北京商报讯（记者 李海媛）1月29日，江苏证监局官网显示，经查，扬州新牧投资管理有限公司（以下简称"扬州新牧投资"）存在从事与私募基金管理相冲 突或者无关的业务的情形，违反了相关规定。根据有关规定，江苏证监局决定对扬州新牧投资采取出具警示函的行政监管措施，并要求其应高度重视，充分 吸取教训，加强合规管理，并于收到该决定书30日内提交落实情况说明。 | 首页 | 证监局介绍 | 辖区监管动态 | 政务信息 | 办事服务 | 辖区数据 | 互动交流 | | --- | --- | --- | --- | --- | --- | --- | | | ♀ 当前位置： 首页 > 政务信息 > 主动公开 > 证监局主题分类 > 基金监管 | | | | | | | 索 | bm56000001/2026-00001110 | | | | ਜੇ 崇 | 基金监管;行政监管措施 | | 发布机构 | | | | | 发文日期 | 2026年01月26日 | | 称 ਖ਼ | 江苏证监局关于对扬州新牧投资管理有限公司采取出具警示函措施的决定 | | | | | | | 文 름 | 〔2026〕11号 | | | | 主题词 | ...

Core Viewpoint - The article discusses the potential for a commodity bull market in 2023, suggesting that CTA (Commodity Trading Advisor) strategies could be among the biggest beneficiaries of this trend [5][6]. Market Trends - There are emerging trends in the commodity market, with noticeable price movements since July of the previous year, driven by factors such as "anti-involution" in black and energy products, geopolitical conflicts boosting gold prices, and recent activity in the non-ferrous sector [8][10]. - Overall volatility in commodity prices has significantly increased, indicating a favorable environment for trading strategies [12]. CTA Strategies - Two types of CTA strategies are highlighted as particularly advantageous in the current market: - **Medium to Long-Term Trend CTA**: This strategy benefits from single-direction market movements and can capture substantial profits during clear trends. It is characterized by lower trading frequency, allowing for greater profit margins when a primary trend is identified [13][14]. - **Multi-Strategy CTA**: This approach diversifies sources of returns and can capture more opportunities during a commodity bull market. It combines various strategies, including long, medium, and short-term trends, and is designed to withstand market fluctuations better than single-strategy approaches [18][19]. Macro and Micro Factors - On a macro level, the global shift towards a rate-cutting cycle, particularly by the Federal Reserve, is expected to favor commodities through increased liquidity [16]. - On a micro level, demand is anticipated to gradually recover, with potential shifts in inventory cycles in China and the U.S., alongside supply constraints from "anti-involution" policies in certain industries, which could improve the supply-demand balance for related commodities [16]. Representative Strategies - **Herbal CTA**: This strategy focuses on subjective trend analysis based on supply and demand data, typically holding positions for 2 weeks to 3 months, and has shown stable performance during unclear market conditions [17]. - **Boyan Quantitative Multi-Strategy CTA**: This strategy covers approximately 40 products, including commodities, stock indices, and government bonds, and employs various sub-strategies to enhance overall performance and risk management [20][21]. Conclusion - For investors seeking high elasticity and willing to accept greater volatility, medium to long-term trend CTAs may be suitable. Conversely, those prioritizing stability and smoother returns might find multi-strategy CTAs more appealing [22][23]. - The value of CTA strategies extends beyond just commodity bull markets, as they offer unique diversification benefits in both trending and volatile market conditions [24].

Group 1 - The core viewpoint of the article is that the company, HaiLian JinHui, is leveraging the strengths and resources of professional investment institutions to enhance its long-term strategy in the smart manufacturing industry [1] - On January 28, 2026, the company signed a partnership agreement with several investment institutions, including Xiamen Zongheng Jinding Private Fund Management Co., Ltd., Jiangsu Bojun Industrial Technology Co., Ltd., Shenzhen Fenda Technology Co., Ltd., and others [1] - The partnership will invest in the Qiongcheng Qinggeng Venture Capital Partnership, focusing on investments in Xinghai Map (Beijing) Artificial Intelligence Technology Co., Ltd. or its future actual listing entity [1] Group 2 - The total committed capital for the partnership is RMB 74.25 million, with the company contributing RMB 10.6 million, representing a 14.2761% stake [1]

Core Viewpoint - The A-share market experienced a significant upward trend in 2025, with major indices showing considerable gains, including an over 18% increase in the Shanghai Composite Index and a more than 49% rise in the ChiNext Index. Precious metals, driven by their safe-haven properties and macroeconomic logic, saw an impressive annual increase of over 81% [3]. Private Fund Performance - By the end of 2025, the average return for 5,192 private funds displayed on the Private Fund Ranking Network reached 31.93%. Notably, quantitative long and subjective long strategies performed exceptionally well, with average returns of 44.74% and 37.71%, respectively [3][5]. - The active rotation in sectors such as consumption, technology, and high-end manufacturing created substantial structural opportunities for equity strategy funds, further enhanced by active market trading and sustained liquidity [3]. Strategy Performance - Multi-asset strategies, including composite and macro strategies, also performed well, with average returns exceeding 29%. Other mainstream strategies, such as CTA and FOF strategies, achieved average returns above 20% [3]. - The top-performing strategies in 2025 included: - Quantitative Long: Average return of 44.74% - Subjective Long: Average return of 37.71% - Composite Strategy: Average return of 30.77% - Macro Strategy: Average return of 29.01% [5][6][11]. Top Funds by Strategy - The top 20 quantitative long products included firms such as Gaia Qingke, Jintong Investment, and Hanrong Investment, with the top threshold for returns being notably high [6][7]. - The leading subjective long products were from firms like Nengjing Investment Holdings and Shanghai Geryu Private Equity, with a high entry threshold for returns [11][13]. - In the composite strategy category, Shuohe Asset led the performance, followed by Tianhui Investment and Ningbo Shufa Private Equity [17][18]. - For macro strategies, notable performers included Jiuqi Investment and Luyuan Private Equity, with a significant number of products achieving high returns [20][21]. Private Fund of Funds (FOF) - The average return for private FOF products in 2025 was 20.55%, with the top ten funds including Shanghai Taiying and Qingdao Hongyun Ruiheng Private Equity [35][36]. - The leading FOF product, managed by Li Chunyu of Rongzhi Investment, achieved a notable return, emphasizing a focus on diversified asset allocation and risk management [40].

Core Viewpoint - The internationalization of Chinese private equity funds is accelerating, driven by the increasing demand for global asset allocation and the deepening interconnectivity of capital markets. Hong Kong is emerging as the preferred gateway for mainland private equity to "go abroad" due to its mature legal environment and flexible regulatory framework [3]. Group 1: Internationalization Drivers - The core drivers for domestic private equity's accelerated internationalization include: 1. Geographic diversification to reduce reliance on a single economy and enhance portfolio resilience [3]. 2. Access to a diverse range of asset classes and financial instruments in global markets, supporting multi-strategy investment opportunities [3]. 3. Growing demand from investors for global asset allocation, prompting private equity to enhance cross-border service capabilities [3]. 4. The need to break through local competition and enhance international brand influence, which is crucial for transitioning to a global asset management institution [3]. Group 2: Licensing and Market Data - As of December 31, 2025, there are 133 private equity firms holding the Hong Kong Type 9 License, with 39 firms managing over 10 billion yuan [4]. - Among these, 83 firms are subjective private equity, while 36 are quantitative, with 83.33% of the leading quantitative firms managing over 5 billion yuan [4]. - The distribution of licensed private equity firms by city shows Shanghai as the leading hub with 46 firms, followed by Shenzhen and Beijing with 30 and 21 firms respectively [5]. Group 3: Performance and Rankings - In the category of private equity firms managing over 10 billion yuan, 25 firms have at least three products with performance data, achieving an average return of ***% in 2025 [9]. - The top 10 private equity firms in this category have a performance threshold of ***% for inclusion [9]. - For firms managing under 10 billion yuan, 24 firms have performance data, with an average return of ***% in 2025, and the top 10 threshold also set at ***% [14]. Group 4: Top Products and Strategies - The top 10 "go abroad" products include those with keywords like "global," "overseas," and "Hong Kong Stock Connect," with 34 products showing performance data in 2025 [18]. - The leading products are primarily subjective long strategies, with 7 out of 10, while macro strategies and stock long-short strategies account for 2 and 1 respectively [18]. - The top three products by return are managed by 易则投资, 三和创赢, and 蓝宝石基金, with returns of ***% [19].

1月26日晚间，中国证券投资基金业协会（以下简称"中基协"）发布的2025年12月份《私募基金管理人 登记及产品备案月报》显示，截至2025年12月末，私募基金规模达22.15万亿元，创下历史新高。 受访人士表示，在内外多重因素共同推动下，私募基金总规模连创新高，新备案产品数量与规模持续增 长。预计未来行业将保持向好态势，实现规模和质量同步提升，产品创新也将持续推进。 规模持续增长 2025年，私募基金总规模整体呈现增长态势，从年初的19.91万亿元增长至年末的22.15万亿元，全年规 模增长超2万亿元。尤其在第四季度，私募基金总规模自10月末首次突破22万亿元后，连续刷新历史纪 录，并站稳该关口。 在李春瑜看来，未来私募基金行业策略与产品将持续创新，量化策略将聚焦可持续超额收益，细分的差 异化策略与工具化产品或不断涌现。同时，渠道端与私募机构合作将更加紧密，产品发行更注重节奏平 衡，规模增长也将倒逼私募机构强化投研与风控，实现量质齐升。私募基金管理人方面，行业集中度或 会持续提升，百亿元级私募阵营加速洗牌，具备核心竞争能力的机构有望脱颖而出。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜表示， ...

Core Insights - The private equity fund industry in China reached a record high of 22.15 trillion yuan by the end of December 2025, marking a significant growth from 19.91 trillion yuan at the beginning of the year [1][2][3] - The number and scale of newly registered private equity products have been consistently increasing, indicating a positive trend for the industry [1][2][3] Growth of Private Equity Funds - The total scale of private equity funds grew by over 2 trillion yuan in 2025, with a notable increase in the fourth quarter where the scale surpassed 22 trillion yuan [2][3] - In the fourth quarter of 2025, the number of new registered products rose from 1,389 in October (670.10 billion yuan) to 2,087 in December (989 billion yuan) [2][3] Factors Driving Growth - The growth is attributed to both internal and external factors, including a steady recovery of the macro economy and sufficient market liquidity [3] - Capital market reforms and the development of the Beijing Stock Exchange have expanded exit channels and investment opportunities for private equity funds [3] - The performance of the A-share market has improved, attracting institutional investments and increasing the allocation of equity assets by residents in a low-interest-rate environment [3] Industry Development Outlook - The number of private equity fund managers decreased from 20,300 at the beginning of 2025 to 19,200 by the end of the year, indicating a trend of "survival of the fittest" within the industry [4] - The number of private equity institutions managing over 100 billion yuan increased from 91 to 113 in 2025, with further growth to 118 by January 26, 2026 [4] Future Trends - The number of existing private equity institutions is expected to continue decreasing, while the total scale and quality of private equity funds will improve [5] - The internationalization of private equity institutions is anticipated to accelerate, with more funds entering the domestic market and institutions expanding cross-border investment capabilities [5] - Continuous innovation in strategies and products is expected, with a focus on sustainable excess returns and differentiated strategies [5]

2025年，无疑是量化投资发展史上一个标志性的大年。年初，DeepSeek的横空出世为量化领域注入了颠覆性的AI动能；与此同时，A股市场震荡上行，整 体而言中小盘风格显著占优，中证2000与微盘股指数分别大涨超36%和80%，叠加市场流动性充裕、交投活跃，多重利好共振，令量化多头策略"如鱼得 水"，迎来全面爆发！ 为能更清晰了解量化私募基金的业绩，经笔者统计，在私募排排网上有业绩展示的量化产品共有1784只，2025年平均收益达30.28%，2025年平均超额 （几何）收益达10.83%；其中量化多头策略产品多达806只，2025年收益和超额（几何）收益分别为44.74%、16.46%，在私募二级策略中居前。 | 排 | 私募二级策略 | 有业绩展示的 | 2025年平均收益 | 2025 E 24 2 | | --- | --- | --- | --- | --- | | 序 | | 量化产品 | | 超额收益 | | 1 | 喜化多杀 | 806 | 44.74% | 16.46% | | 2 | 量化CTA | 375 | 20.21% | 14.04% | | 3 | 股票市场中性 | 186 | 9 ...

北京商报讯（记者 李海媛）1月27日，江苏证监局信息显示，经查，雷信私募投资基金（南京）有限公司（以下简称"雷信私募"）在基金清算过程中存在不 符合基金合同约定的行为，违反了《私募投资基金监督管理暂行办法》（以下简称《暂行办法》）第四条第一款规定。 根据《暂行办法》第三十三条规定，江苏证监局决定对雷信私募采取出具警示函的行政监管措施，并要求其应高度重视，充分吸取教训，加强合规管理，并 于收到该决定30日内提交落实情况说明。 | 首页 | 证监局介绍 | 辖区监管动态 | 政务信息 | 办事服务 | 辖区数据 | | 互动交流 | | --- | --- | --- | --- | --- | --- | --- | --- | | | ♥ 当前位置：首页 > 政务信息 > 主动公开 > 证监局主题分类 > 基金监管 | | | | | | | | 索 引 号 | bm56000001/2026-00001008 | | | | ਜੋ 崇 | 基金监管;行政监管措施 | | | 发布机构 | | | | | 发文日期 | 2026年01月23日 | | | ਉ 称 | 江苏证监局关于对雷信科募投资基金（南京）有 ...

【导读】"冠军产品"巨震背后：衍生品策略的收益诱惑与风控考量 近日，上海筑金投资有限公司（以下简称筑金投资）旗下曾业绩亮眼、净值一度达3.4元的期权"冠军产品"——"筑金馨睿壹号"出现明显回 撤，净值短期内降至1.2元左右，引发市场关注。 这款曾两度斩获全国期货（期权）实盘交易大赛期权组冠军的产品缘何大幅回撤？筑金投资相关人士就此向中国基金报记者作出独家回应。 公司独家回应：策略具有高波动属性 已"妥善处理" 此次净值大跌，有市场传言指向碳酸锂市场的极端行情冲击。 网传信息称，该产品曾在碳酸锂价格约12万元/吨时卖出看涨期权，但随后碳酸锂主力合约价格一路飙升至17万元/吨以上，单边极端上涨行 情导致产品净值大幅下滑。这一上涨行情也打破了不少机构此前对碳酸锂8万～12万元/吨的波动区间预测，让逆势交易的机构遭遇重创。 针对产品净值的大幅波动，筑金投资相关人士接受了中国基金报记者的采访。 对于净值变化，该人士称："回撤是事实，这个我们也没啥可否认的。"关于回撤原因，他表示"原因复杂，涉及策略本身"，并指出市场传言 信息可能不全面。同时，他强调，该产品属于高波产品，策略具有较高波动属性，此次回撤并未触发产品合同约定 ...