Core Viewpoint - The A-share market showed strong performance in August, with major indices rising significantly, while the bond market faced pressure due to the "stock-bond seesaw" effect [2][3]. Market Performance - The Shanghai Composite Index rose 7.97% in August, surpassing 3800 points, marking a nearly 10-year high. The Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged over 24% [2]. - In the bond market, the China Bond Index fell by 0.61%, and the China Government Bond Index decreased by 0.58% [2]. - The commodity market exhibited mixed results, with the Nanhua Commodity Index down 0.62% and the Industrial Products Index down 2.17%. However, the precious metals index rose by 2.85% due to increased expectations of interest rate cuts by the Federal Reserve [2]. Private Equity Performance - Data from Private Equity 排排网 indicates that among 4936 products with performance data, the average return from January to August was approximately 23.28%. The proportion of products with positive returns increased to 94.43%, up from 91.20% in the previous month [3][4]. - Among various strategies, long equity strategies (both subjective and quantitative) led the returns, with average returns of 35.67% and 30.08% respectively for the first eight months of the year [3]. Strategy Breakdown - The performance of different private equity strategies varied significantly, with the following average returns for the first eight months: - Long Equity: 35.67% (subjective), 30.08% (quantitative) - Composite Strategy: 20.80% - Macro Strategy: 18.68% - Convertible Bond Trading Strategy: 17.16% - Fund of Funds (FOF): 14.20% - Other Derivative Strategies: 14.16% - Market Neutral Equity: 7.81% [3]. Top Private Equity Firms - The top 10 subjective private equity firms by average return this year include: 1. 富延资本 (Fuyuan Capital) 2. 北京禧悦私募 (Beijing Xiyue Private Equity) 3. 同犇投资 (Tongben Investment) 4. 一久私募基金 (Yijiu Private Fund) 5. 能敬投资控股 (Nengjing Investment Holdings) 6. 玖歌投资 (Jiuge Investment) 7. 龙航资产 (Longhang Asset) 8. 榕树投资 (Rongshu Investment) 9. 路远私募 (Luyuan Private Equity) 10. 晨耀私募 (Chenyao Private Equity) [4][6]. Quantitative Private Equity - The average return for the top 100 quantitative private equity firms was 26.69%, with a total of 676 products and a combined scale of approximately 804.91 billion [12][14]. - The top 10 quantitative private equity firms by average return include: 1. 翰荣投资 (Hanrong Investment) 2. 云起量化 (Yunqi Quantitative) 3. 稳博投资 (Wenbo Investment) 4. 橡木资产 (Xiangmu Asset) 5. 阿巴马投资 (Abama Investment) [12][14]. Mixed Strategy Private Equity - The average return for the top 100 mixed strategy private equity firms was 20.78%, with a total of 449 products and a combined scale of approximately 284.03 billion [24][26]. - The top 10 mixed strategy private equity firms by average return include: 1. 深圳泽源 (Shenzhen Zeyuan) 2. 量利私募 (Liangli Private Equity) 3. 中闽汇金 (Zhongmin Huijin) 4. 金塔克资产 (Jintake Asset) 5. 嘉信融成 (Jiaxin Rongcheng) [24][26].

Group 1 - The forum held on September 16-17 in Shanghai focused on the development of China's capital market, featuring discussions on new industries, models, and dynamics [6] - Chongyang Investment was honored with the "Ten-Year Model Institution" and "Top 50 Comprehensive Strength Demonstration Institution" awards at the forum [1][8] - The China Fund Report's private equity fund top 50 selection has gained significant recognition in the industry, evaluating private equity institutions based on quantitative and qualitative metrics [8] Group 2 - The theme of the forum was "Insight into Value, Intelligent Creation of the Future," bringing together leaders from regulatory bodies, industry figures, and executives from listed companies [6] - Chongyang Investment's Chairman Wang Qing delivered a keynote speech titled "Value Reassessment" during the summit [6] - The awards reflect Chongyang Investment's commitment to value investing and its goal to provide stable and long-term returns for investors [8]

分所在私募规模来看，10-20亿私募旗下有产品业绩显示的基金经理共333位，他们管理的630只产品今年来收益均值高达24.99%，整体表现较为领先；其 次百亿私募旗下有产品业绩显示的基金经理共127位，他们管理的649只产品，合计规模为1243.57亿元，今年来收益均值为24.78%。 "买基金就是买基金经理"逐渐被大众所熟知，基金经理是基金产品的灵魂所在，一定程度上决定着产品的业绩走势。私募排排网数据显示，截至8月底， 有业绩显示的基金经理共2831位，合计管理5276只私募基金产品(含重复项)，合计管理规模约为4654.68亿元，今年来收益均值高达22.64%，显著跑赢同期 大盘。 这2831位私募基金经理中，硕士学历占比近五成(48.15%)，共1363位；博士、博士后学历的基金经理分别有221位、8位。此外，从业经验在20年以上的共 有244位基金经理，占比为38.1%，从业经验上在30年以上仅有62人，占比为9.7%。 | 具体分类 | 有业绩显示的 基金经理数 | 合计管理产品数 | 合计管理规模 (亿元) | 1-8月收益均值 | | --- | --- | --- | --- | --- | ...

第十届中国证券私募 英华示范机构 〔十年典范机构〕 由中国基金报主办的第十届中国证券私募英华示范案例评选结果揭晓。凭借过硬的综合实力、良好的业绩表现、 优秀的服务能力，一众私募机构、私募产品、服务机构等获评。 榜单如下： 上海合晟资产管理股份有限公司 上海重阳投资管理股份有限公司 上海大朴资产管理有限公司 淡水泉(北京)投资管理有限公司 深圳东方港湾投资管理股份有限公司 上海高毅资产管理合伙企业(有限合伙) 深圳市红筹投资有限公司 上海景林资产管理有限公司 上海开思私募基金管理有限公司 深圳市康曼德资本管理有限公司 上海宽远资产管理有限公司 上海睿郡资产管理有限公司 上海拾贝能信私募基金管理合伙企业 (有限合伙) 北京市星石投资管理有限公司 深圳市中欧瑞博投资管理股份有限公司 九坤投资(北京)有限公司 海南进化论私募基金管理有限公司 深圳市凯丰投资管理有限公司 北京乐瑞资产管理有限公司 上海银叶投资有限公司 (50强示范机构) 股票策略 · □母里阳夜贫官埋胶价有限公司 上海大朴资产管理有限公司 淡水泉 (北京) 投资管理有限公司 深圳东方港湾投资管理股份有限公司 上海复胜资产管理合伙企业(有限合伙) 上海高 ...

Core Insights - The "Investment in Jiangsu for a Better Future" private equity investment high-quality development promotion conference was held in Suzhou on September 16 [1] - The event was attended by key officials from the China Securities Regulatory Commission, the Asset Management Association of China, and local government [1] Group 1: Private Equity Landscape in Jiangsu - As of the end of June this year, there are 1,203 private fund managers registered in Jiangsu, with over 22,000 investment projects, accounting for 14.77% of the national total [1] - Suzhou leads in the number of private fund managers, registered private funds, and total fund subscription scale both nationally and provincially [1] Group 2: Initiatives and Developments - The conference announced the first batch of 50 provincial innovation and entrepreneurship project financing needs and launched the "Su Investment Service" comprehensive service platform [1] - A series of AIC fund formations and signings took place during the event, along with the signing of provincial strategic new fund investment projects [1] - The third batch of industry-specific funds was initiated, and a matrix of strategic new fund managers was released [1]

明汯投资始终坚持"科技为先，人才为本"的核心发展理念，将人才视为驱动量化投资技术创新的核心引 擎。通过构建多元化、扁平化、体系化的人才梯队建设机制，公司致力于为员工提供全球化成长平台， 培养具备国际竞争力的专业化团队，以实际行动践行金融行业人才建设的社会责任。 广纳全球英才 构建三维人才生态体系 国际化与多元化布局：全球视野 多元碰撞 一是选拔机制。 "逆商+自驱力+工程能力"的多维评估，面试中通过灵活多变的代码问题考察实战能力，弱化单一标 签，聚焦技术深度与工程能力。 二是培养体系。 新人配备完整"导师制"，通过项目实践快速成长。投入指数级增长的算力资源（高性能计算集群+混合 云方案），支持AI等前沿技术研究。 自成立以来，明汯致力于成为"国际一流量化投资公司"，在"成为国际主要资本市场的重要参与者、拥 有国际一流人才梯队与组织文化"两个维度同步发力。在持续提升自身竞争力、招揽全球英才的过程 中，前瞻性推进全球人才网络建设。目前已在纽约、中国香港、新加坡等国际金融枢纽设立办公室，吸 引海外顶尖量化人才。团队学科背景覆盖数学、计算机、物理、化学等多领域，通过跨学科、跨文化碰 撞激发创新活力，确保在不同市场中都 ...

Core Viewpoint - Shenzhen Red Chip Investment Co., Ltd. has been placed on a restricted list for offline investors for six months due to multiple compliance failures in its pricing evaluation and decision-making processes [1][6]. Group 1: Compliance Issues - The company failed to follow pricing evaluation and decision-making procedures, with a single researcher determining the final price without collective decision-making [6]. - There was insufficient basis for pricing, as the suggested price range lacked logical reasoning and was determined subjectively by the researcher [6]. - The research report writing mechanism was inadequate, lacking detailed regulations for using the lead underwriter's pricing report and approval processes [6]. Group 2: Internal Control Deficiencies - The company did not establish a necessary investment decision-making mechanism, leading to compliance issues in the pricing decision process [6]. - There was a lack of a comprehensive compliance management system, with inadequate execution of compliance checks [6]. - The company failed to implement a pricing review mechanism, with no written records of the final pricing review [6]. Group 3: Communication and Accountability - The control of communication devices was poorly executed, with no management of devices used by personnel aware of pricing during the inquiry period [6]. - The company did not establish an internal accountability mechanism or performance assessment indicators for pricing risks, failing to verify the objectivity and prudence of pricing retrospectively [6]. Group 4: Regulatory Framework - The violations were found to be in breach of several articles of the "Management Rules for Offline Investors in Initial Public Offerings," including Articles 18, 25, 26, 42, and 43 [1][4][5].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年8月底，管理规模在20亿以下的私募管理人有7200余家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 广州天钲瀚 。 私募排排网数据显示，截至2025年8月底，广州天钲瀚旗下产品1-8月平均收益达***%， 位列广东地区量化私募榜Top10 ； （ 点击查看收益 ） 在0-5亿规模私募中，广州天钲瀚旗下产品1-8月平均收益达***%， 位列量化私募榜Top10。 （ 点击查看收益 ） Part.1 公司概况 广州天钲瀚私募基金管理有限公司成立于2017年3月，坐标广州市天河区。公司深耕于量化投资领域，专注量化标的择时策略，通过模型预测标 的的未来走势，追求通过标的低买高卖产生绝对收益为投资目标。核心团队成员具有多年实操经验，专业覆盖计算机、数学、金融等。 Part.2 核心团队 投资模式 成立时间 管理规模 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） "买基金就是买基金经理"逐渐被大众所熟知，基金经理是基金产品的灵魂所在，一定程度上决定着产品的业绩走势。私募排排网数据显示，截至 8月底，有业绩显示的基金经理共2831位，合计管理5276只私募基金产品(含重复项)，合计管理规模约为4654.68亿元，今年来收益均值高达 22.64%，显著跑赢同期大盘。 这2831位私募基金经理中，硕士学历占比近五成(48.15%)，共1363位；博士、博士后学历的基金经理分别有221位、8位。此外，从业经验在20 年以上的共有244位基金经理，占比为38.1%，从业经验上在30年以上仅有62人，占比为9.7%。 | 具体分类 | 有业绩显示的 基金经理数 | 合计管理产品数 | 合计管理规模 (亿元) | 1-8月收益均值 | | --- | --- | --- | --- | --- | | 100亿以上 | 127 | 649 | 1243.57 | 24.78% | | 50-100亿 | 125 | 366 | 542.15 | 20.16% | | 20-50亿 | 265 | 619 | 827.3 ...

Core Insights - The 2025 China Capital Market Development Forum will be held in Shanghai from September 16 to 17, focusing on the theme "Insight into Value, Intelligent Creation of the Future" [1] - The forum aims to explore new paths for the high-quality development of China's capital market, emphasizing the service to the real economy, empowerment of technological innovation, and leading industrial transformation [1] Group 1: Forum Objectives - The forum will gather nearly a thousand representatives from regulatory bodies, industry, and investment sectors for in-depth discussions [1] - It will focus on three main areas: listed companies, the securities industry, and private equity funds [1] - The event aims to build a high-end dialogue platform to enhance the capital market's role in supporting the real economy [1] Group 2: Key Deliverables - The forum will release the "2025 Listed Company Value Management White Paper" and showcase the latest applications of AI technology in the industry [1] - It will highlight outstanding cases in the fields of listed companies, securities industry, and private equity funds [1] Group 3: Event Support and Collaboration - The forum is organized by China Fund News and supported by various institutions including China Merchants Securities, Ningbo Bank, and others [1][2] - It serves as a platform for resource linking and ecological co-construction within the capital market [2]