近日，华耀私募在中国证券投资基金业协会完成登记，实控人李光背景引发关注。资料显示，其曾在知 名量化私募磐松资产担任重要角色。事实上，此前新登记的私募中，有不少核心人物都与知名私募有 关，尤其是量化私募中，"私奔私"情况频现。 业内人士认为，在近几年量化发展迅猛的背景下，选择自己创业的人士也越来越多，激励机制与利益分 配问题或是许多私募基金经理选择离开老东家，创办新公司的主要原因。 核心员工辞职单干 9月12日，一家名为"上海华耀私募基金管理有限公司"的证券私募在中国证券投资基金业协会完成私募 管理人登记，公司成立于2025年3月，注册资本1000万元人民币。公司现有全职员工5人，管理规模处于 0–5亿元区间，暂无在管基金产品。 华耀私募股权结构为李光持有70%股份，上海诚远投企业管理合伙企业（有限合伙）持有30%股份。穿 透来看，李光持有71%股份，为公司实控人。 实控人李光的背景引发了市场关注。资料显示，自2022年11月至2025年5月，李光一直就职于知名量化 私募磐松资产，其中2022年11月至2025年1月任公司副总经理兼投资总监，2025年1月至2025年5月任公 司基金经理，均属于核心岗位。 企查 ...

● 本报记者 王宇露 近日，华耀私募在中国证券投资基金业协会完成登记，实控人李光背景引发关注。资料显示，其曾在知 名量化私募磐松资产担任重要角色。事实上，此前新登记的私募中，有不少核心人物都与知名私募有 关，尤其是量化私募中，"私奔私"情况频现。 业内人士认为，在近几年量化发展迅猛的背景下，选择自己创业的人士也越来越多，激励机制与利益分 配问题或是许多私募基金经理选择离开老东家，创办新公司的主要原因。 核心员工辞职单干 9月12日，一家名为"上海华耀私募基金管理有限公司"的证券私募在中国证券投资基金业协会完成私募 管理人登记，公司成立于2025年3月，注册资本1000万元人民币。公司现有全职员工5人，管理规模处于 0–5亿元区间，暂无在管基金产品。 实控人李光的背景引发了市场关注。资料显示，自2022年11月至2025年5月，李光一直就职于知名量化 私募磐松资产，其中2022年11月至2025年1月任公司副总经理兼投资总监，2025年1月至2025年5月任公 司基金经理，均属于核心岗位。 企查查数据显示，在就职于磐松资产期间，李光曾通过持股平台上海大柏树企业管理中心（有限合伙） 间接持有磐松资产的股份，是除创 ...

磐松资产前员工"另立门户" 9月12日，一家名为"上海华耀私募基金管理有限公司"的证券私募，在中国证券投资基金业协会完成私募管理人登记。该公司成立于 2025年3月，注册资本为1000万元人民币。公司现有全职员工5人，管理规模处于0–—5亿元区间，暂无在管基金产品。 近日，华耀私募在中国证券投资基金业协会完成登记。华耀私募的实控人李光，曾在知名量化私募磐松资产担任重要角色。 今年以来，知名私募员工选择离职"另立门户"，成立新私募的情况不在少数。 图片来源：中国证券投资基金业协会 从股权结构看，李光持有华耀私募70%股份，上海诚远投企业管理合伙企业 （有限合伙）持有30%股份。穿透来看，李光持有71%股 份，为公司实控人。 资料显示，自2022年11月至2025年5月，李光一直就职于知名量化私募磐松资产，2022年11月至2025年1月任公司副总经理兼投资总监， 2025年1月至2025年5月任公司基金经理，均属于核心岗位。 企查查数据显示，在就职于磐松资产期间，李光曾通过持股平台上海大柏树企业管理中心（有限合伙）间接持有磐松资产的股份，是除 创始团队外少数持股的高管之一。 "私奔私"情况频现 私募基金经理作为 ...

私募基金指标多，读不懂？ 排排网AI 您的基金解读助手 助力 ("有效") 投资 Hello~我是小排 我能帮您搜集最新私募资讯、市场热点,提 供基金信息,快来和我对话吧 私募快讯 独家内容 AI解读 (s)在山湖政力 影音曲 = 文章 電話包 私募基金这么多，怎么挑选基金? 告诉排排网AI您的需求， 让AI一键为您挑选符合您 需求的基金 排排网AI一键测评基金！ 详细为您解读基金指标优 劣， 快速分辨基金优劣 怎么查询投资大佬持仓？ 想了解百亿私募、QFII、国家队or私募基金等持仓？ 排排网AI一键查询分析持仓 想快速了解私募热点、路演解说？ 私募快讯、市场热点、热门路演解说。 先人一步发现投资机会！ 以上信息仅为举例之用，不构成任何股票推荐或投资建议，持仓数据将根据实际管理情况动态变化。 有奖互动丨夸夸or吐槽都欢迎 即刻在评论区留言， 说说您最爱用的排排网AI功能， 或发表您的真诚建议。 点赞前三名， 排排网AI可快速查询 即可获赠精美知识地图一份！ l 看这一张图就够了 69个私募知识点 ...

近年来，随着私募行业日趋成熟，部分机构凭借品牌效应和市场知名度完成从"1"到"2"乃至"1"到"4"的跨越。 9月24日，记者从私募排排网方面获悉，截至8月底，旗下同时拥有两家以上私募的实控人有77位，其中15位实控人旗下至 少有1家私募管理规模高于50亿元。 数据显示，同时拥有两家百亿私募的实控人有3位，分别是：宁波幻方量化和九章资产的实控人梁文锋、重阳投资和重阳 战略的实控人裘国根、明汯投资和千宜投资的裘慧明。 冯刚同时实控三家私募，分别是：域秀资产（5亿至10亿元）、域秀投资（5亿至10亿元）、秀界投资（0至5亿元），三家 私募的办公城市均在上海，并且均成立于2015年。 值得关注的是，还有一家公司主体的实控人，广州产业投资基金管理有限公司同时是城发广吉私募（20亿至50亿元）、华 茂融汇资产（0至5亿元）。 此外，同时实控两家及以上私募，并且旗下私募规模0至5亿元的实控人共40位。其中，王茹远同时实控四家私募，分别 是：宏流资产、宏流投资、鼎流资产、逸潮资产，四家私募的办公城市均在上海，并且均为主观私募。此外，宋晓明同时实控 三家私募，分别是：长城汇理、深圳长城汇理三号专项投资、深圳汇理，办公城市均位 ...

Core Viewpoint - The company emphasizes the importance of protecting investors' rights and maintaining financial market stability, aligning its operations with the theme of the 2025 Financial Education Promotion Week, which focuses on "Safeguarding Financial Rights and Contributing to a Better Life" [1] Group 1: Internal Training and Professional Development - The company integrates the spirit of the association's notification into daily operations, focusing on practical effectiveness over scale [2] - Internal training sessions are organized to enhance professional capabilities, particularly in investor service and communication with institutional investors [2][5] - The company conducts case analyses and practical discussions to deepen understanding of industry compliance requirements and investor protection principles [2] Group 2: Compliance and Risk Management Culture - The company emphasizes the importance of compliance culture and professional spirit as foundational elements of its operations [3] - Risk management and investor protection awareness are integrated into all business processes, making it a key responsibility for every team member [3] Group 3: Regulatory Learning and Investor Suitability - The company organizes specialized learning sessions to ensure the team comprehensively understands regulatory requirements and operates within legal frameworks [4] - Continuous optimization of investor suitability management is pursued, ensuring due diligence processes align with investors' risk tolerance and investment goals [4] - The company promotes awareness of illegal financial activities, enhancing the team's ability to identify and prevent such risks [4] Group 4: Commitment to Service Quality and Industry Development - The company aims to strengthen internal management and enhance professional service capabilities as a result of the Financial Education Promotion Week [6] - A commitment to transparent operations and open communication with investors is maintained, with a focus on integrity and professional capability to gain market recognition [6]

Core Viewpoint - The article highlights the recognition of Dan Shu Tie Quan private fund, managed by Xueqiu Asset Management, as a "demonstration case for three-year stock strategy products" in the 10th China Securities Private Equity Yinghua Product Evaluation [1] Group 1: Yinghua Demonstration Case - The Yinghua demonstration case evaluation is organized by China Fund News, involving multi-stage screening based on quantitative indicators such as fund returns, scale, drawdown, and risk-adjusted returns, combined with qualitative assessments of investment strategies, styles, research systems, risk control processes, corporate governance, and reputation management [3] Group 2: Investment Strategy - Dan Shu Tie Quan fund adopts a "value and growth" dual-driven strategy, aiming to navigate market cycles through flexible adjustments in portfolio structure [6][7] - The fund employs a "technology growth + low volatility dividend" barbell strategy, focusing on Hong Kong stocks while also covering A-shares and US stocks to achieve stable returns in varying market conditions [6][7] Group 3: Operational Philosophy - The fund emphasizes dynamic balance and strict adherence to valuation discipline, believing that "risk emerges from price increases, while value emerges from price declines" [8] - The strategy involves decisive portfolio adjustments, selling overvalued assets while holding onto stocks that have appreciated significantly but remain reasonably valued [9] Group 4: Industry Layout - The fund is adept at forward-looking industry layout, capturing opportunities from cyclical turning points, with a diversified portfolio across sectors such as utilities, energy, telecommunications, internet, and pharmaceuticals [10] - This balanced industry approach may limit short-term explosive growth but helps control risks and reduce errors, fostering confidence in achieving long-term compounding returns [10] Group 5: Market Perspective - The fund has a positive outlook on innovative pharmaceuticals, focusing on individual stock selection rather than sector trends, avoiding companies that rely solely on business collaborations or have weak financials, and prioritizing financially sound companies with profit potential in the next two to three years [11] - In a market characterized by speculative behavior, the fund remains committed to fundamental performance, seeking reasonably valued companies amid a structurally divided market [12] Group 6: Company Overview - Xueqiu Asset Management positions itself as a practitioner of cutting-edge asset allocation theories, adhering to values of "thick snow and long slopes, achieving customer success, and strict risk control," aiming to create sustainable investment returns independent of market conditions [14] - Since 2015, the company has surpassed a total management scale of 10 billion, with its core strategies ranking among the top in its category [14] Group 7: Awards and Recognition - The company has received numerous accolades, including the 2025 "Potential Dragon Cup" for outstanding private fund managers and various strategy awards in 2024 and 2025, reflecting its strong performance and industry recognition [16][17]

Core Viewpoint - The article discusses the growing preference among high-net-worth investors for multi-asset multi-strategy hedge funds, contrasting this with the general trend of retail investors favoring index funds for passive returns [5][12]. Group 1: Multi-Asset Multi-Strategy Hedge Funds - High-net-worth investors are increasingly attracted to hedge funds that employ multi-asset multi-strategy approaches, as exemplified by notable funds like Bridgewater Associates, Millennium Management, and Citadel, which manage assets of approximately $150 billion, $64 billion, and $62 billion respectively [5][6]. - The shift towards multi-asset multi-strategy investing began in the 1950s and has evolved significantly, especially after the financial crises of 2000-2008, which highlighted the need for diversified strategies to mitigate risks [7][9][10]. - The performance of top hedge funds in 2024 showcases the effectiveness of macro and multi-strategy approaches, with funds like Discovery and PointState achieving returns of 52.0% and 47.9% respectively [11]. Group 2: Investment Goals and Risk Management - High-net-worth investors have shifted their investment goals towards seeking stable returns in uncertain markets, rather than attempting to predict market movements [12]. - The concept of risk parity has evolved to encompass not just asset risk but also the parallel use of multiple strategies, aiming for absolute alpha [12]. - For wealthy individuals, preserving capital is often prioritized over achieving high returns, as the cost of potential losses is significantly higher than the value of gains [13]. Group 3: Characteristics of Multi-Asset Multi-Strategy - Multi-asset multi-strategy investing involves allocating funds across various asset classes with low correlation to achieve returns across different market cycles [14][16]. - This approach is seen as a more effective wealth management tool in the context of shifting savings patterns among residents [15]. - The dynamic nature of markets necessitates a move away from single-asset strategies, with multi-asset multi-strategy trading providing a means to achieve stable absolute returns [20]. Group 4: Market Dynamics and Asset Performance - The article highlights the volatility of various asset classes over the past decade, indicating that no single asset has consistently performed well, emphasizing the need for diversified strategies [17]. - Different economic cycles favor different asset classes, such as stocks during recovery, commodities during overheating, and high-quality bonds during recessions, aligning with the classic investment theory of the Merrill Lynch clock [21]. - Multi-strategy approaches allow for risk diversification and complementary returns, adapting to various market conditions and mitigating the risks associated with single-strategy investments [22]. Group 5: Future Outlook and Considerations - The future of multi-asset multi-strategy investing in China appears promising, with significant growth potential, although investors must be discerning in selecting genuine strategies that deliver stable profits [22][23]. - It is crucial to evaluate whether a strategy genuinely incorporates both multi-asset and multi-strategy elements, as some may only superficially meet these criteria [23]. - The complexity of multi-asset multi-strategy trading necessitates robust research and management capabilities from fund managers to ensure effective execution [23].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股继续迎来强劲的上涨，其中沪指创下近十年新高；创业板指年内最新涨幅达到约45%，领衔A股三大主要股指。板块方面，近 日，以算力为核心的新科技板块，俨然成为撬动指数上涨的主引擎。在此基础上，不少近5年才成立的新锐私募崭露头角，成为私募市场上一股 重要的力量。 （注：本文业绩数据截至2025年9月12日，近5年成立的新锐私募即2020年9月12日后成立的私募） 0 1 私募公司：北京禧悦夺冠！量化私募巨量均衡进入 从私募公司的角度看，近5年成立的新锐私募共有1056家，其中今年来至少有3只产品符合排名规则的私募共有60家，收益20强的公司的上榜"门 槛"为 *** %。（ 点此查看收益 ） [应监管要求，私募基金不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫描图中二维码或点击文末阅读原文，查看收益数据。] 在这20家私募中，主观私募共有12家，量化私募、混合型（"主观+量化"）私募各有4家。从公司规模来看，这20家私募的管理规模均不足50 亿。 10 强 | 排名 | 公司简称 | 实控人 | | 公司规模 投资模式 核心 ...

Core Points - Guangdong Securities Regulatory Bureau issued a warning letter to Zhuhai Yuehongtu Private Fund Management Co., Ltd. for violating regulations related to private investment fund management [1] - The company was found to have entrusted an unqualified entity to conduct fundraising activities, breaching specific provisions of the Interim Measures for the Supervision and Administration of Private Investment Funds and related regulations [1] - The regulatory authority emphasized the need for the company to take effective measures to rectify the issues and hold responsible personnel accountable, with a requirement to submit a written rectification report within 30 days [1] Company Overview - Zhuhai Yuehongtu Private Fund Management Co., Ltd. was established in 2020 and is located in Zhuhai, Guangdong Province, primarily engaged in capital market services [1] - The company has a registered capital of 5 million RMB and a paid-in capital of 2 million RMB [1]