业内人士称，当私募业最为常见的"作坊"模式遇上快速增长的管理规模，量化管理人所面临的公司治理 难题愈发不容忽视。因此，越来越多头部量化私募着手优化公司治理结构，比如明晰股权架构和高管分 工、塑造企业文化、优化人才激励机制等。 越来越多量化私募正在形成共识：唯有打造稳健的公司架构、强大的团队实力，方能实现长跑。 "分家"戏码再度上演 6月以来不断发酵的靖奇投资股东纷争，引发市场关注。 6月，靖奇投资原法定代表人范思奇发文称卸任靖奇投资基金经理职务，但不久便以"十年努力，一朝背 刺"为标题发文表示自己被踢出公司。8月，范思奇又发布文章称，靖奇投资存在工作人员非法使用伪造 法人印章及冒用法人签名的情形。 ◎记者 马嘉悦 据中信证券统计，截至上半年末，量化私募管理人总体资产管理规模超1.7万亿元，在证券私募行业中 的占比升至近30%。下半年以来，头部量化私募旗下多头策略产品，依旧备受资金青睐。 不过，热闹之下，量化私募在公司治理方面仍面临挑战。据公开资料，8月以来，靖奇投资两位合伙人 内斗不断升级，伪造印章、抢公众号等操作暴露在大众视野。不久前，北京一家量化私募也因虚开增值 税发票受到市场关注。 今年以来，量化私募的 ...

Market Overview - The current market shows a clear structural differentiation, with an overall temperature in the 40-50 degree range, indicating it is not overheated (80 degrees and above) [2][10] - According to the seasonal theory, the market is still in the spring-summer phase and has not yet transitioned to autumn or winter [2][8] Investment Strategy - The company has increased allocations in cyclical, technology, and pharmaceutical sectors while reducing exposure to high-dividend sectors [1][11] - Future investment opportunities will focus on artificial intelligence (AI) and innovative pharmaceuticals [1][11] Growth Stock Characteristics - Growth stocks should exhibit three key characteristics: significant future revenue and profit growth potential (3-5 times growth, with an average annual increase of 20% or more), a strong business model with pricing power, and an excellent management team [4][5] - Growth stocks are categorized into four types for investment decisions: new economy growth stocks, market share gainers, stable market share with profit enhancement, and cyclical growth stocks [4][5] Team-Based Research and Decision-Making - The company emphasizes a team-based investment research system, with nearly 30 members divided into fundamental research, quantitative research, and international investment teams [6][7] - This structure allows for specialization and comprehensive coverage of key industries and emerging opportunities, enhancing decision-making efficiency [7][8] Market Timing and Signals - The company utilizes the seasonal theory as a guiding principle for investment, adjusting strategies based on market conditions [8][10] - Current market conditions do not show signs of overheating, and there are no clear signals indicating a market peak [10][11]

近段时间以来，A股市场持续走强，板块行情却明显分化。然而，此前广受市场追捧的量化指增产品，开始面临跑不赢大盘的压力。与此同时，不少今年 以来沉寂已久的主观产品净值开始回升，掀起一阵"主观逆袭"的浪潮。 私募排排网数据显示，截至9月14日近一周，在人气前20的基金经理中，主观私募旗下的基金经理（以下简称主观基金经理）共有15位，且包揽前8名！在 这15位主观基金经理中，头部私募旗下的主观基金经理共有8位，规模为50亿以下私募的基金经理共有7位。 | 排名 基金经理 | | 核心策略 | 旗下符合排名 规则的产品数 | 今年来年 近1月平均 均收益 收益 | 公司简称 | 投资模式 | 公司规模 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 但就 | 股票 | 78 | | 东方港湾 | 主观 | 100亿以上 | | 2 | 室脂 | 股票 | | | 荒原投资 | 主观 | 0-5亿 | | 3 | 林园 | 股票 | 5 | 私募排排网官网 | 林园设资 | 主观 | 100亿以上 | | 4 | 吴悦风 | 股票 | | 可查看收益 | ...

Group 1 - The A-share market is experiencing a significant increase in stock private equity positions, reaching a new high for the year, indicating optimism among private equity institutions regarding future market trends [1] - As of September 12, 2025, the stock private equity position index reached 78.04%, up 2.96 percentage points from the previous week, reflecting a notable increase in overall allocation enthusiasm [1] - A majority of private equity firms are adopting a proactive market strategy, with 60.02% in full positions and less than 20% in low or empty positions [1] Group 2 - Different scales of stock private equity show varied positioning characteristics, with larger firms demonstrating more aggressive positioning; for instance, firms with assets over 100 billion have increased their positions by 11.11 percentage points to 78.22% [1] - The highest positioning is seen in firms with assets between 50 billion and 100 billion, reaching 86.49%, marking a three-year high [1] Group 3 - Starstone Investment notes that while there is significant volatility in the market due to structural differentiation, the overall market trend remains stable, and the current financing and margin trading levels are not indicative of high leverage risk [2] - The current financing and margin trading balance reaching historical highs is viewed as a normal phenomenon given the growing overall size of the A-share market [2] Group 4 - Zhengyuan Investment highlights that the easing of tariff risks, ongoing policy support, and a low-interest-rate environment are driving significant incremental capital inflow into the market, leading to a phase of valuation expansion for state-owned assets [3] - The company emphasizes that high-quality undervalued assets will eventually be recognized for their long-term value in a broad market rally, advocating for patience and reliance on compounding effects [3]

满仓百亿私募占比逾5成。当前满仓百亿私募占比达54.04%，中等仓位百亿私募占比为38.82%，低仓和 空仓百亿私募占比仅为5.28%和1.86%，合计占比不足1成，进一步印证了头部私募机构对后市行情的坚 定信心。 据私募排排网最新数据显示，截至2025年9月12日，股票私募仓位指数达到78.04%，相较于前一周的 75.08%，单周大幅上涨2.96%，整体配置积极性明显提升。 从具体仓位分布来看，当前市场中高仓位私募占比占据绝对主导：60.02%的股票私募处于满仓状态， 23.34%的股票私募维持中等仓位，而低仓与空仓的股票私募合计占比不足20%，多数私募机构选择积极 布局市场。 对于此次私募大幅加仓的核心原因，排排网旗下融智投资FOF基金经理李春瑜分析认为，多重积极因素 共同构筑了良好的投资环境，推动私募加大配置力度：其一，A 股市场近期持续上涨，赚钱效应逐步凸 显，为私募加仓提供了直接动力；其二，市场情绪同步回暖，投资者信心稳步增强，风险偏好有所提 升；其三，从行业维度看，AI、半导体、新能源等新兴产业发展前景广阔，结构性投资机会持续凸 显，成为机构重点关注的方向；其四，政策面持续发力，为市场稳定运行与 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 编者按 通常，投资者在了解私募时，会关注公司团队水平、策略运作、中长期业绩、风险控制等内容，为此，私募排排网推出# 深度揭秘100家私募 #栏目 ，对这些内容进行详解。 本期揭秘的是 百亿量化私募鸣石基金 。据私募排排网截至7月底数据显示， 鸣石基金在量化多头近一年收益TOP10榜单中以***%收益夺得第 一（ 点此看收益 ） ，公司旗下的量化选股产品"鸣石春天28号"则在近三年超额收益位居头部私募量化选股10强的第3名，该产品近三年超额 收益为***%。 （ 点此查看基金收益 ） 下面，就让我们一起来揭秘鸣石基金取得优秀业绩的核心原因。 | 排名 | 产品简称 | 公司简称 | 公司规模 | 基金经理 | 产品规模 | 今年来 今年来近3年 | 沂3年 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (万元) | 收益 超额 收益 | 超额 | | 7 | 阿巴马乘风破浪A类 份额 | | 阿巴马投资 100亿以上 | 震海道 | | | | | 2 | 明泫股票精 ...

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

Core Insights - The private equity industry in China is undergoing positive changes, with over 800 private equity firms deregistering as of September 19 this year, and more than 50% of these deregistrations being voluntary [1][3]. Group 1: Industry Transformation - The increase in the proportion of voluntarily deregistered private equity firms reflects a purifying trend in the industry, as regulatory scrutiny has intensified, leading firms to shift from "not daring to violate" to "not wanting to violate" regulations [1][3]. - The number of deregistered private equity fund managers this year reached 851, with 449 voluntary deregistrations and 332 deregistrations initiated by the association [3]. Group 2: Competitive Landscape - The rapid reshuffling of the "billion" tier of private equity firms indicates accelerated industry competition, with nearly 10 firms dropping out of the top tier this year due to compliance issues or poor performance [4]. - The competitive landscape has shifted from a focus on short-term performance to a broader emphasis on compliance, risk control, and after-sales service, prioritizing investor interests for long-term development [4]. Group 3: Compliance and Risk Management - There is a notable increase in compliance awareness among private equity firms, with many actively enhancing their compliance and risk management capabilities to foster long-term competitiveness [5][6]. - Firms are establishing robust internal controls and risk management systems, with specific measures in investment decision-making processes to ensure compliance and mitigate risks [6].

Market Overview - The market has recently rebounded after a brief adjustment, with the Shanghai Composite Index nearing 3900 points and the ChiNext Index surpassing 3100 points, indicating a potential structural divergence in market styles [1] - The overall market temperature is assessed to be in the 40-50 degree range, suggesting it is not overheated, and the market is still in the spring-summer phase [1] Investment Strategy - The company has increased allocations in cyclical, technology, and pharmaceutical sectors while reducing exposure to high-dividend sectors [1] - Future investment opportunities will focus on artificial intelligence (AI) and innovative pharmaceuticals [1][10] Growth Stock Characteristics - Growth stocks should exhibit three key characteristics: significant future revenue and profit growth potential (3-5 times growth, with annual increases of 20% or more), a strong business model with pricing power, and an excellent management team [3] - Growth stocks are categorized into four types for investment decisions: new economy growth stocks, market share gainers, stable profit growth stocks, and cyclical growth stocks [3] Team Structure and Research Approach - The company employs a team-based investment research system, with nearly 30 members divided into fundamental research, quantitative research, and international investment teams [4][5] - The team structure allows for specialization and comprehensive coverage of market sectors, enhancing decision-making capabilities [5][6] Market Cycle Theory - The company utilizes a seasonal theory to guide investment decisions, recognizing the cyclical nature of the market [7] - The theory suggests that different market segments may be in different seasonal phases, with small-cap stocks potentially in a downturn while large-cap stocks are still in an upward phase [7][8] Market Sentiment and Future Outlook - The market is currently not showing signs of overheating, such as extreme valuations or investor euphoria, which are typical indicators of a market peak [9][10] - The company plans to maintain a high allocation in technology, pharmaceuticals, and cyclical sectors, with a positive outlook on AI, innovative pharmaceuticals, and gold [10]

Core Insights - The A-share market has seen active performance in technology growth and small-cap stocks, highlighting the high volatility and potential risks associated with high returns [1] - A new quantitative strategy focusing on "quantitative enhancement with downside protection" has gained popularity among private equity firms, utilizing stock selection and derivatives for risk management [1][2] Strategy Innovation - The increasing market volatility and demand for stable returns have led to the innovation of quantitative long protection strategies, differentiating from traditional quantitative neutral strategies [1][2] - Various private equity firms are employing different methods for options hedging and risk exposure management, leading to the evolution of these strategies [1][3] Competitive Landscape - FOF institutions and quantitative private equity firms are competing in the quantitative long protection strategy space, each exploring unique implementation paths based on their strengths [3][4] - Mainstream approaches include using off-market options for lower-cost protection and subjective timing for on-market options to hedge risks [3][4] Market Demand - There has been a noticeable increase in inquiries for quantitative long protection strategy products, particularly from high-net-worth clients seeking to balance market participation with risk control [4][6] - The introduction of new strategies reflects an upgrade in management capabilities, transitioning from pure alpha chasing to a comprehensive management approach [5][6] Future Outlook - The development of quantitative long protection strategies is seen as having significant value and potential, aligning with the trend of providing absolute returns to investors [6] - The strategies are expected to gain further traction as more index options become available and market activity increases, optimizing hedging costs [6]