Group 1 - The core viewpoint of the article highlights a significant increase in the issuance of private equity products in the A-share market, driven by improved investor confidence and favorable market conditions [1] - In July, the number of registered private equity securities products reached 1,298, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - The total number of registered private equity securities products this year has surged over 60% year-on-year, with quantitative strategies performing particularly well and attracting substantial capital [1] Group 2 - The top ten private equity firms by registration volume in July were all large quantitative institutions, indicating a trend towards rapid growth in management scale for many quantitative private equity firms [1]

Core Viewpoint - The resurgence of established private equity firms in China is highlighted, with many achieving significant performance recoveries and attracting renewed investment interest after a period of underperformance [1][2]. Group 1: Performance Recovery - Established private equity firms are experiencing a performance rebound, with some reporting year-to-date returns exceeding 40% [1]. - Notable firms like淡水泉投资 and 重阳投资 have reported year-to-date returns of 15.98% and over 15%, respectively, with近一年收益率 around 35% [1][2]. - 源乐晟 has also seen a turnaround, with year-to-date returns reaching 35.54% and over 40% in the last six months [2]. Group 2: Investment Strategies - Various strategies are being employed by established private equity firms, including deep value investing and growth-oriented investments, particularly in sectors like artificial intelligence [2]. - The adaptability of investment strategies to different market conditions is emphasized, with firms adjusting their approaches based on asset performance [2]. Group 3: Research and Organizational Reforms - Firms are actively reforming their research and investment frameworks to enhance adaptability and decision-making [3]. - For instance, 淡水泉投资 has restructured its research organization to improve its understanding of emerging industries and market dynamics [3]. - 星石投资 has implemented a multi-fund manager system to enhance decision-making and performance accountability [3]. Group 4: Market Outlook - The outlook for the market remains positive, with expectations of structural opportunities driven by policy support and active capital [4]. - Key areas of focus include the revaluation of high-quality Chinese assets, the globalization of competitive industries, and advancements in technology innovation [4]. - 源乐晟 anticipates favorable conditions in both Chinese and U.S. stock markets, driven by economic resilience and adjustments in investor sentiment [4].

Core Viewpoint - The resurgence of established private equity firms in China is highlighted, with many achieving significant performance recoveries and attracting renewed interest from investors after a period of underperformance [1][2]. Group 1: Performance Recovery - Established private equity firms have seen a remarkable recovery in performance, with some products achieving returns exceeding 40% in the first half of the year [1][2]. - Notable firms like淡水泉投资 reported a year-to-date return of 15.98% and a one-year return of 35.46% as of August 1 [2]. - 重阳投资 also achieved over 15% returns this year, with a one-year return nearing 35% [2]. - 源乐晟 experienced a turnaround with a year-to-date return of 35.54% and over 40% in the last six months [2]. - 盘京投资 reported a year-to-date return of 27.67%, while 高毅资产's managers achieved returns exceeding 10% [2]. Group 2: Strategic Upgrades - Many established private equity firms are focusing on reforming their investment research systems to adapt to changing market conditions [3]. - Firms like 淡水泉投资 have initiated organizational changes, enhancing their research capabilities and establishing new industry research units [3]. - 星石投资 has implemented a multi-fund manager team system, allowing for independent decision-making within a structured framework, which has shown positive results in performance [4]. Group 3: Market Outlook - The outlook for the market remains optimistic, with expectations of structural opportunities despite potential short-term volatility [5]. - Key areas of focus include the revaluation of high-quality Chinese assets, globalization of competitive industries, and advancements in technology innovation [5][6]. - 源乐晟 emphasizes the importance of sectors such as technology, innovative pharmaceuticals, non-ferrous metals, and non-bank financials, with a new focus on non-bank financials due to rising market activity [6].

Core Insights - Established private equity firms are experiencing a performance rebound, with some products achieving over 40% returns in the past six months and regaining investor interest [1][2] Group 1: Performance Recovery - The market has shown signs of recovery, leading to a significant performance rebound for established private equity firms, with notable examples including: - Zhaojun's Dushuquan achieving a year-to-date return of 15.98% and a one-year return of 35.46% as of August 1 [2] - Chongyang Investment's products also recording over 15% returns year-to-date and close to 35% over the past year [2] - Yuanlesheng's representative products achieving a year-to-date return of 35.54% and over 40% in the last six months [2] - Pankin Investment's products yielding 27.67% year-to-date [2] - High Yi Asset's products exceeding 10% returns year-to-date [2] Group 2: Investment Strategies - Different investment strategies have been employed by established private equity firms to adapt to market conditions: - Some firms focus on deep value investment, heavily investing in undervalued blue-chip stocks [3] - Others are capitalizing on growth opportunities in sectors like AI [3] - Firms are also reforming their investment research systems to enhance adaptability, such as Dushuquan's organizational changes and the establishment of a new industry research institute [3][4] Group 3: Future Outlook - The outlook for the market remains optimistic, with structural opportunities expected to dominate: - Dushuquan emphasizes that despite uncertainties, high levels of capital activity will support the market, focusing on three key opportunities: valuation reassessment of quality Chinese assets, globalization of advantageous Chinese industries, and technological innovation [5] - Yuanlesheng's current asset allocation includes technology (overseas AI and domestic computing power), innovative pharmaceuticals, non-ferrous metals, new consumption, and non-bank financials, with non-bank financials being a new addition due to rising market activity and interest rates [6]

Core Insights - The A-share market has shown a structural slow bull trend since the "9.24 market" last year, with stock strategies being the strongest performers in private equity products for the first half of this year and the past year [1] - However, over a longer time frame of three to five years, futures and derivatives strategies have outperformed, with significant gains in commodities like gold and lithium carbonate [1] - 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 [1][2] Private Equity Strategy Performance - Stock Strategy: 2599 products, average returns of 12.36% (H1), 36.36% (1 year), 35.48% (3 years), and 74.97% (5 years) [2] - Futures and Derivatives Strategy: 593 products, average returns of 5.04% (H1), 18.12% (1 year), 39.43% (3 years), and 98.23% (5 years) [2] - Multi-Asset Strategy: 568 products, average returns of 8.20% (H1), 25.76% (1 year), 37.34% (3 years), and 95.98% (5 years) [2] - Bond Strategy: 325 products, average returns of 5.54% (H1), 13.01% (1 year), 35.14% (3 years), and 82.64% (5 years) [2] - Total: 4206 products, average returns of 10.08% (H1), 30.13% (1 year), 35.81% (3 years), and 80.06% (5 years) [2] Top Performing Private Equity Firms - For firms with over 20 billion in scale, the top three in futures and derivatives strategy returns are Junfu Investment, Junchen Asset, and Loshu Investment [3][5] - Junfu Investment specializes in a variety of asset classes, including commodity strategies and index enhancements [5][6] - For firms with 5-20 billion in scale, the top three are Guanzhi Fund, Zhemeng Investment, and Mingrui (Beijing) Private Equity [9][11] - For firms with 0-5 billion in scale, the top three are Fuying Investment, Qihe New Asset Management, and Mufeng Investment [13][15] Notable Products - Junfu Investment's "Junfu Gold Enhanced No. 1" has shown strong performance with returns above ***% over three years [6][7] - Guanzhi Fund's "Guanzhi Zhaijin Growth No. 1 A Class" also reported impressive returns over three years [12] - Fuying Investment's "Fuying Progress No. 1" leads in returns among small-scale firms, achieving returns above ***% [16]

过去三年多的私募圈，有人鲜花怒马，有人暗夜惫行。 私募大V中，吴悦风是有着独特"定位"的。他爱点评、爱交流，加之机构出身自有一幅独特的思考体系，也曾经是业内最 爱发言的私募基金经理。 但在过去两年内，吴悦风相比过去竟然有些"寡言寡语"起来，这很出人意料。 说起来，这或许与吴悦风的投资风格有关。他早期任职于安邦保险资管，之后加入北京一家名为沣京资本的私募，职业人 生总体上不是公募基金经理那种"一板一眼"型的，反而更加灵活和"野性"。 吴悦风在社交圈的崛起也有点"另类"。他社交平台上几乎是每日更新的频率，活跃于各大中文投资社区，一度合计拥有300 万的粉丝。 2022年夏季，他加盟嘉越投资，随后发行单独管理的私募产品。 再次"奔私"后，吴悦风最初十分"顺利"，踩中了2023年上半年的人工智能爆发行情，似乎与东方港湾的但斌一样"志同道 合"。如果顺着这个趋势，两人都有可能成长为后来AI投资的代表人物。 当桥水、邓晓峰等一路战胜市场的同时，一些曾经同样"光芒四射"的投资大腕们却突然业绩失色，在净值的黑洞中沉默。 2025年夏天，一场"私募大V的"逆袭秀"正在上演。 有的产品从0.3多的深坑里暴力翻倍，用几周时间把三年 ...

Group 1: Financial Support for New Industrialization - The People's Bank of China and seven departments issued guidelines to enhance financial support for new industrialization, emphasizing the integration of digital economy and real economy [7][8] - Financial institutions are encouraged to utilize technologies like big data, blockchain, and AI to streamline processes and improve service efficiency for manufacturing, especially for SMEs [1][8] - Long-term loan support will be strengthened for digital infrastructure projects such as 5G and industrial internet, with various financing methods proposed to broaden funding sources [1][8] Group 2: Cross-Border Trade and Financial Services - The guidelines aim to enhance the convenience of cross-border financial services and expand the scale of RMB settlement in cross-border trade [3][8] - A special action plan for SMEs going abroad will be implemented, focusing on improving the efficiency of cross-border trade settlements [3][8] - Pilot programs for cross-border cash pool businesses will be supported to facilitate the management of domestic and foreign funds [3][8] Group 3: Investment Opportunities in Emerging Markets - Emerging markets, including China, are becoming increasingly attractive for investment as the risk gap between U.S. assets and emerging market assets narrows [5] - Weak employment data in the U.S. suggests a potential shift towards a rate cut by the Federal Reserve, which may put pressure on the dollar [5] - The actual economic impact of tariffs on emerging markets is less severe than anticipated, as many imported goods still enjoy tariff exemptions [5] Group 4: Logistics Industry Performance - In July, China's logistics industry prosperity index was reported at 50.5%, indicating continued expansion in logistics demand despite adverse weather conditions [11] - The index showed a slight decrease of 0.3 percentage points from the previous month, reflecting a slowdown in growth rate while maintaining overall expansion [11] Group 5: Private Equity Market Trends - In July, the number of private equity products registered reached 1,298, marking an 18% month-on-month increase and the highest level in 27 months [10] - Stock strategy products dominated the market, accounting for nearly 70% of the total registered products in July, with a 24.58% increase from the previous month [10]

Core Viewpoint - The quantitative private equity industry has been thriving this year, with some firms achieving impressive performance and gaining attention in rankings, but a recent tax penalty has exposed serious issues within a prominent firm, Square and Investment, highlighting potential risks in the industry [1][2]. Company Summary - Square and Investment, referred to as a "quasi-100 billion private equity" firm, has been penalized for tax evasion, with its general manager, Lü Jieyong, involved in issuing fraudulent VAT invoices totaling over 14.55 million yuan, resulting in a fine of 1.67 million yuan [2][3]. - The firm has been under scrutiny as it approaches its tenth anniversary in 2025, with its reputation now at risk due to the tax evasion scandal [5][10]. - As of June 2023, Square and Investment managed approximately 7 billion yuan in assets, with a product mix of around 3 billion yuan in index enhancement and 4 billion yuan in market-neutral strategies [5]. Industry Context - The tax penalty serves as a warning to the entire quantitative private equity industry, emphasizing the importance of adhering to legal regulations to maintain trust and credibility [2][10]. - The firm has seen increased interest in its products this year, attributed to strong performance, with one of its index enhancement products achieving double-digit excess returns annually from 2020 to 2024 [6][7]. - The market-neutral strategy of Square and Investment has also performed well, with one product yielding over 20% in the past year, despite challenges faced by the broader market [7][8]. Operational Insights - The tax evasion scheme involved using external companies to issue fraudulent invoices, allowing Square and Investment to evade normal financial oversight and tax reporting [3][4]. - The firm has made tax adjustments for previous years, including supplementary declarations for rental expenses and salaries, leading to significant tax liabilities and penalties [4]. - The recent changes in the core team, including the hiring of a former senior executive from a well-known quantitative firm, have raised expectations for improved governance and performance [8][9].

Core Insights - The All Weather Strategy is positioned as a key tool for investors to navigate uncertainty, emphasizing risk balance and reduced timing reliance [1] - Global financial markets exhibit two main characteristics: rising stock indices in Europe and the US with the lowest implied volatility since 2021, and increased volatility in the domestic A-share market [1][2] - The domestic bond market is experiencing increased volatility due to a rise in risk appetite, with some funds gradually shifting from bonds to equity assets [1] Strategy Overview - The core logic of the All Weather Strategy involves diversified asset allocation to adapt to various macroeconomic environments [2] - Ray Dalio's "risk parity" strategy categorizes macro environments based on economic growth and inflation, selecting optimal assets for each environment and employing leverage for dynamic portfolio adjustments [2] - Harry Browne's "permanent portfolio" strategy allocates funds equally among stocks, long-term bonds, gold, and cash, demonstrating higher operational transparency and strategy robustness [2] Implementation by Starry Investment - Starry Investment has developed a quant-enhanced All Weather Strategy based on Browne's "permanent portfolio" approach [2] - In equity assets, the strategy focuses on stocks with strong free cash flow, high profitability, and low valuations through enhanced index strategies [2] - For gold, long-term bonds, and short-term bonds, the strategy utilizes futures contracts and neutral strategies like hedging with index options to improve overall investment returns [2]

近日，宁波税务局官网公示的一则文书号为"甬税稽三罚〔2025〕90号"的税务行政普通程序处罚结果显示，平方和投资因收用173份虚开的增值税普通发票 被宁波市税务局第三稽查局合计罚款167.61万元。 根据公示内容，2019-2020年生产经营期间，平方和投资总经理吕某勇为套取账面资金于账外使用，以支付7%开票费的形式收用虚开的增值税普通发票173 份，价税合计约1455.16万元。由于平方和投资已将上述非法取得的发票金额入账计入成本并在税前扣除，导致公司分别少计2019年度和2020年度应纳税所 得额335.64万元和1119.52万元。 | 收用时间 | 公司名称 | 发票数量 | | --- | --- | --- | | 2020年4月=2020年7月 | 上海喻丹信息科技有限单位 | | | 2020年10月 | 河南博信智诚企业管理咨询有限单位 | | | 2019年4月=2020年5月 | 郑州捷尊企业服务有限单位 | 80 | | 2019年12月=2020年9月 | 河南起晟科信息技术有限单位 | | | 2020年12月 | 陕西未普士劳务派遣有限单位 | | 表格：平方和投资收用虚开的增值 ...