以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 作者：邱鑫浩 来源：邱处机 2009 年初夏，马云和虞锋在西湖上泛舟。两位早已相识于长江商学院首期 CEO 班的商业精英， 在那次惬意的游船中达成了合作共识。 ---------------------------------- 一年后的 2010 年 4 月，云锋基金正式诞生。 这个名字取自马云和虞锋的私募基金，从诞生伊始就带着耀眼的光环。其发起人阵容，还囊括了巨 人网络史玉柱、新希望刘永好、银泰投资沈国军、分众传媒江南春、迈瑞医疗徐航等中国商界顶尖 领袖。 十五年后， 这位马云背后的"神队友"虞锋，再次引领云锋系卷土重来 。 2025 年 9 月，云锋金融一举拿下香港虚拟资产交易牌照，斥资 4400 万美元购买 1 万枚以太 坊，更招揽了梁信军、卢敏放等重量级人物加入。 沉寂三年，虞锋又想要大干一场。 01 豪华开局 云锋基金的起步堪称私募行业的奇迹。新奥能源创始人王玉锁曾在基金成立发布会上高呼：" 马云 + 虞锋 > 索罗斯！ " 此言并非全无根据。云锋基金一期和二期分别募集资金 100 亿元和 60 亿元人民币，如今管理资 本规模已超过 ...

Core Viewpoint - The article discusses the pressures and coping mechanisms of middle-aged individuals, particularly focusing on the challenges faced by middle-aged men and women in balancing work, family, and personal time [5][21][23]. Group 1: Middle-aged Men's Coping Mechanisms - Middle-aged men often find solace in hobbies such as fishing, gaming, and cycling as a way to relieve stress from work and family responsibilities [7][10]. - Social activities like playing cards are viewed as low-cost and healthy forms of relaxation for middle-aged men [10]. - The article highlights the contrast between men's and women's coping strategies, with men leaning towards hobbies and women seeking brief escapes from their responsibilities [10][14]. Group 2: Middle-aged Women's Challenges - Middle-aged women face significant pressure from multiple roles, including parenting and household responsibilities, leading to feelings of exhaustion and frustration [19][21]. - The article notes that women often feel the need to justify their desire for personal time, frequently using work-related excuses to carve out moments for themselves [25][26]. - A survey indicates that women experience a higher loss of leisure time due to childcare compared to men, particularly in families with multiple children [23][29]. Group 3: Stress Sources and Indices - The article provides a stress index for various sources of pressure, with childcare and household chores being the most significant contributors to stress for middle-aged women [19][20]. - Economic burdens, such as mortgages and loans, also contribute to the overall stress levels experienced by middle-aged individuals [21][19]. - Emotional support and respect are highlighted as critical yet often lacking elements in the lives of middle-aged women, exacerbating their feelings of isolation and stress [19][21].

Core Viewpoint - The Shanghai Jing'an District has made significant progress during the "14th Five-Year Plan" period, focusing on high-quality development, high-level reform and opening up, improved living standards, and efficient governance to create a modern international urban area [1][3]. Economic Development - The district's GDP reached 336.99 billion yuan in 2024, surpassing the 300 billion yuan mark, with a per capita GDP of 360,000 yuan, 1.5 times that of 2020 [5]. - The district's public budget revenue reached 30.22 billion yuan, ranking among the top in the city [5]. - The number of headquarters enterprises has increased, with 85 new multinational company headquarters established, totaling 142, contributing to an annual tax revenue growth of 11.1% [7]. Industrial Growth - Six key industries contribute over 85% to the regional economy, with a notable increase in high-end service brands from 48 to 103 [9]. - The professional services sector's tax contribution rose from 15.8% in 2020 to 22.1% last year [9]. - The district has attracted one-third of the city's core data companies and one-third of the global top 50 pharmaceutical companies [11]. Reform and Opening Up - From 2021 to 2024, the district attracted 1,122 foreign direct investment projects, with a total contracted foreign capital of 4.83 billion USD, leading the city's central districts [12]. - The district has implemented 693 measures to optimize the business environment, resulting in 47,600 new market entities, 1.8 times that of the previous five years [12]. Urban Renewal - The district has completed the renovation of 4,849 households and added 1,495 elevators to existing multi-story residential buildings [13]. - The district is actively updating commercial buildings, with 35 projects completed and 23 ongoing [13][14]. Social Development - The district has developed a comprehensive elderly care model and established the first "baby house" in the country, achieving full coverage of childcare services [16]. - Public cultural facilities and social satisfaction ratings are among the highest in the city, with significant investments in green spaces and parks [16]. Future Outlook - Looking ahead, the district aims to enhance development confidence and set higher goals for the next decade, focusing on excellence and contributing to Shanghai's overall development [17].

Group 1 - The Xiamen Securities Regulatory Bureau issued a warning letter to Zhongmin Huijin (Xiamen) Private Fund Management Co., Ltd. for allowing unqualified employees to participate in private fund raising activities, violating relevant regulations [1] - The company was established on May 29, 2015, with a registered capital of 10 million yuan and is represented by Wang Jiangming [2] - The regulatory authority emphasized the need for the company to learn from this incident, improve compliance management, and strengthen risk control to protect investors' legitimate rights and interests [1]

北京商报讯（记者 李海媛）9月18日，厦门证监局发文称，经查，中闽汇金（厦门）私募基金管理有限公司（以下简称"中闽汇金"）在开展私募基金业务中 存在安排不具备基金从业资格的员工参与私募基金募集业务的情形，违反了相关规定。依据有关规定，厦门证监局决定对中闽汇金采取出具警示函的监督管 理措施，并根据《证券期货市场诚信监督管理办法》将相关情况记入诚信档案。 | 索 引 号 | bm56000001/2025-00010956 | ਜੋ 崇 | 行政监管措施;行政执法 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年09月18日 | | ਸਮ 称 | 厦门证监局关于对中闽汇金（厦门）私募基金管理有限公司采取出具警示函措施的决定 | | | | 文 름 | 中国证券监督管理委员会厦门监管局行政监管措施决定书〔2025〕23号 | 主题词 | | ...

8月份，A股三大股指继续强势上涨，同时，成交额来到了历史高位水平，市场交投活跃。8月份，上证指数的涨幅为7.97%，深证成指的涨幅为15.32%， 创业板指的涨幅为24.13%。 在这样的市场背景下，有3321只私募产品（在私募排排网有业绩展示且成立满1年）在今年8月份净值曾创下历史新高，占成立满1年的私募产品的比例约 为71.19%。 按产品类型来看，量化产品占1303只，非量化产品占2018只。按照产品策略（一级策略）来看，股票策略产品最多（主要是主观多头和量化多头），有 2135只，占比约64%；其次是多资产策略产品占471只，期货及衍生品策略产品占305只，债券策略产品占302只，组合基金产品占108只。 按公司规模来看，来自5亿以下规模私募的产品最多，有1347只，占比超4成；来自百亿私募的产品有456只。 为了给读者提供一些参考，笔者在创新高私募产品中按照产品策略分别梳理出了"股票策略-主观多头、股票策略-量化多头、期货及衍生品策略、多资产 策略、债券策略"近一年收益居前20强的私募产品（公司规模在5亿以上）；此外，笔者还特梳理出了"成立满10年且创新高的产品"以及"旗下有10只以上 产品且全部创 ...

Core Viewpoint - Tot (Sanya) Private Fund is a technology-driven quantitative private fund company that has achieved significant performance in the quantitative investment field, utilizing deep learning techniques for trading strategies [2][3]. Group 1: Company Overview - Tot (Sanya) Private Fund was founded in September 2021 and obtained its private fund license in March 2022, with its first product registered in April 2022. The company has grown from 1.8 billion yuan in assets under management in 2022 to 5 billion yuan by August 2025 [6][7]. - The core strategy team consists of graduates from Peking University, specializing in computer science and intelligent science, with a strong background in machine learning and software engineering [2][10]. Group 2: Performance Metrics - As of August 2025, the average return of Tot (Sanya) Private Fund's products reached ***%, ranking in the top 10 of quantitative private funds for the year [2]. - The product "Tot CSI 300 Index Enhanced 2" achieved a return of ***% in 2025, placing it among the top 10 for excess returns in the category of private funds with over 500 million yuan in scale [2]. Group 3: Core Strategies - The company employs a quantitative stock selection strategy, focusing on market neutrality and commodity CTA, with a strong emphasis on risk control and sustainable excess returns [5][19]. - The multi-cycle and multi-frequency return prediction model allows for decision-making across various time frames, from intraday to quarterly [15][19]. Group 4: Competitive Advantages - The company has a rich experience in machine learning, particularly in developing multi-modal factors, which provides a technical barrier compared to traditional multi-factor models [14][16]. - Strict risk exposure control is maintained, ensuring that the strategy effectively manages market volatility without significant drawdowns [17][19]. - The stability of the research and investment team is high, with a zero turnover rate among core members, who have been collaborating since 2016 [18].

Core Viewpoint - A significant private equity firm, Hongchou Investment, has been placed on a restricted list for offline investors for six months due to multiple regulatory violations identified during a self-discipline inspection by the China Securities Association [1][2]. Group 1: Regulatory Violations - Hongchou Investment was found to have eight types of violations, including inadequate decision-making processes, insufficient pricing basis, and lack of a robust research report mechanism [2][3]. - The Shanghai Stock Exchange previously noted two major violations by Hongchou Investment during its participation in offline inquiries for initial public offerings (IPOs): inadequate internal controls and insufficient internal research [2][3]. Group 2: Industry Trends - Several private equity firms, including Ningquan Asset and Yingfeng Capital, have also faced restrictions this year for similar violations in their IPO bidding processes [1][3]. - The regulatory environment is becoming increasingly stringent, prompting private equity firms to enhance their compliance levels and internal control systems to ensure sustainable growth [4][5]. Group 3: Compliance Measures - A recent amendment to the rules governing offline investors in IPOs has explicitly prohibited eleven types of behaviors, including false reporting and collusion with issuers or underwriters [4]. - Industry experts emphasize the necessity for private equity managers to strengthen compliance across all investment processes to navigate the evolving regulatory landscape effectively [5].

Core Points - The company, Taijia Co., announced an investment of 25 million yuan in the Ningbo Fengyuan No. 1 Equity Investment Partnership, representing a 31.69% stake in the fund [2] - The original duration of the Fengyuan No. 1 fund was five years, set to expire on November 19, 2025, but it has been extended by 24 months to November 19, 2027, based on the decision of the general partner [2] - The extension of the fund's duration is in accordance with the partnership agreement, allowing for a maximum extension of two years based on operational needs [2]

Core Viewpoint - The A-share market showed strong performance in August, with major indices rising significantly, while the bond market faced pressure due to the "stock-bond seesaw" effect [2][3]. Market Performance - The Shanghai Composite Index rose 7.97% in August, surpassing 3800 points, marking a nearly 10-year high. The Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged over 24% [2]. - In the bond market, the China Bond Index fell by 0.61%, and the China Government Bond Index decreased by 0.58% [2]. - The commodity market exhibited mixed results, with the Nanhua Commodity Index down 0.62% and the Industrial Products Index down 2.17%. However, the precious metals index rose by 2.85% due to increased expectations of interest rate cuts by the Federal Reserve [2]. Private Equity Performance - Data from Private Equity 排排网 indicates that among 4936 products with performance data, the average return from January to August was approximately 23.28%. The proportion of products with positive returns increased to 94.43%, up from 91.20% in the previous month [3][4]. - Among various strategies, long equity strategies (both subjective and quantitative) led the returns, with average returns of 35.67% and 30.08% respectively for the first eight months of the year [3]. Strategy Breakdown - The performance of different private equity strategies varied significantly, with the following average returns for the first eight months: - Long Equity: 35.67% (subjective), 30.08% (quantitative) - Composite Strategy: 20.80% - Macro Strategy: 18.68% - Convertible Bond Trading Strategy: 17.16% - Fund of Funds (FOF): 14.20% - Other Derivative Strategies: 14.16% - Market Neutral Equity: 7.81% [3]. Top Private Equity Firms - The top 10 subjective private equity firms by average return this year include: 1. 富延资本 (Fuyuan Capital) 2. 北京禧悦私募 (Beijing Xiyue Private Equity) 3. 同犇投资 (Tongben Investment) 4. 一久私募基金 (Yijiu Private Fund) 5. 能敬投资控股 (Nengjing Investment Holdings) 6. 玖歌投资 (Jiuge Investment) 7. 龙航资产 (Longhang Asset) 8. 榕树投资 (Rongshu Investment) 9. 路远私募 (Luyuan Private Equity) 10. 晨耀私募 (Chenyao Private Equity) [4][6]. Quantitative Private Equity - The average return for the top 100 quantitative private equity firms was 26.69%, with a total of 676 products and a combined scale of approximately 804.91 billion [12][14]. - The top 10 quantitative private equity firms by average return include: 1. 翰荣投资 (Hanrong Investment) 2. 云起量化 (Yunqi Quantitative) 3. 稳博投资 (Wenbo Investment) 4. 橡木资产 (Xiangmu Asset) 5. 阿巴马投资 (Abama Investment) [12][14]. Mixed Strategy Private Equity - The average return for the top 100 mixed strategy private equity firms was 20.78%, with a total of 449 products and a combined scale of approximately 284.03 billion [24][26]. - The top 10 mixed strategy private equity firms by average return include: 1. 深圳泽源 (Shenzhen Zeyuan) 2. 量利私募 (Liangli Private Equity) 3. 中闽汇金 (Zhongmin Huijin) 4. 金塔克资产 (Jintake Asset) 5. 嘉信融成 (Jiaxin Rongcheng) [24][26].