Core Viewpoint - The article discusses the performance of major stock markets in July 2025, highlighting the upward trends in A-shares, Hong Kong stocks, and US stocks, along with the popularity of certain private equity fund managers and companies based on user searches on the platform [1][2]. Market Performance - In July, the A-share market saw the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increase by 3.74%, 5.2%, and 8.14% respectively, with the Shanghai Composite Index surpassing 3600 points for the first time since October 8, 2024 [1]. - The Hong Kong market's three major indices also rose over 2%, with the Hang Seng Index leading at 2.91% [1]. - All three major US stock indices recorded gains, with the Nasdaq Index achieving the highest increase of 3.7% [1]. Popular Fund Managers - The top three popular fund managers in July are Dan Bin, Lin Yuan, and Wu Yuefeng, with Dan Bin's popularity rising significantly [1][3]. - Dan Bin's average return for the year reached ***% as of July, with a near 3-month rebound of ***% [6]. - Wu Yuefeng's fund "Jia Yue Monthly Wind Investment Genesis" reported a return of ***% for the year, with a near 3-month return close to ***% [7]. Popular Private Equity Companies - The top three private equity companies are Longqi Technology, Shanghai Xiaoyong Private Equity, and Mengxi Investment, all showing significant increases in popularity [9][11]. - Longqi Technology's average return for its 16 products this year is ***%, with the "Longqi Technology Innovation Selected No. 1 C Class" achieving the highest return of ***% [14]. - Shanghai Xiaoyong Private Equity has seen its company scale increase from 20-50 billion to over 50 billion, marking its rise as a leading quantitative private equity firm [14]. Popular Private Equity Products - The top five popular private equity products include those managed by Hainan Shengfeng Private Equity, Longqi Technology, and Road Far Private Equity, with Longqi Technology having two products in the top five [16][18]. - The product "Longqi Stock Quantitative Multi-Head No. 1" managed by Zhu Xiaokang is among the top performers [18].

Core Insights - In July, a total of 1,298 private equity securities products were registered, marking an 18.00% month-on-month increase and the highest level in 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Product Strategy Breakdown - In July, 887 stock strategy products were registered, accounting for nearly 70% of the total registered products for the month, with a month-on-month growth of 24.58%, leading among the five major strategies [1] - In contrast, bond strategy and combination fund products saw lower interest, with only 48 and 46 products registered respectively, representing 3.70% and 3.54% of the total registered products for the month [1]

Core Viewpoint - The recent significant decline in the net value of multiple products under Honghu Investment has led to a wave of investor redemptions, contrasting sharply with the company's previous year of outstanding performance, where annual returns approached 90% [1][2] Group 1: Performance Overview - In the past week (July 28 to August 1), several products from Honghu Investment experienced substantial declines, with specific products showing weekly drawdowns of 6.61%, 6.6%, and 6.57% respectively [2] - The company had previously achieved a remarkable performance in 2024, with its flagship product generating an annual return of 88.23%, ranking second among 886 fund managers [6][7] Group 2: Investment Strategy and Market Conditions - Honghu Investment attributed the recent negative returns to a mismatch between medium-term fundamental signals and short-term market price signals, leading to significant portfolio drawdowns [4][5] - The company noted that the "anti-involution" expectations began to impact the commodity supply chain in mid-July, prompting adjustments in their investment strategy [4] - Despite the recent downturn, the company maintains a diversified asset allocation strategy, with bond assets contributing over 1% positive returns, while equities and commodities faced declines [5] Group 3: Future Outlook - Looking ahead to 2025, the company plans to focus on the commodity market, anticipating increased volatility in precious metals that have performed well over the past three years [1][7] - The company has indicated that it will continue to monitor the dynamics of supply and demand in the commodity sector, particularly in light of potential policy changes affecting production limits [4][5]

Group 1 - Since 2025, the A-share market has shown a structural trend with a focus on small and mid-cap stocks, leading to impressive performance from quantitative strategy private equity, with the best achieving a 73% return [1] - As of mid-year, 51 large private equity firms with performance data reported an average return of 10.87% for the first half of the year, with 94.12% of them achieving positive returns [1] - Among the profitable large private equity firms, 21 had returns within 10%, another 21 had returns between 10% and 19.99%, and 6 firms achieved returns of 20% or more [1] Group 2 - In the quantitative long strategy, the quantitative stock selection strategy private equity products have performed well, with an average return rate close to 20%, and the best product exceeding 54% [2] - The quantitative index enhancement strategy private equity products have an average return rate of 17%, with 94% achieving positive returns, and one product exceeding 73% [2] - As of July 14, the number of large private equity firms reached 89, with quantitative private equity firms increasing to 41, surpassing the number of subjective private equity firms for the first time in history [2] Group 3 - Quantitative investment strategies rely on extensive historical data and statistical analysis to identify price change patterns and trading opportunities, characterized by strong systematic features and strict adherence to model results [3] - While quantitative private equity is not the main driver of small-cap stocks, its growth can influence small-cap styles, although the excess returns from quantitative strategies may revert to neutral levels [3] - The primary risk for small and micro-cap styles comes from liquidity concentration, and potential market themes could absorb liquidity from small and micro-cap stocks, leading to corrections [3]

Group 1 - The core viewpoint of the articles highlights that quantitative strategies and leading institutions have become the "core variables" reshaping the private equity industry landscape, with quantitative products accounting for nearly half of the new registrations in the first seven months of the year [1][3][4] - As of July 31, 2023, a total of 6,759 private equity securities products were registered, with 3,081 being quantitative products, representing 45.6% of the total [3][4][5] - The average number of registered products per billion-dollar private equity firm is significantly higher than that of smaller firms, with billion-dollar firms averaging 23.21 products compared to just 1.76 for firms with assets under 5 million [5][6] Group 2 - Among the billion-dollar firms, 38 quantitative private equity firms contributed over 80% of the total registration numbers, surpassing both subjective and combined strategies [2][7] - The registration numbers indicate that quantitative private equity firms, despite being fewer in number, have outperformed subjective firms in terms of product registrations, with an average of 8.06 products per quantitative firm compared to 2.12 for subjective firms [6][7] - Leading firms such as Kuande and Heiyi Asset have registered over 100 products each, showcasing the dominance of quantitative strategies in the billion-dollar private equity sector [2][7]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示， 2024年有过离职的证券类私募从业人员共409位，相比2023年的761位大 幅减少，从近十年私募从业人员变动情况看，私募人员变动创下新低。 整体来看，随着私募行业 发展的逐渐成熟，人才流动频次明显减少，更加趋于稳定。 从2024年 有过离职的409位证券类私募基金经理来看，现仍任职于证券类私募公司的有244位。 适当的人才流动有利于打破信息壁垒，推动行业创新，有利于保持行业活力和竞争力。 为了给予更有价值的信息，本文将按不同规模证券类私募，分别梳理出2024年证券类私募行业人 才流动图谱，供投资者参考 (统计范围：2024年有私募离职记录，最新任职依旧在证券类私募行 业的从业人员) （ 点此领取完整人才流动图谱 ） 0 1 50 亿以上：多位创业成立私募，梁力、葛陈亮等开启新征程！ 私募排排网数据显示，2024年从50亿以上证券类私募离职的人员共13位，并且这13位均依然任职 于证券类私募公司，其中现任职于百亿私募有两位，6位任职于0-5亿私募(其中多位选择创业成立 私募)。 （ 点此查看完整人才流动图谱 ） | 排序 | ...

Core Viewpoint - Square and Investment was fined 1.6761 million yuan for using 173 fraudulent VAT invoices, which led to underreporting of taxable income for the years 2019 and 2020 [1][2] Group 1: Tax Violation Details - Square and Investment's general manager, Lv Mouyong, used fraudulent VAT invoices to obtain off-the-books funds, paying a 7% invoice fee for 173 invoices totaling approximately 14.5516 million yuan [1] - The company underreported taxable income by 3.3564 million yuan for 2019 and 11.1952 million yuan for 2020 due to the fraudulent invoices [1] - The tax authority imposed a fine of 1.6761 million yuan, which is 0.5 times the amount of personal income tax that was underpaid by other entities or individuals [2] Group 2: Company Background and Growth - Square and Investment was founded in August 2015 and has seen rapid growth, surpassing 1 billion yuan in assets under management within a year, and reaching between 5 billion to 10 billion yuan currently [3] - The company is managed by Lv Jieyong, who holds approximately 52.5% of the shares and has a background in quantitative investment [3] Group 3: Industry Context and Implications - The private equity industry is highly competitive, and negative publicity from tax violations can damage brand reputation and investor trust [4] - Other private equity firms have faced penalties for tax-related issues, indicating a trend of increased scrutiny in the industry [3] - Square and Investment has recently attracted notable talent, including Fang Zhuangxi, who joined as the investment director, indicating a strategic move to enhance its investment capabilities [4][5] Group 4: Employee and Product Development - The company has expanded its workforce, with 39 full-time employees, including 16 who joined in 2025 from other well-known firms [5] - Square and Investment has been proactive in launching new products, having registered 25 new products in 2025, significantly exceeding the total of 11 products registered in the previous year [5] - However, the company has a high product liquidation rate, with 60% of its previously registered 265 products having been liquidated [5]

Core Insights - Recent disclosures from private equity firms, including notable names like Dongfang Gangwan and Gao Yi Asset, have drawn market attention, particularly their focus on technology stocks and other emerging sectors like innovative pharmaceuticals and new consumption [1][3] Group 1: Dongfang Gangwan's Investment Strategy - Dongfang Gangwan's overseas fund reported a total holding value of $1.127 billion as of the end of Q2 2025, with Nvidia as the largest position [1] - The fund significantly increased its positions in Alphabet and Montreal Bank, now the second and third largest holdings, while also entering new positions in Tesla, Netflix, and Coinbase [1] - The fund reduced its holdings in Nvidia, Amazon, and Apple during the same period [1][2] Group 2: Gao Yi Asset's Position in Hikvision - Gao Yi Asset's Gao Yi Linshan No.1 Fund holds 338 million shares of Hikvision, representing 3.66% of the company, making it the fourth largest shareholder [2] - Since entering the top ten shareholders in Q3 2020, the fund has reduced its holdings by nearly 10 million shares from its peak of 435 million shares [2] - Despite being a top shareholder, Hikvision's stock price did not rise significantly after the fund's holdings peaked [2][3] Group 3: Market Trends and Sector Focus - Multiple private equity firms have highlighted technology, innovative pharmaceuticals, and new consumption as key investment areas in their mid-2025 strategy reports [3][4] - The chairman of Rongshu Investment expressed optimism about the potential of humanoid robots, predicting they will transform human lifestyles and lead to the emergence of leading companies [3] - Ding Ying, chairman of Kangmand Capital, emphasized the unique investment window created by the convergence of long-term technological revolutions and short-term market elasticity [4] Group 4: Overall Market Sentiment - Private equity firms maintain a relatively optimistic outlook for the market, citing factors such as policy support, increased stock buybacks, ample liquidity, and economic recovery as potential drivers for market performance [5]

Group 1 - The A-share market has seen a recent rise, leading to a slight increase in stock private equity positions, with significant accumulation observed among billion-yuan private equity funds [1] - As of July 25, the stock private equity position index stands at 75.85%, up 0.76% from the previous week, while the billion-yuan private equity position index is at 78.47%, a substantial increase of 5.69% [1] - Nearly 60% of stock private equity funds are fully invested, with 57.23% at full position, 24.84% at medium position, 11.57% at low position, and 6.36% at empty position [1] Group 2 - Over 62% of billion-yuan private equity funds are fully invested, with 62.24% at full position, 31.12% at medium position, 3.63% at low position, and 3.00% at empty position [1] - Private equity research activities have significantly increased in July, with total research occurrences surpassing 1,700 [1] - As of July 24, 590 private equity managers participated in A-share listed company research, covering 26 primary industries, with a total of 1,313 research occurrences [1] Group 3 - The computer industry has emerged as the focal point for private equity attention, receiving 209 research occurrences, the highest among all industries [2] - The electronics industry follows closely with 179 research occurrences, while the biopharmaceutical industry also attracts significant interest with 160 research occurrences [2]

Core Insights - The performance of quantitative private equity products has been outstanding this year, with average returns of 22.59% and 26.96% for the CSI 500 and CSI 1000 index-enhanced products respectively, leading to a surge in sales and management scale for several firms [1][4] - Many quantitative private equity firms, including Micro Bo Yi, Mengxi Investment, and Qianyan Investment, have entered the "100 billion club," while others like Qianxiang Asset, JQData Investment, and Ruitian Investment have also returned to this status [1][3] - There is a general optimism among private equity firms regarding the future excess returns of quantitative products, driven by a favorable market environment and improved risk control measures [1][4] Performance and Strategy - The active market environment has benefited quantitative strategies, with significant interest in index-enhanced, market-neutral, and quantitative stock selection strategies [2] - The sales of quantitative long-only and full-market stock selection strategies have been particularly strong, attributed to the robust performance of small-cap stocks this year [2][3] - The average returns for mainstream index-enhanced products have been notably high, with the CSI 300, CSI 500, and CSI 1000 yielding 11.04%, 22.59%, and 26.96% respectively [4] Market Outlook - The outlook for future excess returns in quantitative products is optimistic, supported by expected market activity and stricter risk control measures following extreme market conditions [4] - However, there is a cautionary note regarding the cyclical nature of excess returns, as increased market liquidity may lead to mean reversion in returns [4] - The competitive landscape in the quantitative industry has intensified, with stronger excess return capabilities among surviving managers [4] Investment Recommendations - Investors are advised to focus on long-term strategies rather than short-term trading, emphasizing the importance of risk management and the sources of excess returns [5][6] - Recommendations include diversifying asset allocations, employing dollar-cost averaging, and assessing managers' performance over longer time frames [6]