9月4日，根据广西证监局在2025年9月3日发布的公告，广西优航私募基金有限公司收到了出具警示函的 监管措施。 | 赏 引 号 | bm56000001/2025-00010454 | ক 炭 | 行散执法:通知公告 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年09月04日 | | 名 廖 | 关于对广西优航科聊基金有限公司采取出具备示组推施的决定（2025）25号 | | | | 文 号 | 行政监管推施决定书 [2025] 25号 | 主题词 | | 经查，该公司在开展私募基金业务过程中存在多项问题，主要包括财务状况不佳和内部控制制度机制不 健全。 财务状况方面，广西优航私募基金有限公司的可持续经营能力存在重大不确定性，且其多年净利润均为 负数，从2017年至2023年度的经营活动产生的现金流量净额均为负数。 另外，公司存在基金经理在非应急情况下使用公司应急交易手机进行基金证券账户下单交易的情况，未 能建立健全相关用印管理制度，且未完整保存投资决策记录。这些行为违反了《私募投资基金监督管理 条例》和相关规定。 来源：读创财经 ...

Core Viewpoint - The article highlights the rise of female fund managers in the traditionally male-dominated private equity sector, showcasing their unique resilience, insights, and rigorous risk control, which have led to impressive returns in the investment landscape [1]. Group 1: Overview of Female Fund Managers - As of August 29, 2025, there are 185 female private equity fund managers with performance records on the platform, with the majority (110) from subjective private equity, 38 from quantitative private equity, and 37 from mixed strategies [2]. - The geographical distribution shows that 34.05% of female fund managers are based in Shanghai, followed by Shenzhen (26), Beijing (24), Hangzhou (15), and Guangzhou (9) [2]. - In terms of core strategy, over 50% (95) of female fund managers employ stock strategies, while 23 use multi-asset strategies, 22 focus on futures and derivatives, and 19 on bonds [2]. Group 2: Experience and Company Size - Among the female fund managers, 99 have over 10 years of experience, and 18 have over 20 years [3]. - More than 50% (97) of female fund managers are from private equity firms with assets under 500 million, while 30 are from firms with over 2 billion, with only 4 from top-tier firms (over 5 billion) [3]. Group 3: Notable Female Fund Managers - The top female fund managers include Li Bei from Banxia Investment, He Ruilin from Qianhai Bopu Asset, Lin Xue from Jiupeng Asset, and Jia Yiming from Chengyi Private Equity, all managing funds between 5 billion to 10 billion [4][5]. - Li Bei, known as the "private equity witch," has over 10 years of experience and manages two products with a total scale of approximately 304 million, achieving significant returns [6][11]. - He Ruilin, with a master's degree from Xiamen University, has a focus on sectors like new energy and technology, managing three products totaling approximately 322 million [7][12]. Group 4: Performance Rankings - The article lists the top 20 female fund managers based on their performance this year, with Li Jiajia from Haokun Shengfa Asset leading with an average return of ***% across four products [11][13]. - The average return for the top 32 female fund managers this year is ***%, with a total product scale of approximately 11.55 billion [7][13]. - In the past year, Li Jiajia also ranks first among female fund managers, with her products achieving an average return of ***% [12][15].

Core Viewpoint - The private equity market has seen a significant increase in the number of registered products, with a year-on-year growth of over 82% in 2025 compared to 2024, indicating a strong recovery and investor interest in private equity securities products [2]. Group 1: Growth in Private Equity Products - A total of 7,907 private equity securities products have been registered in 2025, compared to 4,340 in the same period of 2024, marking an increase of 82.19% [2]. - Monthly registration data shows a notable recovery since March 2025, with monthly registrations exceeding 1,100 products for three consecutive months from June to August [2]. - Factors contributing to this growth include a steady recovery in the A-share market, the rise of strategic emerging industries like artificial intelligence, improved regulatory frameworks, and the strong performance of private equity products [2]. Group 2: Dominance of Stock Strategies - Stock strategy products have become the mainstay of the registered private equity market, with 5,173 products accounting for 65.42% of the total, reflecting a 91.31% increase from 2,704 products in 2024 [3]. Group 3: Diverse Strategy Growth - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 and 841 products registered respectively, representing increases of 76.58% and 66.87% compared to 2024 [6]. Group 4: Rise of Quantitative Products - Quantitative products have seen a significant rise, with 3,584 products registered, making up 45.33% of the total, and a year-on-year growth of 100.34% from 1,789 products in 2024 [8]. - Within quantitative strategies, stock strategies dominate, with 2,601 products registered, accounting for 72.57% of quantitative products [8]. Group 5: Leading Private Equity Managers - A total of 2,154 private equity managers have registered products this year, with 1,436 managers (66.7%) registering 2,690 products, while 76 billion-level managers accounted for 1,936 products [10]. - The top three billion-level quantitative private equity managers by registered products are KuanDe with 118 products, HeiYi with 112 products, and MingHeng with 101 products [12][14].

Core Insights - The training session aimed to enhance the legal compliance awareness and reputation risk management effectiveness of private equity institutions in Shenzhen [1][2] - The current market sentiment towards public opinion management is characterized by high attention, low tolerance, and high demands for handling public sentiment [1] - The training is part of a broader initiative to improve the public opinion response capabilities of private equity institutions, addressing existing deficiencies in this area [2] Group 1: Training Objectives and Participation - The training attracted over 150 representatives from private equity institutions, indicating strong interest in improving public opinion management [1] - The session focused on enhancing the compliance and reputation management skills of private equity firms in the Shenzhen area [1] Group 2: Key Recommendations and Strategies - Recommendations included increasing awareness, strengthening public opinion monitoring and management, and enhancing media cooperation [1][2] - Institutions were advised to develop a multi-tiered response mechanism for public opinion risks based on the nature, impact, and severity of the sentiment [2] Group 3: Regulatory Context and Support - The training aligns with the ongoing "Clear and Bright" campaign by the Central Internet Information Office to combat online chaos and improve market ecology [2] - The China Securities Regulatory Commission emphasizes the importance of managing public sentiment and addressing false information in the capital market [2]

Core Viewpoint - The private equity market in A-shares is experiencing a resurgence, with a significant increase in the issuance of new products, particularly in quantitative strategies, driven by a recovering market and improved regulatory environment [1][2][3]. Group 1: Market Recovery and Product Issuance - As of August 31, 2025, the number of newly registered private equity securities products has exceeded 7900, representing a year-on-year increase of 82.19% from 4340 in the same period of 2024 [2]. - The monthly registration volume has remained above 1100 for three consecutive months, indicating sustained enthusiasm for private equity securities products [2]. - In July 2025, the new registration scale reached 1074.27 billion, marking a nearly four-year high, compared to only 156 billion in the same month last year [2]. Group 2: Factors Driving Growth - The growth in registered private equity securities products is attributed to several factors, including the steady recovery of the A-share market and the strong performance of strategic emerging industries like artificial intelligence, which have increased market risk appetite [3]. - The improvement in the regulatory framework and transparency of the private equity fund industry has bolstered investor confidence, creating a stable environment for healthy industry development [3]. - The strong profitability of private equity securities products has further stimulated investor participation [3]. Group 3: Quantitative Investment Strategies - Quantitative investment strategies have seen rapid development and demonstrated significant advantages in the current market environment, leading to increased investor interest [4]. - The number of registered quantitative products has doubled year-on-year, reaching 3584, accounting for 45.33% of the total [7]. - Among the quantitative products, stock strategies are the most popular, making up 72.57% of the total, followed by futures and derivatives (13.81%) and multi-asset strategies (10.66%) [7]. Group 4: Performance of Specific Strategies - Stock strategy products have been particularly noteworthy, with 5173 registered, representing 65.42% of the total, and a year-on-year increase of over 90% [5]. - Multi-asset and futures/derivatives strategies have also seen steady growth, with registrations increasing by 76.58% and 66.87%, respectively [5]. - The performance of quantitative products has been strong, with some leading institutions reporting excess returns of 20% to 30% [6]. Group 5: Dominance of Leading Private Equity Firms - A total of 76 private equity firms with over 10 billion in assets have registered 1936 products this year, averaging at least 25 products per firm, which accounts for nearly a quarter of the total [8]. - Three leading quantitative private equity firms have registered over 100 products each, with KuanDe Private Equity leading at 118 products, followed by HeiYi Asset at 112, and MingFa Investment at 101 [8][10]. - The concentration of product registrations among top firms highlights the significant headwind effect in the industry [9].

Core Insights - The total number of private equity securities funds registered in the market reached 7,907 in the first eight months of this year, a significant increase of 82.19% compared to 4,340 in the same period last year [1] - The monthly trend shows a clear recovery in private equity securities fund registrations since March, with monthly new registrations consistently exceeding 1,000, indicating a rising enthusiasm in the industry [1] Group 1: Market Trends - The growth in private equity securities fund registrations is attributed to four main factors: the steady recovery of the A-share market, strong performance in strategic emerging industries like artificial intelligence, improved information disclosure and operational standards in the private fund industry, and the rapid development of quantitative investment strategies [1] - Stock strategy products have become the mainstay of registrations, with 5,173 stock strategy products registered in the first eight months, accounting for 65.42% of total registrations, marking a 91.31% increase from 2,704 last year [1] Group 2: Strategy Types - There has been stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, and increases of 76.58% and 66.87% from last year [2] - The proportion of quantitative private equity securities funds in the overall registered products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of total registrations, doubling from 1,789 last year [2] Group 3: Institutional Insights - Among the private equity fund managers, 2,154 had registered products in the first eight months, with 1,436 institutions managing under 500 million yuan accounting for 34.02% of total registrations, while 76 institutions managing over 1 billion yuan accounted for 24.48% [2] - The leading private equity institutions include Kuande Private Equity with 118 registered products, focusing on stock quantitative long strategies, followed by Heiyi Asset with 112 products, and Mingyun Investment with 101 products, both also emphasizing stock quantitative long strategies [3]

Core Viewpoint - The A-share market experienced a significant upward trend in August, with the Shanghai Composite Index surpassing 3800 points, reaching a nearly 10-year high, and daily trading volume exceeding 3 trillion yuan, indicating a robust trading environment [1] Group 1: Market Performance and Fund Analysis - As of August 29, 2025, among the 433 stock long private equity funds established in 2021, 404 funds achieved positive returns, representing 93.3% [1] - In contrast, only 526 out of 1644 equity public funds established in 2021 showed positive returns, resulting in a mere 32% positive return rate, highlighting the stronger performance of private equity funds [1] Group 2: Fund Performance by Size - For private equity funds with over 10 billion yuan in assets, 90 funds were established in 2021, with an average return of ***% [5] - Among the top-performing funds in this category, "Mingxuan Stock Selection Phase 1" managed by Mingxuan Investment achieved outstanding returns since its establishment [7] - In the 5-10 billion yuan category, "Xiangyuan Meihua No. 1 Industry Selection" from Hainan Xiangyuan Private Equity reported the highest returns since its inception [16] Group 3: Notable Fund Managers and Strategies - The top-performing funds are managed by notable firms such as Mingxuan Investment, Yanfeng Investment, and Jiukun Investment, which are recognized as leaders in quantitative private equity management [7][10] - Fund managers like Qiu Huiming and Liang Hong have extensive experience and have developed successful strategies that contributed to their funds' strong performance [7][9]

Core Insights - The private equity market has seen significant growth in the number of registered private securities products, with a total of 7,907 products registered as of August 31, marking an 82.19% increase year-on-year [1][3][4] - The stock strategy products dominate the private equity market, with 5,173 products registered, accounting for 65.42% of the total, and showing a 91.31% increase compared to the previous year [4][5] - Quantitative products have also experienced substantial growth, with 3,584 products registered, reflecting a 100.34% year-on-year increase [5] Private Equity Market Trends - The private equity market has maintained a high level of new product issuance, with monthly registrations consistently exceeding 1,100 products from June to August [3] - The demand for diversified asset allocation has led to a notable increase in multi-asset and futures/derivatives strategy products, with 1,116 and 841 products registered respectively, both showing significant growth compared to the previous year [5] - The overall market sentiment has improved due to the steady recovery of the A-share market and the strong performance of sectors like artificial intelligence, which has attracted more investors to private equity products [5] Investor Engagement - There has been a marked increase in private equity firms' engagement in A-share company research, with 1,152 firms participating in 6,053 research activities in August, a 243.34% increase from the previous month [6] - The healthcare and electronics sectors have been the most researched, with 1,095 and 947 research activities respectively, indicating a concentrated interest in these industries [6] - The average position of domestic stock private equity firms has risen to 75.55%, reflecting a positive investment sentiment despite slight fluctuations in larger firms' positions [6]

Core Viewpoint - The article highlights the performance and investment strategies of Hangzhou Oak Asset Management Co., Ltd., emphasizing its strong returns and focus on quantitative stock investment strategies [3][6]. Company Overview - Hangzhou Oak Asset Management was established in March 2018 and is registered with the Asset Management Association of China [3]. - As of the end of July, Oak Asset's products achieved an average return of ***%, ranking second among quantitative private equity funds with a scale of 20-50 billion in the first seven months [3]. - The "Oak Wangjiang No. 2" fund ranked first in excess returns among the CSI 1000 index in the same period, while "Oak Yongfu" ranked second in the CSI 500 index [3]. Investment Philosophy & Strategies - The company focuses on high-frequency quantitative investment, utilizing a dual-driven approach of "mathematical insight × engineering implementation" to build price-volume models that identify short-term price fluctuations and mispricing opportunities [11]. - The investment strategy is based on in-depth analysis of historical price-volume data to uncover factors with financial logic or explainability [11]. Core Team - The core team consists of 13 members, with a research team of 8 professionals, including PhDs from top universities and experienced IT experts, averaging 8.5 years of industry experience [8][19]. - The team has maintained a "zero core loss" stability, ensuring continuity and consistency in investment strategies [19]. Competitive Advantages - Oak Asset has a long-term focus on high-frequency price-volume stock selection, with an annualized turnover of approximately 120 times, demonstrating strong adaptability and long-term return potential [17]. - The quantitative models emphasize logical factors and explainability, showing excellent historical predictive capabilities [18]. Future Outlook - The company plans to continue refining its high-frequency price-volume strategies while maintaining the core framework, focusing on model detail enhancement and trading execution optimization to improve investment efficiency [21].

Group 1 - The core viewpoint of the article emphasizes the investment philosophy and performance of Shenzhen Zhong'an Huifu Private Securities Fund Management Co., Ltd, highlighting its macro perspective and focus on beta opportunities driven by asset fundamentals [3][10][11] - Zhong'an Huifu was established in October 2015 and has been operational for nearly 8 years, with its first public product, Lianhua Mountain Macro Hedge No. 3, launched in April 2018, achieving an annualized return of approximately ***% [3][9] - The company aims to optimize resource allocation by ensuring that suitable assets are priced appropriately, which is central to its investment strategy [3][10] Group 2 - The core team consists of 7 members, primarily self-trained post-90s individuals, with Dai Chunping as the key figure, who has 25 years of investment management experience [9][10] - The investment research methodology is characterized by a stable core that continuously iterates, focusing on economic and industrial trends, and ensuring that asset selection aligns with different fundamental conditions [11][12] - The company has received several awards, including the Best Private Fund Product Award and the Most Trusted Private Fund Manager Award, reflecting its recognition in the industry [16][17] Group 3 - The main product, Lianhua Mountain Macro Hedge No. 3, has shown a relatively controlled drawdown while pursuing sharp net value curves, with its performance metrics indicating significant returns since inception [10][13] - The company’s investment strategy is designed to be adaptable to various market conditions, with a focus on minimizing reliance on single market trends [10][11] - The firm emphasizes a strong correlation with diverse asset classes, which contributes to its ability to manage risks effectively [10][11]