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平方和投资:策略十年,十年长青,揭秘Alpha背后的投研+风控双引擎
私募排排网· 2025-09-21 00:00
本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 2025年第三季度,A股市场迎来系统性慢牛,市场震荡上行。在此期间,量化私募基金成绩亮眼,据私募排排网数据,截至2025年8月底,在私 募排排网有3只以上产品有今年来业绩展示的量化私募共有173家,今年来收益均值约为22.36%,跑赢了同期的上证指数、深证成指(涨幅分别 为15.10%、21.91%)。其中,收益不低于10%的量化私募有148家。 | 排名 | 产品简称 | 公司简称 | 三级策略 | 實要经猛 | 8月超额 | 今年来超额 | | --- | --- | --- | --- | --- | --- | --- | | T | 磐松微盘股指数增强1号 额 | 磐松资产 | 其他指增 | 吴确 高云翔,曹靖康 | 应合规要求 | | | | 倍漾量化选股二期A类份 | 筒蒙量化 | 量化选股 | 蔡其志 | | | | | 正瀛骐骥指数增强17号 | 正演资产 | 其他指增 | | | | | | 大道崔苇 | 大道投资 | 量化选股 | 朱明强 | | | | ട് | 大岩量化选股1号B类份额 | 大岩资本 | 量化选股 | 黄 ...
喜娜AI速递:今日财经热点要闻回顾|2025年9月20日
Sou Hu Cai Jing· 2025-09-20 11:23
Group 1 - The ChiNext 50 index has seen a year-to-date increase of over 37%, but there has been a net outflow of approximately 67.97 billion yuan from the ChiNext 50 ETF, with over 40 billion yuan withdrawn this year [2] - The largest ChiNext 50 ETF has seen its share count drop below 50 billion, with a reduction of 39.528 billion shares year-to-date [2] - The A-share market shows a mixed trend, with the Shanghai Composite Index down 1.3% for the week, while the Shenzhen Component Index rose by 1.14% [2] Group 2 - Xiaomi announced a 10-year free repair service for its air conditioners, which has sparked a response from Gree's management, emphasizing the importance of product reliability [2] - Xiaomi's automotive division has recalled 116,887 units of its SU7 electric vehicle due to safety concerns related to its L2 autonomous driving feature, leading to a temporary drop of over 2% in its Hong Kong stock price [3] Group 3 - The China Securities Regulatory Commission is pushing for reforms in the capital market to better support the economic recovery, emphasizing the need for strict supervision and adherence to regulations [3] - A total of 51 stocks are facing a risk warning due to information disclosure violations, with a combined market value of 61.922 billion yuan set to be unlocked next week [4] Group 4 - U.S. stock indices reached new highs for the second consecutive day, while oil prices fell and gold prices increased by over 1% [5] - Goldman Sachs has upgraded its outlook on the Chinese stock market, citing favorable conditions from the recent interest rate cut by the Federal Reserve and a positive sentiment among long-term foreign investors [5]
股市“捉妖”!量化私募跑路真相曝光 利用FOF进行场外配资、操纵市场
Shang Hai Zheng Quan Bao· 2025-09-19 09:35
Core Viewpoint - The recent exposure of details regarding the "30 billion quantitative private equity fund run" incident reveals the manipulation of the securities market by the involved parties, leading to significant legal consequences for the perpetrators [1][3][5]. Group 1: Incident Overview - The involved parties, including the actual controllers Mao and Yao of Panjing Investment, utilized FOF funds and private equity funds to manipulate the stock market, specifically targeting a stock code-named "Penguin" [1][3]. - From November 2017 to July 2019, the perpetrators controlled 55 accounts to trade the "Penguin" stock, eventually becoming one of its major shareholders by September 2020 [3][4]. Group 2: Legal Proceedings - The Shanghai First Intermediate Court sentenced Mao, Yao, and another accomplice to prison terms ranging from three years and six months to seven years for manipulating the securities market, along with fines between 1.5 million to 2.5 million yuan [5][6]. - Despite their refusal to confess, the Supreme People's Procuratorate utilized advanced AI tools to analyze the structure and operations of the involved funds, leading to a thorough investigation and eventual convictions [5][6]. Group 3: Industry Implications - The case has highlighted a black and gray industrial chain involving illegal financing practices through FOF and private equity funds, indicating a need for stricter regulatory oversight in the private equity sector [6][7]. - Regulatory bodies have intensified their scrutiny of private equity fund operations, aiming to eliminate illegal practices and promote healthy development within the industry [7][8].
股市“捉妖”!量化私募跑路真相曝光
Shang Hai Zheng Quan Bao· 2025-09-19 09:16
两年前震惊市场的量化私募跑路事件,相关细节近日曝光。 最高人民检察院19日在微信公众号发布信息称,杭州"30亿元量化私募跑路"涉事人——磐京股权投资基 金管理(上海)有限公司(简称"磐京投资")的实控人毛某和姚某,利用FOF基金、私募基金操纵证券 市场,甚至在被控制后自恃手法隐蔽复杂,拒不交代任何犯罪事实。最终,最高人民检察院通过全方位 实质审查、全流程追赃挽损,侦破了这场资本迷局,以操纵证券市场罪分别判处毛某、姚某、白某某有 期徒刑七年至三年六个月不等。 炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 利用FOF进行场外配资、操纵市场 据最高人民检察院披露信息,磐京投资董事长、实控人毛某系知名高校法律专业高材生,另一名实控人 姚某则系海归金融精英,通过其母亲代持磐某基金股份。 2017年11月至2019年7月,毛某、姚某盯上了一只代号"企鹅"的股票,并通过控制的磐京投资旗下基金 账户、私募产品账户、个人账户等共计55个账户交易这只股票。直至2020年9月17日,磐京投资及其一 致行动人成为"企鹅"公司的大股东之一,毛某受聘担任该公司总经理。 值得一提的是,2022年末上海市公安局锁 ...
报!私募山庄惊现七把绝世神兵
雪球· 2025-09-19 08:37
Core Viewpoint - The article presents a metaphorical exploration of various investment strategies in the private equity space, likening them to legendary weapons, each with unique strengths and weaknesses, suitable for different market conditions and investor preferences [2][6]. Group 1: Investment Strategies - The first strategy, "Qinglong Yanyue Dao" (Subjective Long), relies heavily on the fund manager's ability to select stocks and time the market, performing well in bullish markets with clear themes [9][10][15]. - The second strategy, "Xuedizi" (Quantitative Long), utilizes complex algorithms to identify stocks based on specific metrics, excelling in active markets with high trading volumes [18][20][23]. - The third strategy, "Zhuge Lian" (Macro Hedging), involves top-down asset allocation across stocks, bonds, and commodities, generally effective in diverse market conditions but can fail during extreme events [26][30][31]. - The fourth strategy, "Fang Tian Hua Ji" (CTA Strategy), focuses on futures markets, capturing trends regardless of price direction, suitable for markets with significant price movements [33][35][39]. - The fifth strategy, "Taiji Shuang Jian" (Market Neutral), aims to generate absolute returns by hedging market risks, effective in bear and volatile markets but may underperform in bull markets [41][45][48]. - The sixth strategy, "Ruan Wei Jia" (Fixed Income +), combines high-quality bonds with a small allocation to riskier assets, providing stability but vulnerable to rising interest rates [50][53][56]. - The seventh strategy, "Xiu Hua Zhen" (Arbitrage), exploits price discrepancies across markets, generating small but cumulative profits, effective in volatile conditions but reliant on market efficiency [58][61][63]. Group 2: Strategy Suitability - Each strategy is designed for specific market conditions, with subjective long strategies thriving in bullish environments, while quantitative strategies excel in active trading scenarios [15][23]. - Macro hedging strategies are versatile but can falter during extreme market events, while CTA strategies benefit from significant price trends [31][39]. - Market neutral strategies provide a buffer against market downturns, whereas fixed income plus strategies are contingent on interest rate movements [48][56]. - Arbitrage strategies are most effective in volatile markets but depend on the quick correction of price discrepancies [63]. Group 3: Conclusion - The article concludes by encouraging investors to choose strategies that align with their risk preferences, highlighting the importance of understanding each strategy's unique attributes and market applicability [67][69].
黑翼资产急踩刹车?百亿量化私募“上新”速度分化
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-19 07:44
Core Insights - The private equity market has shown strong enthusiasm for product registration in 2025, with a total of 7,907 private securities products registered as of August 31, marking an 82.19% increase compared to 4,340 products in the same period of 2024 [1][2] Group 1: Product Registration Trends - The number of registered private securities products has rebounded significantly since March, with monthly registrations surpassing 1,000 products [1] - In July, a record high of 1,299 new private fund products were registered, while August saw a slight decline to 1,139 products [1] - The concentration of product registration remains evident, with 1,038 private equity managers registering only one product, while 76 billion-level quantitative private equity managers accounted for 24.48% of total registrations [2] Group 2: Performance of Key Players - As of mid-2025, Blackwing Asset led the industry with 95 registered products, followed closely by Wide De Investment with 79 products [3] - By the end of August, Wide De Investment had registered 118 products, while Blackwing Asset had 112, indicating a shift in registration speed among major players [3] - The top four private equity firms in terms of new product registrations in July and August were Mingchao Investment, Wide De Investment, Jiukun Investment, and Century Frontier, maintaining stable registration speeds [3] Group 3: Market Environment and Strategy - The small-cap style has been dominant in 2025, with increased stock volatility and high average daily trading volume creating favorable conditions for quantitative strategies [5] - The majority of registered quantitative products are focused on stock long strategies, with 1,666 products (46.48%) registered in this category [5] - The market has seen a notable increase in product innovation and strategy diversification, catering to various risk preferences among investors [6] Group 4: Regulatory and Operational Considerations - There has been no significant change in the regulatory requirements for product registration, with most products being registered within a week [4] - However, regulatory scrutiny may lead to requests for corrections or rejections of products under certain circumstances, such as overly broad investment scopes [4] - The planning of appropriate strategy capacity has become a crucial consideration for quantitative private equity firms in the second half of the year [7]
红筹投资:进入打新“黑名单”
Shen Zhen Shang Bao· 2025-09-19 02:57
【深圳商报讯】(记者 陈燕青)再有百亿私募被列入网下投资者限制名单。近日,中国证券业协会披 露一则自律措施决定书称,决定将百亿私募深圳红筹投资列入网下投资者限制名单六个月,并予以警 示。 官网显示,深圳红筹投资成立于1997年6月,坐落于深圳蛇口,注册资本9497万元人民币,最新公司净 资产超10亿元。公司2014年5月完成中基协私募投资基金管理人备案,以二级证券市场投资为主,目前 管理证券私募基金总规模超百亿元。 红筹投资董事长唐亮曾是一名超级牛散,他曾在持有陕西煤业(601225)期间获得超过20亿元收益。 决定书显示,上交所今年3月开展网下投资者自律检查时,发现红筹投资在网下询价业务中存在八类违 规情形,涉及决策程序、定价依据、研报机制、投决机制等关键流程。 证券业协会在决定书中强调,红筹投资若再次出现同类违规行为,将依规采取更严厉的处理措施。 ...
私募“百亿俱乐部”格局生变
Zhong Guo Zheng Quan Bao· 2025-09-18 20:24
Group 1 - The core viewpoint of the articles highlights the significant growth of the private equity industry in China, particularly the rise of quantitative private equity firms, which now constitute nearly half of the "billion club" members [1][2][3] - As of September 12, 2023, the number of domestic securities investment private equity firms with over 10 billion yuan reached 92, an increase from 80 at the end of January 2023, with quantitative private equity firms rising to 45 [1][2] - The private equity industry is experiencing a structural fundraising divergence, where top quantitative firms attract significant capital while smaller firms struggle to raise funds [2][3] Group 2 - The market has shown a steady increase in the overall scale of private equity, with a notable preference for quantitative strategies among mainstream investors [3][4] - There is a growing interest in subjective long/short strategies from large institutions and clients, indicating a potential shift in investment focus [3][4] - The competitive landscape is evolving, with a need for private equity firms to enhance their research capabilities and service quality to maintain investor trust [4][5] Group 3 - The industry is entering a phase of differentiation, where mid-sized firms must find unique strategies to compete effectively against larger firms [4][5] - Both quantitative and subjective private equity firms are expected to diversify their strategies, with quantitative firms leveraging technological advancements and subjective firms focusing on deep research and risk management [5] - The future of the private equity industry will depend on the ability to generate alpha returns through better market understanding and resource integration [5]
行业集中度不断提升 私募“百亿俱乐部”格局生变
Zhong Guo Zheng Quan Bao· 2025-09-18 20:19
Group 1 - The core viewpoint of the articles highlights the significant growth of the private equity industry in China, particularly the expansion of the "billion club" with 92 billion-level private equity firms as of September 12, 2023, compared to 80 at the end of January 2023 [2][3] - The rise of quantitative private equity firms is notable, with 45 such firms now in the billion club, accounting for nearly 50% of the total, indicating a shift in the competitive landscape of the industry [1][2] - The overall market environment, driven by policy support and marginal improvements in fundamentals, has favored larger private equity firms, particularly those employing quantitative strategies [2][3] Group 2 - Despite the growth in the number of billion-level private equity firms, fundraising within the industry shows a dichotomy, with top quantitative firms attracting significant capital while smaller firms struggle [3][4] - There is a noticeable trend where mainstream capital is increasingly favoring quantitative strategies, although interest in subjective long/short strategies is also rising among larger institutions [3][4] - The competitive landscape is evolving, with a focus on research capabilities and service quality becoming critical for both large and mid-sized private equity firms to maintain investor trust and attract capital [4] Group 3 - The articles emphasize the importance of differentiation in competition, suggesting that mid-sized firms should focus on unique strategies and enhance their research and risk management capabilities to stand out [4] - The future of the private equity industry is expected to see a diversification of strategies, with quantitative firms leveraging technological advancements and subjective firms deepening their research and risk management [4] - The industry is moving towards a phase where the ability to generate alpha returns will be paramount, as firms that can better understand the market and create sustained value will gain a competitive edge [4]
主观逆袭?但斌等9位主观基金经理进入人气十强!李剑飞:警惕阶段性的量化超额收益!
私募排排网· 2025-09-18 12:00
Core Viewpoint - The A-share market has been performing strongly, but there is a noticeable divergence in sector performance. Quantitative investment products, previously favored by the market, are now struggling to outperform the market index, while subjective products are experiencing a resurgence in net value [1]. Group 1: Market Performance - As of September 14, 2025, among the top 20 fund managers, 15 are from subjective private equity, dominating the rankings [1]. - The top 8 positions in the popularity rankings are all held by subjective fund managers, indicating a shift in investor preference [1]. Group 2: Fund Manager Rankings - The top fund manager is Dan Bin from Dongfang Gangwan, with a significant number of products achieving high returns this year and over the past three years [5]. - Xu Qionna from Bamai Private Equity ranks 8th, with her products showing strong performance due to strategic investments in undervalued financial sectors [9]. - Li Jianfei and Shi Jianghui from Guoyuan Xinda are notable for being the only firm with two fund managers in the top rankings, both demonstrating solid average returns [10]. Group 3: Investment Strategies - Dan Bin emphasizes the importance of technology stocks, with major holdings in companies like Nvidia and Google, which recently surpassed a market cap of 3 trillion [6]. - Xu Qionna focuses on identifying undervalued growth opportunities rather than following market trends, contributing to her funds' strong performance [9]. - Chen Yu from Shennong Investment believes the market is currently in a bullish phase and anticipates a long-term bull market driven by technological advancements [17]. Group 4: Fund Performance Insights - Dan Bin's products have shown significant returns, with the "Marathon Global A Class" achieving a high cumulative net value [5]. - Xu Qionna's "Jinzhu Capital No. 5" has also performed exceptionally well, reflecting her investment strategy's effectiveness [7]. - Cai Yingming from Longhang Asset highlights the importance of selecting undervalued, high-quality stocks, which has led to impressive performance in recent market conditions [21].