北京商报讯（记者 刘宇阳）2月6日，中国证券投资基金业协会（以下简称"中基协"）发布公告表示，北京方舟私募基金管理有限公司等7家私募基 金管理人存在异常经营情形，且未能在书面通知发出后的3个月内提交符合规定的专项法律意见书，中基协将注销该7家机构的私募基金管理人登 记。 同时，中基协指出，已注销的私募基金管理人和相关当事人，应当根据法律法规、证监会规定以及中基协相关自律规则、基金合同约定，妥善处置 在管基金财产，依法保障投资者的合法利益。 ...

Core Viewpoint - The article discusses the implementation of the "Six Merger Rules" by the China Securities Regulatory Commission (CSRC) and its impact on private equity funds acquiring control of listed companies through the "pre-investment and post-fundraising" model, highlighting two representative case studies to provide practical insights for the industry [3][33]. Group 1: Overview of Representative Transactions - The acquisition of H Company by Anhui Ruicheng Hongtu Equity Investment Fund has been completed, with Ruicheng Fund becoming the controlling shareholder with a 25% stake [4][34]. - The acquisition process took approximately six months, demonstrating a clear and compliant transaction flow [6][36]. - The acquisition of Tianmai Technology by Suzhou Qicheng was completed, with a 26.10% stake, marking it as the first market-oriented venture capital institution to enter a listed company through this model [7][37]. Group 2: Comparison of Private Equity Fund Acquisition Cases - Both cases represent innovative attempts under the "Six Merger Rules," but differences in transaction structure and pricing mechanisms led to significant variations in progress and outcomes [10][40]. - The core operational logic of the "pre-investment and post-fundraising" model involves private equity fund managers signing share transfer agreements to lock in targets before establishing a special fund [11][41]. Group 3: Transaction Structure Design - The initial signing entity in the H Company case was Ruicheng Fund, a licensed private equity fund manager, which established a natural control relationship with the special fund [13][43]. - In contrast, the initial signing entity in the Tianmai Technology case lacked a clear representation of the special fund, leading to regulatory concerns regarding the transfer of subject entities [15][45]. Group 4: Pricing Mechanism Analysis - The pricing strategy for H Company was compliant, with a share transfer price of 26.62 yuan per share, which was above the regulatory minimum [17][47]. - The Tianmai Technology case faced compliance issues due to a pricing structure that included different prices for different transferors, with some prices falling below regulatory requirements [19][49]. Group 5: Recommendations for Practical Optimization - It is recommended that licensed managers be prioritized as initial signing entities to clarify the identity of signing parties and ensure compliance [21][51]. - Pricing strategies should include sufficient compliance margins and avoid being too close to regulatory limits to mitigate risks associated with market price fluctuations [23][53]. - Proactive regulatory communication and thorough information disclosure are essential to reduce risks associated with the "pre-investment and post-fundraising" model [25][55].

| 索 引 号 | bm56000001/2026-00001461 | रे 类 | 行政执法;行政监管措施 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2026年02月05日 | | 名 称 | 深圳证监局关于对深圳市前海四海汇智创业投资有限公司采取出具警示函措施的决定 | | | | 文 号 | 行政监管措施决定书〔2025〕266号 | 主题词 | | 2月5日，深圳证监局发布公告表示，经查，深圳市前海四海汇智创业投资有限公司（下称"前海四海汇智创投"）在从事私募基金业务活动中，存在部分私募 基金投向不符合基金合同约定，说明该公司在管理、运用私募基金财产过程中未履行谨慎勤勉义务；未及时填报并定期更新管理人及其从业人员的有关信 息；未妥善保存投资者适当性管理、私募基金投资决策相关文件资料的问题。 深圳证监局指出，上述行为违反了相关规定，决定对前海四海汇智创投采取出具警示函的行政监管措施。 公开资料显示，前海四海汇智创投成立于2015年5月29日，注册资本为1000万元，法定代表人为卓睿，经营范围包括投资兴办实业（具体项目另行申报）、 创业投资业务等。 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 站在 2026 年的投资节点回望，不难发现市场早已告别了单一资产"躺赢"的黄金时代。曾经被投资者奉为经典的传统资产配置策略，以及波动剧烈 的单一投资赛道，在极端市场环境下，都让投资者尝尽了"全军覆没"的苦涩滋味。 在这样的市场背景下，一种名为"量化宏观"的投资策略如一匹黑马，异军突起。它不依赖对单一市场方向的盲目押注，也不迷信专家的主观直 觉，而是凭借一套精密如"仪表盘"的系统，在充满不确定性的市场迷雾中，努力探寻确定性的投资航路。 一、进化的逻辑： 从"分篮装蛋"到"正交共生" 宏观策略的演变历程，本质上反映了人类对风险认知的不断升级。 1.0时代：朴素的分散理念 这一阶段的核心思想是"不把鸡蛋放在一个篮子里"，通过分散投资于不同资产来降低风险。然而，现实往往不尽如人意。当金融危机爆发、流动性枯竭等"黑 天鹅"事件来袭时，各类资产之间的相关性可能会瞬间趋近于1，所有资产如同置于同一篮子中，一同遭受重创。 2.0时代：量化融入中国特色 此时，投资者开始意识到经济运行是"无形之手"（市场规律）与"有形之手"（政策干预）相互博弈的结果。通过建立数学模 ...

Core Insights - The private equity securities product registration market remained stable in January, with a total of 680 products registered, roughly unchanged from the same period last year [1][3]. Group 1: Factors Driving Registration Enthusiasm - Four main factors are driving the continued enthusiasm for private equity registration: 1. Structural opportunities in the A-share market have emerged, enhancing the profitability of equity assets and increasing the willingness of private equity institutions to issue products [1][3]. 2. Long-term funds, represented by insurance capital, are accelerating their inflow into private equity funds, bringing additional capital to the industry [1][3]. 3. The optimization of the private equity fund registration process has improved the efficiency of quality fund managers [1][3]. 4. Collaboration between leading private equity institutions and specialized small and medium-sized institutions is continuously improving the industry's compliance ecosystem [1][3]. Group 2: Product Strategy Distribution - Stock strategy products dominated the registration, with 437 stock strategy private equity securities products registered in January, accounting for 64.26% of the total [4]. - Multi-asset strategies followed with 123 registered products, representing 18.09% of the total [4]. - Futures and derivatives strategy products ranked third with 72 registered products, while bond strategies, combination fund strategies, and other strategies had relatively fewer registrations, totaling 48 products and accounting for about 7% [4]. Group 3: Participation by Fund Manager Size - Both large and small private equity institutions actively participated in the registration process, with particularly notable performance from institutions managing over 10 billion yuan. In January, 66 such institutions registered 168 products, averaging over 2 products per institution, leading in registration efficiency [2][4]. - Institutions managing less than 500 million yuan also had a significant number of registered products due to their large numbers, contributing to a diverse participation landscape in the industry [5].

Group 1 - The private equity securities product registration market remained stable in January, with a total of 680 registered products, roughly unchanged from the same period last year [1] - Four main factors are driving the continued enthusiasm for private equity registration: structural opportunities in the A-share market, accelerated inflow of long-term funds represented by insurance capital, optimized registration processes, and improved compliance ecology in the industry [1] - Stock strategies dominated the registration landscape, with 437 stock strategy products accounting for 64.26% of total registrations, significantly higher than other strategies [1] Group 2 - The A-share market showed significant structural opportunities in January, leading to increased research activity among private equity institutions, particularly in high-prospect sectors like computers and machinery [2] - Large private equity firms, particularly those managing over 10 billion yuan, were notably active, with 66 such firms registering 168 products, averaging over 2 products per firm [2] - Smaller private equity firms, managing less than 500 million yuan, also contributed significantly to the total number of registered products, indicating a collaborative development pattern in the industry [2]

深圳证监局指出，上述行为违反了相关规定，决定对前海四海汇智创投采取出具警示函的行政监管措施。 | 蒙 引 号 | | bm56000001/2026-00001461 | | --- | --- | --- | | 发布机构 | | | | 名 | | 深圳证监局关于对深圳市前海四海汇智创业投资有限公司采取出具 | | 文 | 특 | 行政监管措施决定书〔2025〕266号 | 北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月5日，深圳证监局发布公告表示，经查，深圳市前海四海汇智创业投资有限公司（以下简称"前海四海汇智创 投"）在从事私募基金业务活动中，存在部分私募基金投向不符合基金合同约定，说明公司在管理、运用私募基金财产过程中未履行谨慎勤勉义务；未及时 填报并定期更新管理人及其从业人员的有关信息；未妥善保存投资者适当性管理、私募基金投资决策相关文件资料的问题。 ...

Core Viewpoint - The article discusses the performance of top private equity fund managers who are also actual controllers of their companies, highlighting their dual role and the alignment of interests with investors. The average return rate for the top subjective private equity controllers over the past three years is 55.01% [2]. Group 1: Top Private Equity Managers - The top ten subjective private equity controllers based on average returns over the past three years include: Jiuqi Investment (Jiang Yunfei), Dongfang Gangwan (Dan Bin), Fusheng Asset (Lu Hang), Huazhong Hexin (Yuan Wei), New Thinking Investment (Han Guangbin), Xishirun Investment (Guan Xin), Ningshui Capital (Deng Fei), Ruipu Investment (Cai Haihong), Wanfang Asset (Qian Wei), and Hainan Xiwa & Shanghai Xiwa (Liang Hong) [2][3]. - The threshold for being listed among the top ten subjective private equity controllers is a return rate of ***% [2]. Group 2: Performance of Individual Managers - Dongfang Gangwan, led by Dan Bin, has 68 products with performance data that meet ranking criteria, achieving an average return of over ***% in the past three years [5]. - Fusheng Asset, under Lu Hang, has 6 products that meet ranking criteria, with an average return of ***% over the past three years, ranking third among the top managers [10]. - Huazhong Hexin, led by Yuan Wei, has 5 products with an average return of ***% over the past three years [14]. - New Thinking Investment, managed by Han Guangbin, has 4 products with returns above ***% over the past three years [15]. - Xishirun Investment, led by Guan Xin, has 4 products with an average return of ***%, with the standout product "Xishirun Juyuan No. 1" achieving a return of ***% [17]. Group 3: Investment Strategies and Insights - The majority of the top managers employ stock strategies, with 7 out of 10 focusing on this approach, while others utilize bond and multi-asset strategies [3]. - Dan Bin emphasizes the importance of independent thinking and long-term belief in investment, identifying AI as a significant opportunity for the next 5 to 10 years [9]. - Lu Hang from Fusheng Asset highlights the potential of non-ferrous metals as a high-value investment direction due to macroeconomic support and demand from AI-related sectors [12]. - Yuan Wei advocates for a fundamental analysis approach, focusing on companies with strong shareholder returns and sustainable growth [13].

【上海并购私募投资基金三期成立 规模8.3亿元】智通财经2月5日电，从天眼查App获悉，2月5日，上 海并购私募投资基金三期合伙企业（有限合伙）成立，执行事务合伙人为海通并购（上海）私募基金管 理有限公司，出资额为8.3亿元人民币，由国泰海通旗下海通开元投资有限公司、海通并购（上海）私 募基金管理有限公司、长芯博创等共同出资。该基金的设立，可视为上海在国资国企改革与资源整合方 面的具体举措之一。2月3日，记者从上海市第十六届人民代表大会第四次会议上获悉，2026年，上海将 实施新一轮国资国企全面深化改革，健全鼓励国有企业推进科技创新的制度安排，推动一批国有企业重 组整合、协同发展，加大存量资源盘活、国有控股上市公司市值管理力度，构建国资监管综合评价体 系。（上证报） 转自：智通财经 ...

排排⽹全市场 重点私募基⾦跟踪周报 2026年02⽉04⽇ 统计区间：2026-01-23⾄ 2026-01-30 上周涨跌总览：(2026-01-26-2026-01-30) 均涨幅 2.38% 均跌幅 -2.31% 涨39.0% 跌60.3% 每类策略本周的表现分布图如下，具体每类策略业绩表现详⻅下⽂： 数据截⽌：2026-01-30 | | 本周收益正负占⽐分布 | | 今年以来收益正负占⽐分布 | | 近⼀年收益正负占⽐分布 | | | --- | --- | --- | --- | --- | --- | --- | | 主观选股 | 41.10% | 58.90% | 88.95% | 11.05% | 95.73% | 4.27% | | 沪深300指增 | 47.69% | 52.31% | 98.46% | 1.54% | 100.00% | 0.00% | | 中证500指增 | 4.15% | 95.85% | 98.81% | 1.19% | 99.69% | 0.31% | | 中证1000指增 | 1.37% | 98.63% | 99.45% | 0.55% | 99.37% | ...