Core Insights - The article highlights a significant increase in the number of private equity securities products registered, with 1,028 products registered in September 2025, a 10.22% decrease from August but a 171.24% increase year-on-year compared to 379 products in September 2024 [1][3]. Strategy Distribution - Among the registered products, equity strategies dominate with 668 products, accounting for 64.98% of the total. Multi-asset strategies follow with 155 products (15.08%), while bond strategies (71 products, 6.91%) and futures and derivatives strategies (69 products, 6.71%) are nearly equal in size [1][3]. - Quantitative products showed strong performance in September, with 364 products registered, making up 35.41% of the total. Within this, quantitative long strategies contributed the most with 166 products (45.60%), and market-neutral strategies accounted for 69 products (18.96%) [3][4]. Manager Scale and Market Dynamics - The article notes a concentration of registration among leading private equity firms, with 20 out of 27 active managers having over 10 billion in assets under management, representing 74.07% of the total [5][7]. - The top private equity firms, such as Liwei Private Equity and Maoyuan Quantitative, are noted for their competitive edge in research capabilities, risk control systems, and brand reputation, which enhances their ability to attract funding and adapt to market changes [5][7]. Quantitative Strategy Insights - The article discusses the differentiation in quantitative strategies, reflecting a dual pursuit of "yield" and "stability" in the market. Quantitative long strategies effectively capture structural opportunities in a fluctuating market, while market-neutral strategies cater to low-volatility preferences [4][7]. - The article also mentions that the number of quantitative managers is close to 60%, indicating a strong presence of quantitative strategies in the market [6][7].

Core Insights - The company, Shanghai NianKong Private Fund Management Partnership, established in March 2015, focuses on quantitative investment based on data science research, managing a total scale of 18 billion [2][4] - The firm aims to provide high-quality absolute return products through scientific data analysis methods, with a significant shift to machine learning strategies since May 2018 [2][5] - By September 2025, deep learning-based machine learning algorithms will fully replace traditional statistical arbitrage strategies across all stock strategy products [2][31] Company Development Timeline - 2017: Establishment of Hangzhou NianJue and formation of AI research team [4] - 2019: Launch of stock products and significant upgrade in computing power [4] - 2023: Introduction of options strategies, iterating stock and derivative strategies [4] - 2025: First Chinese quantitative institution to enter the international top conference NIPS [4] Investment Philosophy - The company adheres to a framework-based and systematic quantitative investment philosophy, emphasizing the handling of quantitative details to ensure efficient operation of the investment research system [5][31] - Continuous strategy development and iteration are pursued to maintain high-quality absolute returns for investors [5][31] AI and Technology Integration - The company has a mature strategy research and development platform, with standardized data cleaning and strategy backtesting processes to enhance factor discovery efficiency [2][31] - The AI team was established in 2017, and by 2019, 90% of the real-time models were transformed into neural network algorithms, achieving a scale of 10 billion by 2021 [32] - The company is currently focusing on foundational theoretical research for large models, with plans to optimize training algorithms and explore applications in financial data [32] Awards and Recognition - The company has received multiple awards, including the "Golden Yangtze Award" from Securities Times for four consecutive years (2017-2020, 2024) and the "Golden Bull Award" from China Securities Journal for three years [32] - It has also been recognized as one of the top 50 private funds in China by China Fund News for three consecutive years (2018-2020) [32]

Group 1 - A new private equity fund named Shanghai Chip Chain Integrated Circuit Industry Private Fund Partnership (Limited Partnership) has been established with a capital contribution of approximately 5.7 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The partnership is jointly held by China Construction Bank Financial Asset Investment Co., Ltd. and China Construction Bank Jin Investment Private Fund Management (Beijing) Co., Ltd. among others [1]

Core Viewpoint - The article commemorates the life and contributions of Guan Jinsheng, a pioneer in the Chinese securities industry, who passed away on October 7, 2025, due to a sudden illness. His legacy includes founding the first securities company in New China and later establishing a private equity fund management company, demonstrating resilience and innovation in the financial sector [1][2]. Group 1: Life and Career of Guan Jinsheng - Guan Jinsheng was born on May 19, 1947, in a poor village in Jiangxi Province and rose to prominence in the financial industry [3]. - He graduated with a master's degree in French literature from Shanghai International Studies University in 1982 and later obtained dual master's degrees in law and business administration from a university in Belgium [4]. - In 1988, he founded the first securities company in Shanghai, Wangguo Securities, with a capital of 35 million RMB, and played a crucial role in establishing the Shanghai Stock Exchange [6][7]. Group 2: Achievements and Challenges - Under Guan's leadership, Wangguo Securities grew to manage assets worth tens of billions and was a significant player in the A-share and B-share markets, holding over 60% of the underwriting business in China by 1994 [7]. - He was known for his ambition to position Wangguo as a leading firm comparable to international giants like Merrill Lynch, emphasizing the recruitment of highly educated professionals [7]. - The "327 bond incident" in 1995 marked a significant downturn in his career, leading to substantial losses for Wangguo Securities and resulting in his imprisonment for 17 years [9][11]. Group 3: Later Ventures - At the age of 69, Guan Jinsheng founded Shanghai Jiusu Mountain River Equity Investment Fund Management Co., Ltd. in 2016, focusing on private equity investments in new technologies and materials [12][13]. - The company was established with a registered capital of 15 million RMB and has a management scale ranging from 0 to 500 million RMB, with 23 private fund products registered [13][15]. - Guan held an 82% stake in the company, indicating his continued influence and commitment to the investment sector [14].

经查,我局发现你公司存在以下问题。 二、未对私募基金进行风险评级，不符合《私募办法》第十七条规定。 根据《私募办法》第三十三条规定，我局决定对你公司采取出具警示函的行政监管措施，并记入资本市场诚信档案数据库。 名 称 关于对海南英诺私募基金管理有限公司采取出具警示函措施的决定 〔2025〕33号 文 号 主题词 关于对海南英诺私募基金管理有限公司采取出具警示函措施的决定 海南英诺私募基金管理有限公司： 一、未独立开展投资决策，未履行谨慎勤勉义务，不符合《私募投资基金监督管理暂行办法》（证监会令第105号）（以下简称《科幕办法》）第四条 规定。 北京商报讯（记者 李海媛） 10月10日，海南证监局发文称，经查，发现海南英诺私募基金管理有限公司（以下简称"英诺私募"）存在未独立开展资资 策，未履行谨慎勤勉义务；未对私募基金进行风险评级，不符合相关规定。根据有关规定，海南证监局决定时英诺私募采取出具警示函的行政监管措施，并 记入资本市场诚信档案数据库。 如果对本监管措施不服，可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行政复议申请，也可以在收到本决定书之日起6个月内向有 的人民法院提起诉讼。复议与诉 ...

Company Overview - Wendi Asset is a professional asset management company focused on quantitative investment, established in Shanghai in 2016 [4] - The investment areas cover futures and stocks, with a comprehensive quantitative asset management system that includes CTA and stock strategies [4] Core Team - The team has over 15 years of experience in quantitative investment, adhering to the investment philosophy of "staying true and innovating" [7] - Core research personnel have backgrounds in physics, mathematics, computer science, and economics, providing a solid foundation for quantitative research [8] Investment Philosophy & Representative Strategies - The company has developed a complete quantitative strategy system, encompassing both quantitative CTA and quantitative stock strategies [10] - The Wendi Quantitative CTA strategy includes approximately 40 sub-strategies, focusing on diversified risk and achieving long-term sustainable returns [12] Strategy Development History - The strategy has undergone multiple iterations since its inception in 2010, enhancing its adaptability to low-volatility market environments [12] - Key products include Wendi Quantitative Zhenxuan No. 9 and Wendi Multi-Strategy No. 10, with significant improvements in strategy performance over the years [13] Advantages - Unique risk control measures aim to reduce drawdown probabilities while enhancing Alpha [18] - The universality of Alpha is leveraged through advanced machine learning techniques to identify high-quality Alpha across various asset classes and cultural contexts [19] - A complete and verifiable historical traceability system supports rigorous research and understanding of Alpha's lifecycle [20] Continuous Evolution Capability - The company focuses on continuously optimizing investment strategies and enhancing risk management capabilities [21] - Emphasis on talent development and team building to foster innovative thinking and creativity [22] Future Strategy Development Directions - Future efforts will focus on systematic methods to understand economic and financial paradigms for macro asset allocation [23] - Continued investment in software and hardware resources, including alternative data procurement and high-speed trading platform development [23]

Core Viewpoint - The passing of Guan Jingsheng, known as the "Father of Chinese Securities," marks a significant loss for the Chinese financial industry, given his pioneering contributions to the development and innovation of the securities market in China [1][3]. Group 1: Career Highlights - Guan Jingsheng was born in 1947 in a rural area of Jiangxi Province and later graduated from Shanghai International Studies University, majoring in French [3]. - In 1988, he founded the first securities company in Shanghai, Wangguo Securities, with a capital of 350 million yuan, establishing himself as a trailblazer in the Chinese securities industry [3][4]. - Under his leadership, Wangguo Securities played a crucial role in the establishment of the Shanghai Stock Exchange and was instrumental in implementing various trading innovations, including paperless trading [4]. Group 2: Major Events - The "327 National Debt Incident" in 1995 led to a dramatic downfall for Guan Jingsheng, where his firm faced significant losses after a failed short-selling strategy, resulting in a loss of 5.6 billion yuan [6][7]. - Following the incident, Guan resigned and was later convicted of embezzlement and misappropriation of funds, receiving a 17-year prison sentence [7]. - After his release in 2003, he gradually faded from public view until he founded Jiuzong Fund in 2016, returning to the private equity sector [7].

1 0月9日深夜，九颂基金通过微信公众号发布公告，公司实际控制人、执行董事管金生先生因 突发疾病抢救无效，不幸于2 0 2 5年1 0月7日与世长辞。 业内将管金生与原君安证券的张国庆、原申银证券的阚治东，并称为中国证券市场的 " 中国证 券教父 " 。 1 9 9 2年1 2月，上海证券交易所（上证所）率先在中国启动国债期货交易。1 9 9 5年，因" 3 2 7 "国 债期货重大违规操作事件，国债期货于同年5月暂停交易。管金生也因该事件从万国证券辞 职，1 9 9 7年被判处有期徒刑1 7年。1 9 9 6年7月，申银与万国合并为申银万国证券公司。 2 0 1 5年6月，管金生在参加某论坛时直面" 3 2 7 "国债风波，他表示："我这一生吃亏，吃很大的 亏，就是没有放下自己内心的骄傲和清高。我如果当初可以克服自我，做自己不愿意做的事 情，不断的向交易所上级部门、再上一级部门奔走呼号，说不定真的能改变现实，能够扭转乾 坤。"管金生称，互联网时代改变了信息不对称，类似" 3 2 7 "国债风波的历史悲剧现在完全可以 避免。 2 0 1 6年， 6 9岁的管金生再次创业——成立上海九颂山河股权投资基金管理有限 ...

Core Viewpoint - The passing of Guan Jingsheng, a prominent figure in China's securities industry, marks the end of an era, highlighting his significant contributions to the development of the Chinese capital market and the establishment of key financial institutions [1][2]. Group 1: Contributions to the Industry - Guan Jingsheng was a pioneer in the Chinese securities industry, founding the first securities company in Shanghai, Wangguo Securities, and playing a crucial role in the early development of China's capital market [3]. - He introduced innovative concepts such as "shareholding system" and "separation of banking and securities," which transformed industry practices and led to the establishment of Wangguo Securities as the first shareholding brokerage [3]. - Under his leadership, Wangguo Securities achieved significant market dominance, handling 70% of A-share trading volume and 60% of underwriting business in its peak period [3]. Group 2: Key Events and Challenges - The "327 bond incident" in 1995 was a pivotal moment in Guan's career, resulting in substantial financial losses and legal repercussions due to a failed market manipulation attempt [4]. - Following the incident, Guan faced a 17-year prison sentence for bribery and embezzlement, which he later reflected on as a consequence of his pride and failure to communicate with regulators [4]. Group 3: Later Ventures - In 2016, at the age of 69, Guan founded the Shanghai Jiusu Mountain River Equity Investment Fund Management Co., continuing his involvement in the private equity sector [5]. - Jiusu Fund aims to create Sino-foreign cooperative parallel funds, representing Guan's ongoing commitment to innovate within the private equity landscape in China [5]. - Guan's career trajectory from Wangguo Securities to Jiusu Fund encapsulates the evolution of China's capital market from its nascent stages to a more mature industry [5].

新京报贝壳财经讯(记者胡萌)10月9日晚间11点，九颂基金发布公告，公司近日收到公司实际控制人、 执行董事管金生先生家属的通知，管金生先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。 业内将其与原君安证券的张国庆、原申银证券的阚治东，并称为中国证券市场的"中国证券教父"。 1992年12月，上海证券交易所(上证所)率先在中国启动国债期货交易。1995年，因"327"国债期货重大 违规操作事件，国债期货于同年5月暂停交易。管金生也因该事件从万国证券辞职，1997年被判处有期 徒刑17年。 2016年，管金生创立上海九颂山河股权投资基金管理有限公司，继续投身于私募基金领域。 公告指出，管金生拥有深厚的专业素养与前瞻性视野，为行业培养了大批人才，对中国资本市场的规范 化、国际化进程作出了不可磨灭的贡献。公司全体员工向其致以崇高的敬意和衷心的感谢，对其逝世表 示沉痛哀悼。 中国政策科学研究会经济政策委员会副主任徐洪才在朋友圈指出，今日早晨，惊闻中国证券教父管金生 先生驾鹤西去，中国资本市场失去了一位先行者、探路人；他是我走进资本市场的领路人，也是洪略全 球智库HLC的特邀高级顾问，我们失去了一位热心肠的好 ...