！特朗普，突然宣布！ 哈佛大学，突发！ 最新！特朗普，签了！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 5月23日，深圳证监局发布了《深圳私募基金监管情况通报（2025年第3期）》，就私募检查发现的问题及 监管要求进行了通报。 通报指出，有的私募出借私募基金证券账户或持仓股票。个别私募机构从业人员向外部人员出借基金持仓股票 用于日内回转交易，允许外部人员接入公司投资交易系统、以公司名义下达交易指令，相关人员因涉嫌非法经 营犯罪被公安机关侦办。有的私募机构将其在管私募基金证券账户提供给第三方机构或个人运作，用于开展大 宗交易、定向增发等交易。还有个别私募机构向第三方机构或个人出借部分私募基金证券账户，用于规避监管 从事市场操纵等证券违法行为或非法配资活动，对第三方机构或个人利用私募基金从事违法犯罪活动持放任心 态，合规风险突出。 责编：罗晓霞 ...

Core Viewpoint - The article highlights the increasing popularity of dividend-paying assets in the market, with A-shares expected to distribute over 2.39 trillion yuan in dividends in 2024, setting a new historical record. The focus is on the dividend distribution of private equity funds in 2024, with 23.36% of the analyzed products expected to pay dividends [2][3]. Summary by Category Private Equity Fund Dividend Distribution - Among 3938 private equity products with performance data, 920 are expected to distribute dividends in 2024, representing 23.36% of the total [2]. - The leading private equity firm in terms of the number of dividend-paying products is Junfu Investment, with 17 products expected to pay dividends in 2024 [2][3]. Performance of Dividend-Paying Products - Continuous dividends indicate strong profit-generating capabilities, with only 14 products having paid dividends for five consecutive years, showcasing impressive performance [4]. - The average return for private equity products that will distribute dividends in 2024 varies by fund size, with notable performances in different categories [6][12][15]. Performance by Fund Size - **100 Billion+ Yuan Private Equity**: 13.75% of products are expected to pay dividends, with an average return of 21.05% for these products [6][7]. - **50-100 Billion Yuan Private Equity**: 16.17% of products are expected to pay dividends, with an average return of 15.33% [10]. - **20-50 Billion Yuan Private Equity**: 35.96% of products are expected to pay dividends, with an average return of 18.22% [12][13]. - **10-20 Billion Yuan Private Equity**: 24.46% of products are expected to pay dividends, with an average return of 21.66% [15][16]. - **5-10 Billion Yuan Private Equity**: 26.83% of products are expected to pay dividends, with an average return of 20.03% [19][20]. - **0-5 Billion Yuan Private Equity**: 25.39% of products are expected to pay dividends, with an average return of 25.58% [22]. Notable Products and Managers - Junfu Investment's "Junfu Gold Enhanced No. 2" achieved a return of ***% in 2024 and paid dividends twice, leading in the 20-50 billion yuan category [12][14]. - The top-performing product in the 100 billion+ category is "Yanfeng Exclusive Small Cap Index Enhanced No. 1" from Yanfeng Investment, with a return of ***% [8][9]. - In the 50-100 billion category, "Square and Ding Sheng Zhong Zheng 2000 Index Enhanced No. 21A" from Square and Investment paid dividends twice and achieved a return of ***% [10][11].

Core Viewpoint - The article emphasizes the power of compound interest and the challenges of achieving consistent positive returns in the current complex market environment, particularly in the A-share market, where the CSI 300 index has shown significant fluctuations since 2021, with a cumulative decline of 27.65% as of April 30, 2025 [2][3]. Summary by Category Market Performance - Since 2021, the CSI 300 index has experienced annual returns of -5.20%, -21.63%, -11.38%, 14.68%, and -4.18%, with only one year showing positive returns [2]. - The cumulative return from 2021 to April 30, 2025, is -27.65%, indicating a challenging environment for private equity funds to achieve consistent positive returns [2]. Private Equity Fund Performance - As of April 2025, among 926 private equity products (excluding pure bond strategies), only 238 products (approximately 25.7%) have achieved positive returns each year since 2021 [3]. - The successful products are nearly evenly split between quantitative (114 products) and non-quantitative (124 products) strategies [3]. Top Performing Products - The top five products with the highest cumulative returns since 2021 are from JiLu Asset, Shanghai Liangyu Private Equity, JiuKun Investment, and Guangzhou Shouzheng Yiqi [4]. - Notable products achieving over ***% returns since 2021 include JiuKun's "JiuKun Day Enjoy CSI 1000 Index Enhanced No. 1" and Liang Kui's "Liang Kui Xiang Shui Lu Mountain No. 5" [4][12]. Strategy Breakdown - In the quantitative strategy category, there are 35 products that have achieved positive returns each year since 2021, with 16 being from large private equity firms [3][13]. - The subjective long-only equity strategy has 37 products with consistent positive returns, with 20 from large private equity firms [13][14]. Multi-Asset and Other Strategies - There are 33 multi-asset strategy products that have shown positive returns each year since 2021, with 6 from large private equity firms [18]. - In the futures and derivatives strategy category, 35 products have achieved positive returns since 2021, with 4 from large private equity firms [24]. - The bond strategy category has 15 products with consistent positive returns, with 1 from a large private equity firm [27]. Overall Trends - A total of 47 large private equity products have achieved positive returns each year since 2021, with a significant representation from subjective long-only equity strategies [31].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 如愿基金简介 如 愿 基 金 是 深 圳 2024 年 新 增 注 册 登 记 的 第 三 家 证 券 私 募 。 公 司 成 立 于 2024 年 3 月 20 日 ， 8 月 16 日 在 基 金 业 协 会 完 成 登 记 ， 登 记 编 号 为 P1074843。公司投资围绕固收打底、多资产配置的策略，以风险相对较低、流动性相对较好的固定收益类产品为底仓，并在严格控制风险的情 况下，充分捕捉震荡市场行情下转债、商品、金融衍生品等大类资产的结构性机会，增强组合收益。 （点此查看 如愿基金旗下产品收益、核心 团队及最新路演 ） ） 40% 深圳如图坤泽企亚是瑶令仪 15% 公司 企业 (有限合伙) 15% 股权 上海羽帅管理咨询有限公司 10% 25% 朱阳默 | 张立伟 10% 25% 15% 深圳如愿坤泽企业管理合仪 C 企业(有限合伙) 数据来源：协会公示信息 发展历程 2024年3月 · 成立如愿基金 2024年8月 完成在中国证券投资基金业协会 的登记备案 2024年10月 首次发行备案基金产品, 全面启 动资管业务 :2 核心团队 ...

Core Viewpoint - The training session organized by the Jiangxi Provincial Investment Fund Association aims to enhance compliance among private equity institutions and promote high-quality service to the real economy, with participation from over 200 private fund managers and six private fund clusters in the province [1][2] Group 1: Training Session Details - The training included lectures from experts of the China Securities Investment Fund Industry Association and Jiangxi Securities Regulatory Bureau, covering topics such as registration, fund filing, industry development, and self-regulatory requirements [1] - The Jiangxi Securities Regulatory Bureau provided an overview of the past year's regulatory work, highlighting violations and analyzing typical cases, along with a detailed interpretation of key provisions in the "Regulations on the Supervision and Administration of Private Investment Funds" [1] Group 2: Industry Challenges and Recommendations - The private equity industry in the region plays a crucial role in supporting corporate equity financing, fostering economic growth, and serving residents' wealth, but faces challenges such as overall weak strength, insufficient post-investment empowerment, and a need for improved compliance awareness [2] - Private equity institutions are urged to adhere to compliance standards, prioritize investor interests, and enhance the effective connection between social and state capital, focusing on the research of local and advantageous industries [2] - The Jiangxi Securities Regulatory Bureau will continue to guide the Provincial Investment Fund Association, promoting self-discipline, service, and innovation to facilitate industry communication and support high-quality economic development in Jiangxi [2]

Company Overview - Hangzhou Oak Asset Management Co., Ltd. was established in March 2018 and is a registered private fund manager with the Asset Management Association of China [3] - The company focuses on stock quantitative investment, specializing in high-frequency trading strategies [3][7] - The core research team consists of PhDs from Zhejiang University and senior engineers from Huawei, integrating financial mathematics theory with engineering capabilities [3][8] Development History - From 2013 to 2017, the company developed and optimized quantitative strategies [7] - In 2018, the company was officially established and began external fundraising [7] - In 2022, it obtained investment advisory qualifications and innovated trading logic [7] Core Team - The investment research team comprises 9 professionals with an average industry experience of 8.5 years [8] - The team is led by founder Zhong Yinhui, who is also the general manager and investment director [9][10] Core Advantages - The company's high-frequency trading strategies have undergone extensive real-world testing, allowing for quicker adaptation to market trends [15] - The management team is experienced, with core members having substantial backgrounds in quantitative finance [15] - The company maintains a stable team and possesses a scalable strategy capacity [15] Product Lines - The Oak Asset Management offers various products, including: - **Oak Yongfu Private Securities Investment Fund**: Focuses on the CSI 500 index with a strategy to achieve long-term excess returns [15][16] - **Oak Wangjiang No. 2 Private Securities Investment Fund**: Targets the CSI 1000 index with a similar strategy [16] - **Oak Wenchao No. 2 Private Securities Investment Fund**: Utilizes a quantitative timing model to adjust stock positions dynamically [18] Achievements and Recognition - In 2024, the company ranked sixth in the "Index Enhancement Newcomer Group" at the Guangfa Securities "Zhihui Cup" private equity competition [22] - In 2023, it won the "First·Action" award at the Quantitative Technology Carnival [22] - The company was recognized as the champion in the Jiangsu-Zhejiang region for management scale of 10-20 billion in 2023 [22]

智通财经5月22日电，中国证券投资基金业协会私募股权及并购投资基金委员会工作会议近日在成都召 开。会议通报了私募基金行业发展最新情况以及今年以来协会重点工作推进情况；邀请启明创投分享了 股权创投基金控股型并购上市公司案例及经验体会；围绕推动股权及并购基金高质量发展、更好服务实 体经济转型升级以及提升协会工作质效等主题进行了深入研讨。 中基协召开私募股权及并购投资基金委员会工作会议 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Major Asset Restructuring Management Measures" to encourage private equity funds to participate in mergers and acquisitions (M&A) of listed companies, which is expected to enhance market efficiency and activity [1][10][13]. Group 1: Regulatory Changes - The revised measures include a "reverse linkage" mechanism that reduces the lock-up period for private equity funds, allowing them to better manage exit points and enhance investor confidence [1][6][11]. - The introduction of a phased payment mechanism for restructuring shares and simplified review procedures are significant aspects of the new regulations [1][11][12]. - The new rules aim to address long-standing issues faced by private equity funds, such as difficulty in exiting investments, long cycles, and high risks [3][4][11]. Group 2: Market Impact - The "reverse linkage" mechanism allows private equity funds to shorten their lock-up period from 12 months to 6 months after a 48-month investment period, which is expected to increase participation in M&A activities [6][7]. - The new regulations are anticipated to stimulate the M&A market by improving the operational efficiency of private equity funds and encouraging them to actively seek acquisition targets [4][9][10]. - Since the introduction of the "M&A Six Measures" last September, there have been at least 10 disclosed cases of private equity funds participating in M&A of listed companies [9]. Group 3: Future Outlook - The revised measures are expected to enhance the efficiency of the M&A market, allowing for better resource allocation and integration within industries [11][12][13]. - The phased payment mechanism is seen as a significant innovation that can reduce buyer pressure and risks, thereby encouraging more companies to engage in M&A activities [12][13]. - Overall, the new regulations are likely to boost investor confidence in the capital market and facilitate the flow of capital towards more promising sectors and enterprises [13].

Core Insights - The article emphasizes the performance of private equity funds established between 2013 and 2015, which are now entering a typical exit cycle [1]. Fund Performance Analysis - An analysis of Internal Rate of Return (IRR) distribution across different performance percentiles was conducted, comparing merger funds with non-merger funds to understand their market positioning [3]. - The majority of merger funds have IRRs concentrated in the 8%-14% and 14%-20% ranges, with 63 funds in each category, together accounting for half of all merger funds during this period [8]. - More than half of the merger funds achieved returns above 14%, with some exceeding 26%, while only 33% of non-merger funds reached this level, indicating a higher probability of exceeding 14% returns for limited partners (LPs) investing in merger funds [8]. - Merger funds are viewed as a significant source of long-term excess returns for LPs, demonstrating higher return tendencies even during challenging market conditions such as the COVID-19 pandemic and subsequent economic downturns [8]. Future Outlook - The uncertainty during the COVID-19 period may have impacted various investment strategies differently, with merger funds showing resilience [9]. - As the market gradually recovers, ongoing observation will be necessary to determine if these funds can generate additional positive value and further enhance return averages [9].

Group 1: Xinyu Guoke - Xinyu Guoke is rapidly developing in the field of explosive devices, which has become a major economic growth point for the company [1] - The company has won bids for four to five product models, and if these models can be finalized for mass production, it will bring considerable sales revenue [1] - The company has expansion plans, with a new special equipment production line project having obtained land use rights and undergoing internal technological upgrades [1] Group 2: Tianyuan Pet - The domestic pet market in China has seen rapid growth since 2010, with the urban pet (dog and cat) consumption market expected to reach 300.2 billion yuan in 2024, a 7.5% increase from 2023 [2] - The company has established an efficient multi-category product supply chain management system and is expanding production capacity in Vietnam and Cambodia [2] - The company plans to focus on its own brand, develop traditional e-commerce, and explore content e-commerce, with a projected domestic revenue of 1.431 billion yuan and a gross margin of 11.65% in 2024 [2] Group 3: Lianchuang Optoelectronics - Lianchuang Optoelectronics has introduced the progress and future plans of the "Spark One" project, which has entered the operational phase and is expected to complete key construction by 2028-2029 [3] - The company anticipates business development in 2023, focusing on upgrading laser products, expanding overseas, and ensuring delivery [3] - The company detailed the composition and R&D progress of superconducting coils in controlled nuclear fusion, highlighting the technical barriers and innovations in high-temperature superconducting technology [3] Group 4: Company Overview - Dunhe Asset Management Co., Ltd. was established on March 2, 2011, and is a domestic macro private equity fund company focused on investment in domestic and international capital markets [4] - The company has developed a multi-asset allocation strategy, utilizing various tools such as spot, futures, options, and OTC derivatives [4] - Dunhe Asset Management has an asset management scale exceeding 40 billion yuan, ranking among the top in the private equity securities investment fund industry [4]