北京商报讯(记者刘宇阳实习生姚榕琰)2月12日，四川证监局发布公告表示，经查，成都商投锦盛私募基金管理有限公司(以下简称"成都商投锦盛私募")在开 展私募投资基金业务过程中，存在未严格履行投资者适当性管理义务；未及时填报并定期更新管理人及其从业人员的有关信息；从事与私募基金管理无关的 业务；未建立健全从业人员投资申报、登记、审查、处置等管理制度的问题。 四川证监局指出，上述行为违反了相关规定，决定对成都商投锦盛私募采取责令改正的行政监管措施，并记入证券期货市场诚信档案。同时，四川证监局指 出，张惠媛作为成都商投锦盛私募时任董事长、总经理，谢浩宇作为同公司时任总经理、董事长，未按规定履行职责，对上述违规行为负有责任，决定对二 人分别采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 | 蒙 引 号 | bm56000001/2026-00001735 | | --- | --- | | 发布机构 | | | 名 树 | 关于对成都商投锦盛私募基金管理有限公司采取责令改正措施的决 | | 文 북 | 〔2026〕 10号 | ...

受访公募机构普遍对科技资产持乐观态度，其中以AI为代表的相关资产更受青睐。同时，部分机构认为，传媒、互联网等 板块仍处于底部区域，锂电、光储等龙头公司估值依然较为便宜。"要把握春节行情，投资者可优先选择趋势明确、估值合理 的板块，比如AI产业链、电网设备、央企红利等，既考虑成长空间，也兼顾抗波动能力。" 期货仍长期青睐贵金属资产 今年以来，商品资产持续受到资金青睐，受访期货公司认为，国内春节长假期间，海外市场风险或有传导可能，部分商品 在节后有一定波动风险，但对于基本面相对确定的资产，仍可在长假期间适度持有。 受访金融机构普遍建议，针对趋势性明显的部分资产可适度持仓过节，以把握上涨机会。华夏基金相关人士向《证券日 报》记者表示，A股市场的"春节效应"是根据多年运行沉淀的高概率日历特征，一般情况下会迎来较强走势，但部分板块也会 出现分化特征。针对今年春节行情，现阶段利空因素正被市场逐步消化，宽松流动性预期仍有望实现。 嘉实基金相关负责人告诉记者，春节前后，投资者对权益市场表现需持理性偏乐观态度，市场风格与结构可能发生变化。 从估值层面来看，今年初市场对过往涨幅较高的三条主线（AI技术应用、AI基建需求驱动和中国 ...

21世纪经济报道记者李域 2025年，私募分红迎来爆发式增长，成为行业一大显著特征。 私募排排网数据显示，截至2025年底，有业绩显示的5777只产品中，主观私募旗下772只产品2025年合 计分红990次，分红金额高达114.69亿元；有业绩展示的587只量化产品，2025年度分红金额达75.76亿 元。合计分红金额突破190亿元大关，与2024年同期相比，大增超100亿元。 "公司去年分红次数超过百次。"天演资本相关人士表示，因业绩持续向好，公司多数资管产品顺利达到 可分红标准，全年参与分红的产品占比超80%。 公告称，根据《恒德远征添利21号私募证券投资基金合同》的约定，在2026年2月9日向投资者派发分 红。分红对象为在本基金注册登记机构登记在册的基金全体份额所有人，具体以分红公告为准，到账金 额及到账时间以银行凭证为准。 据悉，本次分红的恒德远征添利21号是一只股票策略私募基金。公开资料显示，作为一家宏观对冲基金 管理人，北京恒德时代私募基金管理有限公司成立于2014 年3月，并于2014年11月获得私募基金管理人 牌照。旗下产品包括股票策略、期货及衍生品策略、多资产策略和组合基金共计138只。 实 ...

其中，新晋"百亿元级私募阵营"的腾胜投资是一家外商独资机构。该机构自2019年9月份完成备案后管 理规模持续增长，先后于2021年突破20亿元、2022年突破50亿元，并在2026年1月底突破百亿元。至 此，百亿元级外资私募机构已增至2家，另一家为桥水（中国）投资管理有限公司。 从投资策略类型来看，上述122家百亿元级私募机构中，股票策略机构最多，共有86家；多资产策略、 债券策略、期货及衍生品策略私募机构分别为16家、8家和4家；另有部分私募机构尚未公开披露具体投 资模式。 本报记者 昌校宇 今年以来，"百亿元级私募阵营"持续扩容。据私募排排网最新统计数据，截至2月10日，管理规模为100 亿元以上的私募证券投资基金管理人总数已攀升至122家，创下历史新高。这一数字较2025年末的112家 净增10家，也突破了2022年3月份116家的前期高点。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜在接受《证券日报》记者采访时表示， 百亿元级私募机构数量创新高，主要由四方面因素推动：一是市场环境逐步回暖，今年以来私募基金产 品收益持续向好，吸引了更多投资者申购，带动了规模上升；二是年初银行、券商等渠道 ...

其中，新晋"百亿元级私募阵营"的腾胜投资是一家外商独资机构。该机构自2019年9月份完成备案后管 理规模持续增长，先后于2021年突破20亿元、2022年突破50亿元，并在2026年1月底突破百亿元。至 此，百亿元级外资私募机构已增至2家，另一家为桥水(中国)投资管理有限公司。 从投资策略类型来看，上述122家百亿元级私募机构中，股票策略机构最多，共有86家；多资产策略、 债券策略、期货及衍生品策略私募机构分别为16家、8家和4家；另有部分私募机构尚未公开披露具体投 资模式。 值得一提的是，截至2月10日，已有40家百亿元级私募机构获得香港证监会核发的9号(提供资产管理)牌 照，这些机构可直接投资海外权益类资产及衍生品，有助于构建更多元化的投资组合。 今年以来，"百亿元级私募阵营"持续扩容。据私募排排网最新统计数据，截至2月10日，管理规模为100 亿元以上的私募证券投资基金管理人总数已攀升至122家，创下历史新高。这一数字较2025年末的112家 净增10家，也突破了2022年3月份116家的前期高点。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜在接受《证券日报》记者采访时表示， 百亿元级私 ...

Core Viewpoint - The recent disciplinary actions taken by the China Securities Investment Fund Industry Association against private equity firms highlight the ongoing crackdown on illegal activities in the private fund sector, reflecting a trend of "supporting the strong and limiting the weak" in the industry [1] Group 1: Industry Overview - As of the end of December 2025, the total scale of private equity funds has historically surpassed 22 trillion yuan, with the number of private equity firms reaching 19,200 and the number of managed funds at 138,300 [2] - The number of billion-level private equity firms has reached a historical high of 118, surpassing the previous peak in the first quarter of 2022 [2] - The main types of private equity funds include private securities investment funds, private equity investment funds, and venture capital funds, which play significant roles in supporting the capital market and fostering innovation [2] Group 2: Violations and Risks - Common violations in the private equity sector include unauthorized fundraising, illegal establishment of branches, and misleading promotional materials promising guaranteed returns [4] - A notable case involved Jinan Lezhi, which was penalized for multiple violations, including misleading promotional claims of high returns [4] - The complexity and concealment of violations have increased, with risks present throughout the fundraising and investment operations [4] Group 3: Specific Cases of Misconduct - Zhejiang Ruifengda Asset Management was fined 41 million yuan for attracting investors through guaranteed return contracts and misusing funds [3] - Zhejiang Yuce Investment Management was penalized 35.25 million yuan for misappropriating nearly 1 billion yuan of fund assets and submitting false product information [3] - Shenzhen Dingyifeng Asset Management is under prosecution for illegal fundraising exceeding 1 billion yuan, using misleading promotional tactics [3] Group 4: Fund Misappropriation and Fraud - Fund misappropriation often accompanies fundraising violations, with some firms using fund assets for unrelated purposes, creating liquidity risks [5] - A typical case is Yuce Investment, which misused funds from multiple layers of complex product structures, resulting in 955 million yuan still unreturned [5] - Misleading information disclosure and fraudulent activities, such as falsifying net asset values and concealing related transactions, are prevalent [6] Group 5: Market Manipulation - Private equity funds are increasingly scrutinized for their trading behaviors in the secondary market, with some firms engaging in price manipulation [7] - A case involving Zhejiang Haokunshengfa Asset Management showed abnormal trading activities that significantly affected stock prices [7] - Quantitative private equity trading practices have raised concerns about market fairness, with instances of high-frequency trading and order manipulation [8]

Core Insights - The dual role of fund managers as actual controllers of companies creates a deep alignment of interests with investors, leading to a triple-check on decision-making: personal wealth responsibility, company reputation protection, and client trust preservation [1] - As of the end of 2025, 13 top subjective private equity controllers have shown performance over the past three years, with an average return rate of 55.01% [1] - The top ten subjective private equity controllers based on average returns over the past three years include notable figures such as Jiang Yunfei from Jiuqi Investment and Dan Bin from Dongfang Gangwan [1][3] Group 1: Performance Overview - The top subjective private equity controllers primarily employ stock strategies, with seven out of ten focusing on this area, while one uses bond strategies and others utilize multi-asset and futures strategies [3] - Dongfang Gangwan's Dan Bin leads with 68 products that meet ranking criteria, achieving an average return exceeding ***% over the past three years [4] - The best-performing product under Dongfang Gangwan is "Dongfang Gangwan Qiting No. 1," which has achieved a cumulative return of ***% over three years [7] Group 2: Individual Fund Insights - Fusheng Asset, led by Lu Hang, has six products that meet ranking criteria, with an average return of ***% over the past three years, ranking third among top subjective private equity controllers [8] - The leading product from Fusheng Asset is "Fusheng Positive Energy No. 2," which has a cumulative return exceeding ***% [9] - Huazhong Hexin, under Yuan Wei, has five products with an average return of ***%, with the standout product being "Huazhong Hexin Big Growth No. 1," which has also exceeded ***% [11][12] Group 3: Market Perspectives - Fusheng Asset emphasizes that short-term investments in non-ferrous metals remain attractive due to macroeconomic support and demand from AI-related capital expenditures [10] - The investment philosophy of Huazhong Hexin focuses on fundamental analysis and shareholder returns, aiming for long-term absolute returns [11] - Xinsizhe Investment, led by Han Guangbin, highlights the importance of company management and the cyclical nature of core assets, advocating for a focus on high-quality investment opportunities [13]

Investment Rating - The report indicates a positive outlook for the market, particularly for the 中证 1000 index, which has shown a significant increase of 8.68% during the period analyzed [2]. Core Insights - The report highlights a clear differentiation in index beta, suggesting that alpha returns are expected to be promising post-holiday [1]. - The 中证 1000 index has a dynamic price-to-earnings ratio of 50.27, placing it in the 95.5 percentile over the past five years, indicating a notable upward trend [2]. - The report notes that the trading volume in the market reached a substantial 4 trillion, providing a favorable liquidity environment for mid-cap stocks [39]. Summary by Sections Market Performance - The沪深 300 index experienced a slight increase of 1.65% from December 31, 2025, to January 30, 2026, with a dynamic P/E ratio of 14.20, which is at the 60.14 percentile for the last five years [1]. - In the same period, the 中证 1000 index rose by 8.68%, with a dynamic P/E ratio of 50.27, indicating a strong performance compared to historical data [2]. Strategy Performance - For the沪深 300 index, 90% of the products achieved positive monthly excess returns, with an average excess return of 2.10% in January 2026 [15]. - In the 中证 1000 index, over 60% of the products reported positive monthly excess returns, with an average excess return of 0.83% [24]. Future Outlook - The report anticipates that as the market cools down, strategies focused on excess returns are likely to perform well, encouraging investors to maintain a positive outlook for future market conditions [39].

Core Viewpoint - The recent public dispute between Li Bei, founder of Banxia Investment, and her ex-husband Liang Wentao, founder of Honghu Asset, has drawn significant attention in the investment community, highlighting the tension between personal conflicts and professional performance in the finance industry [2][4]. Group 1: Performance and Criticism - Li Bei's article titled "Why Not Look at Li Bei's 5-Year Performance?" directly addresses criticisms regarding her investment performance, particularly focusing on the use of a three-year performance period by critics to undermine her credibility [2][4]. - As of January 31, 2026, Banxia's flagship funds reportedly reached new net asset value highs, with the Banxia Macro Hedge Fund III showing a one-year performance of 39.75% and a five-year performance of 100.75%, while the three-year performance was only 4.83% [4]. - The debate centers around the contrasting performance metrics, with critics often highlighting the weaker three-year performance to challenge Li Bei's overall investment capabilities [4]. Group 2: Industry Reactions - The incident has prompted responses from industry leaders, including Dan Bin, chairman of Dongfang Gangwan, who emphasized the importance of long-term performance in investment, suggesting that all discussions should ultimately return to the core of sustained performance [4]. - Dan Bin's comments reflect a broader sentiment in the industry that while personal narratives may attract attention, the focus should remain on the professional achievements and long-term results of investment managers [4]. Group 3: Public vs. Private Discourse - The contrasting tone of Banxia Investment's official communications, shifting from a professional analysis of the real estate market to a personal dispute, raises questions about the boundaries between private matters and public discourse in the investment sector [5][6]. - The incident illustrates the delicate balance that investment firms must maintain between building a professional brand and engaging in personal conflicts, which can blur the lines of credibility and trust with clients and investors [5][6]. - The situation serves as a reminder for the industry to continuously evaluate the impact of personal conflicts on professional integrity and the importance of maintaining a clear distinction between personal and institutional narratives [6].

Core Viewpoint - The article emphasizes the importance of both returns and drawdowns in evaluating fund managers' capabilities, suggesting a comprehensive assessment over a complete market cycle is necessary for subjective fund managers [2]. Group 1: Market Overview - The A-share market has shown a pattern of "initial decline followed by a rise, with significant structural differentiation" over the past three years (February 2023 to January 2026) [2]. - From 2023 to the first three quarters of 2024, Chinese bond yields declined rapidly, leading to a bull market in dividend stocks [2]. - The "9.24" event in 2024 marked a key turning point for market style switching, with a series of financial policies implemented, allowing the Shanghai Composite Index to surpass the 3800-point mark twice [2]. - From 2025 to early 2026, the A-share market entered a "slow bull" trend, driven by breakthroughs in AI and other technology sectors [2]. Group 2: Fund Manager Performance - As of January 31, 2026, there are 107 subjective fund managers with at least three years of performance data, achieving an average return of 71.94%, outperforming the three major A-share indices, with an average dynamic drawdown of 27.76%, lower than the ChiNext and Shenzhen Composite indices [5]. - In the category of private equity funds with assets over 50 billion, there are 25 subjective fund managers, with a notable performance in drawdown control [7]. - The top subjective fund managers in the 50 billion and above category include Lu Hang from Fusheng Asset and Zou Wen from Rido Investment, with the former focusing on new consumption and traditional midstream industries [10][11]. Group 3: Fund Manager Strategies - In the 10-50 billion category, over half of the top fund managers employ stock strategies, with 67 managers achieving an average return of ***% and an average dynamic drawdown of ***% [12]. - The top managers in this category include Yang Ping from Shenzhen Shanzhe Private Equity, who specializes in bonds, and He Guojian from Guanli Fund, who focuses on futures and derivatives [14][15]. - In the 0-10 billion category, the majority of top managers utilize multi-asset strategies, with Gao Lianjun from Yize Investment leading the pack [17][19].