近日，多家明星私募发布了最新市场观点，对于后市整体都较为积极。此外，伴随资金风险偏好的上升，私募 基金管理总规模最近几个月连续较快增长，已经重新站稳在20万亿元之上。 私募看好这些机会 券商中国记者从渠道处获悉，淡水泉日前发布最新投资月报称，今年上半年市场的鲜明特征之一是避险思维让 位于机会思维，与前两年存在明显不同。 市场交投情绪明显好于去年，上半年A股日均成交额维持在1.3万亿 元以上，超过去年下半年的1.2万亿元，更远高于去年上半年的8600亿元水平，市场活跃度的提升意味着赚钱 效应的显现。另外，机会广度较以往也明显扩大。经济总量虽有压力，但企业分化在加大，具有稀缺性成长的 资产受到市场追逐，估值对于盈利的敏感性大幅提升。 进入2025年下半年 ，股市将会如何演绎，明星私募最新观点受到市场关注。 中国证券投资基金业协会数据显示，截至2025年5月末，存续私募基金管理人19832家，管理基金数量超14万 只，管理基金规模20.27万亿元。其中，私募证券投资基金管理人7802家；私募股权、创业投资基金管理人 11835家；私募资产配置类基金管理人6家；其他私募投资基金管理人189家。 分类别看，存续私募证券 ...

在这样的市场背景下， 据私募排排网数据， 有 2010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6月份净值曾创下历史新高，占 在私募排排网有近1年业绩展示的私募产品的比例约为45.68%。 按产品类型来看，量化产品占 965只，非量化产品占1045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 1153只； 其次是多资产策略产品占272只，债券策略产品占257只，期货及衍生品策略产品占256只，组合基金产品占72只。 按公司规模来看，来自5亿以下规模私募的产品最多，有790只，占比近4成；来自百亿私募的产品有283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）； 此外，鉴于读者对于百亿私募产品颇为关注，笔者还特 在创新高的百亿私募产品中梳理出了 "近一年收益20强"和"近三年收益20强" 。 （ 同一基金经理管理多只相同策略产品的，仅选收益最高的产 品参与排名 ） 0 1 股票 - 量化多 ...

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm Ruiyang Investment on a listed company, Sitwei, which is expected to achieve significant revenue and profit growth in 2024 [1] - Sitwei is projected to achieve an operating income of 5.968 billion yuan in 2024, representing a year-on-year increase of 108.87%, and a net profit of 393 million yuan, reflecting a staggering year-on-year growth of 2,662.76% [1] - The company's products are widely used in smart security, automotive electronics, and consumer electronics, and it competes effectively with major players like Sony [1] - Sitwei ranks first globally in security CIS shipments, fourth in the automotive CIS market globally, second domestically, and fifth in the mobile phone CIS market globally [1] - The company has invested 447.4033 million yuan in R&D in 2024, marking a year-on-year increase of 56.35%, and has accumulated 464 authorized patents [1] - Sitwei operates on a Fabless model, focusing on the research, design, and sales of CMOS image sensors, and has established its own testing facility for final testing [1] Group 2 - Ruiyang Investment was established in January 2017 and primarily engages in private securities investment fund business in the secondary market, with an asset management scale of approximately 10 billion yuan [2] - The average tenure of the fund managers at Ruiyang Investment exceeds 10 years, indicating a strong level of experience in the industry [2] Group 3 - The article mentions several awards received by Ruiyang Investment and its fund managers, including the "12th China Private Equity Golden Bull Award" for three-year outstanding private equity investment manager in September 2021 [3] - Ruiyang Investment's Ruiyang Selected No. 2 fund achieved a return of 106.99% in 2019, with a maximum monthly drawdown of 2.37%, and a return of 64.42% in 2020, with a maximum drawdown of 6.26% in the past year [3] - Ruiyang Investment has received multiple accolades, including the "Golden Sunshine Award" for three-year outstanding private equity company in July 2021, showcasing its growth and performance in the private equity sector [3]

推动内部投研机制进一步优化 止于至善投资并非资本市场的新兵。自2016年成立以来，公司已成功进入多家券商、信托及上市公司的 代销或投资白名单，并于2023年加入中国互联网协会人工智能工作委员会，彰显其在融合前沿技术上的 前瞻性。何理认为，公司最核心的标签是AI技术深度赋能投研前沿实践，做"全球价值投资践行者"。 在何理看来，AI工具对于如今的公司投研团队，"如同使用互联网一样自然"，近两年，公司每年的人均 使用AI时长已超500小时。这背后真正的引擎是一款名为"AI赛博坦"的投研体系。 AI赛博坦由研究、交易、风控、回溯四大子体系有机融合而成，并处于持续迭代之中。该体系近两年 的关键进化尤为引人注目：首先，公司开创性地把主观投资框架纳入AI回溯体系，使每一笔交易、每 一个研究观点和研究结论均可追溯，直击主观投资"易遗忘错误"的痛点；其次，在主观投资赛道中采用 量化交易体系。这两点迭代意味着，无论标的特性如何，公司最终的投资决策更多基于理性的团队共识 与AI达成的共识，而非个体的"主观拍脑袋"，有效规避了人性的弱点和认知偏差。 在具体投研实践中，公司坚持自下而上构建组合、自上而下再进行验证的投资逻辑。投资视野覆 ...

□本报记者 王辉 近期A股市场走势稳健，上证指数创出年内新高，市场信心明显提升。综合多家百亿级股票私募的下半 年展望，相关头部机构一方面对A股、港股市场的韧性以及市场流动性等因素持积极态度，另一方面也 强调把握结构性机会的重要性。 看好优质资产 对于下半年市场整体走向，百亿级股票私募普遍展现出积极预期。 淡水泉投资相关负责人表示，上半年市场呈现两大关键趋势：市场交投情绪回暖，投资者思维向"积极 寻找机会"转变；企业分化加剧，资金追逐稀缺性成长资产。这两大趋势有望在下半年延续。 景林资产总经理高云程将目光投向中国优质资产。他表示，港股市场全球IPO融资领先成为重要信号， 显示国际资本正逐步入场，叠加南向资金，港股步入新阶段。通过一系列调研，景林资产看好中国制造 与贸易的强大竞争力和韧性，坚信"中国优质资产理应获得世界的平视"，中国优质资产的再平衡过程将 带来额外回报。 重阳投资合伙人寇志伟同样表达了乐观的态度。他认为，当前内地与香港市场流动性充裕，港元与美元 短期利率出现罕见背离。中国经济与股市在四月经受住了海外扰动因素的"压力测试"，证明了内在韧 性。这些因素意味着市场下行风险相对有限。寇志伟特别观察到，港股 ...

和谐汇一董事长兼总经理林鹏在投资月报中表示，6月的外部环境并不太平，在以伊冲突升温、美联储 政策博弈等外围因素扰动下，中国资本市场仍展现出较强的韧性，A股、港股同步走强，市场情绪保持 了相对乐观。还有积极的一面是，中美经贸关系呈现持续缓和态势，国内经济基本面将是下一阶段行情 更为关键的变量。 聚鸣投资董事长刘晓龙表示，当前，经济总量需求依然比较低迷，处于底部状态，多数行业呈现总量平 淡、结构性有亮点的状态。流动性方面，在4月的关税冲击后，全球资金总体的风险偏好回升。A股和 港股市场也呈现流动性"结构牛"的迹象，高股息类资产、避险资产、结构性增长的资产，还是市场共识 的所在。需要注意的是，政府高度重视内卷带来的经济负面冲击，一些行业可能会逐步学习电解铝行 业，走出行业的恶性内卷，这可能是未来的机会所在。 进入下半年，股市将会如何演绎，明星私募发布的最新预判也引起了市场的关注。 近日，多家明星私募发布的最新市场观点显示，其对后市态度整体都较为积极。 证券时报记者从相关渠道获悉，淡水泉在近日发布的最新投资月报中称，今年上半年市场的鲜明特征之 一，是避险思维让位于机会思维，这与前两年的情况存在明显不同。上半年，市场交 ...

Group 1 - The private equity fund industry in China is experiencing a surge in product registrations, with 1,775 private securities investment fund managers completing 5,461 product registrations in the first half of 2025, representing a year-on-year increase of 53.61% and a more than 100% increase compared to the second half of the previous year, indicating a significant recovery in market confidence and an enhanced willingness for capital allocation [1] - Among the five primary strategies, the stock strategy leads with 3,458 registered products, accounting for 63.32% of the total, reflecting strong enthusiasm for equity asset allocation, driven by factors such as the release of technology innovation policy dividends and robust performance in key sectors like artificial intelligence [1] - Multi-asset strategies and futures and derivatives strategies follow with 802 and 633 registered products, representing 14.69% and 11.59% respectively, highlighting an increased demand for diversified allocation in a low-interest-rate environment [1] Group 2 - Quantitative private equity institutions have shown remarkable performance during the current registration wave, with 27 out of 33 institutions having at least 20 registered products being quantitative, including 18 large-scale institutions with over 10 billion yuan in assets, showcasing their advantages in research capabilities, risk control systems, and brand effects [2] - A total of 2,448 registered quantitative strategy private products were recorded, with stock quantitative strategies dominating at 1,715 products, accounting for 70.06%, and the index enhancement strategy being the most favored with 1,061 products, representing 61.87% of stock quantitative strategies [2] - The small and micro-cap sector is expected to become a blue ocean for excess returns in quantitative strategies, as traditional broad-based index strategies face intensified competition and diminishing excess returns due to increased capital inflow [3]

未来， 我们将继续以买方视角为锚点 ，让研究成果如毛细血管般渗透到我们每个服务的触点 ——因为真正的跃迁，从来不是孤立的质变，而是生态系统的协同进化！ 图：2025中国金融产品年度报告完整目录 | 第一部分 -- 2024 年财富生态洞察 · | | --- | | 1. 存款替代产品的收益率会更低吗? … | | 2. 让客户接受净值型固定收益产品难在哪里? … | | 3. 胖东来对财富管理机构有哪些启示? | | 4. 基金与理财,投资者的选择背后隐藏着什么秘密? …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 5.工具化浪潮,指数化投资如何改写金融产品竞争格局? ………………………………………………………………………………………… 12 | | 6. 不同人群如何用养老金规划安享晚年? . | | 7. 传统私募策略遭遇滑铁卢,新规下私募行业如何闯出生路? … | | 8. 结构化产品投资,如何从削足适履到量体裁衣? ...

Core Viewpoint - A well-known subjective private equity fund, Heyuan Fund, founded by prominent investor Guan Huayu, has seen a significant decline in its management scale, dropping from over 10 billion to between 5 billion and 10 billion [2] Company Overview - Heyuan Fund was established in March 2022 and completed registration in May of the same year. Guan Huayu has a rich background in investment management, having held various positions in notable firms before founding Heyuan Fund [2] - Guan Huayu holds 67% of Heyuan Fund's shares, with other shareholders having smaller stakes, and many of them previously worked at Shanghai Tongyuan Investment [2] Performance Analysis - Despite a strong start, Heyuan Fund has experienced a "high opening and low running" trajectory, with its products showing cumulative losses of 23% to 25% since their inception in July 2022 [4] - For instance, the "Heyuan Haomai Yuhong Phase 1" product has seen a cumulative loss rate of 24.68% as of June 30, 2023, despite a brief recovery in net value [4] Market Trends - The frequency of new product launches by Heyuan Fund has significantly decreased after an initial surge, with 91.57% of its 83 registered products launched between June and December 2022 [5] - The broader market for subjective private equity funds has seen a decline, with the number of non-quantitative billion-yuan private equity funds dropping from 86 to 47 between February 2022 and May 2023 [5] Industry Insights - Industry experts suggest that the recent market has been characterized by structural trends, leading to frequent changes in market styles and hotspots. This volatility can heavily impact subjective private equity funds that rely on the judgment of core fund managers [6] - Many private equity firms experienced significant growth in management scale around 2021 and 2022, but if their research and investment capabilities do not keep pace, it can adversely affect future investment decisions [6]

第三，优化政府国资基金管理。发挥创业投资类政府投资基金的带动作用，市或者区单独一级财政出资 比例上限可提高至70％，市、区两级财政合计出资比例上限可提高至80％，合理确定让利比例。 第四，拓宽基金多元退出渠道。 最新发布的天津私募基金行业发展报告显示，截至2024年底，天津私募基金管理规模达6028.65亿元， 持续位居全国前列（第八位）。尤为引人注目的是，超六成资金精准投向智能科技、绿色能源、生物医 药等战略性新兴产业，深度赋能天津市十二条重点产业链。 （原标题：最高出资80％！天津：2027年科创基金规模力争突破2000亿元） 近日，天津市就《天津市科技金融助力新质生产力发展行动方案（2025-2027年）》（以下简称《行动 方案》）向社会公开征求意见。《行动方案》为构建同天津科技创新发展相适应的科技金融支撑体系， 完善长期资本投早、投小、投长期、投硬科技的支持政策，为科技创新提供全生命周期、全链条的金融 服务。 根据《行动方案》，天津拟从18个方面推出60项措施，助力新质生产力发展。到2027年，天津市目标科 创基金规模突破2000亿元，科创基金体系更加健全，"募投管退"全链条政策环境和管理制度更加完善 ...