◎记者 马嘉悦 "中东、新加坡、欧洲……近一年我频繁飞国外，因为那里有大量配置中国资产的需求。"一位百亿级量 化私募创始人的经历，在私募业颇具代表性。 据私募排排网统计，截至2月9日，当前持有香港9号牌照的内地私募证券投资基金管理人已超130家，较 去年同期增加逾40家。与此同时，多家私募创始人在开年以来与外资的交流中，感受到全球资金增配中 国的意愿逐步增强。 用业内人士的话来说，私募出海从来不仅是扩圈，更是全球资本版图重构下的顺势而为。在这场浪潮 中，中国私募将进一步积聚站在全球舞台的力量。 私募出海趋势已成 135家，是持有香港9号牌照的内地私募证券投资基金管理人最新数字，也是迄今为止的最高数字。 私募排排网最新数据显示，截至2026年2月9日，当前持有香港9号牌照的内地私募证券投资基金管理 人，较去年同期增加了41家。其中，规模在50亿元以上的私募数量达62家，是私募出海的主力军。 "这些年去香港拿9号牌的私募越来越多，有的已经耕耘海外业务多年初见规模，有的则是为了公司未来 的全球规划做准备。"沪上某业内人士感慨称。 灵均投资透露，公司已在香港和新加坡分别设立办公室，作为出海的"桥头堡"，面向境外合格投 ...

我国百亿私募阵营再度扩容。 员工规模方面，百亿私募的团队实力差异较大。员工人数在50人以上的百亿私募有38家，100人以 上的百亿私募有15家，依次是外贸信托、九坤投资、灵均投资、高毅资产、佳期私募、敦和资管、宽德 私募、金锝私募、乾象投资、因诺资产、洛书投资、天演资本、明汯投资、淡水泉、纽达投资。 另外，目前拥有香港9号牌照的百亿私募共有40家，占到百亿私募总量的32.79%。 私募排排网最新数据显示，截至2026年1月底，国内百亿私募数量达到122家，创历史新高；相较于 2025年12月底的112家，单月新增10家，扩容势头明显。 百亿私募阵营呈现"新进、回归、退出"的动态平衡。其中，8家私募首次跻身百亿行列，分别为国 源信达、恒毅持盈（深圳）私募、倍漾量化、腾胜投资、姚泾河私募、泰康稳行（武汉）私募、四川发 展证券投资、宏锡基金；5家私募重回百亿阵营，包括洛书投资、遂玖私募、展弘投资、汐泰投资、申 毅投资；与此同时，有3家私募暂时掉出百亿梯队。 国资私募四川发展证券投资首次突破百亿规模。该公司是四川发展（控股）有限责任公司旗下全资 专业化证券投资机构。其旗下纾困发展基金立足"纾困"与"发展"的功能定位， ...

Core Viewpoint - The recent public dispute between Li Bei, founder of Banxia Investment, and her ex-husband Liang Wentao, founder of Honghu Asset, has raised questions about the boundaries between personal and professional conduct in the investment industry, highlighting the importance of long-term performance over personal controversies [1][4][7]. Group 1: Personal Dispute and Performance Claims - Li Bei published a strongly worded article criticizing Liang Wentao, accusing him of leveraging their past relationship for marketing purposes and revealing personal details about their history [2][4]. - In her defense, Li Bei emphasized the strong performance of Banxia's flagship funds, showcasing a one-year return of 39.75% and a five-year return of 100.75%, while noting that the three-year performance was only 4.83% [2][3]. - The article's aggressive tone and personal nature contrast sharply with Banxia's previous calm analysis of the real estate market, indicating a shift in the company's public communication strategy [7]. Group 2: Industry Reactions and Implications - Industry figures, such as Dan Bin from Dongfang Hongyuan, commented on the situation, stressing that investment success ultimately relies on long-term performance rather than personal disputes [4][6]. - The incident has sparked discussions about the role of public communication channels for investment firms, questioning whether they should focus on delivering professional insights or engage in personal narratives [7]. - The contrasting messages from Banxia's official communications raise concerns about the firm's internal governance and the clarity of its brand identity in the market [7].

Core Insights - The number of private equity firms with over 10 billion yuan in assets has reached a historical high of 122 as of the end of January, an increase of 10 from the end of last year [1][5] - Among these, 8 firms have crossed the 10 billion yuan mark for the first time, including Sichuan Development Securities Investment, which is a state-owned enterprise [1][5] - The performance of these firms has been strong, with an overall return of 6.41% in January, and 97.5% of the firms reporting positive returns [2][6] Group 1: Private Equity Growth - The number of private equity firms with over 10 billion yuan has increased to 122, marking a historical high [1][5] - Eight firms have newly crossed the 10 billion yuan threshold, while five have returned to this category [1][5] - Sichuan Development Securities Investment is highlighted as a significant state-owned firm achieving this milestone [1][5] Group 2: Performance Metrics - As of the end of January, 80 firms reported an overall return of 6.41%, with 78 firms achieving positive returns [2][6] - Among the positive performers, 28 firms had returns within 5%, 41 firms between 5% and 9.99%, and 9 firms exceeded 10% [2][6] - Notable firms with outstanding performance include Jiuqi Investment, Hainan Xiwa, and Qianyi Investment [2][6] Group 3: Market Dynamics - The increase in the number of billion-yuan private equity firms is attributed to a recovering market environment, improved fundraising efficiency, and the maturation of investment strategies [3][7] - The concentration of capital in top-performing firms is accelerating, indicating a "Matthew Effect" where funds are increasingly directed towards firms with stable performance and strong branding [3][7] - The return of funds from banks and securities firms has also contributed to the growth in private equity assets [3][7]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2026开年以来，A股延续"慢牛"行情，上证指数一度突破4100点，再度刷新十年来的新高，期间贵金属、商业航天、半导体、光伏等均轮番表现 出色。在这样的行情下， 私募业绩迎开门红， 5416只私募产品1月份的收益均值为7.07%，正收益占比为89.01%。 分策略来看，在黄金、白银等贵金属的亮眼表现下，宏观策略、主观CTA、其他衍生品策略业绩居前，1月份平均收益均在10%以上；其次量化 多头、主观多头同样表现不俗，1月份收益均值分别为8.65%、8.57%。 | 二级策略 | 1月收益均值 | 近3年收益均值 | 近5年收益均值 | | --- | --- | --- | --- | | 宏观策略 | 12.81% | 93.21% | 156.02% | | 主观CTA | 12.76% | 111.67% | 148.53% | | 其他衍生品策略 | 11.66% | 133.81% | 240.95% | | 复合策略 | 8.99% | 69.16% | 100.98% | | 曹化务杀 | 8.65% | 90.17% | 132.2 ...

2月9日，黑石总裁兼首席运营官Jon Gray近日谈及AI领域时表示，至少在目前阶段，还不能简单地将当 前市场情况与互联网泡沫时期画上等号。他指出，2000年时市值名列前茅的思科系统，估值建立在极为 乐观的成长假设之上，当时的"想像空间"远高于今日的英伟达。以数据来看，思科在高峰期的本益比曾 超过100倍，而英伟达目前的本益比约为43倍。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 他也警告称，如果这样的走势再持续五年，让人们开始相信"树可以长到天上"，那就永远是一种风险。 他认为，当前环境的一个好处在于，市场中充斥着大量的负面情绪，私募信贷有泡沫、人工智能(AI)有 泡沫、股市也有泡沫；某种程度上，这种笼罩在一切之上的谨慎态度，有助于防止情势失控。 ...

通过高预期收益"画饼"，私募变相保本保收益的"擦边球"打法遭监管严打。 中基协最新发布了9份罚单，面向3家私募及旗下高管。 这其中，济南乐知因存在不当宣传推介等共计七类违规行为被中基协撤销管理人登记； 同时，法定代表人王方振、合规风控负责人王新亮均被进行公开谴责。 罚单指出，济南乐知及上述2位高管提出高达七条申辩意见，申请从轻处理，但均被中基协驳回。 济南乐知存在的违规行为涉及资金募集、产品推介、投后管理、人员资质等问题。中基协指出， 济南乐知管理的部分私募基金产品推介材 料存在"估值较低，安全垫足，投资预期收益高" "回报倍数4.93，年化收益率为164.17%""回报倍数3.1，年化收益率为103.37%" 等内容。 对此，济南乐知申辩 "推介募集材料所用措辞均为预计或预期收益等，同时对基金信息进行了如实披露，不足以误导基金投资人对风险的判 断。" 但中基协表示，《私募投资基金募集行为管理办法》明确规定， 募集机构及从业人员推介私募基金时， 禁止以任何方式承诺投资者最 低收益，包括宣传"预期收益""预计收益""预测投资业绩"等相关内容，该私募对上述规则理解有误 。 不到一年半的时间里，济南乐知已三度遭监管 ...

Core Viewpoint - The article discusses the concept of "hardcore strategies" in private equity investment, emphasizing the importance of selecting strategies that are less dependent on individual managers and more reliant on stable market conditions [8][10]. Group 1: Strategy Selection - Investors often face challenges in selecting from thousands of products, making it crucial to find strategies that simplify the selection process [4][6]. - A proposed solution is to identify strategies with low variance in management and higher success rates, termed "hardcore strategies" [7][8]. Group 2: Characteristics of Hardcore Strategies - Hardcore strategies are defined by two main characteristics: reliance on stable market environments and reduced dependence on individual capabilities [9]. - A truly effective strategy is rooted in long-term market principles that remain unchanged, ensuring its continued effectiveness [9]. Group 3: Examples of Hardcore Strategies - **Quantitative Long-Only Strategy**: This strategy utilizes mathematical models to identify mispriced opportunities in the market, significantly reducing reliance on individual fund managers [12][13]. - Quantitative strategies have shown substantial returns, with examples indicating gains of 40% to 50% during favorable market conditions, outperforming subjective long strategies [13][14]. - The A-share market, characterized by a high percentage of retail investors, provides ample mispricing opportunities for quantitative strategies [16][17]. - **Macro Hedge Strategy**: This strategy focuses on creating a multi-asset portfolio that is less affected by economic cycles, ensuring profitability regardless of market conditions [18]. - The most robust form of macro hedge strategy is the allocation-based approach, which avoids reliance on precise economic predictions and instead builds a resilient portfolio [19][20]. Group 4: Non-Hardcore Strategies - Market-neutral strategies, while often perceived as stable, have significant weaknesses due to their dependence on both quantitative models and the volatile costs of hedging [21][22]. - The performance of market-neutral strategies can be fragile, as they rely solely on excess returns, which can be severely impacted by market fluctuations and hedging costs [25].

近日，百亿私募启林投资的一则公告，让整个金融圈陷入悲痛。公司创始合伙人沈显兵与世长辞，年仅40岁，距离他的40岁生日仅剩6个月。 量化投资圈突发噩耗，又一位顶尖大佬匆匆落幕。 死因或与贵金属暴跌有关？ 启林投资的公告中，并未提及沈显兵的具体死因，这也引发了市场的诸多猜测，其中最受关注的，便是近期贵金属市场的极端崩盘行情。 九宮九技叔爵涅槃 13小时削 江苏 大概率是黄金自银爆仓了 3 条回复 > 7 142 0 日日新,又日新。 10小时前 北京 新闻报道就不能多说一句死因吗? 新启点新征程 6分钟前 福建 重仓多单白银被爆了? 回复 > ♡ 赞 (1) 乐乎 11小时前 山西 怎么走的?真是应了那句话了:人走了钱没花 了,太可惜了! 诚心奉劝那些量化大佬们,一定 要保重身体,不能要钱不要命啊! 2 条回复 > C 71 C 3条回复 > 714 (2) 疯狂枪迷 11小时前 广东 量化确实害人,这个也体现了人的方面。君子爱 财取之有道,少点量化,多点自然! 1条回复 > C 47 C 勇者微 11小时前 陕西 搞量化交易♀ 殊途同归,包括支持量化交易的管 tel 列号 | 火山诗话 沈显兵的最后一条朋友圈， ...

Core Insights - In January, the number of fines imposed on financial institutions increased significantly year-on-year, while the total amount of fines decreased [1][3] Group 1: Overview of Penalties - A total of 1,438 fines were issued to financial institutions in January, representing a year-on-year increase of 54.13%, with a total penalty amount of 29.3 million yuan, down 20.16% from the previous year [1] - The Financial Regulatory Bureau issued 1,253 fines, an increase of 83.19% year-on-year, with a total penalty amount of 21.9 million yuan, up 15.87% [3] - The People's Bank of China issued 113 fines, a decrease of 38.59% year-on-year, while the China Securities Regulatory Commission issued 64 fines, an increase of 18.52% [3] Group 2: Penalties by Financial Institution Type - Banks received 830 fines, an increase of 41.88% year-on-year, with a total penalty amount of 21.4 million yuan, down 25.95% [6] - The insurance sector faced 532 fines, a year-on-year increase of 84.08%, with a slight decrease in total penalty amounts [6] - Securities firms received 12 fines, and futures companies received 9 fines, while private equity firms faced 44 fines [6] Group 3: Major Penalties - Shanghai Riyi Equity Investment Fund Co., Ltd. was fined 14 million yuan for failing to operate investments as per contractual agreements [9] - The actual controller of Shanghai Riyi, Sun, received a fine of 11.9 million yuan for similar violations, including misleading investors about capital safety [9] - Zhejiang Min Tai Commercial Bank was fined 7.15 million yuan for serious violations of prudent management rules [9] Group 4: Compliance Trends - The number of fines related to inflated loan and deposit figures increased 7.5 times month-on-month, with 34 fines issued in January compared to only 4 in December [11] - Misleading sales and promotional practices resulted in 34 fines, doubling from the previous month, primarily affecting insurance companies and banks [12] Group 5: Penalty Rankings - In January, non-bank institutions, particularly insurance companies, dominated the list of penalties, with Shanghai Riyi Equity Investment Fund being the highest fined non-bank entity [17] - China Ping An Property Insurance and China People's Property Insurance ranked second and third in total penalty amounts [17]