Core Viewpoint - The article emphasizes the performance of private equity funds in China's capital market, highlighting the challenges of maintaining top rankings over different time frames amidst market volatility [1]. Group 1: Subjective Long/Short Strategies - A total of 23 private equity products have ranked in the top 20% for short-term (January to August), medium-term (three years), and long-term (five years) performance [1]. - As of August 2025, there are 1,974 subjective long/short private equity products reported for this year, 1,353 for the last three years, and 760 for the last five years [1]. Group 2: Quantitative Long/Short Strategies - 21 products from quantitative long/short strategies have also ranked in the top 50% across all three performance periods [5]. - Among these, 11 products belong to large-scale quantitative private equity firms, indicating a strong presence in the market [5]. Group 3: Futures and Derivatives Strategies - 19 private equity products have achieved top 30% performance across short, medium, and long-term periods in the futures and derivatives category [8]. - As of August 2025, there are 678 products reported for this year, 403 for the last three years, and 162 for the last five years in this strategy [8]. Group 4: Multi-Asset Strategies - 18 multi-asset strategy products have ranked in the top 30% for all three performance periods [12]. - The article notes that large-scale private equity firms like Blackwing Asset and Duration Investment have products listed among the top performers [12]. Group 5: Market Outlook - The market is expected to experience fluctuations, with technology, pharmaceuticals, and new consumption identified as key investment areas for the next decade [4]. - The article mentions that the A-share market is likely to remain in a bullish phase, with significant opportunities in sectors like technology and healthcare [4].

当一套865平米的复式豪宅以32.68万元/平方米的天价成交时，这个数字背后究竟隐藏着怎样的财富逻辑？9月21日，上海黄浦区金陵华庭二期120套豪宅在 227组客户争抢下"日光"，单日吸金98.43亿元，创下上海新房备案单价新纪录。在经济增速放缓的当下，这场顶级豪宅的狂欢正折射出中国新富阶层资产配 置的深层变革。 金陵华庭二期首批房源中，那套总价2.83亿元的复式单位并非孤例。项目整体均价达20.5万元/平方米，套均总价约8200万元，认购率高达190%。这种"越贵 越抢"的现象与普通住宅市场的低迷形成鲜明对比。数据显示，该项目单日销售额已接近百亿规模，相当于部分上市公司全年营收。 房产中介数据揭示了三类主力买家：互联网新贵占比35%，包括短视频平台高管和跨境电商创始人，他们往往通过股权变现获得购房资金；长三角制造业隐 形冠军企业主占20%，这些传统行业代表正将工厂利润转化为核心城市不动产；金融从业者以25%的占比位居第三，私募基金经理和投行MD们擅长运用金 融杠杆撬动顶级资产。一位电商创始人用比特币收益全款购房的案例，展现了新兴资产与不动产的转化链条。 谁在购买32万单价的房子？——顶豪买家画像全解析 豪宅 ...

Group 1 - The core viewpoint of the article highlights the achievements in the financial sector during the "14th Five-Year Plan" period, as presented in a press conference by the State Council Information Office [1] - The chairman of the China Securities Regulatory Commission, Wu Qing, stated that the risk rectification of private equity funds has been effectively advanced, with approximately 7,000 "zombie" private equity institutions being cleared out [1] - Incremental risks such as pseudo-private equity have been largely contained, indicating a significant improvement in the regulatory environment for private equity funds [1]

Core Viewpoint - The article discusses the performance of subjective, quantitative, and mixed private equity funds, highlighting that mixed funds have shown competitive returns despite the rising popularity of quantitative funds this year [1]. Summary by Sections Performance Overview - As of August 2025, quantitative private equity funds have 353 firms with 1,277 products, yielding an average return of 20.76% this year. In contrast, mixed private equity funds have 328 firms with 783 products, achieving an average return of 22.17%, outperforming quantitative funds [1][2]. Performance by Fund Size - For funds over 100 billion, quantitative funds have an average return of 28.07%, while mixed funds yield 18.08%. In the 50-100 billion category, quantitative funds return 24.92% compared to 13.83% for mixed funds. In the 20-50 billion range, quantitative funds yield 19.05% against 18.63% for mixed funds. For 10-20 billion, mixed funds return 20.44% while quantitative funds yield 23.50%. In the 5-10 billion category, mixed funds achieve 23.50% compared to 16.51% for quantitative funds. Lastly, in the 0-5 billion category, mixed funds yield 22.82% against 19.40% for quantitative funds [2]. Top Performing Mixed Funds - The article lists the top 10 mixed private equity funds by size, with specific firms highlighted for their performance. For funds over 50 billion, the top three are Xuan Yuan Investment, Shi Feng Asset, and Changdu Kaifeng Investment. For 20-50 billion, the leaders are Lu Xiu Investment, Qi Yuan Asset, and Tong Xiao Investment. In the 10-20 billion category, Shenzhen Zeyuan, Liang Li Private Equity, and Liu Miao Xing (Beijing) Private Equity lead. For 5-10 billion, the top three are Zhong Min Hui Jin, De Yuan Investment, and Hong Qiao Fund. Lastly, in the 0-5 billion category, Jin Ta Ke Asset, Jia Xin Rong Cheng, and Zhe Yun Private Equity are the top performers [3][4][7][11][15][19]. Notable Firms and Strategies - Xuan Yuan Investment, established in 2015, focuses on a dual strategy of subjective and quantitative investments, achieving significant returns through a balanced quantitative strategy that integrates fundamental analysis with quantitative factors [5][6]. Lu Xiu Investment, also established in 2015, specializes in technology growth stocks and quantitative selection strategies, achieving notable returns this year [9]. Shenzhen Zeyuan, founded in 2015, has a strong focus on the North Exchange, leveraging its growth potential for investment [11]. Jin Ta Ke Asset, established in 2017, employs AI technology in its investment strategies, covering various approaches including quantitative hedging and long positions in stocks [19].

来源：市场资讯 （来源：云通数科） 2025年上半年收官时我们曾经盘点了年内新备案的证券类管理人，9月过半，新备案管理人再次扩容，不乏许多"有来历"的管理人，一起来看： 01 下半年管理人备案12家 下半年以来，截至9月16日，又有12家管理人通过备案，7月备案6家，8月备案3家，9月目前备案3家。 图：2025年年内证券类管理人月度备案数量（家） 统计日期：2025-9-16 图：2025年下半年12家私募证券类管理人详情 | 序号 | 备案编号 | 私募管理人 | 法定代表人 | 成立时间 | 蛋肥时间 | 注册地 | 办公地 | 核心人物 | 各注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | P1074998 | 浙江创新动力机器 | 王是 | 2024/12/18 | 2025/7/14 | 浙江省 | 浙江省 | 存商资管 | 浙江创新动力是浙江省发展资产经营有限公司旗下专注证券投资的核心平台,实 | | | | | | | | | | | 际控制人为浙江省人民政府国有资产监督管理委员会。法定代表人王浩曾 ...

Core Viewpoint - Recent regulatory actions highlight the increasing scrutiny on private equity firms in China for deviating from their core business activities, particularly involving the misuse of fund assets for lending purposes [2][3][5]. Summary by Sections Regulatory Actions - Hainan Securities Regulatory Bureau issued a warning letter to Green Creation Fund Management (Hainan) Co., Ltd. for failing to report significant matters in a timely manner and for using private fund assets for lending activities [2][3]. - This marks the second instance in September where a private equity firm in Hainan has been penalized for similar violations, following Hainan Zhuodai Fund Management Co., Ltd. [5]. Compliance Issues - The core issue identified is a lack of compliance awareness among personnel in private equity firms, leading them to treat fund management as a typical business and prioritize economic gains over their primary responsibilities [2][3]. - Hainan Zhuodai Fund's main revenue sources were found to be unrelated to private fund management, primarily deriving from financial advisory services [5]. Broader Industry Trends - Other regulatory bodies, such as the Shenzhen Securities Regulatory Bureau, have also intensified their oversight on private equity firms engaging in non-core activities, including selling unrelated products and providing consulting services [6]. - In July, two private equity firms in Chongqing received warning letters for misusing fund assets, including improper investments and lending activities [6][7]. Training and Compliance Initiatives - Hainan Securities Regulatory Bureau has initiated a series of compliance training sessions for private fund managers to reinforce regulatory awareness and operational standards [7].

年内超800家私募注销登记 超半数主动离场 ◎记者 马嘉悦 中国证券投资基金业协会（下称"中基协"）公示信息显示，截至9月19日，今年以来超800家私募注销登 记，其中主动注销登记的管理人数量占比超过50%。值得一提的是，去年同期私募注销登记数量超1200 家，但主动注销登记的占比不足35%。 在业内人士看来，主动注销登记私募占比提升，是行业生态持续净化的体现。近年来，随着监管逐步细 化，越来越多私募从"不敢违规"转为"不想违规"，私募业自律水平进一步提升。 ■私募新观察 主动注销登记私募占比提升 近日，中基协发布公告称，北京华软金宏资产管理有限公司等2家机构不能持续符合管理人登记要求， 协会将注销2家机构的私募基金管理人登记。 截至9月19日，今年以来注销登记的私募基金管理人达851家。 "协会注销"和"主动注销"成为主要原因。具体而言，"主动注销""协会注销""12个月无在管注销"以及"依 公告注销"四种类型注销登记数量分别为449家、332家、67家和3家。 值得注意的是，从去年数据来看，私募业"劣币出清"曾以协会注销登记为主。中基协数据显示，去年同 期协会注销登记数量为705家，主动注销登记为406家 ...

Core Insights - The private equity industry in China is undergoing positive changes, with over 800 private equity firms deregistering as of September 19 this year, and more than 50% of these deregistrations being voluntary [1][3]. Group 1: Industry Transformation - The increase in the proportion of voluntarily deregistered private equity firms reflects a purifying trend in the industry, as regulatory scrutiny has intensified, leading firms to shift from "not daring to violate" to "not wanting to violate" regulations [1][4]. - The number of deregistered private equity fund managers this year reached 851, with voluntary deregistrations (449) surpassing those initiated by the association (332) [3][4]. Group 2: Competitive Landscape - The rapid reshuffling of the billion-yuan tier indicates accelerated industry competition, with several firms, including Yingxue Investment and Banxia Investment, exiting the billion-yuan club due to compliance issues and poor performance [4][5]. - Nearly 10 private equity firms have dropped out of the top tier this year due to compliance problems or performance declines, disrupting the rankings within the billion-yuan tier [5]. Group 3: Compliance and Risk Management - There is a notable increase in compliance awareness among private equity firms, with many actively enhancing their compliance and risk management capabilities to foster long-term competitiveness [6]. - Firms are establishing robust internal controls and risk management systems, emphasizing the importance of compliance as a foundation for sustainable growth [6][7].

Core Viewpoint - The private equity industry has matured, with many firms achieving significant brand recognition and operational success, transitioning from initial establishment to notable growth stages [1][2]. Group 1: Industry Overview - The private equity sector requires talent, technology, and capital, along with investor recognition and performance metrics to thrive [1]. - As of August 2023, there are 77 individuals controlling multiple private equity firms, indicating a trend towards consolidation and diversification within the industry [1]. - The Asset Management Association of China has clarified that multiple private equity firms can be registered under a single controlling entity, subject to certain conditions [1]. Group 2: Notable Private Equity Controllers - Among the 15 individuals controlling firms with assets over 5 billion, three have over 100 billion in assets: Liang Wenfeng, Qiu Guogen, and Qiu Huiming [2][5]. - Liang Wenfeng controls two major quantitative private equity firms, Ningbo Huansheng and Jiu Zhang Asset, focusing on differentiated strategies to meet diverse investor needs [5]. - Qiu Huiming oversees Mingcun Investment and Qianyi Investment, with a strong background in quantitative trading and investment banking [5]. Group 3: Performance Metrics - Wang Yiping manages 15 products with a total scale of approximately 2.1 billion, achieving impressive average returns this year [6]. - Chen Long, controlling three firms, has a combined asset scale of 5.29 billion and has also reported strong performance metrics [14][13]. - The data indicates that many controllers of multiple private equity firms are also actively involved as fund managers, enhancing their firms' performance [6][14]. Group 4: Emerging Trends - The trend of controlling multiple private equity firms is prevalent, with 22 individuals managing firms with assets between 5-50 billion [8]. - Notably, Mao Keji controls four private equity firms, all based in Shanghai, indicating a concentration of management and operational capabilities in specific regions [12][10]. - The industry is witnessing a shift towards quantitative strategies, with firms like Liang Wenfeng's leading the charge in technological advancements [5][22].

Core Viewpoint - The discussion at the forum highlighted the evolving landscape of the private equity industry in China, emphasizing the importance of both quantitative and subjective investment strategies in navigating market cycles and identifying investment opportunities [1][2][5]. Group 1: Market Cycles and Investment Strategies - The capital market operates under various cycles, including not only bull and bear markets but also style rotation cycles [2][8]. - Quantitative investment can help stabilize volatility and discover value, while subjective investment allows for deeper industry insights [6][9]. - The current A-share market is characterized by friendly policies, ample liquidity, and reasonable valuations, suggesting that the bull market is progressing well [16]. Group 2: Value of Private Equity - The private equity industry plays a crucial role in enriching the financial market ecosystem and promoting long-term investment philosophies [4][5]. - Private equity is seen as a pioneer in product innovation within China's asset management sector, effectively meeting diverse investment needs [6]. - The industry attracts high-quality talent, which can lead to technological and service innovations, indicating a bright future for private equity [6]. Group 3: Investment Recommendations - Investors are advised to shift their mindset from bear to bull market thinking and avoid chasing past performance when selecting funds [14][15]. - Diversification across various asset classes is recommended to mitigate risks, and professional management should be sought for investment decisions [16]. - The importance of understanding market adjustments within a bull market is emphasized, suggesting that investors should be prepared for periodic corrections [15][16].