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又一私募被列入网下投资者限制名单 行业规范发展提速
Huan Qiu Wang· 2025-09-18 03:26
【环球网财经综合报道】中国证券业协会(以下简称"中证协")近日披露自律措施决定书,决定将百亿级私募红筹投资列入网下投资者限制名单六个月,并 予以警示。这是今年以来私募机构在网下打新业务中合规问题的又一典型案例。 红筹投资并非个例。中证协7月披露的网下投资者和配售对象限制名单显示,宁泉致远55号私募证券投资基金自2025年6月至12月被限制参与相关业务。今年 4月,盈峰资本因未审慎报价、定价依据不充分等八项违规行为被限制网下打新6个月,并被要求参加合规教育。上海辰翔基金也因类似问题被上交所予以监 管警示。 中证协在决定书中强调,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。 当前,私募行业正处在规范化发展的关键阶段。业内人士普遍认为,只有持续提升合规水平,完善内控机制,私募机构才能在激烈的市场竞争中行稳致远。 规范发展不仅是监管要求,更是私募机构实现长期健康发展的必由之路。 中证协决定书显示,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。具体包括:未履行报价评估和决策程序、定价依据不充分、研究报告撰写机 ...
又一百亿私募 被拉入“黑名单”!
Shang Hai Zheng Quan Bao· 2025-09-17 16:14
又一家百亿级私募,被列入网下投资者限制名单。 近日,中国证券业协会(简称"中证协")披露一则自律措施决定书称,决定将百亿级私募红筹投资列入网下投资者限 制名单六个月,并予以警示。据该决定书,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、投决机制等网下询价业务的全部关键流程。中证协表示,红筹投资若 再次出现同类违规行为,将依规采取更严处理措施。 值得注意的是,今年以来,宁泉资产、盈峰资本等多家私募或旗下产品被拉入打新"黑名单"。多位业内人士透露,行 业监管不断细化将引导私募业逐步走上规范发展之路,在此背景下,私募在管理方面必须提升合规水平,尤其是进 一步完善合规细节,方能实现稳健成长。 红筹投资被限制打新半年 近日,中证协发布自律措施决定书称,红筹投资在上海证券交易所2025年3月开展的网下投资者自律检查中,存在八 类违规情形,包括未履行报价评估和决策程序、定价依据不充分、研究报告撰写机制不完善、未建立健全必要的投 资决策机制、未制定完善的合规管理制度、相关合规检查工作执行不到位等问题。因此,决定将红筹投资列入网下 投资者限制名单六个月,并予以警示。 ...
“宏观猎手”看A股:谁将接过时代的权杖?
券商中国· 2025-09-17 07:52
Core Viewpoint - The article emphasizes the importance of macroeconomic policies and industry trends in investment strategies, highlighting the ability to identify investment opportunities through careful analysis of policy changes and market dynamics [1][3][17]. Group 1: Investment Philosophy - The investment philosophy of the company is characterized by a balance between aggressive and defensive strategies, adapting to market conditions through a dynamic asset allocation approach [6][11]. - The company focuses on capturing economic cycles and industry rotations, selecting 3 to 5 high-prospect industries for investment each year [6][7]. - The investment strategy includes a mix of long-term holdings and opportunistic trades, with a keen eye on emerging trends and sectors [15][17]. Group 2: Historical Context and Experience - The company’s investment manager, Yin Tao, has a rich background in macroeconomic research and media, which has shaped his investment acumen over 27 years [3][4]. - Yin Tao transitioned from journalism to investment management in 2008, where he developed skills in asset allocation and risk management during the global financial crisis [4][5]. - The company has successfully navigated multiple market cycles, demonstrating resilience and adaptability in its investment approach [5][12]. Group 3: Performance Metrics - The company’s managed funds have shown significant performance, with a net value growth rate of 19.18% over the past six months and 18.70% over the past year [5]. - According to data from Galaxy Securities, the company’s products ranked in the top 5% of their category over the past two years, indicating strong competitive performance [5]. Group 4: Sector Focus - The company identifies key sectors for investment, including AI, innovative pharmaceuticals, and new consumption, which are seen as the main drivers of future growth [17]. - Yin Tao has successfully invested in leading stocks within these sectors, capitalizing on trends such as the rise of electric vehicles and innovative consumer products [14][15]. Group 5: Research and Analysis - The company employs a rigorous research methodology, including in-depth analysis of financial statements and market conditions, to identify high-quality growth stocks [10][9]. - Yin Tao emphasizes the importance of patience and thorough investigation in investment decisions, often revisiting companies to validate investment theses [9][10]. Group 6: Market Adaptation - The company adapts its strategies based on market conditions, employing a flexible approach to portfolio management that allows for quick adjustments in response to market volatility [12][13]. - Yin Tao’s strategy includes a focus on maintaining a balanced portfolio, with adjustments made to stock allocations based on performance and market signals [12][13].
中小型私募短中期竟跑赢头部私募!仅4家主观私募持续领先!神农、一久两度上榜!
私募排排网· 2025-09-17 04:00
Core Viewpoint - The article discusses the performance and characteristics of private equity firms in China, highlighting the advantages of both large and small firms in generating investment returns, while emphasizing the challenges faced by larger firms when exceeding strategy capacity [1][3]. Summary by Sections Overview of Private Equity Firms - Large private equity firms (over 5 billion) are favored for their comprehensive research teams, diverse strategies, and mature risk control, which can lead to sustained investment returns [1]. - However, once a firm's scale exceeds its strategy capacity, returns may decline, making it challenging to be both "large and strong" [1]. Performance Analysis - As of August 2025, there are 6,608 private equity firms established for over five years, with those under 5 billion in scale showing weaker performance over five years compared to larger firms, but outperforming them in the past one and three years [3]. - Among firms with a scale of 5-50 billion, 892 have been identified, with a focus on those that have products meeting ranking criteria for performance evaluation [3]. Recent Performance Rankings - In the past year, the top-performing private equity firm is Jiu Private Equity Fund, achieving an average return of 50.19% [3][6]. - The top 20 firms in the past year include 14 subjective private equity firms, with a majority in the 5-10 billion scale range [4]. Detailed Rankings - The top firms in the past year include: 1. Jiu Private Equity Fund 2. Lei Xing Capital 3. Neng Jing Investment Holdings 4. Berkshire Investment 5. Jiu Ge Investment [5]. - Jiu Private Equity Fund has consistently ranked first over the past three years, with a focus on fundamental research and growth stocks [6]. Three-Year Performance - In the past three years, the average return for the top 20 private equity firms is 53.54%, with a significant number being subjective firms [8]. - Notable firms include Jiu Private Equity Fund, Fu Ying Investment, and Shen Nong Investment, with the latter focusing on value investment in high-quality A-share companies [9][11]. Five-Year Performance - Over the past five years, the average return for the top 20 firms is 78.6%, with subjective firms dominating the rankings [12]. - Heng Bang Zhao Feng leads the five-year performance rankings, emphasizing value-driven investment strategies [13]. Consistent Performers - Only four firms—Heng Bang Zhao Feng, Fu Ying Investment, Long Hang Asset, and You Bo Capital—ranked in the top 20 across one, three, and five-year periods, all employing subjective investment strategies [14].
股票策略近一年10强私募出炉!量化私募霸榜百亿私募组,黑翼、量派、鸣石居前3!
私募排排网· 2025-09-17 00:52
与A股关联度较大的港股,在近一年也表现更为亮眼,恒生科技指数涨幅超59%。美股三大指数由于位置较高,表现相对落后,纳斯达克指数以 21.12%的涨幅相对领先。 本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 近一年来(2024年9月初-2025年8月底),A股先是爆发了一波气势如虹的"924行情",然后高位横盘震荡数月后,在今年6月开始继续向上突 破,沪指在8月份创下近10年新高。最终, 近一年来 A股主要指数,均有亮眼表现 。其中领涨的创业板指涨幅接近83%,上证指数涨幅接近 36%,深证成指涨幅超52%。 | | | A股、港股、美股主要指数近一年的表现 | | 码 | | --- | --- | --- | --- | --- | | 私募排排网公众号 | 0 | 数据来源: Choice, 近一年: 2024.09.01-2025.08.31 | | | | 证券市场 | 指数名称 | 近一年 | 近一年 | 沂一年 | | | | 涨跌幅 | 最大涨幅 | 最大回撤 | | | 上证指数 | 35.74% | 43.62% | -11.27% | | | 深证成指 | 52.08% ...
金融教育宣传周|带你读懂适当性,做理性金融消费者
Xin Lang Ji Jin· 2025-09-16 09:43
第二章基本规则,明确金融机构应了解产品、了解客户、进行适当性匹配,合规推介销售等基本要求。 第三章适当性规则,根据不同产品属性特征提出针对性要求。对于投资型产品,要求划分产品风险等级、 进行投资者风险承受能力评估,将投资者分为专业投资者与普通投资者,进行差异化的适当性管理。对于 保险产品,要求开展分类分级、对保险销售资质进行分级管理,对投保人进行需求分析和财务支付水平评 估等。 为全面贯彻落实党的二十大和二十届二中、三中全会精神以及中央经济工作会议、中央金融工作会议部 署,深刻把握金融工作政治性、人民性,积极践行以人民为中心的价值取向,提升投资者金融素养,维护 投资者合法权益。 2025年9月,金融监管总局、中国人民银行、中国证监会联合开展金融教育宣传周活动。保银私募积极响 应监管号召,结合自身特色与群众需求,全面启动金融教育宣传周专项活动。 本次活动,保银私募以"带你读懂适当性, 做理性金融消费者"为主题,带大家一起学习《金融机构产品适 当性管理办法》。 一、《金融机构产品适当性管理办法》的主要内容 2025年7月11日,国家金融监督管理总局正式发布《金融机构产品适当性管理办法》(国家金融监督管理 总局令2 ...
桥水全天候限额配售一号难求,我们有其他平替选择吗?
雪球· 2025-09-16 08:28
以下文章来源于风云君的研究笔记 ,作者专注私募研究的 风云君的研究笔记 . 深耕私募行业多年,专注私募基金各个策略以及资产配置,希望能分享给大家更深入、更专业的私募那 些事。 过去几年,桥水全天候策略产品表现非常出色,最差产品线一年收益率也在10%到14%之间,平 均收益率大约在16%左右,真正实现了跨越牛熊周期的长期收益。 当然,其策略本身的赚钱逻辑也被越来越多投资人接受。 风险提示:本文所提到的观点仅代表个人的意见,所涉及标的不作推荐,据此买卖,风险自负。 作者: 风云君的研究笔记 来源:雪球 节目预告:本周三晚,风云君会邀请雪球基金投研举办一场"宏观策略"的专场直播,从市场环境到策略 深度解读。点击添加风云君企微提前报名>> 上周,上证指数一度逼近3900点整数关口,A股情绪很是火热。 但比大盘更"火热"的,是桥水旗下的全天候策略产品。 到底"火热"到什么程度? 据了解,早在8月份,产品上架即售罄。还因为认购过于火爆,某头部券商直接开启白名单制,大 部分只对高净客户开放,另外各种配售机制也大幅抬高了申购门槛。很多投资者直呼"买不起", 只能望而却步。 桥水全天候被市场"疯抢" 自然 离不开其策略的优秀 ...
准百亿私募产品榜揭晓!国源信达、远信投资等夺冠!平方和、洛书私募多次居前!
私募排排网· 2025-09-16 07:01
Core Viewpoint - The article highlights the performance of private equity funds in the range of 5-10 billion, indicating a strong average return of 24.25% year-to-date, with stock strategy products significantly outperforming the market [1][2]. Group 1: Performance Overview - There are 570 products under private equity funds with performance data, totaling approximately 951.82 billion yuan, with an average return of 24.25% this year [1][2]. - Stock strategy products, totaling 470, have an average return of 26.58%, outperforming the market significantly [1][2]. - Futures and derivatives strategy products have lagged behind, with only 25 products showing an average return of 6.04% this year [1][2]. Group 2: Strategy Breakdown - The performance of various strategies is as follows: - Stock Strategy: 470 products, 7,909,036.93 million yuan, 8-month return of 6.23%, year-to-date return of 26.58% [2]. - Multi-Asset Strategy: 79 products, 1,083,120.75 million yuan, 8-month return of 5.79%, year-to-date return of 17.97% [2]. - Futures and Derivatives Strategy: 25 products, 241,368.31 million yuan, 8-month return of 1.24%, year-to-date return of 6.04% [2]. - Bond Strategy: 17 products, 228,625.42 million yuan, 8-month return of 1.32%, year-to-date return of 5.66% [2]. - Combination Fund: 3 products, 56,001.36 million yuan, 8-month return of 9.33%, year-to-date return of 31.87% [2]. Group 3: Quantitative Strategy Performance - There are 76 quantitative long products with an average return of 36.30% year-to-date, outperforming the average [3][4]. - The top three quantitative long products for the year are from Pansong Asset, Beiyang Quantitative, and Zhengying Asset [4]. Group 4: Subjective Long Strategy Performance - 82 subjective long products have an average return of 30.86% year-to-date, benefiting from a strong equity market [7][8]. - The top three subjective long products are from Yuanxin Investment, Tongben Investment, and Kangmand Capital [8]. Group 5: Market Neutral Strategy Performance - 37 market-neutral products have an average return of 6.53% year-to-date, with the top three products from Pansong Investment, Liangkui Private Equity, and Pansong Asset [11][12]. Group 6: Multi-Asset Strategy Performance - 79 multi-asset strategy products have an average return of 14.51% year-to-date, with the top three products from Guoyuan Xinda, Luoshu Investment, and Chanlong Asset [13][14]. Group 7: Futures and Derivatives Strategy Performance - 52 futures and derivatives strategy products have an average return of 8.92% year-to-date, with the top three products from Hongxi Fund, Luoshu Investment, and Jiahong Fund [15][16].
但斌、梁宏旗下“双十基金”创新高!梁文锋掌舵的幻方旗下产品全部新高!
私募排排网· 2025-09-16 03:59
本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 8月份,A股三大股指继续强势上涨,同时,成交额来到了历史高位水平,市场交投活跃。8月份,上证指数的涨幅为7.97%,深证成指的涨幅为 15.32%,创业板指的涨幅为24.13%。 在这样的市场背景下, 有 3321只私募产品(在私募排排网有业绩展示且成立满1年)在今年8月份净值曾创下历史新高,占成立满1年的私募产 品的比例约为71.19%。 按产品类型来看,量化产品占 1303只,非量化产品占2018只 。 按照产品策略(一级策略)来看,股票策略产品最多(主要是主观多头和量化 多头),有 2135只,占比约64%; 其次是多资产策略产品占471只,期货及衍生品策略产品占305只,债券策略产品占302只,组合基金产品占 108只。 按公司规模来看,来自5亿以下规模私募的产品最多,有1347只,占比超4成;来自百亿私募的产品有456只。 为了给读者提供一些参考, 笔者在创新高私募产品中按照产品策略分别梳理出了 "股票策略-主观多头、股票策略-量化多头、期货及衍生品策 略、多资产策略、债券策略"近一年收益居前20强的私募产品(公司规模在5亿以上); 此 ...
红筹投资总经理邹奕:做“安心”投资 锚定价值顺势而为
Zhong Guo Zheng Quan Bao· 2025-09-15 00:29
Core Viewpoint - The recent strong performance of the A-share market is attributed to long-term valuation compression and the potential for valuation recovery, which has been building up over the past few years [1] Investment Philosophy - The investment philosophy emphasizes "value anchoring and going with the trend," focusing on maintaining a balanced portfolio while adhering to low valuation assets for a more "secure" investment approach [1][5] - The strategy involves a flexible adjustment to market conditions, allowing for rebalancing of positions and combinations based on market dynamics [7] Investment Strategy - The preferred investment model is to focus on low-valuation assets, reflecting a preference for a stable investment style [5] - The approach includes diversified sector allocation and holding assets at different valuation realization stages, rather than concentrating on a single high-risk investment [5] - The focus is on capturing valuation recovery rather than speculative valuation expansion, with a keen eye on risk-reward ratios and certainty [5][6] Market Outlook - The investment outlook remains positive across multiple sectors, including innovative pharmaceuticals, technology, cyclical industries, automotive, and public utilities [10][11] - The innovative pharmaceutical sector is particularly highlighted as a promising area, with expectations for domestic companies to transition from following to leading innovation [10] - The AI sector is noted for its potential, especially in computing power and humanoid robotics, which are expected to become significant markets [11] Sector-Specific Insights - In advanced manufacturing, the shift towards higher value chain segments is seen as crucial for enhancing competitiveness and market returns [11] - The cyclical sector, particularly energy and chemicals, is anticipated to see price stabilization and growth potential due to favorable market conditions [11] - In the automotive sector, the focus is on identifying companies undergoing deep reforms or new product cycles, with an emphasis on smart and robotic trends [11] - The public utilities sector is viewed as presenting medium to long-term investment opportunities due to currently reasonable valuations and expected growth in electricity demand [11] Conclusion - Overall, the A-share market is expected to witness a maturation of shareholder return and market value management systems, with a focus on identifying undervalued assets that show potential for fundamental improvement [12]