Group 1 - The "Starry Navigation Plan" is actively promoting mutual empowerment between the private equity industry and technology innovation enterprises, aiming to support the implementation of the financial "Five Articles" [2][3] - China Galaxy Securities is committed to building an effective communication platform within the industry ecosystem, connecting investors, technology experts, compliance personnel, and service institutions through events like salons [2] - The plan aims to enhance the comprehensive capabilities of managers in operational management, strategy trading, and research support through various initiatives such as the Starry Manager Club and honor system [3] Group 2 - The quant investment industry is evolving from a focus on tools to an upgrade in cognition, requiring managers to provide more valuable services than products [4] - China Galaxy Securities has developed the "Qirui Strategy Center" platform to provide comprehensive research and trading support for quantitative managers, featuring high-quality data sources and advanced functionalities [4][5] - The company has established an algorithm center centered around the "Qiming iTrade System," ensuring robust risk control and algorithmic trading capabilities for private equity institutions [5] Group 3 - DolphinDB focuses on addressing core pain points for brokers and private equity institutions, offering integrated quantitative research and investment solutions [6][7] - The collaboration with legal service providers aims to offer compliance interpretation, risk control setup, and training for private equity institutions, enhancing their service capabilities [7] - The salon showcased the latest achievements in quantitative technology and private equity service ecosystems, facilitating deep connections among industry participants [7]

Group 1 - The core viewpoint emphasizes the need for stricter regulation of private equity firms in China, highlighting the effectiveness of current measures in controlling illegal activities [1][2] - The article discusses the importance of a dual monitoring platform for capital flow and business flow to combat illegal financing and enhance risk management [1] - It notes that there are approximately 20,000 registered private equity firms across the country, with ongoing issues of diversity and concealment in illegal activities [2] Group 2 - Regulatory actions have shifted from post-event punishment to pre-warning, penetrating review, and classified management, indicating a more proactive approach [2] - The article suggests that increasing the severity of penalties for illegal activities could serve as a stronger deterrent for private equity firms [2] - It highlights the necessity of investor education alongside stringent regulations to address the complexities of private equity products [2]

Core Viewpoint - Ningquan Asset's "Ningquan Zhiyuan No. 55 Private Securities Investment Fund" has been restricted from participating in offline IPO subscription activities for six months, from June 20, 2025, to December 19, 2025, as per the China Securities Association [1][2]. Group 1 - Ningquan Asset, founded by Yang Dong in January 2018, has a registered capital of 20 million yuan and has grown to manage over 40 billion yuan in assets, positioning itself among the top tier of domestic stock private equity firms [3]. - The recent revision of the "Management Rules for Offline Investors in Initial Public Offerings" has tightened regulations on offline IPO subscription activities, making compliance a key focus for market participants [3][4]. - Ningquan Zhiyuan No. 55 was previously involved in offline subscriptions, as evidenced by its appearance in the allocation list for the offline issuance of Youyou Green Energy on May 28, but has since been absent from subsequent new stock issuance announcements [5]. Group 2 - This year, three institutions and two individuals have been placed on the restriction list by the China Securities Association due to violations primarily related to inadequate pricing diligence and incomplete operational processes in offline IPO inquiries [6]. - The Shanghai Stock Exchange has also issued regulatory warnings to firms like Shanghai Chenxiang Private Fund Management Co., citing issues such as inadequate internal systems and non-compliance with decision-making processes [7].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近一年以来，A股市场经历"9.24"行情的转折后，市场活跃度大幅提升。今年7月，沪指更是接连突破3500点、3600点两大平台，再度强化了市 场赚钱效应。 在此期间，不少主观私募抓住新题材的机会，业绩实现大幅跃升，主观私募的排名迎来大洗牌 。私募排排网数据显示，近1年至少有3只产品符 合排名规则的主观私募共有269家，占私募总数的51.63%，比量化私募（156家）和混合型私募（96家）数量更多。从业绩 来看， 269家主观私 募近1年收益均值、中位数分别为31.43%、22.9%，正收益占比95.54%。 按照办公城市所在地区划分，在广东地区、上海地区、浙江地区、北京地区以及其他地区的私募中， 广东地区的主观私募数量最多，共有 81 家，近1年平均收益为36.12%，位居第2，仅次于浙江地区（36.75%）。 | 属地区 | 办公城市所 至少有3只产品符合 排名规则的公司数 | 近1年平均收益 | 近1年收益中位数 | 正收益占比 | | --- | --- | --- | --- | --- | | 广东 | 81 | 36.12% | 28 ...

智通财经记者 | 龙力 量化私募开始"卷调研"了？ 私募排排网数据显示，截至7月24日，今年以来一共有137家量化私募累计调研达581次，涉及到29个申 万一级行业中的408只个股。其中，有15家量化私募今年以来的调研总次数不少于10次。 | 表 | | --- | 格：今年以来调研总次数不少于10次的量化私募名单（截至7月24日）数据来源：私募排排网、智通财 经整理 排排网集团旗下融智投资FOF基金经理李春瑜对智通财经表示，量化私募机构对上市公司的调研活动明 显升温，这一现象主要受两大因素推动：其一，部分头部量化机构正着手组建主观投研团队，以丰富其 多策略投资体系，增强收益的多元化；其二，在行业管理规模快速扩张的背景下，传统量价因子的超额 收益持续衰减，促使量化私募转向更深入的基本面研究，而上市公司调研正是获取高质量基本面数据的 关键环节。 "量化私募调研升温的核心动因是策略收益来源的多元化需求和市场环境与监管驱动的范式转型。" 尚 艺投资总经理王峥对智通财经表示。 王峥进一步对智通财经解释称，首先传统量价因子因策略同质化与市场有效性提升，超额收益持续衰 减，量化私募可以通过组建主观研究团队，将基本面分析融 ...

Core Viewpoint - The private equity fundraising sector is experiencing a significant resurgence, with various indicators suggesting a strong influx of capital into the market, driven by diverse funding sources and robust performance from established firms [1][2][4]. Fundraising Trends - A notable foreign private equity firm in Shanghai reported a rapid increase in fundraising, projecting to reach 50 billion by year-end, driven by high demand from banks and wealth management companies [2]. - The average position of domestic stock private equity has risen to 77.4%, with top-tier firms reaching 83.3%, indicating a strong recovery in fundraising activities [3]. Market Dynamics - The private equity industry is undergoing a "threefold recovery," characterized by net capital inflows, active product issuance, and increasing positions [2][3]. - There is a growing interest in "fixed income plus" strategies among conservative clients, reflecting a shift in perception towards equity assets [4]. Capital Inflows - Various factors are contributing to increased capital inflows, including declining deposit rates, limited returns on fixed income assets, and a strong performance in the stock market [5]. - The active participation of individual investors and the steady inflow of foreign capital are creating a new dynamic in the market [5][6]. Market Outlook - The market sentiment towards A-shares is optimistic, with expectations of significant price elasticity and a potential structural bull market [7]. - The overall valuation of A-shares is considered low, with substantial room for revaluation, particularly if economic fundamentals continue to improve [7][8].

Core Insights - The private equity fundraising sector is experiencing a significant resurgence, with various indicators showing a strong influx of capital into the market [1][2][3] - Major private equity firms are optimistic about the current market dynamics, expecting this momentum to inject substantial vitality into the market [1][2] Fundraising Trends - A notable foreign private equity firm in Shanghai reported a rapid increase in fundraising, projecting a rise from 20 billion to potentially 50 billion by year-end, driven by high demand from banks and wealth management companies [1] - The private equity market is undergoing a "threefold recovery," characterized by net capital inflows, active product issuance, and increasing positions [2] - Recent data indicates that the average position level of domestic stock private equity has surged to 77.4%, with top-tier firms reaching an impressive 83.3% [2] Market Dynamics - There is a noticeable shift in client preferences, with conservative investors showing renewed interest in equity assets, reflecting a significant change in sentiment compared to previous years [3] - External factors, such as declining deposit rates and limited returns on fixed-income assets, are driving retail investors to allocate more towards A-shares [4] - The influx of various funding sources, including long-term institutional investors and active retail participants, is creating a robust support system for the market [4][5] Future Outlook - The market sentiment towards A-shares is increasingly optimistic, with many private equity firms predicting that market elasticity may exceed expectations [5][6] - The current low valuation of A-shares presents substantial revaluation potential, with expectations of a structural bull market in the second half of the year [6][7] - The alignment of improved macroeconomic conditions with potential valuation increases is creating a rare resonance, suggesting a promising outlook for future market performance [7]

Core Viewpoint - The article discusses the trend of private equity firms in China seeking overseas assets, particularly through obtaining the Hong Kong 9 license, which allows them to establish asset management subsidiaries in Hong Kong and manage USD funds directly, reflecting a strategic internationalization effort [2][3]. Group 1: Overview of Licensed Private Equity Firms - As of July 21, 2025, there are 88 private equity firms that have obtained the Hong Kong 9 license and are in good standing [2]. - Among these licensed firms, 58 are subjective private equity firms, 21 are quantitative firms, and 9 are hybrid firms [2]. - In terms of scale, 38 licensed firms manage over 5 billion RMB, accounting for approximately 10% of the total, while 50 firms managing below this threshold represent only 0.66% [3]. Group 2: Geographic Distribution - The majority of licensed private equity firms are located in major coastal cities, with Shanghai having 30 firms, Shenzhen 21, and Beijing 14 [3]. Group 3: Recent License Acquisitions - In 2025, three leading quantitative private equity firms, namely Pansong Asset, Blackwing Asset, and Qianhai Bopu Asset, obtained the Hong Kong 9 license [4]. - Blackwing Asset, which received its license on March 24, 2025, is noted for its strong performance across various time frames [4][5]. Group 4: Performance Rankings - For the first half of 2025, the top-performing private equity firms include Jinhua Asset, Tianyan Capital, Longqi Technology, Ningbo Huansong Quantitative, and Jinge Liangrui, all of which are quantitative firms [6][10]. - Tianyan Capital achieved the highest returns over the past year, followed by Longqi Technology and Blackwing Asset [10][11]. - In the last three years, the top firms include Shenhui Investment, Tianyan Capital, and Baizhi Capital, with Shenhui Investment leading the rankings [14][15]. Group 5: Investment Strategies and Focus - Blackwing Asset, established in 2014, has developed a comprehensive AI-driven quantitative investment strategy, covering various approaches such as quantitative stock selection and market-neutral strategies [5]. - Tianyan Capital, founded in 2014, focuses on a pure quantitative and objective investment philosophy, managing approximately 26 billion RMB [11][12]. - The article highlights the shift in investment strategies among firms like Dongfang Gangwan, which has begun to focus on global markets and AI-related sectors [17][18].

监管层出手 推动私募业正本清源 智通财经7月28日电，海南、四川、深圳等多个证监局近日频频出手，对违规私募采取行政监督管理措 施。据统计，截至7月25日，今年以来各证监局"点名"了上百家私募的违规行为，中基协发布的纪律处 分书超过200张，注销登记的私募超600家。业内人士表示，今年以来监管部门进一步引导私募规范发 展，行业优胜劣汰显著加速，未来私募管理人不仅要提升专业水平，还要严守合规底线。 ...

Core Insights - Quantitative private equity has shown significant performance differentiation in the market this year, with small and mid-cap strategies outperforming large-cap strategies, reflecting structural changes in the market that deeply impact different investment strategies [1] Group 1: Performance of Quantitative Strategies - As of July 11, the Quantitative 1000 index enhancement strategy has performed the best, with Lingjun Investment leading at a 36.79% year-to-date return, while other institutions like Xinhong Tianhe, Longqi, and Qilin also surpassed the 30% mark [3] - The Quantitative 500 index enhancement strategy also performed well, with Xinhong Tianhe and Abama's related products achieving over 30% year-to-date returns [3] - In contrast, the Quantitative 300 index enhancement strategy lagged, with the highest year-to-date return at only 19.13% [3] - The Quantitative stock selection strategy demonstrated the strongest profitability, with Xiaoyong's strategy leading the market at 46.26% year-to-date return, and other institutions like Ruishengming and Ziwuyou also exceeding 40% [3] Group 2: Market Trends and Structural Changes - The market this year has clearly favored small and mid-cap stocks, providing abundant sources of excess returns for related quantitative strategies [4] - The CSI 1000 index, primarily composed of small and mid-cap stocks, has significantly outperformed the CSI 300 index, benefiting from policies favoring specialized and innovative enterprises [4] - The lower research coverage of small and mid-cap stocks leads to more pricing discrepancies, creating opportunities for quantitative strategies to capture excess returns [4] - Increased market volatility has also created a favorable environment for quantitative strategies, as small and mid-cap stocks typically exhibit higher volatility, allowing strategies to profit from capturing liquidity premiums [4] Group 3: Scale Effects and Strategy Differentiation - Billion-yuan private equity firms exhibit clear scale advantages in index enhancement strategies, dominating the top 20 in both the Quantitative 1000 and 500 index enhancement strategies [5] - Large institutions, with assets under management exceeding 5 billion, achieved an average return of 18.30% in their index enhancement products, with a staggering 99.25% of products generating positive excess returns [5] - Medium-sized private equity firms had an average return of 17.30%, while small firms saw their average return drop to 16.41% [5] - The performance differentiation among quantitative private equity firms is increasingly evident, with over a 15 percentage point difference between the highest and the 20th return in the Quantitative 1000 index enhancement strategy [5]