【2025年上半年A股呈结构化慢牛，私募量化指增收益领跑，下半年多策略有配置机会】2025年上半 年，A股呈现结构化慢牛行情，私募量化指增收益领跑其他策略。展望下半年，仍看好指增策略全年收 益，短期对中性策略持观望态度，市场波动率有望放大，CTA趋势和套利策略存在配置机会。 半年度 私募策略表现上，证券类私募业绩亮眼，量化策略领跑。从大类资产看，延续一季度排名，股票策略＞ 宏观策略＞CTA策略＞债券策略。其中，指数增强策略最优，平均收益达14.20%。"指增+期权"复合结 构产品是创新型策略，适用于慢牛市和结构性行情，头部量化私募已优先布局。 指增/中性策略方面， Beta端关注6月政策窗口期及量能变化，小微盘有上行空间但需警惕踩踏风险；端超额环境偏暖；对冲 端股指期货深贴水不利产品建仓。下半年仍看好指增策略配置价值，建议用"红利+小微盘"指增抵御风 险；对中性策略暂时观望，股指深贴水影响有限。 CTA策略上，今年上半年中证商品期货指数下挫 0.16%，呈震荡走势，4月上旬因关税政策冲击快速下行。五大细分板块走势分化，贵金属板块上涨， 黑色建材和能源化工板块下行。CTA因子收益分化，持仓因子最强，波动率因子最 ...

2 0 2 4年，中国国际科技促进会母基金分会和母基金研究中心（c h i n a -f o f. c om，下同）在深 圳、上海、武汉、广州、成都、杭州、合肥连续举办七场研讨会。为加强私募股权行业内各机 构的合作交流，促进母基金行业健康发展，中国国际科技促进会母基金分会和母基金研究中心 于2 0 2 5年继续在全国各地举办多场LP&GP研讨会。 2 0 2 5年的首场深圳站研讨会已于3月2 6日成功举办，探讨"国办1号文后母基金行业的未来趋 势"。第二场上海站研讨会已于4月2 4日成功举办，探讨"母基金在并购领域的机遇"。第三场武 汉站研讨会已于5月2 9日成功举办，探讨"母基金的多元化退出策略"。第四场研讨会来到了成 都—— 2 0 2 5年6月2 6日，2 0 2 5 "新时代的母基金"全国研讨会（成都站）在成都市高新区菁蓉 汇成功举办 。本次研讨会，由中国国际科技促进会母基金分会主办，成都高新区天使母基金协 办，母基金研究中心承办。本场研讨会的主题为探讨 " 如何更好发挥母基金与子基金的协同效 应赋能产业发展 "，来自政府机构、行业协会、政府引导基金、市场化母基金、一流投资机构 代表等6 0余人齐聚一 ...

Core Viewpoint - Compass Diversified (NYSE: CODI) has issued a warning to investors regarding the unreliability of its financial statements for the fiscal years ending December 31, 2022 and 2023 due to expanded accounting irregularities [1][5]. Group 1: Financial Irregularities - The company disclosed that accounting irregularities at its subsidiary, Lugano Holding, have affected financial statements not only for 2024 but also for the fiscal years 2022 and 2023 [4][5]. - Investors are advised to no longer rely on the annual and quarterly financial statements for these years [5]. Group 2: Legal Actions - A class-action lawsuit has been filed against Compass Diversified, seeking to represent investors who purchased its publicly traded securities from February 24, 2022, to May 7, 2025 [3][4]. - The lawsuit alleges that the company made false and misleading statements while failing to disclose critical information regarding its financial practices [6]. Group 3: Market Reaction - Following the announcement of the accounting irregularities, Compass Diversified's stock price fell by more than 62% [7]. Group 4: Internal Controls and Oversight - The company has been criticized for neglecting to implement effective internal controls over its financial reporting, leading to materially misstated financial results [9]. - The issues at Lugano suggest a failure of oversight by Compass Diversified, indicating a deeper problem within the subsidiary [10].

Group 1 - The private equity industry is experiencing stricter entry requirements and accelerated exits, with 90 private fund managers deregistering their licenses in June alone, while only 11 new licenses were issued [2][3] - The total number of private fund managers has decreased from 24,700 in February 2022 to 19,800 as of May 2023, representing a 20% decline over two years [2][3] - Despite the reduction in the number of managers, the total scale of private funds has increased by 0.36 trillion yuan, reaching 20.27 trillion yuan, indicating a positive cycle of "eliminating the weak and supporting the strong" [2][3] Group 2 - As of the end of May, the total scale of private funds is 20.27 trillion yuan, with private securities funds at 5.54 trillion yuan, private equity investment funds at 10.98 trillion yuan, and venture capital funds at 3.41 trillion yuan [2][3] - The proportion of private equity funds exceeds 50% of the total private fund market scale [2][3] - The number of private fund managers has dropped below 20,000 for the first time in seven years, reinforcing the trend of consolidation in the industry [3][4] Group 3 - New regulations introduced in mid-2023 have raised the entry barriers for private funds, leading to a higher proportion of established firms entering the market [4] - In June, 11 private fund institutions received registration, including major players like Taiping and Temasek, indicating a trend towards more reputable firms entering the space [4] - The tightening of entry standards has made it increasingly difficult for smaller or non-compliant private funds to gain visibility in mainstream investment channels [4] Group 4 - The Shenzhen Securities Regulatory Bureau has reported several cases of typical violations among private funds, highlighting serious deviations from the essence of fund management [5] - Violations include using fund assets for non-financial activities, such as family trust services and even "fortune-telling" under the guise of investment predictions [5][6] - The regulatory body has identified five major issues in private fund operations, emphasizing the need for stricter compliance and oversight [5][6]

Group 1 - The core logic of private equity investment is to discover and cultivate value, focusing on high-growth potential companies with unique business models, strong technological barriers, and vast market space [1][4] - A case study in the AI sector illustrates how a leading PE firm helped a startup in industrial inspection algorithms grow from tens of millions to over a billion in revenue within three years through capital and resource infusion [2][4] - The ultimate goal of private equity investment is capital appreciation, achieved through precise pricing, resource integration, and post-investment operational refinement [4][5] Group 2 - Successful private equity investment relies on a deep collaboration between investors and companies, characterized by strategic consensus, resource complementarity, and shared risk [6][7][8] - Investors and management teams work together to create growth roadmaps, as seen in a case where a PE firm helped a restaurant chain expand from 50 to 200 locations while reducing ingredient costs by 12% [6] - The private equity market in China is projected to exceed 15 trillion yuan by the end of 2024, with over 100,000 companies receiving investment, highlighting its role in driving innovation in the real economy [9]

Core Viewpoint - NB Private Equity Partners (NBPE) announced its monthly NAV estimate for May 2025, reporting a NAV per share of $27.24 (£20.20) with a total return of (0.2%) for the month [1][5]. NAV Highlights - As of 31 May 2025, the NAV total return (TR) was 0.7% year-to-date and 2.0% over one year, while the three-year and five-year annualized returns were 13.2% and 9.9%, respectively [3]. - The MSCI World TR showed a stronger performance with a year-to-date return of 5.2% and a one-year return of 47.1% [3]. - The share price TR in GBP was reported at (7.9%) year-to-date, with a one-year return of 7.9% [3]. Portfolio Update - The NAV performance was influenced by $66 million in realizations year-to-date [4]. - The fair value of private company valuations decreased by (0.4%) during Q1 2025, while quoted holdings increased in value by $8 million [5][6]. - As of 31 May 2025, NBPE had $285 million in available liquidity, including $75 million in cash and liquid investments [8]. Share Buybacks - Approximately 51,000 shares were repurchased in May 2025 at a weighted average discount of 30%, contributing approximately $0.01 per share to NAV [10]. - Year-to-date, a total of 738,000 shares have been repurchased at a weighted average discount of 29%, which added approximately $0.11 per share to NAV [10]. Portfolio Valuation - The fair value of NBPE's portfolio as of 31 May 2025 was $972.5 million, representing 77.5% of total investments [11]. - The portfolio is primarily concentrated in North America (77%) and Europe (22%) [12]. - The industry distribution shows significant investments in Tech, Media & Telecom (22%) and Consumer/E-commerce (22%) [12].

Core Insights - The venture capital industry is experiencing a long-awaited revival, particularly in the IPO market, which has recently shown positive policy signals [2][3][11] - The A-share market is showing signs of recovery, with a significant increase in IPO activities compared to previous years [6][9][10] Group 1: IPO Market Dynamics - The China Securities Regulatory Commission (CSRC) has announced the resumption of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, signaling a positive shift in the IPO landscape [2][7] - In 2024, there were 3,696 exit cases in the private equity market, a 6.3% decrease year-on-year, with IPOs accounting for 36.1% of these exits [4] - The private equity fundraising environment has also been affected, with total commitments from Limited Partners (LPs) dropping by 19.57% year-on-year to approximately 1.48 trillion yuan [4] Group 2: Recovery Indicators - As of June 2025, the A-share market has accepted 71 companies for IPOs, exceeding 90% of the total from the previous year, indicating a strong recovery trend [6] - The healthcare and consumer sectors, previously under pressure, are now seeing renewed opportunities, with the first company under the new fifth set of standards scheduled for review [7][8] - The Hong Kong stock market has experienced a dramatic increase in IPO activities, with total equity financing reaching 2,133.01 billion HKD, a year-on-year increase of over 300% [9][10] Group 3: Future Outlook - The IPO market is expected to continue its upward trajectory, with projections indicating that the Hong Kong market could see around 80 new listings and raise between 1,300 to 1,500 billion HKD in 2025 [10] - Regulatory adjustments in 2024 have laid a foundation for healthier market development in 2025, focusing on the quality of listed companies rather than quantity [11] - The combination of policy support and technological advancements is creating a strategic opportunity period for the venture capital industry, reigniting interest in technology innovation and industrial upgrades [11][12]

Core Viewpoint - Compass Diversified (NYSE: CODI) has warned investors not to rely on its previously issued financial statements for fiscal years ended December 31, 2022, and 2023 due to expanded accounting irregularities [1][5] Financial Irregularities - The company disclosed that accounting irregularities at its subsidiary, Lugano Holding, affected financial statements for fiscal years 2022, 2023, and 2024, necessitating restatements [4][5] - The irregularities include violations of applicable accounting rules and industry practices concerning financing, accounting, and inventory procedures [9] Legal Actions - An amended complaint in the case Moreno v. Compass Group Diversified Holdings LLC seeks to represent investors who purchased Compass securities from February 24, 2022, to May 7, 2025 [3][4] - Multiple securities class action lawsuits have been initiated following the May 7, 2025, disclosure of accounting irregularities [6][8] Market Reaction - Following the announcement of accounting irregularities, Compass Diversified's stock price fell by more than 62% [7] Investigations - Hagens Berman, a national investor rights law firm, is conducting an investigation into potential securities violations by Compass Diversified [8][10]

Core Viewpoint - Walgreens Boots Alliance reported a narrower-than-expected loss of $175 million in its third quarter, as the company approaches the end of its tenure as a publicly traded entity [2][3]. Financial Performance - For the fiscal third quarter ending May 31, Walgreens experienced a 7% increase in sales, reaching $39 billion, despite a loss of $175 million, which is a decrease of $519 million compared to net earnings of $344 million in the same period last year [3]. - The U.S. Retail Pharmacy segment sales rose nearly 8% to $39.7 billion compared to the previous year, although retail sales within that segment decreased by 5%, leading to a 30% drop in adjusted operating income to $350 million from $501 million [5]. Strategic Developments - Walgreens is in the process of completing a sale to Sycamore Partners for over $10 billion, with a special shareholder meeting scheduled for July 11 to vote on the deal [3][4]. - The Sycamore deal includes a payment of $11.45 per share, which is 29% above the stock price from December [4]. - The total value of the Sycamore deal exceeds $23 billion when including debt and other items [7]. Operational Challenges - The company has faced significant challenges, including a disastrous rollout of in-store clinics, leading to numerous pharmacy closures and a decline in stock value [4][9]. - Walgreens has lost more than $3.2 billion, or $3.81 per share, for the nine-month period ending May 31, compared to a loss of $5.6 billion, or $6.53 per share, in the previous year [10]. Future Outlook - The CEO emphasized the need for a turnaround plan that requires time and a balanced approach to manage future cash needs while making necessary investments [6].

Core Viewpoint - Transom Capital Group has initiated a cash tender offer to acquire all outstanding shares of SigmaTron International at a price of $3.02 per share, as part of a previously announced merger agreement [1][2]. Group 1: Tender Offer Details - The tender offer is set to expire on July 24, 2025, unless extended, and is subject to customary terms, including the tender of a majority of SigmaTron's voting shares [6]. - Transom has filed a tender offer statement with the SEC, and SigmaTron has filed a recommendation statement urging stockholders to accept the offer [5][7]. Group 2: Board of Directors' Recommendation - The SigmaTron Board unanimously recommends that stockholders tender their shares, having conducted a thorough review of financial and strategic alternatives [3]. - The Board considered SigmaTron's significant indebtedness and the certainty of value provided by the cash offer in their decision [4]. Group 3: Strategic Intent - Transom aims to provide immediate liquidity and value certainty to SigmaTron stockholders while committing to the company's long-term growth [2]. - The acquisition is positioned as a means to build on SigmaTron's legacy and drive future growth [2]. Group 4: Company Background - Transom Capital Group is an operationally focused private equity firm established in 2008, specializing in middle-market investments and complex situations [11][12]. - The firm employs a strategy that combines capital investment with operational expertise to unlock value and accelerate performance [12].