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]

投资界消息，8月1日，洛阳市隆兴国晟产业投资基金合伙协议签约仪式在孟津区举行。本支基金由轩银基金公司、国晟产业基金联合隆兴集团发起，总规 模3亿元，围绕孟津区优势重点布局高端石化、新能源、新材料、智能制造等战略性新兴产业，深度挖掘产业生态投资机遇，通过"投资+赋能"双轮驱动， 为被投企业注入资本、应用场景与产业资源等关键要素，实现区域产业链补位、价值链提升，助力洛阳重点行业企业蓬勃发展。 图：签约仪式现场 来源：洛阳轩银私募基金管理有限公司 ...

Group 1 - The Beijing Jingguochuan Cultural Technology Industry Private Equity Investment Fund Center has been established with a capital contribution of 400 million yuan, focusing on private equity investment, investment management, and asset management activities [1][2] - The fund is a limited partnership and is registered in Shijingshan District, Beijing, with a business duration from August 1, 2025, to 2034 [2] - The fund's partners include Beijing State-owned Capital Operation Management Co., Ltd. (49%), Beijing Shijingshan Modern Innovation Industry Development Fund Co., Ltd. (25%), Beijing Zhenhong Enterprise Operation Management Co., Ltd. (14%), and Wen Tou Holdings Co., Ltd. (10%) [3][4] Group 2 - The fund is managed by Beijing Jingguochuan Fund Management Co., Ltd., which serves as the executive partner and private fund manager [4] - The fund's establishment indicates a growing interest in private equity investments within the cultural and technological sectors in Beijing [1][3] - The involvement of state-owned enterprises as major partners highlights the strategic importance of this fund in supporting innovation and development in the region [3][4]

Core Insights - Since 2025, the A-share market has shown a structural trend favoring small and mid-cap stocks, leading to impressive performance from quantitative strategy private equity funds, with the best performers achieving a return of 73% [1] - The number of private equity funds with over 10 billion yuan in assets has rapidly expanded, surpassing the number of subjective private equity funds for the first time [2] Group 1: Performance Metrics - As of mid-year, 51 private equity funds with over 10 billion yuan reported an average return of 10.87% in the first half of the year, with 94.12% of these funds achieving positive returns [1] - Among the 48 funds that made profits, 21 had returns within 10%, another 21 had returns between 10% and 19.99%, and 6 funds achieved returns of 20% or more [1] - In the quantitative long strategy category, over 800 private equity products reported positive returns this year, with a success rate of approximately 94% [2] Group 2: Strategy Insights - Quantitative stock selection strategies have shown particularly strong performance, with an average return close to 20%, and the best product exceeding 54% [2] - The average return for quantitative index enhancement strategies is 17%, with 94% of these products achieving positive returns [2] - The growth of quantitative private equity funds is not solely driven by small-cap stocks, but rather reflects a broader strategy that can adapt to various market conditions [3]

Core Viewpoint - Since the "9.24 market" last year, the A-share market has shown a structural slow bull trend, with private equity products focusing on stock strategies achieving strong performance in the first half of this year and over the past year. However, over a longer time frame of three to five years, futures and derivatives strategies have shown stronger performance, with significant increases in commodities like gold and lithium carbonate [2][3]. Summary by Category Private Equity Strategy Performance - As of June 30, 2025, there are 593 futures and derivatives strategy products that meet ranking criteria, with average returns of 39.11% over three years and 97.41% over five years, outperforming other strategies [2][3]. - The average returns for various strategies in the first half of the year and over different time frames are as follows: - Stock Strategy: 12.36% (H1), 36.36% (1 year), 35.48% (3 years), 74.97% (5 years) - Futures and Derivatives Strategy: 5.04% (H1), 18.12% (1 year), 39.43% (3 years), 98.23% (5 years) - Multi-Asset Strategy: 8.20% (H1), 25.76% (1 year), 37.34% (3 years), 95.98% (5 years) - Bond Strategy: 5.54% (H1), 13.01% (1 year), 35.14% (3 years), 82.64% (5 years) - Combination Fund: 6.72% (H1), 20.70% (1 year), 15.06% (3 years), 34.10% (5 years) - Overall Average: 10.08% (H1), 30.13% (1 year), 35.81% (3 years), 80.06% (5 years) [3]. Top Performing Private Equity Firms - Among firms with over 20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Junfu Investment 2. Junchen Asset 3. Loshu Investment - The average returns for these firms are not disclosed due to regulatory requirements [4][5]. - Junfu Investment focuses on a diverse range of asset classes, including commodity strategies and various index enhancements, with eight qualifying products showing returns above a certain threshold [6][9]. Mid-Sized Private Equity Firms - For firms with 5-20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Guanzhi Fund 2. Zhemeng Investment 3. Mingrui (Beijing) Private Equity - The average returns for these firms are also not disclosed [10][12]. Small Private Equity Firms - Among firms with 0-5 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Fuying Investment 2. Qihe New Asset Management 3. Mufeng Investment - The average returns for these firms exceed a certain threshold, with Fuying Investment's top product showing significant returns [15][16].

Core Viewpoint - The article discusses the performance of subjective private equity funds in the A-share market, highlighting the advantages of subjective investment strategies over quantitative approaches in capturing structural opportunities and achieving superior returns [2][4]. Group 1: Performance of Subjective Private Equity Funds - As of July 25, 2023, the average return of subjective private equity funds was 5.74%, compared to 4.74% for quantitative funds [2]. - The average return for subjective long-only products in the top tier (over 5 billion) was 11.91%, with 96.30% of products showing positive returns [2][3]. - The top three fund managers in the over 50 billion category were Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset [2][3]. Group 2: Fund Manager Rankings by Size - In the 20-50 billion category, the average return was 15.32%, with 91.16% of products showing positive returns. The top managers were Xu Hongbing from Shenzhen Dream Factory Investment, Chen Yu from Shennong Investment, and He Xiao from Orange Capital [5][6]. - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns. The leading managers were Sun Jie from Nengjing Investment, Zhai Jingyong from Rongshu Investment, and Ding Yushuang from Chenyao Private Fund [8][9]. - In the 5-10 billion category, the average return was 22.88%, with 91.99% of products showing positive returns. The top managers were Liu Xianglong from Fuyuan Capital, Chen Long from Youbo Capital, and Han Yongfeng from Jiu Private Fund [11][12]. - In the 0-5 billion category, the average return was 18.36%, with 90.24% of products showing positive returns. The top managers were Yao Yong from Qinxing Fund, Xian Lisheng from Weifang Fund, and Li Linkai from Xinjing Investment [15][16]. Group 3: Investment Strategies and Market Trends - Tong Xun and Lu Hang successfully captured the "new consumption" trend, leading to their top performance in the market [4]. - Chen Yu from Shennong Investment focused on innovative pharmaceuticals, benefiting from the sector's strong performance this year [7][8]. - Liu Xianglong from Fuyuan Capital emphasized high-growth new consumption companies, indicating a strategic focus on sectors poised for recovery [12][13].

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

Core Insights - The A-share market experienced significant gains in July, leading to increased issuance of private equity funds, particularly in the quantitative sector, which has shown strong performance this year [1][3][10] Group 1: Quantitative Private Equity Growth - As of July 30, 2023, a total of 3,059 quantitative private equity products have been registered this year, accounting for 45.7% of all registered products [1][4] - The number of newly issued quantitative private equity products increased by 1,129 in just two months, reflecting a substantial rise in both product quantity and market share [1][4] - The number of billion-level quantitative private equity firms reached 41 in July, surpassing subjective private equity firms for the first time [4][10] Group 2: Sales and Marketing Strategies - Companies are adopting innovative sales strategies, including increased roadshow frequency and rapid response times, to enhance sales capabilities [2][8] - The use of AI tools is being integrated into sales processes to improve efficiency and professionalism [2][8] - Effective communication with clients about the nature of quantitative strategies and their inherent risks is emphasized to build trust and understanding [8][9] Group 3: Performance Metrics - The average return for 33 billion-level quantitative private equity firms in the first half of the year was 13.54%, with all firms achieving positive returns [10][11] - In a volatile market, quantitative stock selection strategies have shown significant advantages, with top strategies yielding over 36% returns year-to-date [11][12]

私募出海渐成趋势。私募排排网数据显示，截至8月1日，已获得香港证监会发放的9号牌照且牌照为存 续状态的内地私募共有87家，其中管理规模超50亿元的私募占比超四成。据悉，获取香港9号牌的私 募，可成立香港资管子公司或关联公司，直接管理美元基金，实现投资端和募资端的全面出海。 业内人士称，随着全球增配中国资产的需求升温，私募业走上规范发展之路，管理人出海将成为中长期 趋势。在此过程中，具备长期业绩积累，合规风控体系健全的头部私募，更显出海优势，中小私募则须 进一步提升机构化、专业化水平。 私募"组团"拿9号牌 私募排排网数据显示，今年以来，黑翼资产和前海博普资产获得了香港9号牌照，至此，获香港9号牌照 且牌照为存续状态的私募达87家。其中，持牌的主观私募、量化私募和混合型（"主观+量化"）私募分 别有58家、20家和9家。 ■私募新观察 积极参与全球配置 87家内地私募获香港9号牌照 ◎记者 马嘉悦 在业内人士看来，出海是海外投资者与境内资管机构的一场"双向奔赴"。 王丽称，近年来，随着居民财富管理需求增长，私募业发展走上快车道，百亿级私募持续扩容。在此背 景下，越来越多私募意识到资金结构多元化对公司长期稳健发展 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the issuance of quantitative private equity funds in the A-share market, driven by strong performance and investor interest [1][3][10] - As of July 30, 2023, a total of 3,059 quantitative private equity products have been registered this year, accounting for 45.7% of all registered products, with a notable increase of 1,129 new products in just two months [1][4] - The average return for quantitative private equity funds with performance data reached 13.54% in the first half of the year, outperforming other strategies [10][11] Group 2 - The number of quantitative private equity firms has increased, with 41 firms now classified as billion-level quantitative private equity, surpassing subjective private equity for the first time [4][5] - Major players in the quantitative private equity space include Heiwing Asset, which has registered 95 products this year, and Wide Investment, which has launched 84 products [5][6] - The industry is experiencing a shift towards high-quality development amid stricter regulations, with a reduction in the number of private equity firms and products, yet an increase in overall fund size by approximately 350 billion yuan [3][4] Group 3 - Sales strategies are evolving, with firms like Lingjun Investment adopting new approaches to enhance sales capabilities, including AI tools and tailored product matching based on client preferences [2][8] - Communication with clients is emphasized as crucial, with firms focusing on transparency and educating clients about the nature of quantitative strategies and their inherent risks [8][9] - The market for quantitative strategies is expected to continue growing, supported by strong performance and improved investor understanding [10][12]