Core Insights - In July 2025, the Asset Management Association approved the registration of 16 private equity and venture capital fund managers, an increase of 4 from the previous month, with an equal split of 8 state-owned and 8 market-oriented institutions [1] Group 1: Fund Managers Overview - Changcun (Wuhan) Private Fund Management Co., Ltd. was established in May 2023 with a registered capital of 20 million RMB, fully owned by Changcun Capital, which is linked to Yangtze Memory Technologies Co., Ltd. The fund is expected to focus on smart manufacturing [3] - Shenzhen Luohu Private Equity Investment Fund Management Co., Ltd. was established in April 2025 with a registered capital of 20 million RMB, fully owned by Shenzhen Luohu Strategic Emerging Industry Investment Co., Ltd., a state-owned enterprise [3] - Tonghao Venture Capital Fund Management (Beijing) Co., Ltd. was established in May 2025 with a registered capital of 100 million RMB, fully owned by Tonghao Group Capital Operation Co., Ltd. The fund aims to leverage core technologies in intelligent transportation and smart cities [3][4] - Zhejiang Changyu Private Fund Management Co., Ltd. is a new fund manager under Zhejiang Changsanhe Holding Group, focusing on new energy vehicles and key components [4] - Beijing Shenghong Zhixin Private Fund Management Co., Ltd. was established in December 2023 with a registered capital of 10 million RMB [4] Group 2: Registration and Capital Analysis - Among the 16 newly registered fund managers, 10 have a paid-in capital ratio of 100%, while Wuxi Zhanzhen Fund has the lowest paid-in capital ratio at 25% [11][12] - The fastest registration process was for Suqian Zhanzhen Private Fund, taking only 28 days, while Changcun Capital took 451 days [13] Group 3: Legal Services - A total of 12 law firms provided services for the registration of the new fund managers, with Guohao Law Firm (Shanghai) serving three of them [14][15]

Core Viewpoint - The article highlights the significance of small and high-quality private equity fund managers in the industry, focusing on ZhiRuiXing Investment, which specializes in subjective long positions in stocks and has a strong track record in risk control and absolute returns [8][26]. Company Overview - ZhiRuiXing Investment was established in 2015, with a registered capital of 10 million. It is located in Shenzhen and has become a member of the Asset Management Association of China [8][9]. - The founder and core fund manager, Wang Zhongyuan, has 32 years of experience in the industry, including nearly 20 years of public performance records and has managed public funds exceeding 100 billion [8][12]. Development History - The company launched its first product in November 2015 and became an observation member of the China Fund Industry Association in May 2018. It received investments from Guotai Junan and CICC Wealth in 2019 and 2023, respectively [9][10]. - ZhiRuiXing's management scale surpassed 500 million in February 2024, marking its tenth anniversary in January 2025 [9]. Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, aiming for absolute returns while maintaining a low drawdown. The strategy includes flexible and balanced asset allocation, focusing on both growth and value stocks [14][21]. - The company employs a top-down approach for macro position timing and style rotation, while also conducting bottom-up stock selection to identify "gray horse" stocks with growth potential and valuation appeal [16][17]. Core Team - The core team has over ten years of experience in public funds, securities firms, and private equity, ensuring a robust foundation for investment strategies [11]. Performance Metrics - ZhiRuiXing has achieved positive returns in 9 out of the last 10 years, with an annualized return of nearly 17%, successfully navigating multiple market cycles [22][24]. - The maximum historical drawdown of its products is only 18%, showcasing strong risk management capabilities [21]. Market Outlook - The company is optimistic about the Hong Kong stock market, which has seen nearly a 20% increase in major indices. It anticipates continued interest in core assets such as high-dividend stocks, new consumption, and AI-related sectors [26][28]. - The macroeconomic environment presents challenges, but the development of new industries, particularly in AI, is seen as a critical area for future investment opportunities [28].

Core Insights - The A-share market is experiencing a sustained recovery, leading to a record high in private fund product registrations, particularly in index-enhanced products [1][2] - The increase in private fund registrations is driven by the positive performance of the A-share market and the strong performance of private securities products [1][2] Private Fund Registration Data - In July, 1,298 private securities products were registered, marking an 18.00% month-on-month increase and the highest level in nearly 27 months [1][2] - Year-to-date, a total of 6,759 private securities products have been registered, reflecting a year-on-year increase of 61.39% [2] - Among the registered products in July, stock strategy products accounted for 887, representing 68.34% of the total, with a month-on-month growth of 24.58% [3][4] Strategy Breakdown - Stock strategy products dominate the registration numbers, followed by multi-asset strategy products, which saw 162 registrations in July, accounting for 12.48% of the total [3][4] - In the stock quant products category, index-enhanced products saw a significant increase, with 321 registered in July, making up 67.15% of the stock quant total and a month-on-month growth of 52.13% [4] Market Sentiment and Performance - The overall market sentiment is positive, with nearly 90% of private securities products achieving positive returns year-to-date, averaging a return of 12.8% [7] - The strong performance of quant strategies, particularly in small-cap growth and high-dividend sectors, has contributed to the positive market outlook [8] Future Outlook - The private fund industry is seeing continuous optimization on the supply side, with top-tier institutions and quality products emerging, enhancing overall competitiveness [5] - Market participants express optimism about future developments, focusing on pure long and index-enhanced products as key areas for investment [6]

人民财讯8月6日电，8月6日，证券时报记者从江苏投资基金业协会获悉，截至2025年6月底，注册在江 苏的私募基金管理人共有1203家，占全国总数量的6.09%，位居全国第五。其中，私募股权、创业投资 基金管理人932家，占比77.47%，居主导地位；私募证券投资基金管理人258家，占比21.45%；其他私 募投资基金管理人13家，占比1.08%。 ...

Core Viewpoint - The article highlights the growing prominence of quantitative private equity funds, which have outperformed subjective funds in terms of absolute and excess returns, leading to an increase in the number of billion-yuan quantitative private equity firms [2][17]. Group 1: Market Overview - As of July 25, 2025, there are 90 billion-yuan private equity firms, with quantitative firms increasing to 44, while subjective firms decreased to 39, indicating a shift in market dynamics [2][8]. - The distribution of billion-yuan private equity firms is concentrated in major cities, with Shanghai leading at 39 firms, followed by Beijing with 24 and Shenzhen with 6 [8]. Group 2: Firm Changes - Three subjective private equity firms exited the billion-yuan club: Hongchou Investment, Suijiu Investment, and Heyuan Fund, while three new firms entered, including two quantitative firms: Qianyan Private Equity and Shanghai Boke Private Equity [4][5][6]. - The newly established Shanghai Boke Private Equity is noted for its young age, having been founded in July 2022, and aims to provide a comprehensive fund management platform [6][7]. Group 3: Performance Metrics - Among the billion-yuan private equity firms, 42 have shown positive returns this year, with the top three performers being Fusheng Asset, Qukou Investment, and Wenbo Investment [15][21]. - Quantitative private equity firms have significantly outperformed subjective firms this year, with average returns for quantitative firms being higher than those for subjective firms [17][21]. Group 4: Investment Strategies - The majority of billion-yuan private equity firms focus on stock investment strategies, totaling 69 firms, followed by multi-asset strategies with 12 firms and bond strategies with 6 firms [9][19]. - Wenbo Investment, established in 2014, utilizes a unique quantitative investment model that analyzes economic data to develop various investment strategies [19].

Core Viewpoint - The article highlights the performance and strategies of the quantitative private equity firm Xinhong Tianhe, which has gained significant attention from high-net-worth investors due to its impressive returns and innovative investment strategies [2][3]. Group 1: Company Overview - Xinhong Tianhe was established in 2012 and has evolved into a leading player in quantitative trading in China, currently managing over 10 billion [13]. - The firm utilizes mathematical statistics and machine learning as foundational theories, integrating experiences from Wall Street and the Chinese capital market [13]. - The company aims to become a top asset management institution in China, driven by AI and management empowerment [13]. Group 2: Core Research Team - The core team consists of professionals from prestigious universities, with expertise in mathematics, physics, electronic information engineering, financial engineering, and machine learning [35]. - Team members have diverse backgrounds and experiences, including significant achievements in global AI competitions [35]. - The team operates under a collaborative model rather than a single PM system, maximizing creativity and efficiency [56]. Group 3: Investment Strategies and Product Lines - Xinhong Tianhe has developed several key product lines since launching its flagship "quantitative stock selection" strategy in 2021, catering to various investor risk preferences [37]. - The quantitative stock selection strategy aims to construct a portfolio of stocks with the highest return-to-risk ratio, covering all industries [40]. - The firm also offers index enhancement strategies and quantitative hedging strategies, which include risk management models to outperform benchmark indices [43][46]. Group 4: Core Advantages - The firm emphasizes AI-driven management and model iteration, ensuring rapid adaptation to market changes and maintaining optimal performance [58]. - Xinhong Tianhe's strategies are deeply integrated with AI technology, significantly contributing to product performance [57]. - The company has established robust platforms for AI training and trading analysis, enhancing data security and processing speed [58]. Group 5: Awards and Social Responsibility - Xinhong Tianhe has received multiple industry awards, including the "Golden Bull Award" for 2022 and 2023, and recognition as a top private equity institution [60]. - The firm actively engages in social responsibility initiatives, supporting various charitable projects aimed at improving the lives of underprivileged children in remote areas [61][62].

Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in the registration of private securities funds, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record for monthly registrations since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflows, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Among the strategies, equity strategies dominated, accounting for nearly 70% of the registered products, with 887 equity strategy private funds registered, representing a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, accounting for 12.48% of the total, reflecting a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, making up 9.63% of the total, and a slight month-on-month increase of 1.63%, maintaining a stable growth trend [2] - In contrast, the bond strategy and combination fund strategy had relatively low registration numbers, suggesting an increase in investor risk appetite in the current market recovery context [2] Group 3 - The registration activity was led by large-scale private fund institutions, with 676 private institutions completing product registrations, including 48 billion-level private institutions, which accounted for a significant portion of the total registrations [2] - Among the top twelve institutions by registration volume, all were billion-level private institutions, collectively registering 198 private funds, highlighting the dominance of larger players in the market [2] - The quantitative private fund institution Inno (Shanghai) Asset Management registered 7 private funds in July, emphasizing the importance of adaptability, stability, and risk control mechanisms in a complex market environment [3]

证券代码：000910 证券简称：大亚圣象 公告编号：2025—023 大亚圣象家居股份有限公司 关于参与认购投资基金份额的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 （有限合伙） 见公司于 2025 年 7 月 17 日在《证券时报》、《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）上披露的《关于参与认购投资基金份额的公告》（公告编 号：2025-021）。 二、对外投资进展情况 近日，公司收到基金管理人国龙私募基金管理（上海）有限公司的通知，投 资基金已募集完毕，其中公司实缴出资人民币 1,500 万元。投资基金的各合伙人 实缴出资情况如下： | 出资额 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合伙人名称 | 合伙人类型 | | | | 出资比例 | | | （万元） | | | | | | | | 国龙私募基金管理（上海） | | | | | | | | 普通合伙人 | | 50 | | | 0.94340% | | | 有限公司 | | | ...

Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in private fund registrations, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflow, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Equity strategy funds dominated the registration landscape, accounting for nearly 70% of total registrations, with 887 equity strategy funds registered, reflecting a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, representing 12.48% of total registrations and a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, accounting for 9.63% of total registrations, reflecting a slight 1.63% month-on-month increase [2] - The number of registrations for bond and combination fund strategies remained relatively low, suggesting an increase in investor risk appetite amid the market recovery [2] Group 3 - The leading private fund institutions in terms of registration volume are those with assets exceeding 100 billion, with 48 such institutions registering a total of 198 funds in July [2] - Among the 676 private institutions that completed registrations, 12 out of 13 institutions with at least 10 registered funds were 100 billion-level private institutions, highlighting their dominance in the market [2] - Quantitative private fund institutions, such as Inno (Shanghai) Asset Management Co., Ltd., registered 7 funds in July, emphasizing the importance of adaptability and risk control in a complex market environment [3]

Core Insights - The asset management industry is undergoing significant changes driven by regulatory policies and market dynamics, with a focus on compliance, consumer protection, and high-quality development [1] Group 1: Policy Changes - On September 24, 2024, a comprehensive set of financial policies was introduced, leading to a turning point in stock and bond market trends, with the Shanghai Composite Index surging by 4.2% on the same day [2][3] - The introduction of several key regulations, including the "Financial Institutions Product Appropriateness Management Measures," aims to enhance compliance and protect consumer rights in the wealth management sector [5][6] Group 2: Market Trends - The stock market experienced a significant shift, with the CSI 300 Index rising by 21% by the end of October 2024, marking a transition from a bear to a bull market [3] - The bond market saw fluctuations, with the 10-year government bond yield dropping below 2.5% following the implementation of easing policies [3][4] Group 3: Investment Strategies - The introduction of policies to promote long-term capital market investments, including increasing the investment ratio of commercial insurance funds in A-shares, is expected to shape asset allocation strategies for large asset management institutions [7][8] - The public fund industry is responding to new regulations by implementing performance-based fee structures and enhancing the assessment mechanisms for fund managers [9][10] Group 4: Industry Developments - The number of private equity firms is decreasing due to stricter regulations, with 568 private fund managers being deregistered in the first half of 2025 [15] - The popularity of passive investment strategies is rising, with passive equity fund sizes surpassing active funds, reflecting a shift in investor preferences [16][17] Group 5: Gold Investment - The gold market has seen a significant increase in investment, with the price rising from approximately $1,178 per ounce in late 2018 to around $3,280 per ounce by mid-2025, marking a cumulative increase of about 178% [18][19] Group 6: Bond ETF Growth - The bond ETF market is rapidly expanding, with the total scale surpassing 500 billion yuan, and new products like the Sci-Tech Bond ETF being introduced to cater to evolving market needs [20]