Group 1 - The International Robot Skills Competition will be held on May 29, focusing on the theme "Labor is Most Glorious" and aims to promote high-quality development of the Shanghai robotics industry [1] - The Cross-Border Interbank Payment Clearing Company (CIPS) signed a memorandum of understanding with the Central Bank of the UAE to enhance cross-border payment efficiency and infrastructure [2] - The National Data Bureau is formulating policies to cultivate a unified national data market, emphasizing the need for collaboration to unlock the value of data elements [3] Group 2 - The Ministry of Transport is promoting the "Artificial Intelligence + Transportation" initiative, with a top-level design document expected to be released soon, aiming for comprehensive AI integration in the transportation sector by 2030 [4] - Taikang Stable Walk has completed the registration of a private fund management company, with an initial investment scale expected to reach 12 billion yuan, focusing on quality listed companies in domestic and Hong Kong markets [5] - Chongqing is promoting the "Cross-Border E-commerce + Industrial Belt" model to support foreign trade transformation and upgrade, targeting specific industries and aiming to establish new cross-border e-commerce industrial belts by 2027 [6][8] Group 3 - The Chinese enterprise-level solid-state drive market is projected to reach $6.25 billion in 2024, reflecting a year-on-year growth of 187.9%, with Solidigm and Samsung holding the largest market shares [9] - MSCI announced the inclusion of five new stocks in the MSCI China A Index, effective May 30, increasing the total number of samples to 394, indicating a positive outlook for the A-share market [10]

Core Insights - The private equity industry is undergoing significant consolidation, with 500 private institutions deregistered this year alone, and over 130 institutions facing regulatory scrutiny [1][2][4] Group 1: Deregistration of Private Equity Institutions - A total of 500 private equity institutions have been deregistered as of May 28, 2025, with an average of nearly 100 institutions deregistering each month [1][2] - Among the deregistered institutions, 260 were canceled by the China Securities Investment Fund Association (CSRC) due to operational abnormalities, loss of contact, or disciplinary actions [1][2] - The number of active private equity managers has decreased by nearly 400 since the beginning of the year, with 19,891 active managers remaining as of April 2025 [3] Group 2: Regulatory Actions and Violations - Over 130 private equity institutions have been subjected to administrative penalties or regulatory measures by the securities regulatory system this year [4] - The CSRC has issued more than 50 disciplinary decisions this year, targeting various private equity firms for violations [4] - Specific violations include improper fundraising practices, mismanagement of funds, and unauthorized trading activities [5][6] Group 3: Nature of Violations - Common violations reported include lending "channels" to establish private equity funds, misusing fund assets, and promising returns to investors [5][6] - Regulatory bodies have highlighted issues such as unregistered funds, exceeding the limit of qualified investors, and failure to adhere to investment agreements [5][6] - The Beijing Securities Regulatory Bureau has mandated that private equity managers conduct self-assessments and rectify any identified violations [6]

Core Viewpoint - The recent policy changes by the China Securities Regulatory Commission (CSRC) aim to simplify and decentralize the process of major asset restructuring for listed companies, which is expected to benefit small and micro-cap stocks significantly [1][2]. Group 1: Impact on Small and Micro-Cap Stocks - The new regulations are favorable for small and micro-cap stocks due to their low market capitalization and simple equity structure, making them ideal candidates for mergers and acquisitions [3]. - The inclusion of high-tech sectors such as semiconductors, AI, and new energy in small and micro-cap stocks aligns with the new rules that promote mergers in the technology industry, potentially leading to significant performance improvements post-acquisition [3][4]. Group 2: Quantitative Investment Strategies - Many quantitative private equity firms are focusing on small and micro-cap stocks, benefiting from a natural beta advantage and the ability to capture excess returns due to the high volatility and emotional trading behavior of retail investors in this segment [6][7]. - Performance data indicates that small and micro-cap indices have outperformed larger indices, with the average excess returns for the 1000 index and quantitative stock selection at 4.67% and 8.67% respectively, compared to 2.31% for the 300 index [7][9]. Group 3: Market Products and Strategies - The market offers a variety of small and micro-cap products, primarily index-tracking, which rely on the alpha capabilities of fund managers [10]. - A notable product, LZFL, distinguishes itself by having the fund manager independently execute all strategies and factor explanations, focusing on quantitative stock selection to uncover opportunities in small and micro-cap stocks [11]. - The fund has adapted its risk management strategies in response to market conditions, enhancing its approach to balance returns and drawdowns while maintaining its investment style [11].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 艾方资产简介 上海艾方资产管理有限公司 成立于2012年3月，办公地点位于浦东新区。艾方资产拥有优秀的量化投资团队，核心成员具备丰富的海外绝对收 益投资经验及成功的中国市场绝对收益投资实践，公司拥有国内领先的系统平台，是一家科技驱动的资产管理公司。 创办之初，公司便定位于做一家以量化投资为手段、专注于获取绝对收益的机构。艾方资产于2014年6月完成在中国基金业协会的备案工作， 获得私募基金管理人资格，并在2015年3月成为中国基金业协会会员。公司新策略研发能力强，目前已建立起波动率均衡系列、CTA系列、可转 债系列、指数增强系列、中性策略等多个产品线。旨在为投资人创造长期可持续的回报，创立以来荣获包括金牛奖、金长江、金阳光等多个行 业内重量级奖项。 （点此查看 艾方资产旗下产品收益、核心团队及最新路演 ） 1% 数据来源:协会公示信息 发展历程 2012.3 · 艾方资产成立 2012.5 首只资管产品成立。 2014.6 首只顾问管理资管产品成立, 艾方资产在基金业协会完成备案 2015.2 上交所50ETF期权上市首日产品 即参与交易 201 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002224 证券简称：三力士 公告编号：2025-029 三力士股份有限公司 关于持股5%以上股东权益变动触及1%整数倍的公告 股东北京泰德圣私募基金管理有限公司-泰德圣投资致圣量化2号私募证券投资基金、北京泰德圣私募基 金管理有限公司-泰德圣投资德来1号私募证券投资基金、北京泰德圣私募基金管理有限公司-泰德圣投 资泰来1号私募证券投资基金保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 致圣量化2号、德来1号、泰来1号为北京泰德圣私募基金管理有限公司（以下简称"泰德圣"）所管理的 基金，合计持有67,200,901股，占公司总股本的7.45%，于2024年3月4日在深圳证券交易所上市，股票 限售期为6个月，于2024年9月4日上市流通，具体内容详见2024年9月3日巨潮资讯网 （www.cninfo.com.cn）的《关于向特定对象发行股票解除限售上市流通的提示性公告》（公告编号： 2024-063）。 近日，公司收到泰德圣发来的《权益变动告知函 ...

编者按： 作为量化模型的构建者，我们并不会决定模型如何去交易。在总结交易规律方面，我们更像是观察者。 大模型是完全区别于原有传统AI投资的算法和训练方法，这会是未来改变游戏玩法的一个要点。 海外市场里量化的占比是70%～80%，而中国市场的占比现在还远没有那么高，如果借鉴海外经验，这就 是一种趋势。 量化为市场提供了流动性，这是它对社会的一大贡献。如果没有量化，A股的流动性可能会降到很低，这 对我国的金融安全是不利的。 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以栉风沐雨 的征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔流。 本期是"寻访金长江之十年十人"第四期。券商中国记者走进百亿量化私募念空科技，念空科技首席投资官王啸 接受了记者的专访。 2010年股指期货上市后，量化投资在国内逐步发展壮大。由于顶尖量化机构多是私募基金，它们在开拓自身业 务的 ...

Core Viewpoint - The article discusses the challenges faced by publicly listed companies with continuous losses and explores the potential for private equity funds to acquire these companies as a more stable and flexible solution compared to traditional methods like delisting or being acquired [1][8]. Group 1: Acquisition Dynamics - Private equity funds are seen as a cost-effective option for acquiring loss-making companies, especially after the introduction of the "merger six guidelines" in September 2024, which supports private equity fund acquisitions for industrial integration purposes [2][9]. - Tianmai Technology, which has reported losses for four consecutive years, is set to be acquired by Suzhou Qichan, a private equity fund, marking the first case of this nature following the new guidelines [5][6]. - The acquisition process involves a "pre-investment and post-fundraising" approach, where the acquirer first identifies the target before raising the necessary funds [6][7]. Group 2: Market Context and Implications - In developed capital markets, private equity fund acquisitions of public companies are common, offering unique advantages such as minimal interference in daily operations and enhanced resource integration capabilities [3][10]. - The Tianmai Technology acquisition is viewed as a significant policy indicator, potentially paving the way for more private equity fund participation in public company acquisitions, thus promoting capital market innovation and improving overall company quality [9][10]. Group 3: Regulatory Considerations - The article emphasizes the need for comprehensive regulation of private equity fund acquisitions to prevent market irregularities, including third-party evaluations for asset injections and strict scrutiny of acquisition motives and funding sources [3][12]. - Recommendations for enhancing the regulatory framework include improving information disclosure, establishing risk assessment mechanisms, and ensuring ongoing monitoring of post-acquisition company performance [13][14].

Core Viewpoint - Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd. focuses on investment opportunities in the secondary market, emphasizing the growth value of outstanding Chinese enterprises and providing professional wealth management services for high-net-worth clients [2][5]. Company Overview - The company is a private fund manager with registration number P1034204, established to leverage the advantages of its parent company, Paipai Network, which specializes in financial services driven by digital technology [2][5]. - Since its inception, the company has issued over 40 private securities investment fund products, with a historical cumulative management scale exceeding 1.2 billion [5][19]. Development History - The company was founded on February 1, 2016, and registered with the Asset Management Association of China on October 9, 2016 [5]. - In 2021, it was awarded the "Most Trustworthy Private FOF Institution" at the Wealth and Private Pioneer Awards [5]. Investment Strategy - The investment strategy focuses on multi-asset allocation and multi-strategy balance, aiming to meet client needs through diversified investments in stocks, bonds, futures, derivatives, and overseas markets [20]. - The firm employs a dual-track system where subjective teams and FOF teams collaborate, sharing resources and working together [15][20]. Research and Analysis - The research team consists of experienced professionals with deep market insights and robust risk control capabilities, conducting over 1,000 independent due diligence sessions annually [19][16]. - The investment approach emphasizes long-term value and macroeconomic analysis, prioritizing sectors and companies with high growth potential [17][19]. Product Line - The company offers a range of products, including the Rongzhi Market Neutral Strategy Index FOF and the Paipai Network Yuheng Value Growth fund, among others [21][24]. - The investment products are evaluated based on historical performance, management teams, investment strategies, and risk control measures [20].

价值投资 · 绝对收益 公司简介 重阳投资是首批在中国证券投资基金业协会登记的私募基金管理人，是连续十一年荣获业内最 权威奖项"金牛奖"的私募基金公司。重阳投资秉承"价值投资，绝对收益"理念，经过多年积 累，已创设了一套完善的投研体系，形成了良好的企业文化，聚合了大批优秀人才。在新时代 发展机遇面前，重阳投资愿借助平台积淀，严格遵守行业规范，积极参与市场建设，与蓬勃发 展的中国资产管理行业同步前行！ 详细信息请登录公司网站： http://www.chongyang.net 2025 · 与你同行 2025 · "渠道精英招募计划" 渠道经理 职责 描述 1、负责销售渠道开拓及维护； 2、组织渠道活动，高效传达公司投资策略； 3、及时跟踪渠道和客户动态，做好客户服务工作； 4、其他渠道服务相关工作。 职位 要求 应聘方式 请 发送简历⾄邮箱hr@chongyang.net， 标题请注明：姓名应聘渠道经理 联系⼈：薛⽼师 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投 资者教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博 ...

Group 1 - Tianmai Technology announced that Suzhou Qichen plans to acquire 17.7567 million shares, representing 26.10% of the total share capital, for a consideration of 452 million yuan [1] - The acquiring party changed from Suzhou Qihan to Suzhou Qichen due to the acquisition method involving initial investment followed by fundraising [1] - After the transaction, the largest shareholder will be Suzhou Qichen, and the actual controller will change from Guo Jianguo and Tian Shufen to Kuang Ziping [1] Group 2 - Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching 9.5 billion USD, having invested in over 580 high-growth innovative companies [2] - Tianmai Technology specializes in providing comprehensive solutions for urban intelligent transportation based on technologies such as IoT, AI, big data, and cloud computing [2] - Tianmai Technology has reported continuous losses for four years, with revenues of 233 million yuan, 329 million yuan, 220 million yuan, and 164 million yuan from 2021 to 2024 [2] Group 3 - The original shareholders of Tianmai Technology made performance commitments, ensuring that the consolidated revenue for 2025 and 2026 will not be less than 100 million yuan, with specific net profit targets for those years [3]