Core Insights - The article discusses the strategic transformation of Zenlong Asset, a private equity firm, from fixed income investments to technology-driven and quantitative investment strategies, highlighting its commitment to social responsibility [1][2][3]. Group 1: Strategic Transformation - Zenlong Asset was established in 2014 and initially gained recognition in the private equity sector through fixed income investments, being rated among the top 100 bond trading institutions on the Shanghai Stock Exchange for two consecutive years [2]. - The firm began building its stock and quantitative teams in 2021, indicating a proactive approach to transitioning towards technology and innovation investments [2]. - Zenlong Asset currently manages approximately 7.5 billion yuan, with a product line that includes bonds, stocks, and quantitative composite strategies, focusing on sectors such as semiconductors, high-end manufacturing, and AI [2]. Group 2: Social Responsibility - Zenlong Asset integrates social responsibility into its corporate DNA, creating a unique "investment-empowerment-feedback" closed-loop model [3]. - The firm supports the growth of technology enterprises not only through financial investments but also by providing resources and technical interactions, enhancing the efficiency of fund utilization [3]. - Zenlong Asset has been involved in educational initiatives and mental health projects, such as the "Looking Up to the Stars Education Public Welfare Fund," which aims to promote educational equity and mental health support in schools [4]. Group 3: Future Outlook - The firm anticipates significant advancements in AI and quantitative strategies, aiming to enhance investment strategy intelligence through collaborations with technology companies [5]. - Zenlong Asset is expanding its collaboration with brokerage firms, recognizing their role in supporting the scalability of quantitative strategies through improved systems and tools [6]. - The company expects that within the next three years, its quantitative composite strategies and stock products will account for over 50% of its total managed assets, reinforcing its focus on technology finance [6].

Core Insights - The article discusses the strategic transformation of Zenlong Asset, a private equity firm, from fixed income investments to technology-driven and innovative investment strategies, emphasizing its commitment to social responsibility [1][2]. Group 1: Strategic Transformation - Zenlong Asset was established in 2014 and initially gained recognition in the private equity sector through fixed income investments, being rated among the top bond trading institutions for two consecutive years [2]. - The firm began building its stock and quantitative teams in 2021, indicating a proactive approach to transitioning towards technology and innovation [2]. - Zenlong Asset currently manages approximately 7.5 billion yuan, with a product line that includes bonds, stocks, and quantitative strategies, focusing on sectors like semiconductors, high-end manufacturing, and AI [2]. Group 2: Social Responsibility - Zenlong Asset integrates social responsibility into its business model, creating a unique "investment-empowerment-feedback" loop [3]. - The firm supports the growth of technology companies not only through financial investments but also by enhancing operational efficiency through specialized fund management [3]. - Zenlong Asset has initiated educational and mental health projects, such as the "Looking Up to the Stars Education Public Welfare Fund," aimed at promoting educational equity and mental health support in schools [4]. Group 3: Future Outlook - The firm anticipates significant advancements in AI and quantitative strategies, aiming for a 50% share of its total assets to be allocated to these areas within the next three years [6]. - Zenlong Asset views collaboration with brokerage firms as crucial for the scalable development of quantitative strategies, highlighting the importance of technological support [6]. - The "Starry Navigation Plan" is expected to foster a positive industry ecosystem by promoting private equity's role in supporting technological innovation and social responsibility [6].

Core Viewpoint - The A-share market has experienced a slow bull market this year, leading to a significant increase in market activity and a remarkable performance of private equity stock strategies, with an average return of 35.05% from January to October among 1218 private equity firms, compared to a 17.94% increase in the CSI 300 index [2][3]. Group 1: Performance by Company Size - Among private equity firms with over 100 billion in assets, the average return for stock strategy products is 36.33%, with a total scale of approximately 950.98 billion yuan [3][4]. - The top three private equity firms in the over 100 billion category are Yuanxin Investment, Lingjun Investment, and Fusheng Asset [5][6]. - In the 50-100 billion category, the average return is 34.31%, with the top three firms being Xishirun Investment, Tongben Investment, and Ruiyang Investment [9][10]. - For the 20-50 billion category, the average return is 39.95%, with Beijing Xiyue Private Equity, Qiantou Investment, and Nengjing Investment Holding leading the rankings [14][15]. - In the 10-20 billion category, the average return is 33.59%, with the top three being Liangli Private Equity, Jingyan Private Equity, and Beiheng Fund [19][20]. - The 5-10 billion category shows an average return of 37.32%, with Fuyuan Capital, Shanghai Hengsui Asset, and Zhongying Investment at the top [24][25]. - For the 0-5 billion category, the average return is 33.86%, with Longhuixiang Investment, Mojv Asset, and Shanghai Yixin Private Equity leading [30][31]. Group 2: Notable Firms and Strategies - Yuanxin Investment, with 5 stock strategy products, has achieved a remarkable average return, with one of its funds managed by Wang Aoye performing exceptionally well [7]. - Ningbo Huansheng Quantitative, with 11 stock strategy products, has also shown strong performance, particularly with its fund managed by Xu Jin [8]. - Xishirun Investment's strong performance is attributed to its focus on gold investments, with its fund manager Guo Xin having extensive experience in gold price research [13]. - Beijing Xiyue Private Equity has seen its management scale increase significantly due to strong performance, adhering to a value investment philosophy based on in-depth research [18]. - Fuyuan Capital has shifted its focus to resource-related investments, anticipating a market adjustment in technology stocks [29].

Core Viewpoint - Qianshuo Investment focuses on quantitative low-frequency strategies, aiming for Pure Alpha returns without exposure to style or industry biases, and has received positive feedback from institutional investors due to its strong performance and rigorous risk control [7][11]. Company Overview - Qianshuo Investment Management Co., Ltd. was established in August 2014 and obtained its private fund manager license on January 29, 2019, with a registration number of P1069502. As of the end of October 2025, the company’s management scale has exceeded 7 billion yuan [5][9]. Performance Metrics - As of October 2025, Qianshuo Investment's average product return reached ***%. The management scale surpassed 7 billion yuan, with over 80% of the capital coming from licensed financial institutions [3][9][12]. Development History - The company became a member of the Asset Management Association of China in November 2021 and received the "3+3" investment advisory qualification in July 2022. By June 2025, its management scale had already exceeded 5 billion yuan [9][10]. Core Strategies and Products - Qianshuo Investment has been dedicated to the low-frequency Alpha sector for over 13 years, emphasizing high-quality signals and strict risk control. The main product lines include index enhancement strategies and long-short equity strategies, with a consistent underlying strategy model [11][20]. Research and Risk Control - The research core is led by Huang Hui, who has extensive experience in quantitative research and trading. The company has gradually incorporated more complex models and machine learning techniques into its research as data availability has improved [16][17]. The risk control measures are stringent, with style factors controlled within 0.3 standard deviations and industry deviations within 2% [18][20]. Competitive Advantages - Qianshuo Investment maintains a stable shareholding structure, with Huang Hui holding 76% of the shares. The company has a strong focus on talent development, with a research team composed entirely of graduates from top universities, ensuring high retention rates and expertise [24][25]. Future Development Plans - The company plans to continue focusing on low-frequency Pure Alpha strategies, with significant investments in data and infrastructure to support research needs. In 2025, it will promote a senior researcher to fund manager and hire an experienced PM to enhance its investment capabilities [28][29].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - As of November 7, 2025, the top three best - performing strategies in terms of cumulative returns this year are CSI 2000 Index Enhancement (+59.70%), CSI 1000 Index Enhancement (+45.60%), and CSI 500 Index Enhancement (+40.64%); the worst - performing are Option Put - biased (+1.53%), Option Arbitrage - biased (+4.15%), and ETF Arbitrage (+4.16%). The top three in terms of excess performance are CSI 2000 Index Enhancement (+26.10%), CSI 1000 Index Enhancement (+19.31%), and Quantitative Stock Selection (+13.71%); the worst are CSI 300 Index Enhancement (+6.12%), CSI A500 Index Enhancement (+7.06%), and CSI 500 Index Enhancement (+12.94%) [6] - The equity prices of major Sino - US indices have reached the 90% quantile levels of the past five or even ten years, and the on - site trading enthusiasm for Sino - US equity assets still exists. A - share investors are optimistic about the prospects of China's Science and Technology Innovation Board. China maintains a low - interest - rate environment, while the US is in a relatively high - interest - rate environment. The overall core strategy β environment is unfavorable for pure long - only stock strategies but favorable for CTA trend strategies, arbitrage strategies, and hedging strategies [6] - It is recommended to gradually increase the allocation of CTA, with trend strategies as the main focus and cross - sectional and arbitrage strategies as supplements. The overall attitude towards long - only stock strategies is neutral to cautious, while the attitude towards stock hedging strategies (neutral strategies) is neutral to optimistic [6] 3. Summary by Relevant Catalogs 3.1 Core Strategy β Environment Tracking - **Sino - US Equity Assets**: Most Sino - US equity assets have reached the double 90% quantile levels. In terms of structural opportunities, it is recommended to overweight CSI 300, A500, and Hang Seng Tech and underweight CSI 500. The trading enthusiasm in the on - site market remains high, and A - share investors are optimistic about the prospects of China's Science and Technology Innovation Board [8][9][20] - **Sino - US Bond Assets**: China maintains a low - interest - rate environment, while the US is in a high - interest - rate environment. The trading attribute of China's bond market interest rate is stronger than the allocation attribute this year, and the US bond real interest rate remains high and is on a downward trend [21][29] - **Commodity Assets**: Except for precious metals and non - ferrous metals, commodities show obvious low - valuation characteristics. The market's attention to commodity assets remains undiminished [33][37] - **Sino - US Exchange Rate**: The RMB exchange rate has been in an appreciation range this year [39] 3.2 Private Equity Review - **Sub - strategy Monthly Performance Comparison**: As of November 7, 2025, the performance of different sub - strategies varies greatly. For example, in terms of cumulative returns this year, CSI 2000 Index Enhancement performs well, while Option Put - biased performs poorly [45] - **Major Index Monthly Performance Comparison**: As of November 7, 2025, the best - performing indices are the Micro - cap Index (+76.79%), ChiNext Index (+45.50%), and Science and Technology Innovation 50 Index (+38.99%); the worst - performing are CSI Dividend (+3.74%), CSI 300 (+17.53%), and Shanghai Composite Index (+17.57%) [48] 3.3 CTA Strategy Environment Tracking - **Commodity Futures Market**: Most commodity sector index net values and volatilities have declined. As of November 7, 2025, the average trading volume of commodity futures is 1.95 trillion yuan (a marginal decrease of 0.29 trillion yuan), the average open interest is 2.41 trillion yuan, and the average trading - to - open - interest ratio is 0.81, which is at a normal level [50][55] - **Stock Index Futures Market**: Most stock index futures indices have risen, and volatilities have generally declined. As of November 7, 2025, the average trading volume of stock index futures is 0.71 trillion yuan (a marginal decrease of 0.05 trillion yuan), the average open interest is 1.34 trillion yuan, and the average trading - to - open - interest ratio is 0.53, which is at a normal level [57][61] - **Treasury Bond Futures Market**: The net values of treasury bond futures indices have generally declined, and most volatilities have decreased. As of November 7, 2025, the average trading volume of treasury bond futures is 0.32 trillion yuan (a marginal decrease of 0.09 trillion yuan), the average open interest is 0.88 trillion yuan, and the average trading - to - open - interest ratio is 0.37, which is at a relatively low level [62][66] - **Short - and Medium - Term Cycle Strategy Market Environment**: Intra - day liquidity remains at a high level, and volatility has slightly declined [68] - **Long - and Medium - Term Cycle Strategy Market Environment**: The smoothness of trends has continued to decline, and volatility has continued to increase [70] 3.4 Stock Strategy Environment Tracking - **Major Broad - based Index Review**: Most broad - based indices have risen this week, and volatilities have generally declined. The short - term market activity is at a medium - to - high level and has increased marginally [74][77] - **Equity Industry Index Review**: This week, 61.3% of industries have achieved positive returns, and the Power Equipment sector leads the way. The top three industries in terms of weekly returns are Power Equipment (4.98%), Coal (4.52%), and Petroleum and Petrochemicals (4.47%); the bottom three are Medicine and Biology (- 2.40%), Computer (- 2.54%), and Beauty Care (- 3.10%) [80] - **Trading Congestion**: As of November 7, 2025, the trading heat of the TMT sector is 0.29 (a marginal decrease of 10.1%), in the lower range; the trading heat of sectors such as micro - caps is 0.12 (a marginal increase of 3.2%), in the normal range; the total market trading volume is 1.96 trillion yuan (a marginal decrease of 2.8%), in the extremely high range [84] - **Neutral and Index Enhancement Strategy Intra - day Alpha Environment Monitoring**: It is generally unfavorable for intra - day Alpha accumulation due to the net outflow of funds from the stock market this week [85][88] - **Neutral and Index Enhancement Strategy Trading - type Alpha Environment Monitoring**: It is generally favorable for trading - type Alpha accumulation as trading volume, margin trading balance, etc. are at relatively high levels [90][95] - **Neutral and Index Enhancement Strategy Holding - type Alpha Significance Environment Monitoring**: It is slightly unfavorable for Alpha accumulation as the stock style is the large - cap style and the proportion of stocks outperforming the market index is still relatively low [96][101] - **Stock Index Futures Market Review**: The basis of IF, IC, and IM has widened. The estimated impacts on the average returns of neutral products through different contract hedging methods vary [102][108] - **Option Market Review**: The implied volatility has generally declined this week, which is expected to be unfavorable for option buying and arbitrage strategies. The option sentiment dimension shows that the sentiment towards CSI 1000, CSI 300, and CSI 500 is generally bearish [110][114] - **Private Equity Index Enhancement Component Stock Decomposition**: The exposure to micro - caps has dropped to a safe level, and the quantitative selection shows a relatively high exposure to micro - caps [115]

Core Viewpoint - The A-share market has shown a trend of steady upward movement in October, with accelerated sector rotation and a balanced performance between large and small caps, leading to a notable recovery in quantitative long products, with 10 new billion-yuan quantitative private equity firms added in a single month [2] Group 1: New Billion-Yuan Quantitative Private Equity Firms - Six new quantitative private equity firms have entered the billion-yuan club, including Niuda Investment, Square and Investment, Super Quantum Fund, Shanghai Xiaoyong Private Equity, Dadao Investment, and Xiyue Investment [2] - The total number of billion-yuan quantitative private equity firms has reached 55 as of the end of October 2025, with a net increase of 10 firms compared to the end of September [2] Group 2: Performance and Strategy of Quantitative Private Equity - The new billion-yuan private equity firms primarily consist of quantitative managers who attract talent and invest in new technologies and hardware to maintain effective strategies and sustained performance [5] - The average return of the 37 billion-yuan quantitative private equity firms with at least three qualifying products has reached ***% this year [6] - Notable firms with high returns include Ningbo Huansheng Quantitative, Stable Investment, Chengqi Asset, Evolutionary Capital, and Tianyan Capital [6] Group 3: Geographical Distribution and Employee Count - Shanghai has the highest number of billion-yuan quantitative private equity firms, totaling 28, accounting for over 50% of the total, followed by Beijing with 11 firms [6] - Among these firms, 13 have more than 100 employees, with two firms, including Jiankun Investment, having over 150 employees [6] Group 4: Notable Firms and Their Achievements - Ningbo Huansheng Quantitative ranks second in returns for the year, maintaining its position from the previous month, with an average return of ***% across 11 products [10] - Super Quantum Fund, established in June 2015, has the highest returns among the new billion-yuan firms, with an average return of ***% across three products [10] - Cloudrise Quantitative leads the 50-100 billion category with a return of ***%, focusing on technology-driven and data-driven investment strategies [13] Group 5: Performance in Smaller Private Equity Categories - In the 20-50 billion category, Hanrong Investment and Xiangmu Asset achieved the top two positions, with significant performance increases noted [14] - In the 10-20 billion category, Longyin Tiger Roar, Wuliang Capital, and Yibei Investment ranked first, second, and third respectively [18] - In the 0-5 billion category, Jingying Zhito achieved a notable return of ***%, leading the segment [26][29]

Core Viewpoint - The article discusses the challenges of timing investments in different asset classes and suggests that a macro strategy, which diversifies across multiple assets, can mitigate the need for precise timing [4][5][6]. Market Overview - The A-share market has been fluctuating between 3800 and 3900 points for the past two months, and after breaking through 4000 points, it faces a new directional choice [5]. - Investors are currently conflicted about whether to invest in stocks, fearing high prices, or in stable bonds, worrying about missing out on potential gains [5]. Asset Performance Analysis - Historical data indicates that no single asset class consistently outperforms; different asset classes have strong and weak years [7][9]. - Over the past decade, A-shares outperformed other assets only in 2019 and 2020, while U.S. stocks also faced significant downturns in 2022 [9]. - Bonds showed stability with good returns last year but faced some pullbacks this year, while commodities had a brief bull run in 2021 and 2022 but performed poorly in other years [10]. Asset Class Characteristics - The core returns of different asset classes are driven by distinct underlying logic: - Stocks benefit from corporate profit growth, performing well in a stable economic environment [12]. - Commodities gain from supply-demand imbalances and inflation, thriving during high inflation or economic overheating [12]. - Bonds rely on fixed interest and price appreciation from falling interest rates, excelling during economic slowdowns or deflationary expectations [12]. Timing and Strategy - Timing investments is crucial for achieving satisfactory returns in single asset investments, with two main objectives: trend following and identifying undervalued assets [13]. - Macro strategies, which are multi-asset in nature, do not require timing as they inherently balance risk across various asset classes [14]. - A well-structured macro strategy can capture both rising and undervalued assets, providing better safety margins and lower costs [15]. Long-term Performance of Strategies - Historical performance of private equity strategies shows that without timing, achieving ideal returns is challenging, often leading to significant volatility [17]. - In contrast, macro strategies tend to yield satisfactory returns regardless of the timing of entry, with relatively lower volatility and better holding experiences [17].

Core Insights - The A-share market has entered a volatile rotation phase since October, with significant recovery in the returns of quantitative products [2] - Among the 825 quantitative long products with performance data, the average return for the year is 41.02%, with an excess return of 14.36% [3] Summary by Category Performance of Strategies - Quantitative long products have the highest average return in October among all stock strategy products, reaching 0.93% with an average excess return of 1.5% [2] - The performance of various strategies is as follows: - Quantitative long: 825 products, average return 41.02%, monthly return 0.93% [3] - Subjective long: 2156 products, average return 36.11%, monthly return -1.35% [3] - Macro strategy: 201 products, average return 27.17%, monthly return 0.96% [3] - Composite strategy: 409 products, average return 25.66%, monthly return 1.11% [3] - Other derivative strategies: 15 products, average return 25.63%, monthly return 4.45% [3] Top Performing Products - In the quantitative long category, the top products by excess return include: - CSI 1000 index enhancement: 158 products, average return 45.51%, excess return 15.48% [4] - Quantitative stock selection: 329 products, average return 39.25%, excess return 15.56% [4] - CSI 500 index enhancement: 201 products, average return 42.07%, excess return 10.96% [4] - CSI 300 index enhancement: 38 products, average return 25.62%, excess return 6.52% [4] - Other index enhancements: average return 43.55%, excess return 18.52% [4] Notable Fund Managers - The top products in the CSI 1000 index enhancement category are managed by notable fund managers from large private equity firms, with the highest returns coming from companies like Jintong Investment and Luxiu Investment [5][9] - In the quantitative stock selection category, the top products are managed by firms such as Longqi Technology and Jiuming Investment [10][12] - The CSI 500 index enhancement products are led by managers from Guobiao Asset and Zhaoxin Private Fund [13][16] - The CSI 300 index enhancement products are managed by firms like Hainan Pengpai Private Fund and Ningbo Huansquare Quantitative [17][20] - Other index enhancement products are managed by firms such as Liangchuang Investment and Yangshi Asset [21][23]

导读： 过去一年，浙江浩坤昇发资产在各大私募平台排行榜的绩优榜单上身影频现，收获了私募圈大量关注， 公司规模因此实现了爆发式增长，从不足5亿，到如今突破18亿规模。 "洞见先机，灵动制胜。"浙江浩坤昇发资产合伙人李佳佳仅用一句话便概括了她的投资理念，恰如其分 地揭示了一位干脆利落而严谨求实的优秀女性基金经理如何在私募战场上凯旋。 在谈到投资策略时，李佳佳表示践行"养家心法"。所谓"养家心法"，指的是知名投资人"炒股养家"总结 的投资心法，其核心要义是要理解市场运行的本质，加强对市场博弈的推演，更加看重投资的实战效 果。 李佳佳称，在投资领域沉淀的11年时间里，"炒股养家"老师是她的"投资导师"。在多年前，在进行调研 军工行业研究时，与之相识，后多次进行当面线下请教，顿悟到了其投资之道，又融入自己的投资风 格。 李佳佳以"养家心法"为起点，逐步构建了洞见先机灵动制胜的思维框架。该策略体系强调以深入研究为 基础，积极布局强势股并根据市场趋势灵活调整仓位，核心在于尊重市场的客观规律，当预测与市场实 际表现冲突时，采取无条件尊重市场的原则，迅速调整仓位以降低风险。建仓和减仓均有一套独到的规 则，能够在短时间内完成仓位 ...

Core Viewpoint - Subjective private equity funds rely on human judgment for investment decisions, contrasting with quantitative funds that depend on models. This approach allows for early positioning in potential growth areas and the identification of undervalued quality assets [2]. Group 1: Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a nearly 10-year high and a year-to-date increase of approximately 18%, while the ChiNext Index has risen nearly 49% [2]. - Various sectors such as AI computing, robotics, semiconductors, new energy, non-ferrous metals, and gaming have performed well in this market environment [2]. Group 2: Subjective Private Equity Overview - As of October 2025, there are 5,339 subjective private equity firms, accounting for over 70% of the securities investment category. Among these, 350 firms have at least three products displayed on the private equity performance platform [2]. - The average return for 350 subjective private equity firms from January to October this year is higher than that of quantitative funds [3]. Group 3: Top Performing Firms - The top three firms in the 100 billion yuan category are Yuanxin, Fusheng, and Wangzheng, with a notable mention of Dan Bin's commentary on the AI bubble [4]. - In the 50-100 billion yuan category, the top firms include Tongben Investment, Ruiyang Investment, and Shengqi Asset [12]. - The top firms in the 20-50 billion yuan category are Beijing Xiyue Private Equity, Qiantu Investment, and Luyuan Private Equity [17]. Group 4: Notable Strategies and Insights - Yuanxin Investment, established in September 2014, focuses on growth logic and has a management team with an average of over 20 years of experience [11]. - Dongfang Port Bay, led by Dan Bin, has 80 products displayed, with a significant increase in returns in October, emphasizing a bullish stance on AI stocks [11]. - Shengqi Asset, founded by Zeng Wenkai, emphasizes value investing and has a strong focus on gold and copper investments due to macroeconomic conditions [15][16]. Group 5: Emerging Trends - The trend of subjective private equity funds focusing on technology and innovation continues, with firms like Jingyan Private Equity maintaining a strong emphasis on this direction [24]. - The long-term bullish outlook on gold is highlighted by firms like Luyuan Private Equity, which has been actively investing in this sector [20].