近日，知名私募基金经理李蓓再度引发市场关注。 12月26日，李蓓通过个人公众号宣布，其将推出名为"从0开始学投资"的系列课程。 《每日经济新闻》记者注意到，该系列课程定价高达12888元，远超普通知识付费产品，迅速在金融圈 刷屏，将李蓓及其掌舵的半夏投资推向舆论的风口浪尖。 面对市场的广泛关注与讨论，李蓓于12月27日在半夏投资公众号对该系列课程进行了详细说明。 李蓓解释称，选择线下授课正是为了能高效、低时间成本地完成一本书的产出。她特别强调，本次课程 将是唯一一次系统性线下课，不会有第二场，未来虽可能举办年度线下分享会，但不会再有系统课程。 课程人数将限定在200人以内，内容聚焦于基于10年以上长周期的系统性方法论，而不会为学员点评短 期行情或推荐股票。 就该课程收入的用途而言，李蓓作出了明确承诺：本次线下课程、未来的线下分享会及线上课程所产生 的所有收入，都将纳入一个慈善基金。该基金初步计划用于设立奖学金和助学金，以支持在校大学生。 即将授课的李蓓管理的半夏投资产品，运作情况如何呢？ 私募排排网数据显示，截至2025年12月19日，半夏平衡宏观对冲私募基金自成立以来收益率为 73.44%，年化收益率为11 ...

Core Viewpoint - The private equity industry is experiencing significant performance differentiation, with Lin Yuan Investment ranking last with a -4.25% return, while the top firm, Guoyuan Xinda, achieved a 55.24% return, highlighting the challenges faced by traditional value investors in a changing market environment [1][3]. Performance Analysis - Lin Yuan Investment's 18 disclosed products underperformed the CSI 300 index, with the best-performing product, Lin Yuan Investment No. 218, yielding 15.36%, which is lower than the CSI 300's 18.77% increase during the same period [3]. - The product Lin Yuan Investment No. 173 is nearing liquidation with a unit net value of 0.7620 yuan, significantly underperforming the market [3]. - Market reactions have been mixed, with some investors expressing dissatisfaction over missed opportunities in a bull market, while others defend Lin Yuan's long-term investment strategy [3][5]. Investment Strategy - Lin Yuan maintains a calm demeanor amidst performance pressures, denying any risk of liquidation and attributing poor performance to short-term declines in holdings [5]. - He has passively allocated to technology stocks to meet market requirements but expressed regret over this decision, indicating discomfort with tech investments [5]. - Lin Yuan remains committed to his investment strategy without additional risk control measures or adjustments to his holdings [5]. Sector Focus - Lin Yuan expresses strong confidence in the liquor industry, viewing it as a source of "pleasure demand" and suggesting that holding liquor stocks for over 12 years could yield returns through dividends that cover initial investment costs [7]. - He remains cautious about trends targeting younger consumers, noting past attempts by liquor companies to appeal to this demographic have not been very successful [7]. Market Context - The performance struggles of Lin Yuan Investment and other value-focused private equity firms reflect a broader shift in the A-share market, where sectors like AI and semiconductors are leading, while traditional sectors like liquor and pharmaceuticals are lagging [9]. - The rise of quantitative strategies poses significant challenges to traditional value investing, which is undergoing a "test of patience" amid short-term market fluctuations [9]. - Historical parallels are drawn to investment legends like Warren Buffett, who also faced performance challenges while adhering to his investment philosophy during market upheavals [9].

Core Insights - The private equity industry in China is undergoing significant changes in 2025, characterized by a shift in market dynamics, regulatory improvements, and evolving competitive landscapes [2][15]. Group 1: Changes in Scale - The private equity industry has entered a new era with a management scale reaching 22 trillion yuan, and over 110 private equity firms managing over 10 billion yuan [2][15]. - The number of private equity securities investment funds registered in 2025 has surged to 12,239, a 95.07% increase from 6,274 in 2024, with stock strategy funds being the dominant category [5][18]. - Average returns for private equity securities investment funds have exceeded 20% in 2025, with stock strategy funds achieving over 27% [4][18]. Group 2: Changes in Ecology - The industry is witnessing a cleansing process, with 1,193 private fund managers deregistered in 2025, indicating a move towards a healthier compliance ecosystem [8][21]. - The exit of "bad money" from the market has been accelerated by regulatory policies, leading to improved operational standards and transparency among surviving firms [20][21]. - The influx of professional talent into the private equity sector has been notable, with 54 new fund managers registered in 2025, a 10.2% increase from 2024 [22][23]. Group 3: Changes in Competitive Landscape - The number of billion-yuan private equity firms has increased to 113, with a notable rise in quantitative firms, reflecting a shift towards a more competitive environment [11][24]. - The competition is evolving from short-term performance to a comprehensive assessment of capabilities, including talent, governance, and technology [12][24][25]. - Smaller private equity firms are exploring differentiated strategies, focusing on "boutique" approaches that prioritize compliance and specific investor needs rather than aggressive expansion [25].

来源：金石随笔 有钱人还是多啊！刚刚，李蓓12888闭门课全部售罄最近两日，私募顶流李蓓再度刷屏社区网络，原因 是她在个人公号发文：要公开卖课！其中引起争议的地方，谈到了个人生活，谈到了相亲，价格一出更 是让人看的目瞪口呆！ 对此，李蓓澄清：不差钱，不差几千万，知识付费不是第二曲线； 之所以做，是偶然的好感和责任心引发，希望对自己的投资框架做一个系统性思考；希望出一本书，通 过线下演讲可以高效出书。 责任编辑：何俊熹 来源：金石随笔 半夏投资会设立一个慈善基金，本次线下课程，以后的线下分享会，未来的线上课程，以上所带来的所 有收入，都会放进这个慈善基金。初步考虑这个基金的支持的方向，用于设立奖学金和助学金，支持在 校的大学生。 有业内人士表示，李蓓虽然管理规模百亿，但都是管理人的钱，几千万虽不缺但可以锦上添花；还有业 内人士表示：即使不差钱，但做这个投资课程可以赚流量，还可以筛选客户推销产品。 不过，虽然争议很大，李蓓刚刚发声：收费名额200人已经售罄，感谢大家的关注和支持。 对此，网友留言：恭喜美女霸姐瞬间赚了250万为慈善事业；还有一位童鞋留言：可以再加一个名额 吗？报名完了一步呢。 不得不说，还是有钱人 ...

Core Viewpoint - The article emphasizes the challenges of consistently outperforming in the private equity market, particularly in the context of the rapidly changing capital market environment since 2023, highlighting the importance of fund managers' research capabilities and strategy adaptation [2]. Summary by Strategy Quantitative Long-Only - A total of 16 quantitative long-only products have consistently ranked in the top tier from January to November 2023, 2024, and 2025, with notable contributions from firms like Minghong, Maoyuan, and Hanrong [2]. - As of November 2025, there are 640, 462, and 325 quantitative long-only products reported for the years 2023, 2024, and 2025 respectively, with only 16 products making it to the top 30% in all three years [3]. - The top five cumulative return products since 2023 are from firms including Huijing Asset, Shanghai Zijie Private Equity, and Abama Investment [3]. Subjective Long-Only - There are 14 subjective long-only products that have maintained top-tier rankings across the same periods, with notable firms like Kaishi Private Equity and Yidian Najin included [7]. - The number of subjective long-only products reported as of November 2025 is 1,089, 979, and 838 for the years 2023, 2024, and 2025 respectively, with only 14 products achieving top 30% rankings in all three years [7]. - The top five cumulative return products since 2023 are from Beiheng Fund, Ding Tai Sifang (Shenzhen), and Guangdong Guangjin [8]. CTA (Commodity Trading Advisor) - A total of 12 CTA products have consistently ranked in the top tier from January to November 2023, 2024, and 2025, with leading products from Guanjing Fund and other firms [13]. - The number of CTA products reported as of November 2025 is 256, 226, and 187 for the years 2023, 2024, and 2025 respectively, with only 12 products making it to the top 40% in all three years [13]. - The top five cumulative return products since 2023 are from Guanjing Fund, Gongqingcheng Guangju Xinghe Private Equity, and Caoben Investment [14]. Multi-Asset - There are 22 multi-asset products that have consistently ranked in the top tier from January to November 2023, 2024, and 2025, with significant contributions from firms like Luyuan and Junfu [18]. - The number of multi-asset products reported as of November 2025 is 414, 337, and 265 for the years 2023, 2024, and 2025 respectively, with only 22 products achieving top 40% rankings in all three years [18]. - The top five cumulative return products since 2023 are from Luyuan Private Equity, Henan Zhi Ying Private Equity, and Junfu Investment [18].

Group 1 - The core concept of the "Starry Navigation Plan" is to create a leading platform for private equity in the technology innovation sector, focusing on the dual empowerment of private equity institutions and technology enterprises, and promoting a healthy ecosystem for technology, capital, and the real economy [1] - Dream Factory Investment has developed a unique investment framework characterized by "certainty value," balancing high win rates with reasonable odds to achieve sustainable long-term returns [2] - The investment philosophy is divided into "classic value" focusing on return rates and operational sustainability, and "modern value" emphasizing high growth potential and value reshaping through technological innovation [2] Group 2 - Dream Factory Investment integrates public welfare deeply into its corporate DNA, with a philosophy that combines commercial success with social responsibility, providing professional asset management services to charitable foundations [3] - The company has established a transparent operational model that builds a reliable bridge between high-net-worth clients and public welfare needs, enhancing the value of wealth through charitable engagement [3] - The firm extends its services beyond traditional asset management to include family trust structures, second-generation investment education, and public welfare participation, offering a comprehensive solution for long-term wealth transfer and social value realization [4] Group 3 - The "Starry Navigation Plan" aims to build a one-stop private equity ecosystem service system, aligning with Dream Factory Investment's approach of providing systematic solutions rather than just products [6] - The initiative seeks to shift the private equity industry from product competition to comprehensive value competition, incorporating professional capabilities, technological empowerment, and social responsibility [6] - Dream Factory Investment emphasizes the role of private equity institutions as investment management service providers, aiming to create long-term returns for clients while supporting technological innovation and promoting social responsibility [6]

Core Viewpoint - The recent announcement by Li Bei, known as the "Private Equity Witch," to launch an investment course has sparked significant discussion in the financial community, with a course fee set at 12,888 yuan, promising over 10% annualized returns for participants [1][2]. Group 1: Course Details - The course titled "Starting from 0 to Learn Investment" consists of four sessions covering basic investment knowledge, potential investment options, asset timing, and individual stock opportunities and risks [2][3]. - Each session is priced at 3,888 yuan, but a package for all four sessions is available for 12,888 yuan [3]. Group 2: Li Bei's Background - Li Bei has 19 years of investment management experience and is the founder of Banxia Investment, which surpassed 10 billion yuan in assets under management in 2022, making her the first female leader of a billion-yuan private equity firm in China [2][4]. - She is recognized for her expertise in macroeconomic analysis and asset comparison, and has a strong academic background from Peking University [4]. Group 3: Fund Performance - Banxia Investment has reported impressive fund performance, with two publicly displayed funds yielding 15.61% and 23.17% this year, and cumulative returns of 166.32% and 73.44% respectively [4]. - One of the funds significantly outperformed the CSI 300 index from 2020 to 2022, although it is projected to underperform the index from 2023 to 2025 [5]. Group 4: Charitable Initiatives - All proceeds from the course and future events will be directed to a charitable fund aimed at establishing scholarships and financial aid for university students [3].

Core Viewpoint - The news highlights the launch of investment courses by Li Bei, known as the "Private Equity Witch," aiming to teach ordinary people investment skills with a promise of over 10% annualized returns. The course is priced at 12,888 yuan for four sessions [1][3]. Group 1: Course Details - Li Bei announced a series of four investment courses titled "Starting from 0 to Learn Investment," priced at 12,888 yuan for the complete set, or 3,888 yuan per individual session [1][5]. - The course content includes basic investment knowledge, potential investment options, asset timing, and stock market opportunities and risks [3][5]. - The course is limited to 200 participants and will not be repeated, emphasizing a systematic methodology based on over ten years of experience [5]. Group 2: Li Bei's Background - Li Bei, the founder of Banxia Investment, has 19 years of investment management experience and is recognized as the first female manager of a billion-yuan private equity fund in China [3][6]. - She has a strong academic background, holding degrees from Peking University, and has previously worked in notable investment firms [6][7]. - Li Bei is known for her active presence on social media, sharing bold market predictions, such as the start of a new long-term bull market in A-shares and identifying real estate stocks as a rare opportunity [7]. Group 3: Fund Performance - Banxia Investment has reported impressive fund performance, with two publicly displayed funds yielding 15.61% and 23.17% this year, and cumulative returns of 166.32% and 73.44% respectively [6][7]. - Historical performance shows that one of the funds significantly outperformed the CSI 300 index from 2020 to 2022 but lagged behind from 2023 to 2025 [8].

每经记者｜甄素静 每经编辑｜赵云 随后，记者又根据知情人士提供的线索，前往深博信投位于龙华区的办公地。 记者在现场看到，该办公地仅悬挂"深圳大学龙华产业创新基地"和"深圳大学龙华生物产业创新研究 院"的铭牌，未见到深博信投的办公标识，由于是周六，也未看到该公司工作人员。而从天眼查的穿透 信息来看，深博信投和深圳大学龙华生物产业创新研究院属于"同电话企业"。 记者随后又致电深博信投基金经理，对方称"现在不方便接电话，也不是时候"后便匆匆挂断。记者还尝 试联系了深博信投的法定代表人曾智兴，其在记者表明采访来意后直接称"打错了"，随即挂断电话。 12月27日，《每日经济新闻》实地走访涉事私募公司深博信投，试图解开圣元环保6000万元私募投资巨 亏的谜团。 记者首先前往深博信投注册地——深圳大学学生创业园。 进入校园需提前预约，抵达创业园二楼后，现场标识显示此处为雅思考试中心，并无深博信投的办公痕 迹。在校内工作人员指引下，记者转至沧海校区创业中心实探核查校内企业名录，亦未发现深博信投相 关信息，现场显示211室门牌号实际对应校内某实验室。 为进一步核实情况，记者拨打了天眼查显示的深博信投年报联系方式，接电话人士在得 ...

据悉，涉事私募机构为深圳深博信投投资管理有限公司，涉事产品为"深博宏图成长1号私募证券投资基 金"，基金托管券商为招商证券。据中基协备案信息显示，厦门金陵基以单一投资者身份，使用闲置自 有资金认购该基金6000万元，该基金于2025年3月10日成立。 令人费解的是，在"深博宏图成长1号"成立并备案后不久，深博信投旗下其他产品便开始密集提前清 算。中基协信息显示，深博信投2025年合计有6只产品完成清算。 清算集中在2025年5月26日至10月22日期间，具体来看： 深博红日一号私募证券投资基金于5月26日提前清算，深博信投资-价值发现私募基金于6月11日提前清 算，深博客乡山水壹号私募证券投资基金于7月24日提前清算，深博价值成长一号、深博凯越启航壹号 也于今年内提前清算，最近清算的是10月22日的深博ESG量化对冲中性策略私募证券投资基金。 目前深博信投仍在运作的产品还有5只，除此次巨额亏损的"深博宏图成长1号"外，其余4只产品中，深 博信优选一号、深博创富一号、深博信投深泰一号的管理规模均低于1000万元。 12月26日，圣元环保发布公告披露，公司全资子公司厦门金陵基建筑工程有限公司（下称厦门金陵基） 于 ...