量化指增策略领跑市场，也让百亿级量化机构成为了市场的"大赢家"。数据显示，上半年，在备案产品数量不少 于20只的33家私募机构中，量化私募机构占据27席，其中18家为百亿元级的量化机构。 展望下半年行情，私募机构普遍持乐观态度，科技、消费、创新药和红利资产等仍是聚焦方向。此外，私募机构 实际行动也十分积极。私募排排网最新数据显示，6月共有751家私募证券管理人参与A股上市公司调研，覆盖28 个申万一级行业中的387只个股，合计调研次数达1769次。从调研热度来看，共有46只个股获得私募机构的高度关 注，调研频次均不少于10次。（南木） 整体而言，股票策略成为上半年私募备案的"主力军"。数据显示，上半年新备案股票策略私募产品数量高达3458 只，占备案产品总量的63.32%。进一步来讲，股票量化策略产品持续占据市场主流地位。上半年备案的量化策略 私募产品达2448只，其中股票量化策略备案产品为1715只，占比70.06%。其中，指数增强策略最受市场青睐，备 案产品1061只，占股票量化策略产品数量的61.87%；股票市场中性策略则以571只备案产品数量紧随其后，占比 为33.29%。 从产品收益率来看，今年上半 ...

近年来，私募基金行业在监管深化与市场波动中加速分化，管理人的专业能力与策略创新成为应对复杂 环境的核心竞争力。在此背景下，方正证券敏锐捕捉行业需求，推出"方华杯"私募成长计划，旨在通过 资金对接、系统支持及品牌赋能等，提供全方位的支持与服务，助力优秀私募机构实现高质量发展。 "方华杯"私募成长计划特别推出《方华洞见》专栏，通过汇聚私募管理人的前沿观点与实战智慧，为投 资者提供前瞻性的市场分析和策略解读，至今已发布多期精彩内容。本期专栏继续特邀多家优秀私募管 理人，围绕市场环境、投资策略、宏观经济、量化投资等多个维度展开分享，以期为投资者提供差异化 视角与有价值的决策参考。 湖南聚力财富私募基金管理有限公司表示，当前市场呈现出显著的结构性矛盾：一方面，部分行业仍处 于螺旋收缩与产能出清的阶段；另一方面，市场对出清进程早日结束抱有迫切期待，部分资金已悄然布 局于"触底"预期领域。同时，2022年以来的"赚钱难、亏钱易"局面，正推动居民财富管理偏好从追 求"快速增值"转向"稳健收益"，而优质资产管理者的识别难度随之凸显。 值得特别关注的是，上市公司管理层对资本市场的重视程度和理解深度在近两年显著提升，其战略布局 与 ...

此举并非孤例，贸易紧张局势的升级正促使更多亚洲投资者重新评估其美国资产配置。 据媒体此前报道，约10家亚洲超高净值家族办公室和顾问机构已减少或暂停对美国市场的投资，以规避 由政治与政策不确定性带来的系统性风险。 作为香港最大的彩票与博彩机构，赛马会管理着庞大的投资组合，其年度客户投注额高达3050亿港元， 2023年仅博彩与彩票业务就带来430亿港元收入。凭借庞大的资金规模，赛马会一直是香港最具话语权 的机构投资者之一。 风险提示及免责条款 在全球地缘政治风险持续升温、贸易紧张局势不断升级的大背景下，香港最大资产配置机构之一的赛马 会，正计划出售其持有的大部分美国资产。 据媒体周三报道，赛马会此次出售的资产价值高达10亿美元，主要为美国资产，涉及的私募股权公司除 黑石外，还包括TA Associates Management LP、华平投资（Warburg Pincus）和Clayton Dubilier & Rice等 全球知名私募基金。 这些资产通过不同投资载体进行打包，其中一只基金所含资产就达到7亿美元。 尽管大型机构投资者偶尔会在私募基金到期前通过二级市场出售持仓，以提前回笼流动性，但如此大体 量的资 ...

美国国会刚刚通过的"大漂亮"法案正在给美国企业界带来一场深刻而复杂的变革。 在国会以微弱优势通过后，这项大规模税收和支出法案正在重新定义美国企业界的赢家和输家。 分析指出，私募基金行业和化石燃料企业成为最大受益者，而可再生能源产业和部分硅谷科技巨头则面 临冲击。 私募基金行业成最大赢家 价值13万亿美元的私募基金行业无疑是法案的最大受益者之一。 根据法案，包括黑石（Blackstone）和阿波罗（Apollo）在内的资管巨头，成功保留了备受瞩目的"附带 权益"（carried interest）税收漏洞。 据悉，这项"附带权益"条款允许交易者以较低的长期资本利得税率而非更高的所得税率缴纳绩效利润 税，从而每年为该行业公司节省数十亿美元的税收。 此前，特朗普曾表示将关闭这一漏洞，但最终未果。 前美国财政部官员、现任Highland Global Advisors咨询公司负责人Michael Pedroni表示： "如果你身处私募资产领域，这对你来说是一项非常好的法案。" "这项法案代表着私募资产行业的重大胜利。" 此外，法案还通过固定债务利息税扣除并扩展至折旧和摊销，为许多私人股本支持的公司降低了税率。 不过， ...

智通财经7月9日电，私募排排网数据显示，2025年上半年私募证券产品整体收益达8.32%，超八成产品 实现正收益。股票策略以10%平均收益领跑五大策略，其中量化多头表现亮眼（平均收益15.42%，正收 益占比93.32%），主观多头则凭借35.68%的5%分位数收益展现爆发力。期货策略中，主观CTA（平均 收益4.90%）优于量化CTA，期权策略正收益占比突出（77.11%）。债券策略稳定性居首，超九成货正 收益。组合基金、多资产策略收益均超6%。市场震荡环境下，量化与主观策略各显优势。（智通财经 记者 吴雨其） 上半年私募股票策略平均收益10%领跑五大策略 ...

上半年新备案产品5461只 私募排排网最新统计数据显示，6月共有1100只私募证券投资基金产品完成备案，创下年内月度数据的次 新高，环比增长26.44%。拉长时间来看，今年上半年新备案私募证券投资基金数量高达5461只，同比增 长53.61%，环比增幅高达100.48%。 近期，理财收益率持续下调叠加资本市场有所回暖，推动私募证券投资产品的销售逐步升温。 具体来看，股票量化策略产品持续成为市场主流方向之一。数据显示，上半年备案的量化策略私募产品达 2448只，而股票量化策略则占据绝对主导地位，备案产品为1715只，占比70.06%。其中，指数增强策 略最受市场青睐，备案产品1061只，占股票量化策略产品数量的61.87%；股票市场中性策略则以571只 备案产品数量紧随其后，占比为33.29%。 私募量化指增策略领跑市场 今年上半年，存款利率下行也成为了推动私募产品发行规模增长的重要因素。 "1年期定期存款利率普遍降至1%以下，而私募理财产品的收益相对更高，二者之间形成了明显的利 差。"北京地区某私募销售人员对证券时报记者称。 私募产品发行火爆的背后，往往是超额的历史业绩表现。从产品收益率上看，今年上半年证券类 ...

Core Viewpoint - In the first half of 2025, the private equity industry is experiencing a surge in interest in "quantitative" strategies, driven by advancements in AI technology and strong performance from small-cap stocks. The implementation of new regulations for quantitative trading is expected to lead to significant changes in the industry, including a shift towards fundamental factors, increased use of machine learning and alternative data, and enhanced risk control measures [2]. Group 1: Popular Quantitative Companies - The top 20 popular quantitative companies include 17 from leading private equity firms, with the top five being all billion-dollar firms. Shanghai is home to 12 of these firms, and three firms have over 100 employees [3]. - Ningbo Huansheng Quantitative ranks first in popularity, with its 11 products achieving a notable performance in the first half of the year. The firm has been utilizing machine learning for automated quantitative trading since 2008, accumulating over 10PB of data [7]. - Blackwing Asset ranks fourth in popularity, with 20 products and a significant number of registered products. The firm has integrated AI technology into its operations since 2017, enhancing model prediction accuracy [8]. - Hainan Shengfeng Private Equity, a newer firm established in 2022, has also made a mark with its strict programmatic strategies and impressive performance [9]. Group 2: Popular Quantitative Fund Managers - The top five popular quantitative fund managers include Xu Jin, Wang Yiping, Lin Ziyang, Zhu Xiaokang, and Sun Lin, with over half of the top 20 managers coming from billion-dollar firms [10]. - Wang Yiping from Evolutionary Asset leads with the highest performance among fund managers, emphasizing the importance of eliminating outdated capacities for economic growth [13]. - Li Xiang from Mengxi Investment, with extensive experience in low-latency trading strategies, ranks eighth among fund managers [13][14]. Group 3: Popular Quantitative Products - Among the top 20 quantitative products, 16 are long-only strategies, with Hainan Shengfeng Private Equity and Longqi Technology having multiple products listed [15]. - Longqi Technology's "Longqi Zhongzheng 2000 Index Growth No. 1" achieved high returns in the first half of the year, managed by Zhu Xiaokang, who has a strong background in international quantitative investment [19]. - Shenzhen Zeyuan's "Zeyuan Zhicheng Beta Quantitative No. 1 A-Class" also performed well, showcasing the firm's expertise in multi-asset trading strategies [19].

Core Viewpoint - The article discusses significant events impacting the capital market in the first half of 2025, highlighting the performance of various securities and the emergence of new private equity firms in China [2][5]. Market Performance - Major indices in China's A-share market showed volatility, with the Shanghai Composite Index increasing by 2.76%, the Shenzhen Component Index by approximately 0.48%, and the ChiNext Index by about 0.53% in the first half of 2025 [2][3]. - The maximum gains for these indices were 11.61% for the Shanghai Composite, 12.44% for the Shenzhen Component, and 19.13% for the ChiNext, while the maximum drawdowns were -9.71%, -14.98%, and -20.79% respectively [3]. Private Equity Landscape - The number of billion-yuan private equity firms in China has increased to 88, with the addition of one new firm, Micro博易 [5]. - Among these firms, 67 focus on stock strategies, 13 on multi-asset strategies, 5 on bond strategies, and 2 on futures and derivatives [5]. - Shanghai has the highest concentration of these firms, with 35 located there, followed by Beijing with 24 and Shenzhen with 7 [5]. Performance Rankings of Private Equity Firms - In the first half of 2025, the top-performing private equity firm was 稳博投资, with an average return of approximately ***% across its products [8][12]. - 进化论资产 ranked second, also achieving an average return of ***% [13]. - The rankings for the past year showed 天演资本 at the top, followed by 龙旗科技 [14][18]. - Over the past three years, 君之健投资 led the rankings, with 阿巴马投资 and 天演资本 following [20][22]. - For the past five years, 日斗投资 was the top performer, with 君之健投资 and 龙旗科技 also ranking highly [25][27]. Notable Insights - The article emphasizes the increasing importance of quantitative strategies in private equity, with many top firms employing such methods to achieve significant returns [8][12][20]. - The performance of private equity firms is closely tied to market conditions, with many managers expressing optimism about future growth in sectors like entertainment and finance [29].

显而易见，上述数据也在一定程度上折射出市场信心显著修复、资金配置意愿增强的态势。总体上，股票策略 依然是上半年私募备案的"主力军"。据统计，上半年新备案股票策略私募产品数量高达3458只，占备案产品总 量的63.32%。 具体来看，股票量化策略产品持续成为市场主流方向之一。数据显示，上半年备案的量化策略私募产品达2448 只，而股票量化策略则占据绝对主导地位，备案产品为1715只，占比70.06%。其中，指数增强策略最受市场 青睐，备案产品1061只，占股票量化策略产品数量的61.87%；股票市场中性策略则以571只备案产品数量紧随 其后，占比为33.29%。 私募量化指增策略领跑市场 今年上半年，存款利率下行也成为了推动私募产品发行规模增长的重要因素。 "1年期定期存款利率普遍降至1%以下，而私募理财产品的收益相对更高，二者之间形成了明显的利差。"北京 地区某私募销售人员对证券时报记者称。 近期，理财收益率持续下调叠加资本市场有所回暖，推动私募证券投资产品的销售逐步升温。 上半年新备案产品5461只 私募排排网最新统计数据显示，6月共有1100只私募证券投资基金产品完成备案，创下年内月度数据的次新 高，环比 ...

Group 1 - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index reaching a new high for the year, indicating a potential "trend market" as judged by many private equity institutions [1][2] - The number of private equity products registered in June reached 1,100, marking a monthly record for the year, and the total number of registered products in the first half of the year increased by over 100% compared to the second half of last year [1][2] - The average position of large-cap stock private equity funds is at 79.96%, with 66.06% of institutions holding over 80% of their positions, reflecting a strong bullish sentiment among major institutions [2] Group 2 - The current environment of high resident savings and declining interest rates is expected to attract more incremental funds into the A-share market, as historical trends suggest that capital tends to flow into the stock market when the real estate market underperforms [2][3] - The long-term potential for the A-share market is supported by the continuous increase in household savings, which has averaged over 15 trillion yuan annually since 2022, and the shift in asset allocation due to lower interest rates [2][3] - Factors such as the strengthening of China's soft and hard power, the global recognition of Chinese products, and the gradual stabilization of the real estate market are contributing to a positive long-term outlook for the A-share market [3] Group 3 - Investment strategies among private equity firms are focusing on a balanced approach, combining high-growth technology sectors with high-dividend assets to provide safety and stable returns [5][6] - The market is expected to see a rotation in sectors and styles, with a focus on technology growth areas supported by policy and fundamental improvements, as well as high-dividend assets in both A-share and Hong Kong markets [6] - The overall valuation of Chinese assets remains attractive compared to Western markets, suggesting that quality equity assets are likely to attract more capital inflows in the coming months [6]