知情人士称，私募基金公司Thomas Bravo出售了其在纳斯达克的剩余股份，获得了约34亿美元的收益。 ...

Core Viewpoint - The article discusses the release of the "Guiding Opinions on Strict and Fair Law Enforcement and Judicial Services to Ensure the High-Quality Development of the Capital Market" by the Supreme People's Court and the China Securities Regulatory Commission, which aims to enhance investor protection and improve the legal framework for capital markets [1][2]. Group 1: Investor Protection - The "Guiding Opinions" emphasize the need to strengthen investor protection awareness and legally safeguard investors' rights, including the right to information, participation in corporate governance, and fair market participation [3][4]. - The introduction of representative litigation for securities disputes aims to facilitate investors in protecting their legal rights and reduce the costs associated with investor rights protection [3]. - The document highlights the importance of high-quality information disclosure as a foundation for the registration system, with a commitment to strictly combat fraudulent issuance and financial disclosure violations [3]. Group 2: Market Participant Behavior - The "Guiding Opinions" call for the regulation of behavior among market participants, promoting stable operations of securities, futures, and fund management institutions [5]. - It outlines the need for judicial bodies to report any irregularities, such as circular financing or false capital contributions, to regulatory authorities during the handling of shareholder rights disputes [5]. - The document also emphasizes the need for proper adjudication of disputes between private fund managers and investors, ensuring the protection of investors' legitimate rights [5]. Group 3: Judicial and Administrative Coordination - The "Guiding Opinions" propose enhancing the mechanism for judicial and administrative coordination, promoting a multi-faceted dispute resolution mechanism [8]. - It encourages the use of non-litigation methods, such as mediation, to resolve securities disputes and improve the efficiency of judicial and regulatory processes [8]. - The establishment of a comprehensive information-sharing mechanism between judicial and regulatory bodies is highlighted to enhance cooperation and improve the quality of judicial execution and administrative penalties [8].

依法规范私募基金市场发展 5月15日，最高人民法院、中国证监会联合发布《指导意见》并指出，《指导意见》是司法保障资本市场改革发展的一部纲领性文件，有针对性地完善司法 政策和裁判规则，创新工作机制，全面提升审判监管质效，是资本市场法治建设的一项重要成果，有助于充分发挥人民法院职能作用，强化司法与行政协 同，全方位助推资本市场高质量发展。 司法保障资本市场改革发展迎来纲领性文件。5月15日，最高人民法院、中国证监会联合发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导 意见》（以下简称《指导意见》），其中多项内容提及私募基金。例如，研究制定私募基金犯罪指导意见；综合运用民事、行政和刑事手段依法打击管理人 背信失范行为；依法稳慎办理与私募基金风险化解有关的案件。有业内人士指出，保护投资者，需要从立法到执行全方位落地，当前资本市场处于高速度发 展向高质量发展的转型，提升合法合规性和监管针对性，是未来资本市场的发展方向。 在中国企业资本联盟中国区首席经济学家柏文喜看来，当前私募机构和投资者的主要纠纷包括刚性兑付纠纷、投资者适当性纠纷、清算退出纠纷，这些纠纷 产生主要由于法律规范不完善、行业合规意识薄弱、投资者 ...

Core Insights - The 2025 PE Shenyang Investment and Financing Activity Week was held in Shenyang, focusing on innovation, development, and opportunities to support the city's goal of becoming an open and innovative regional financial center [1][2] - The Shenyang PE Index was introduced as a key metric to observe the regional financial ecosystem, highlighting the city's mission to become an international center in Northeast Asia [1][2] Group 1: Investment and Economic Development - Shenyang is the only pilot city for new-type technological transformation in Northeast China's manufacturing sector, leveraging policies like "Creative Investment Seventeen Articles" to enhance market vitality [2] - The city is focusing on ten key industries, including artificial intelligence and low-altitude economy, to cultivate hard technology industry clusters [2] - The investment ecosystem is innovating with a "fund + industry" model, utilizing government-guided funds to attract social capital and elevate the value chain [2] Group 2: Financial and Technological Integration - The Huanggu District aims to enhance financial resource allocation efficiency through the transformation of technological achievements and the optimization of financial services using digital technology [2] - A new ecosystem is being developed where finance nurtures technology and technology empowers finance, creating a virtuous cycle [2] Group 3: Strategic Collaborations and Networking - Strategic cooperation agreements were signed between China Securities Journal and Shenyang Fund Industry Association, as well as between Huanggu District and 20 strategic partners [2] - Multiple investment institutions reached preliminary agreements with Shenyang's hard technology enterprises during the event [2][3] - Over twenty projects from various fields, including artificial intelligence and advanced manufacturing, engaged in interactive exchanges with more than a hundred investment institutions through online roadshows [3]

Core Viewpoint - The Shenzhen Private Equity Fund Industry Association has officially launched a special compliance construction year initiative aimed at strengthening compliance within the private equity sector in Shenzhen [1] Group 1: Compliance Initiative - The initiative is guided by the Shenzhen Securities Regulatory Bureau and the Shenzhen Municipal Financial Office, focusing on the theme "Building a Solid Compliance Defense Line, Safeguarding Private Equity Development" [1] - The program will emphasize compliance education and guidance for private equity institutions and practitioners, aiming to enhance the compliance culture within the industry [1] Group 2: Regulatory Focus - The initiative will operate under the unified work deployment of the China Securities Regulatory Commission, with a strong emphasis on combating serious illegal and irregular activities [1] - The approach will adopt a "punishment and prevention" strategy to reinforce compliance and internal control levels within the private equity fund industry [1] Group 3: Industry Development - The compliance construction year is expected to lay a solid foundation for the high-quality development of the private equity sector in Shenzhen [1]

Core Insights - Despite overall poor performance of major indices this year, index-enhanced private equity products have shown strong investment capabilities, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [1] - A significant 95.53% of the 649 index-enhanced products reported positive excess returns, indicating robust performance across the board [1] Performance by Management Scale - Top-tier private equity firms have excelled, with 148 index-enhanced products managed by firms with over 10 billion in assets achieving an average return of 7.53% and an average excess return exceeding 10%, with all products reporting positive excess returns [1] - Mid-sized private equity firms also demonstrated strong competitiveness, with products in the 5-10 billion, 20-50 billion, and 0-5 billion asset ranges showing average returns of 6.42%, 6.73%, and 6.20% respectively, all with positive excess returns [1] Performance by Product Size - Products from private equity firms with 50-100 billion in assets showed average returns of 6.51% and excess returns of 8.70%, while those from firms with 10-20 billion in assets had lower performance, with average returns of 4.26% and excess returns of 6.86% [2] Strategy Type Performance - "Other index-enhanced" products emerged as the top performers, with 56 products reporting an average return of 9.69% and an average excess return of 14.47%, all achieving positive excess returns [2] - Air index-enhanced products also performed well, with 240 products showing an average return of 7.10% and an average excess return of 11.02%, with 92.92% of these products achieving positive excess returns [2]

吴欣 榜样投资 创始人及CEO 金焰 友山基金 联合 首席投资官 汪大海 彭博大中华区 总裁 Kumar Gautam 彭博行业研究 股票量化策略师 在机遇与挑战并存的背景下， 彭博将分别在上海、深圳、北京、杭州多地举办2025年私募投资策 略闭门交流会系列活动。 行业领袖将与彭博经济学家、彭博行业专家共同讲述对当前市场走势的 洞察与研判，探讨业界普遍面临的挑战与破局之道，并分享科技助力投资决策更加明智的实践经 在市场波动中进行明智的资产配置 因子模型在A股的交易策略及海外延申 2025年彭博私募投资策略 闭门交流会（上海场） 2025年5月22日（星期四） | 15:30 - 18:00 上海 （详细活动地址将在确认函中提供） 2025年第一季度已落下帷幕，我们见证了美国关税政策、地缘政治博弈等因素频频导致全球宏观 格局震荡，引发市场避险情绪。而中国市场凭借经济复苏、融资需求高涨而备受投资者关注，境 内外多元化资产配置机遇显现，吸引多家国际对冲基金在此落子布局。与此同时，人工智能 （AI）等前沿科技的蓬勃发展不仅使科技股表现亮眼、拉动股指上涨，还为量化投研高效赋能， 成为私募机构在不确定性中破局取胜的关键工 ...

Group 1 - The core viewpoint emphasizes the importance of venture capital (VC) and private equity (PE) in supporting the development of new productive forces in China, with a focus on "early investment, small investment, long-term investment, and hard technology" [1][2] - The VC/PE industry has become a significant part of the asset management sector, with an average annual new investment principal of 1.2 trillion yuan from 2021 to 2023, accounting for 3% to 4% of the new social financing scale during the same period [1] - The establishment of the National Venture Capital Guidance Fund aims to attract nearly 1 trillion yuan in local and social capital, addressing the funding shortages faced by innovative enterprises [2] Group 2 - There has been an increase in the efficiency of institutional actions, with several mother funds significantly shortening the time from establishment to investment [3] - The investment landscape shows a clear trend towards early-stage investments, with A-round and early-stage financing transactions accounting for 61.8% of the total number of transactions [3][4] - Small-scale investments are becoming mainstream, with transactions under 100 million yuan making up 67.1% of the total, indicating a shift towards smaller early-stage projects [4] Group 3 - The VC/PE industry is experiencing a return of confidence, with positive market changes and stable policies driving optimism among investors for opportunities in 2025 [4] - The government's support for the tech market and enterprises is evident through various policies, including the establishment of the National Venture Capital Guidance Fund and the issuance of technology innovation bonds [5]

天风策略 谁在卖？20250514 北上资金在 2025 年的表现如何？ 2025 年公募基金市场的表现如何？ 2025 年开始，新成立的偏股型基金份额每月逐步增长。4 月份新成立的偏股型 基金份额达到 571 亿份，相较上个月的 500 亿份有所增加，处于近三年以来 的 95%分位数。主动型偏股型基金在 4 月份新增 74 亿份，存量产品自 3 月份 以来净申购 1,551 亿份，总份额环比上升 1,500 亿份。4 月份存量股票型 ETF 净申购额为 1973 亿元，较上月增加 2,300 多亿元。沪深 300 和中证 1,000 等宽基类 ETF 成为资金主要流入方向，主动型产品权益仓位继续上升。 私募基金在 2025 年的表现如何？ 2025 年 3 月私募基金规模达到五万多亿元，但仓位出现一定程度回落。 • 4 月产业资本净减值 3.7 亿元，增减持接近持平，减持规模收窄。预计 5 月和 6 月解禁规模分别为 1,100 亿元和 2,475 亿元，电子、机械设备及计 算机行业解禁压力较大。 • 三大资金主体指标值为负的 0.15，处于 2018 年底以来 26.6%的分位数 位置，交易热度降温反映市 ...

作 者丨吴霜 编 辑丨杨希 近日，记者了解到，包括上海、广东、浙江、贵州、河南等多地证监会下发了自查自纠工作通 知。一位上海的私募从业者告诉记者，"已经收到通知，目前正在做准备"。他告诉记者，上海 自查的截止日期是6月1 5日。 记者多方确认获悉，本次上海私募自评自纠工作的具体内容包括：组织集中学习、参与合规培 训和开展自评自纠。其中，开展自评自纠主要涵盖三大方面。 第一是公司基本情况 ，包括是否有固定场所作为办公场地，是否存在与第三方共用办公场所 的情况；专职员工是否不少于5人；公司实控人、法定代表人、高管变更（如有）是否及时在 中基协完成备案；是否从事冲突、无关业务等。 第 二 是 基 金 运 行 情 况 ， 包 括 宣 传 推 介 、 风 险 评 级 、 合 格 投 资 者 确 认 、 适 当 性 评 估 、 投 资 运 作、材料保存等相关的一系列要求。而在投资运作方面又针对股权创投类基金、证券类基金 （主观策略类）、证券类基金（量化策略类）提出不同的自评自纠要求。 在上海发布自查自纠通知之后，5月1 3日，浙江证监局也发布了《关于开展浙江辖区2 0 2 5年促 进私募行业高质量发展行动的通知》，要求辖 ...