Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Major Asset Restructuring Management Measures" to encourage private equity funds to participate in mergers and acquisitions (M&A) of listed companies, which is expected to enhance market efficiency and activity [1][10][13]. Group 1: Regulatory Changes - The revised measures include a "reverse linkage" mechanism that reduces the lock-up period for private equity funds, allowing them to better manage exit points and enhance investor confidence [1][6][11]. - The introduction of a phased payment mechanism for restructuring shares and simplified review procedures are significant aspects of the new regulations [1][11][12]. - The new rules aim to address long-standing issues faced by private equity funds, such as difficulty in exiting investments, long cycles, and high risks [3][4][11]. Group 2: Market Impact - The "reverse linkage" mechanism allows private equity funds to shorten their lock-up period from 12 months to 6 months after a 48-month investment period, which is expected to increase participation in M&A activities [6][7]. - The new regulations are anticipated to stimulate the M&A market by improving the operational efficiency of private equity funds and encouraging them to actively seek acquisition targets [4][9][10]. - Since the introduction of the "M&A Six Measures" last September, there have been at least 10 disclosed cases of private equity funds participating in M&A of listed companies [9]. Group 3: Future Outlook - The revised measures are expected to enhance the efficiency of the M&A market, allowing for better resource allocation and integration within industries [11][12][13]. - The phased payment mechanism is seen as a significant innovation that can reduce buyer pressure and risks, thereby encouraging more companies to engage in M&A activities [12][13]. - Overall, the new regulations are likely to boost investor confidence in the capital market and facilitate the flow of capital towards more promising sectors and enterprises [13].

5月15日，头部量化私募念空科技向国际顶会NIPS(Neural Information ProcessingSystems，神经信息处理 系统大会)投递了与上海交大计算机学院合作的大模型研究论文，这是中国量化机构首次在 AI基础研究 领域挑战全球顶级学术舞台，标志着中国 金融科技不止于"应用落地"，还具备"底层创新"能力。据 悉，念空科技成立于2015年，是国内较早将 AI应用于金融领域的老牌量化私募机构。其论文提出全新 训练框架，能让大模型在同等训练量下变得"更聪明"。2025年，念空科技成立AllMind，专注大模型底 层技术研究。 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近几年来，A股的轮动速度明显加快，交易难度增大。量化私募通过分散投资和动态调整持仓的优势，快速捕捉市场风格的切换，实现了亮眼的 业绩，规模迅速扩大。今年以来，DeepSeek的成功更是进一步增强了投资者对量化私募的信心。 | 3 | 州天証 | 0-5亿 | 股票 | 广州 | 5 | 旦自似存止级 | | --- | --- | --- | --- | --- | --- | --- | | | 江津 | | | | | 烦请扫码 | | 4 | 全成星金 | 0-5亿 | 股票 | 上海 | 4 | | | 5 | 光亿旺达 私募 | 5-10亿 | 多资产 | 上海 | 3 | | | 6 | 华澄秋墓 | 0-5亿 | 期货及行 生品 | 北京 | 3 | | | 7 | 博弈资产 | 10-20亿 | 股票 | 青岛 | 4 | T | | 8 | 天之卉投 役 | 0-5亿 | 股票 | 深圳 | 4 | 应监管要求 查看私募业绩 | | g | 垒昂资产 | 10-20亿 | 股票 | 上海 | 3 T | 烦请扫码 | | 10 ...

智通财经记者 | 穆玥 近年来，国内量化私募快速发展。据私募排排网数据，截至2025年4月底，管理规模超过50亿元的头部量化私募共有66家，其中百亿量化私募达到38家。 然而，作为国内最早一批突破百亿规模大关的量化私募之一，上海富善投资近年来却不断滑坡，中基协数据显示，目前公司的管理规模仅为5-10亿元。 根据Wind数据，上海富善投资旗下一共备案过214只产品，其中151只已经提前清算，占比70.56%；16只延期清算，占比7.48%；3只投顾协议已终止；2只为 正常清算；有42只正在运行，占比19.63%。同时公司仍在运作的42只产品中，有22只截至2025年第一季度报送的存续规模已经不足1000万元，占比过半。 从100亿+到不足10个亿，上海富善投资这些年到底发生了什么？ 上海富善投资成立于2013年4月，主要从事二级市场投资业务，包含量化CTA、网下打新、上市公司定向增发、海外美元基金等。公司实际控制人林成栋曾 历任上海融泰投资总经理、西部证券资产管理部高级经理，也曾是知名私募朱雀投资的合伙人之一。 A 根据天眼查数据，上海富善投资最初一共有5位创始股东，除了林成栋以外，还包括知名百亿量化私募明汯投 ...

随着我们步入2020年代中期，现在正是回顾 2013年到2015年间设立的私募基金表现的好时机——这些基 金正陆续进入典型的退出周期。 这样的分布结果并不令人意外，因为8% - 20%的回报率通常被视为私募投资的合理预期。在比较并购基 金与非并购基金时，我们发现了显著差异，半数以上并购基金收益率在14%以上，甚至超过26%，相比之 下，落在仅有33%的非并购基金达到了这一水平。这些意味着有限合伙人(LP) 在2013至2015年间投资并 购基金，获得14%以上回报的概率超过50%，而选择其他策略时，仅有三分之一的机会达到这一收益水 平。 并购基金被视为LP长期超额收益的重要来源。我们的图表显示，在不同环境下情况皆是如此。哪怕经历 了新冠疫情和随后的中期经济衰退，并购基金依旧在各类市场环境下展现出更高的回报倾向。 深入探究第二张图表中"其他基金"这一分组可以发现，有三种投资类型集中在2% - 14%区间：信贷、基 础设施和房地产。作为前三大非并购基金，它们可能对整体组别的表现造成了较大影响。 为评估这些基金在过去十年的运作情况，我们分析了内部收益率（IRR）在不同表现分位的分布情况。我 们统计了并购基金的数量， ...

隐形炸弹？美国的银行与私募信贷机构的深度联系可能引爆下一轮系统性风险。 5月21日，波士顿联储最新发布的研究报告显示，由Blackstone、Apollo和Ares等机构主导的私募信贷行业与传统银行业建立了越来越紧密的联 系，这可能在经济衰退期间对美国金融体系构成系统性风险。 波士顿联储经济学家José Fillat、Mattia Landoni、John Levin和Christina Wang在报告中警告："银行与私募信贷市场的广泛联系可能令人担忧，因为 这些联系间接使银行面临与私人信贷贷款相关的高风险。" 据介绍，美国私募信贷市场近年来呈现爆炸式增长，市场规模从2000年的460亿美元扩张至2023年约1万亿美元，尤其在2019年后增长更为迅猛。 "为了应对不利的宏观经济冲击，如果足够多的私募信贷贷款人提取银行信贷额度，私募信贷贷款人对银行流动性的依赖可能对银行业 构成系统性流动性风险。" 值得注意的是，波士顿联储承认，银行提供给私募信贷基金的融资仍被视为比2008年金融危机前提供的杠杆收购贷款更安全。当前，银行对基金 的贷款由数十或数百笔较小的贷款支持，最大限度地降低了他们对任何单一业务的风险。 这一 ...

Core Viewpoint - The risk rating system in the financial market is undergoing a trust crisis, as some institutions manipulate risk levels for sales purposes, leading to significant investor losses [2][3][5] Group 1: Issues with Risk Ratings - The self-evaluation and self-sale model of private equity and trust institutions essentially transfers risk pricing power to interested parties, raising questions about the need for change in the current system where risk rating entities also act as sellers [2][3] - The inconsistency in risk evaluation standards leads to a situation where different institutions apply varying criteria, making it difficult to standardize risk ratings across the asset management industry [2][3] - There is a call for increased supervision from multiple stakeholders in the risk rating process to ensure accountability and transparency [2][3] Group 2: Case Study of Risk Mismanagement - The "Yingxue Funiu No. 1" private equity fund, rated R2, faced a 70% loss, leading to a complete loss of investor capital, highlighting the discrepancies between rated risk and actual investment performance [3][4][5] - The fund's investment strategy included high-risk assets, which contradicted its R2 classification, raising concerns about the integrity of risk assessments [5][12] - Other R2-rated financial products have also faced similar issues, with investors reporting sudden cessation of payments without clear explanations from the issuing institutions [6][7] Group 3: Market Dynamics and Sales Pressure - The demand for low-risk financial products has surged, prompting institutions to lower risk ratings to enhance sales, creating a conflict of interest [9][10] - Institutions often self-assess risk ratings, leading to potential manipulation where products are rated lower than their actual risk to attract more investors [9][10][11] - The lack of clear differentiation in risk ratings among similar products can lead to a scenario where higher-risk products are misrepresented as lower-risk, undermining investor trust [14][15] Group 4: Recommendations for Improvement - There is a consensus that a more standardized and scientific approach to risk rating is necessary, incorporating quantitative and qualitative assessments to better reflect the true risk of financial products [16][17] - Regulatory bodies are taking steps to enforce better practices in risk rating, including requiring private equity firms to establish clear risk assessment standards [18] - Enhanced disclosure requirements for R2-rated products, such as quarterly reporting of top holdings and their risk profiles, are suggested to protect investor interests [17][18]

Core Insights - Shanghai has introduced a fund share valuation guideline to enhance the standardization and efficiency of S transactions in the private equity secondary market [1][4] - The S transaction market has seen a decline in activity over the past two years, contrasting sharply with previous years [3] - The valuation of fund shares is critical for S transactions, and the new guidelines aim to address the challenges posed by information asymmetry and complex transaction structures [4] Group 1: Valuation Guidelines and Market Dynamics - The newly released valuation guidelines provide a comprehensive framework for valuing fund shares, incorporating various mainstream valuation methods for both listed and unlisted equity [4] - The Shanghai Equity Custody Trading Center has previously launched a fund share valuation system, and the new guidelines are expected to further establish a widely accepted pricing system [4] - The S transaction platform serves as a crucial liquidity channel for the trillion-level private equity market, alleviating exit pressures for private equity firms [4][5] Group 2: Market Performance and Future Outlook - In 2024, the Shanghai S transaction market is projected to grow against the trend, with new transaction amounts expected to exceed 10 billion yuan [5] - As of May 18, the platform has completed 121 fund share transactions totaling approximately 25.24 billion yuan and 44 share pledge transactions amounting to about 9.93 billion yuan [5] - The S fund market is still in its early development stage, with a significant amount of existing assets (estimated between 15 trillion to 20 trillion yuan) seeking exit channels, but the effective buyer base remains limited [8] Group 3: Industry Ecosystem and Collaboration - The healthy development of the S fund market is closely linked to ecosystem building, as evidenced by the Shanghai S Fund Alliance's efforts in organizing training and resource sharing among members [9] - A report on post-investment management has been released, highlighting the importance of enhancing post-investment management capabilities for institutions to navigate complex market challenges [9] - Shanghai's position as a financial and innovation center, along with government support, provides a favorable environment for establishing a robust S fund market [10]

资料显示，成立于2015年的念空科技，是市场上较早将人工智能（AI）应用于金融领域的量化私 募，其机器学习应用覆盖期货、股票等。2019年，公司几乎全部转向神经网络算法，2020年起，公司在 此基础上搭建全流程投研平台，次年管理规模突破百亿元。 近日，国内量化私募念空科技向国际顶会NIPS(Neural Information Processing Systems，神经信息处 理系统大会）投递了与上海交大计算机学院合作的大模型研究论文。5月20日，该投递论文网址链接公 布。 业内人士认为，此举显示了中国金融科技不止于应用落地，还具备一定的底层创新能力。 在同等训练量下，帮助大模型变得更聪明 与一般的金融机构招聘不同，量化投资的门槛往往较高，通常是数学、统计学、金融学、计算机技 术的结合，通过挖掘海量数据，寻找规律，做出预测，并使用这个规律进行自动的计算和决策，需要克 服人性弱点。 据了解，对于核心人才的选择，念空科技更愿意从零开始培养，公司团队70%—80%的AI工程师都 是从高校实习生或是应届生招进来，在几个月的时间里，他们会使用公司的体系、规则，公司逐步就能 判断这个人是否适合念空科技。 2023年，Op ...

重庆江北融新私募股权投资基金成立 出资额20亿 金十数据5月21日讯，天眼查App显示，近日，重庆江北融新私募股权投资基金合伙企业（有限合伙） 成立，执行事务合伙人为重庆江北产业引导私募股权投资基金管理有限公司，出资额20亿人民币，经营 范围为以私募基金从事股权投资。合伙人信息显示，该基金由重庆江北产业引导私募股权投资基金合伙 企业（有限合伙）、重庆江北产业引导私募股权投资基金管理有限公司共同出资。 ...