依法规范私募基金市场发展 5月15日，最高人民法院、中国证监会联合发布《指导意见》并指出，《指导意见》是司法保障资本市场改革发展的一部纲领性文件，有针对性地完善司法 政策和裁判规则，创新工作机制，全面提升审判监管质效，是资本市场法治建设的一项重要成果，有助于充分发挥人民法院职能作用，强化司法与行政协 同，全方位助推资本市场高质量发展。 司法保障资本市场改革发展迎来纲领性文件。5月15日，最高人民法院、中国证监会联合发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导 意见》（以下简称《指导意见》），其中多项内容提及私募基金。例如，研究制定私募基金犯罪指导意见；综合运用民事、行政和刑事手段依法打击管理人 背信失范行为；依法稳慎办理与私募基金风险化解有关的案件。有业内人士指出，保护投资者，需要从立法到执行全方位落地，当前资本市场处于高速度发 展向高质量发展的转型，提升合法合规性和监管针对性，是未来资本市场的发展方向。 在中国企业资本联盟中国区首席经济学家柏文喜看来，当前私募机构和投资者的主要纠纷包括刚性兑付纠纷、投资者适当性纠纷、清算退出纠纷，这些纠纷 产生主要由于法律规范不完善、行业合规意识薄弱、投资者 ...

Core Viewpoint - The Shenzhen Private Equity Fund Industry Association has officially launched a special compliance construction year initiative aimed at strengthening compliance within the private equity sector in Shenzhen [1] Group 1: Compliance Initiative - The initiative is guided by the Shenzhen Securities Regulatory Bureau and the Shenzhen Municipal Financial Office, focusing on the theme "Building a Solid Compliance Defense Line, Safeguarding Private Equity Development" [1] - The program will emphasize compliance education and guidance for private equity institutions and practitioners, aiming to enhance the compliance culture within the industry [1] Group 2: Regulatory Focus - The initiative will operate under the unified work deployment of the China Securities Regulatory Commission, with a strong emphasis on combating serious illegal and irregular activities [1] - The approach will adopt a "punishment and prevention" strategy to reinforce compliance and internal control levels within the private equity fund industry [1] Group 3: Industry Development - The compliance construction year is expected to lay a solid foundation for the high-quality development of the private equity sector in Shenzhen [1]

以下文章来源于资事堂 ，作者资事堂 资事堂 . 未按要求按时提交经审计的年度财务报告（本异常机构公示情形已整改）。 华尔街见闻出品 作者孙建楠 编辑袁畅 王亚伟，曾经是内地公私募圈"最具关注度"的名字。因为他的业绩一度是其他人无法企及的程度。 虽然如今他的动向已不为人知，但不可否认，他的名字仍旧在圈内"备受关注"。 而关于他"遗留"下的那个基金公司——千合资本，依然在市场里正常运作着，这也是这个圈层里另一个"吸睛"的所在。 而伴随着日前的公告信息，更多"炸裂"的信息，浮到了"水面"之上。 千合资本"已整改" 据基金业协会官网， 千合资本的备案主页近日出现信息更新。 作为一家仍在运营的私募机构，千合资本的信息一直可以从中部分的得到了解。这某种程度，也是这家神秘机构顽强"生命力"的体现。 最新的信息更新出现这家私募的机构诚信信息一栏中，在异常提示部分——最新有了更多标注： 这段表述意味着两个信息： 首先，千合资本在此前曾经因为未及时提交"经审计的年度财务报告"，而被判定出现异常。 其次，该异常情况被新标注为已整改——大概率是协会获得相关财务报告。 根据资事堂的了解： 一家备案并处于正常状态的私募机构，应当在每个年 ...

山东证监局对千果（济南）私募基金管理有限公司采取责令改正行政监管措施。 ...

Core Viewpoint - The article emphasizes the ongoing dual easing policies in China, focusing on domestic demand and consumption as the main investment strategy for the next decade, while highlighting the resilience of the Chinese economy against external pressures [2][4][7]. Group 1: Investment Strategy - The future investment strategy in A-shares will focus on "domestic demand as king, emphasizing consumption," which is seen as a major trend for the next 10 years [2][8]. - The multi-fund manager team system at Star Stone Investment has been successfully implemented for 10 years, allowing for high portfolio operation without significant market timing, achieving effective volatility control [2][16]. - The "fund manager secondary recommendation mechanism" encourages collaboration among fund managers, enhancing the quality of investment decisions [2][15]. Group 2: Economic Context - The U.S. faces significant fiscal pressure with a national debt of $36 trillion, leading to challenges in balancing economic growth and deficit reduction [3]. - China has prepared adequately for external economic pressures, with a diversified industrial layout and significant technological advancements reducing previous vulnerabilities [4][6]. - The current broad deficit rate in China may reach 8.4%, comparable to the pandemic period, indicating strong policy responses to economic challenges [7]. Group 3: Market Trends - The narrative of "East rising, West declining" is gaining traction, with capital flows shifting from the U.S. to China, driven by technological breakthroughs and supportive policies [5][6]. - The consumption sector is expected to see significant growth, with the potential for the proportion of household consumption in GDP to rise from around 40% to 70% over the next 10-20 years [8][10]. - Key investment themes include consumer services, high-growth consumer goods, innovative pharmaceuticals, and AI-driven applications, all poised for recovery as the economy improves [10][11].

Core Viewpoint - The performance of private equity funds has been significantly impacted by tariff shocks, leading to a general decline in returns for April, although recent market recovery has shown signs of stabilization in net asset values and management scales, particularly among large private equity firms [1][2][7]. Group 1: Performance Overview - In April, only 20 out of 100 leading long-only private equity products achieved positive returns, indicating that over 80% of products experienced losses [2][3]. - Among large private equity firms, the average return for 49 firms with performance data was -0.46%, with only 34.69% achieving positive returns [5]. - The top-performing large private equity firms included Honghu Private Equity, Evolution Asset, and Lery Asset, while some firms faced losses exceeding 10% [3][5]. Group 2: Strategy Performance - Quantitative strategies among leading private equity firms performed poorly, with only 10% of products yielding positive returns, while market-neutral and quantitative CTA strategies showed better performance [4]. - Mixed strategy large private equity firms outperformed others, with an average return of 0.04%, while subjective long-only strategies suffered the most with an average return of -1.24% [5]. Group 3: Market Dynamics - The number of large private equity managers has increased to 87, up from 84 in March, indicating a slight expansion in the sector [2][8]. - The competitive landscape is intensifying, with a notable increase in the proportion of quantitative large private equity firms, which now account for 43.68% of the total, reflecting a shift in market dynamics [12]. Group 4: New Entrants and Exits - Four large private equity firms exited the billion-dollar club, while seven new or returning firms joined, including Shanghai RuiLiang and Zhuhai Kuande, with a focus on quantitative strategies [9][10]. - The majority of new entrants are quantitative firms, while subjective firms still dominate the large private equity landscape [11].

券商中国记者从业内获悉，近日上海、浙江等地相继启动私募基金管理人自查工作。自查内容涉及私募经 营各个环节，上海监管部门还对量化私募的投资运作提出了多项明确要求。 有私募人士表示，近年来，私募业监管持续加强，推动行业合规水平整体提升。未来，私募行业的头部效应将 进一步加强，从内控角度看，头部私募的合规要求或逐步向公募靠拢。 多地启动私募自查 4月底，上海证监局向私募下发《关于规范上海辖区私募基金管理人经营运作的通知》，组织上海辖区私募基 金管理人开展规范经营运作的相关工作，包括组织集中学习、参与合规培训、开展自评自纠等，相关工作要求 在6月中旬前完成。 上述问卷内容包括基本要求、资金募集、投资交易、内控及风险管理、信息披露与报送和投资者适当性六大部 分。在投资交易部分中，监管特别要求私募管理人自查是否开展或参与"资金池"业务：（1）不同基金资产进 行混同运作，资金与资产无法明确对应；（2）基金产品未单独建账、独立核算，未单独编制估值表；（3）脱 离对应标的资产的实际收益率进行分离定价；（4）基金产品未进行实际投资或者投资于非标资产，仅以后期 投资者的投资资金向前期投资者兑付投资本金和收益；（5）基金产品所投资产 ...

Group 1: Private Equity Landscape - The number of private equity firms managing over 10 billion yuan has increased to 87, up from 84 in March, indicating a slight expansion in the sector [1] - Among the new entrants, seven firms have either newly joined or returned to the 10 billion yuan club, while four firms have exited due to scale contraction [1] - The distribution of investment strategies shows that subjective strategy firms lead with 41, followed closely by quantitative strategy firms with 38, and mixed strategy firms at 7 [1] Group 2: A500 Index Products - In the first four months of the year, 165 A500 index enhancement products were registered, with 17 of the 10 billion yuan private equity firms being the main contributors, accounting for 142 of these products [2] - Leading firms in A500 index product registrations include Heiyi Asset, Kuande Private Equity, and Shiji Qianyan, with 38, 37, and 16 products respectively [2] - The popularity of A500 index products is attributed to their compatibility with quantitative strategies and the comprehensive coverage of the index [2] Group 3: Regulatory Environment - The Shanghai Securities Regulatory Bureau has mandated private equity firms to conduct self-assessments and corrections by June 15, 2025, in response to regulatory tightening [4] - Recent reports from Beijing and Shenzhen highlight violations during fundraising and operational phases, including misappropriation of fund assets [5] - The regulatory scrutiny is aimed at ensuring compliance and protecting investor rights within the private equity sector [4][5] Group 4: Market Trends and Opportunities - The private equity sector is experiencing a surge in registrations, particularly in quantitative strategies, which now account for 43.83% of all registered private equity products [3] - The stock strategy remains dominant, with 1,056 registered products, representing 69.02% of the quantitative strategy segment [3] - The trend indicates a shift towards quantitative strategies becoming mainstream within the private equity landscape [3] Group 5: Institutional Developments - A consortium of major insurance asset management companies has established a private equity fund with a total contribution of 130.01 billion yuan [14] - The fund aims to engage in equity investments and asset management activities, pending registration with the China Securities Investment Fund Industry Association [14] - This collaboration reflects a growing trend of institutional investors pooling resources to enhance their investment capabilities [14]

Regulatory Actions - Multiple local securities regulatory authorities, including Zhejiang, Shanghai, and Shandong, have mandated private equity firms within their jurisdictions to conduct self-inspections and submit reports [1] - Zhejiang Securities Regulatory Bureau has issued a notice to promote high-quality development in the private equity industry by 2025, requiring firms to self-assess compliance with regulations and identify risks in all operational phases [1] - Shanghai Securities Regulatory Bureau has instructed private equity fund managers to engage in standardized operational practices, including organized training and self-evaluation, with a report submission deadline of June 15 [1] - Shandong Securities Regulatory Bureau has also released a self-inspection notice, urging private equity firms to verify compliance against an annual inspection checklist [1]

Group 1 - The overall performance of private equity funds in 2025 has been strong, with an average return of 2.52% and 69.82% of products achieving positive returns [1] - Over 300 listed companies have disclosed stock repurchase plans since April, with a total proposed amount exceeding 110 billion yuan, including both private and state-owned enterprises [1] - Consumer REITs have seen significant price increases, with some products rising over 40% this year, prompting trading alerts for investors [1] Group 2 - Tencent Music reported a first-quarter adjusted net profit of 2.23 billion yuan, a year-on-year increase of 22.8%, with total revenue reaching 7.36 billion yuan [2] - JD Logistics announced a first-quarter revenue of 46.967 billion yuan, reflecting an 11.5% year-on-year growth, with a profit of 611 million yuan [2] - The DRAM market is experiencing price increases, with some DDR4 models rising nearly 50% in a month due to increased demand driven by AI [2] Group 3 - The global top ten semiconductor packaging and testing companies are projected to have a combined revenue of 41.56 billion USD in 2024, marking a 3% year-on-year increase [3] - Didi Pet Travel has registered nearly 2 million pets and is exploring integration with ride-sharing services [4] Group 4 - Domestic gold prices have dropped below 1,000 yuan per gram, leading to increased sales activity in gold stores, with monthly sales reaching several million yuan [4] - ABB is considering selling its robotics division, valued at over 3.5 billion USD, as an alternative to a planned spin-off [5] - SoftBank's Vision Fund reported a loss of 115.02 billion yen for the fiscal year 2024 [5] Group 5 - Emei Mountain A announced the resignation of its general manager, Ma Ling, due to work reasons [7] - Shengyi Electronics plans to repurchase shares with a total amount between 50 million and 100 million yuan [8] - Ningbo Gaofa is increasing its investment in its subsidiary by 60 million yuan to support its development [9] - Weifu High Science has received a commitment letter for a stock repurchase loan of up to 135 million yuan [10]