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凸显底层创新能力,这家量化私募向NIPS投递大模型研究论文
Guo Ji Jin Rong Bao· 2025-05-21 12:10
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
news flash· 2025-05-21 08:48
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。 ...
打折也退不了
投资界· 2025-05-21 08:05
Core Viewpoint - The liquidity crisis in private equity is highlighted by Yale University's significant sale of $60 billion in private equity assets, which has seen little interest from buyers despite being offered at a discount [1][2][3] Group 1: Yale University's Asset Sale - Yale University announced the sale of its private equity assets, marking a historic move as it is the largest LP-initiated sale globally [2] - The expected price for the assets was around 90% of face value, but reports indicate that the actual offers are significantly lower, with discounts reaching up to 15% [2][3] - The urgency to complete the sale before the fiscal year-end has led to a lack of competitive bids, reflecting a broader trend of liquidity challenges in the market [2][3] Group 2: Broader Market Trends - The trend of LPs selling assets at steep discounts is becoming more common, with recent reports indicating discounts of 10% to 20% on LP-led sales [3] - Harvard University and Texas Tech University are also looking to sell private equity assets, but face similar challenges with low offers [3] - The overall market for private equity exits is under pressure, with a significant number of funds entering extended periods without returns [5][6] Group 3: Impact on LPs and GPs - Many LPs are expressing frustration over the lack of returns, with reports indicating that a majority of funds established since 2015 have not returned more than half of the invested capital [5][6] - The liquidity crisis is prompting LPs to reassess their investment strategies, leading to a tightening of capital and increased scrutiny on fund performance [6][7] - The emergence of "zombie funds," which have not exited or raised new funds, is indicative of the challenges facing the industry [7][8] Group 4: Industry Adaptation - Some GPs are reducing fund sizes and returning capital to LPs as a strategy to navigate the current market conditions [9] - The shift away from traditional VC models is evident, with firms exploring alternative investment avenues to attract capital [8][9] - The industry is undergoing a significant transformation, with a focus on survival and profitability becoming paramount for both GPs and LPs [9]
另类投资简报 | 百亿美元级中资对冲基金增加港股配置;哈佛陷入财务危机
彭博Bloomberg· 2025-05-21 06:53
彭博对冲基金指数 的初步数据显示,在彭博宏观对冲基金指数的带动下,对冲基金上个月下跌0.4% 。数据显示,今年以来对冲基金下跌了1%。宏观基金录得1.9%的最大跌幅,信贷基金涨幅最大,达 1.7%。 截至2025年4月30日的彭博对冲基金策略收益 2025年4月 彭博另类投资简报 摘取彭博终端实时数据及热点资讯,为您带来全球私募股权市场和对冲基金市场的 最新动态。彭博另类投资板块涵盖投融资事件、PE/VC基金募资情况、GP数据、对冲基金净值及指 数、机构投资者数据等。 私募股权市场回顾 Ares Management公司私人信贷的增长势头丝毫未减 Millennium Management从Pamalican撤资 彭博另类投资简报 行业亮点 新发行私募股权基金 请在彭博终端运行 HF 查看指数,在 HFS 查看感兴趣的对冲基金的业绩数据。 如需在彭博私募数据库中列出您的对冲基金业绩,请联系chuang28@bloomberg.net 寻求帮助。 扫码查看完整简报,您将了解以下市场动态: 交易亮点 对冲基金市场回顾 市场押注 落子布局,玩家动态 业绩概览 一家管理200亿美元的中国对冲基金在四月的港股抛售潮中借 ...
震荡市优选!私募红利策略的周期穿越法则 | 资产配置启示录
私募排排网· 2025-05-21 03:53
本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 近年来,全球经济形势复杂多变,股票市场波动加剧,如何在不确定性中寻求收益成为关键,投资者对资产配置的需求也日益迫切。 对于能够承担一定的指数风险,希望获得Beta+Alpha双重收益,但又想要降低指数周期性波动的投资者而言,中证红利优选策略或许是另一种 对抗投资周期性的选择。 【中证红利指数:高股息、高分红】 01 中证红利指数以沪深A股中现金股息率高、分红比较稳定、具有一定规模及流动性的100只股票为成分股,采用股息率作为权重分配依据,选取 过去三年平均现金股息率前100只股票作为指数样本, 以反映A股市场高红利股票的整体表现。 连续高分红的背后蕴含着公司业绩优、估值低、收益确定性相对较高等逻辑, 在震荡市具备一定的防御性和逆周期性。 当市场低迷时,资本利 得往往存在不确定性、不可预测,分红收益却是可靠的、相对确定的。与沪深300、中证500等主流宽基指数相比,中证红利指数股息率连续多 年小幅领先。经济增速"换挡",长期利率进入下行通道。"较高分红+低估值"为红利策略赋予了部分天然防御属性,安全边际较高。此外,与其 他红利指数相比,中证红利指数 ...
新华财经早报:5月21日
Xin Hua Cai Jing· 2025-05-21 01:03
Group 1: Fiscal and Monetary Policy - National general public budget expenditure increased by 4.6% year-on-year in the first four months, marking the fastest expenditure progress since 2020 [1][1] - The People's Bank of China emphasized the implementation of a moderately loose monetary policy to support effective financing needs of the real economy, focusing on key areas such as technological innovation and consumption [1][1] - The Ministry of Finance reported a 0.4% year-on-year decline in national general public budget revenue, with total revenue reaching 80,616 billion yuan [1][1] Group 2: Interest Rates and Financial Market - The one-year and five-year Loan Prime Rates (LPR) were both reduced by 10 basis points to 3.0% and 3.5%, respectively, marking a continued decline since October of the previous year [1][1] - Major banks saw a decrease in demand deposit rates by 0.05 percentage points and time deposit rates by 0.15-0.25 percentage points [1][1] Group 3: Industry Developments - The establishment of the International Organization for Standardization (ISO) Port and Terminal Subcommittee in China aims to focus on port and terminal standardization [1][1] - The private economy promotion law took effect on May 20, with the Supreme People's Court committed to implementing the law in judicial practices [1][1] Group 4: Company News - Bilibili reported a net revenue of 7.003 billion yuan for Q1 2025, a 24% increase year-on-year, with mobile game revenue rising by 76% [1][1] - Tencent launched a new game content production engine based on its mixed Yuan model, optimizing game asset generation and production processes [1][1] - BYD and Shenzhou Car Rental signed a strategic cooperation agreement to promote sustainable development in the green travel and car rental market [1][1]
四大证券报精华摘要:5月21日
Xin Hua Cai Jing· 2025-05-21 01:02
今年以来,A股市场活跃度较高。公募量化指数增强基金抓住波段机会,近八成产品跑赢了业绩比较基 准,达到了指数基础上的超额收益效果。其中,跟踪中证1000、中证2000等小微盘宽基指数的指增产品 超额收益尤为显著。记者采访多位公募量化基金经理了解到,今年整体市场活跃度较高,相对有利于量 化策略发挥作用,尤其是成长类因子、交易行为类因子等表现较为突出,整体贡献了较多的超额收益。 随着业界逐渐强化业绩比较基准约束,投资者会更关注超额收益的稳定性,指增产品未来也要更侧重获 取相对稳定的超额收益,不仅要分散超额收益来源,还要控制好风险敞口。 ·看重绝对收益能力基金公司积极布局"固收+" "固收+"产品正成为公募机构争相布局的重要方向之一。一方面,这一方向契合了投资者获得绝对收益 的需求;另一方面,这也是出于基金公司管理规模增长的需要。公募人士普遍认为,权益类资产有结构 性机会,固收类资产具备长期投资逻辑,"固收+"产品配置价值凸显。 ·预期改善外资机构唱多中国资产 5月以来,高盛已两次上调中国股指目标点位;瑞银发表中国股票策略观点,预判全球资金或呈现持续 净流入态势;野村将中国股票评级大幅上调至"战术性超配"……近段时间 ...
【私募调研记录】敦和资管调研新余国科、天元宠物等3只个股(附名单)
Zheng Quan Zhi Xing· 2025-05-21 00:06
Group 1: Xinyu Guoke - Xinyu Guoke is rapidly developing in the field of explosive devices, which has become a major economic growth point for the company [1] - The company has won bids for four to five product models, and if these models can be finalized for mass production, it will bring considerable sales revenue [1] - The company has expansion plans, with a new special equipment production line project having obtained land use rights and undergoing internal technological upgrades [1] Group 2: Tianyuan Pet - The domestic pet market in China has seen rapid growth since 2010, with the urban pet (dog and cat) consumption market expected to reach 300.2 billion yuan in 2024, a 7.5% increase from 2023 [2] - The company has established an efficient multi-category product supply chain management system and is expanding production capacity in Vietnam and Cambodia [2] - The company plans to focus on its own brand, develop traditional e-commerce, and explore content e-commerce, with a projected domestic revenue of 1.431 billion yuan and a gross margin of 11.65% in 2024 [2] Group 3: Lianchuang Optoelectronics - Lianchuang Optoelectronics has introduced the progress and future plans of the "Spark One" project, which has entered the operational phase and is expected to complete key construction by 2028-2029 [3] - The company anticipates business development in 2023, focusing on upgrading laser products, expanding overseas, and ensuring delivery [3] - The company detailed the composition and R&D progress of superconducting coils in controlled nuclear fusion, highlighting the technical barriers and innovations in high-temperature superconducting technology [3] Group 4: Company Overview - Dunhe Asset Management Co., Ltd. was established on March 2, 2011, and is a domestic macro private equity fund company focused on investment in domestic and international capital markets [4] - The company has developed a multi-asset allocation strategy, utilizing various tools such as spot, futures, options, and OTC derivatives [4] - Dunhe Asset Management has an asset management scale exceeding 40 billion yuan, ranking among the top in the private equity securities investment fund industry [4]
年内475家私募基金管理人“离场”
news flash· 2025-05-20 16:12
私募基金行业"扶优限劣"态势不减。近日,多家私募基金管理人注销登记。据中国证券投资基金业协会 (以下简称"中基协")官网数据统计,截至5月20日,年内注销私募基金管理人数量已达475家。受访业内 人士普遍认为,私募基金行业优胜劣汰加速,有利于优化行业生态,推动行业高质量发展,切实维护投 资者合法权益。随着私募基金行业"扶优限劣"持续,将促进资源向优质大型私募机构集中,进一步提升 行业集中度。(证券日报) ...
128岁,这所高校走出了一个投资天团
母基金研究中心· 2025-05-20 16:04
Core Viewpoint - Zhejiang University has played a significant role in China's higher education and has produced numerous successful entrepreneurs and investors, particularly in the field of technology and innovation [1][2]. Group 1: "Hangzhou Six Little Dragons" - The "Hangzhou Six Little Dragons" are notable for their focus on "hard technology," including artificial intelligence, robotics, and brain-computer interfaces, aiming to reshape industry logic and break technological barriers [2]. - Zhejiang University has been at the forefront of artificial intelligence since establishing its computer science department in 1978, becoming one of the first universities in China to offer an undergraduate program in AI in 2019 [2][3]. - Founders of several "Hangzhou Six Little Dragons" companies, such as DeepSeek and Cloud Deep Technology, are alumni of Zhejiang University, showcasing the university's influence on entrepreneurship [2][3]. Group 2: Alumni Achievements - As of May 17, 2024, 351 alumni from Zhejiang University hold key positions in 313 listed companies, indicating the university's strong entrepreneurial ecosystem [4][5]. - The "Future Entrepreneurs Cultivation Project," initiated in 1999, has produced 128 startups with a total market value exceeding 100 billion yuan, highlighting the university's commitment to fostering innovation [5]. - Zhejiang University's innovation culture emphasizes the integration of technological and industrial innovation, creating a vibrant ecosystem that supports startups at various growth stages [5]. Group 3: Notable Investors - Notable investors from Zhejiang University include Duan Yongping, known as the "father of industry" and "Chinese Buffett," who has made significant contributions to the tech industry and value investing [6][7]. - Duan Yongping has made substantial donations to Zhejiang University, supporting its development and infrastructure, reflecting his commitment to giving back to his alma mater [7]. - Other prominent investors include Chen Yuemeng, founder of Zhejiang Merchants Venture Capital, and Wang Huai, founder of Linear Capital, both of whom have made significant impacts in their respective fields [8][9][10].