Core Viewpoint - The article emphasizes the investment philosophy of Dai Bin, a fund manager at Liuhe Zhizun, who adheres to the "capital cycle" concept, focusing on supply-side analysis rather than demand predictions [4][7][20]. Group 1: Investment Philosophy - Liuhe Zhizun is one of the earliest private equity firms in China, known for its resilience through multiple market cycles [3]. - Dai Bin's investment framework incorporates four dimensions: stock behavior, capital expenditure, institutional behavior, and valuation, using a quadrant model to illustrate the cyclical nature of capital cycles [6][20]. - The analysis starts from the supply side, asserting that changes in capital supply better explain return differences than demand fluctuations [7][20]. Group 2: Capital Cycle Framework - The capital cycle is defined as the flow of capital in and out of industries based on returns, where high returns attract capital and low returns lead to capital exit [16]. - The four quadrants of the capital cycle are: 1. Quadrant 4: Low industry valuation, declining capital expenditure, and negative media sentiment. 2. Quadrant 1: Recovery phase with increasing capital expenditure and improving cash flows. 3. Quadrant 2: High capital expenditure and profit recovery, leading to optimistic market sentiment. 4. Quadrant 3: High valuations declining as cash flow issues arise and capital contracts [22][20]. Group 3: Industry Analysis - The article discusses the importance of identifying high-barrier companies and industries experiencing capital outflows for investment opportunities [18][19]. - It highlights the significance of management's long-term capital planning capabilities, including new capital expenditures, mergers, and buybacks [19]. - The analysis categorizes companies into those with free cash flow and those without, emphasizing that industries with low capital expenditure often present better investment opportunities [30][34]. Group 4: Market Conditions and Opportunities - The current market is characterized by high valuations in certain sectors, with limited cheap stocks available [46][48]. - The article notes that sectors like telecommunications and energy remain undervalued, while the internet sector shows signs of capital cycle challenges [42][44]. - It suggests that the "反内卷" (anti-involution) policy could create opportunities in previously over-supplied sectors if successful [54][65]. Group 5: Future Outlook - The article concludes that while the AI sector is currently a high consensus area, caution is advised as supply may outstrip demand in the future [58][61]. - It emphasizes the need to balance investments between high consensus sectors and those with potential recovery opportunities, suggesting a gradual reduction in high consensus positions [64][68].

企查查APP显示，近日，海博思创智储股权投资（安徽）合伙企业（有限合伙）成立，执行事务合伙人 为达风私募基金管理有限公司、新博创（北京）国际控股有限公司，出资额10亿人民币，经营范围为以 私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显示，该合伙企业由赣州金镒同 达企业管理合伙企业（有限合伙）、北京丹诚资产管理有限公司、海博思创（688411）等共同出资。 （原标题：海博思创等于安徽注册成立股权投资合伙企业） ...

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7月底，管理规模在20亿以下的私募管理人有7000余家，占比超 85%，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 —— 上海高恩私募 。 私募排排网数据显示，截至2025年7月底，在10-20亿规模私募中，上海高恩私募旗下产品 "上海高 恩医药进取3号A类份额"收益***%，夏普比率***，位列1-7月主观多头产品榜top10、股票策略 夏普榜top10。（ 点此查看收益 ） Part.0 1 公司概况 打卡100家小而美私募 上海高恩私募基金管理有限公司位于上海浦东新区，管理人登记编号：P1072816，是一家专注 于深度价值投资的私募管理人。公司由一批来自实业、拥有超过15年深厚产业背景的优秀专业投 资人共同创立。 基于对港股市场与医药板块的独到见解，善于从产业视角出发，构建了专属的深度价投体系，致 力于为投资者创造长 ...

Group 1 - The private equity market is optimistic, with the confidence index for A-shares rising to 125.74, marking a two-month increase [1] - As of the end of August, the average position of subjective long-only private equity funds in stocks increased by 1 percentage point to 78%, with 92.8% of funds holding over 50% in positions [2] - A significant 24.3% of private equity funds are fully invested or using leverage, while 41% have positions exceeding 80% [2] Group 2 - There is a divergence in views regarding the technology sector, with some institutions expressing concerns about short-term pressures on AI-related stocks [3] - The founder of Renqiao Asset noted potential challenges for AI-related companies if overseas capital expenditures fall short of expectations, which could negatively impact performance [3] - Conversely, Yuanlesheng Asset believes that despite recent valuation increases, AI companies in China still have room for growth due to supply chain advantages [3] Group 3 - Leading private equity firms are adopting a "steady yet adaptive" approach, favoring sectors like real estate and liquor alongside AI and innovative pharmaceuticals [4] - A notable private equity founder indicated that as market risk appetite increases, structural opportunities may expand beyond technology to include sectors with improving fundamentals [4] - Strategies include maintaining overall positions while replacing high-valued assets with lower-valued ones to enhance portfolio safety [4]

北京商报讯（记者 李海媛）9月5日，宁波证监局发文称，经查，宁波开云股权投资管理有限公司（以下简称"开云股权投资"）在开展私募基金业务活动 中，存在未备案私募基金；登记备案信息不准确；未按照合同约定向投资者进行信息披露；公司合规风控负责人长期缺位，未认真履行谨慎勤勉义务；未妥 善保存投资者适当性管理相关资料等问题，违反了多项规定。 根据有关规定，宁波证监局决定对开云股权投资采取出具警示函的行政监管措施，并记入证券期货市场诚信数据库。 ...

9月4日，根据广西证监局在2025年9月3日发布的公告，广西优航私募基金有限公司收到了出具警示函的 监管措施。 | 赏 引 号 | bm56000001/2025-00010454 | ক 炭 | 行散执法:通知公告 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年09月04日 | | 名 廖 | 关于对广西优航科聊基金有限公司采取出具备示组推施的决定（2025）25号 | | | | 文 号 | 行政监管推施决定书 [2025] 25号 | 主题词 | | 经查，该公司在开展私募基金业务过程中存在多项问题，主要包括财务状况不佳和内部控制制度机制不 健全。 财务状况方面，广西优航私募基金有限公司的可持续经营能力存在重大不确定性，且其多年净利润均为 负数，从2017年至2023年度的经营活动产生的现金流量净额均为负数。 另外，公司存在基金经理在非应急情况下使用公司应急交易手机进行基金证券账户下单交易的情况，未 能建立健全相关用印管理制度，且未完整保存投资决策记录。这些行为违反了《私募投资基金监督管理 条例》和相关规定。 来源：读创财经 ...

Core Viewpoint - The article highlights the rise of female fund managers in the traditionally male-dominated private equity sector, showcasing their unique resilience, insights, and rigorous risk control, which have led to impressive returns in the investment landscape [1]. Group 1: Overview of Female Fund Managers - As of August 29, 2025, there are 185 female private equity fund managers with performance records on the platform, with the majority (110) from subjective private equity, 38 from quantitative private equity, and 37 from mixed strategies [2]. - The geographical distribution shows that 34.05% of female fund managers are based in Shanghai, followed by Shenzhen (26), Beijing (24), Hangzhou (15), and Guangzhou (9) [2]. - In terms of core strategy, over 50% (95) of female fund managers employ stock strategies, while 23 use multi-asset strategies, 22 focus on futures and derivatives, and 19 on bonds [2]. Group 2: Experience and Company Size - Among the female fund managers, 99 have over 10 years of experience, and 18 have over 20 years [3]. - More than 50% (97) of female fund managers are from private equity firms with assets under 500 million, while 30 are from firms with over 2 billion, with only 4 from top-tier firms (over 5 billion) [3]. Group 3: Notable Female Fund Managers - The top female fund managers include Li Bei from Banxia Investment, He Ruilin from Qianhai Bopu Asset, Lin Xue from Jiupeng Asset, and Jia Yiming from Chengyi Private Equity, all managing funds between 5 billion to 10 billion [4][5]. - Li Bei, known as the "private equity witch," has over 10 years of experience and manages two products with a total scale of approximately 304 million, achieving significant returns [6][11]. - He Ruilin, with a master's degree from Xiamen University, has a focus on sectors like new energy and technology, managing three products totaling approximately 322 million [7][12]. Group 4: Performance Rankings - The article lists the top 20 female fund managers based on their performance this year, with Li Jiajia from Haokun Shengfa Asset leading with an average return of ***% across four products [11][13]. - The average return for the top 32 female fund managers this year is ***%, with a total product scale of approximately 11.55 billion [7][13]. - In the past year, Li Jiajia also ranks first among female fund managers, with her products achieving an average return of ***% [12][15].

Core Viewpoint - The private equity market has seen a significant increase in the number of registered products, with a year-on-year growth of over 82% in 2025 compared to 2024, indicating a strong recovery and investor interest in private equity securities products [2]. Group 1: Growth in Private Equity Products - A total of 7,907 private equity securities products have been registered in 2025, compared to 4,340 in the same period of 2024, marking an increase of 82.19% [2]. - Monthly registration data shows a notable recovery since March 2025, with monthly registrations exceeding 1,100 products for three consecutive months from June to August [2]. - Factors contributing to this growth include a steady recovery in the A-share market, the rise of strategic emerging industries like artificial intelligence, improved regulatory frameworks, and the strong performance of private equity products [2]. Group 2: Dominance of Stock Strategies - Stock strategy products have become the mainstay of the registered private equity market, with 5,173 products accounting for 65.42% of the total, reflecting a 91.31% increase from 2,704 products in 2024 [3]. Group 3: Diverse Strategy Growth - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 and 841 products registered respectively, representing increases of 76.58% and 66.87% compared to 2024 [6]. Group 4: Rise of Quantitative Products - Quantitative products have seen a significant rise, with 3,584 products registered, making up 45.33% of the total, and a year-on-year growth of 100.34% from 1,789 products in 2024 [8]. - Within quantitative strategies, stock strategies dominate, with 2,601 products registered, accounting for 72.57% of quantitative products [8]. Group 5: Leading Private Equity Managers - A total of 2,154 private equity managers have registered products this year, with 1,436 managers (66.7%) registering 2,690 products, while 76 billion-level managers accounted for 1,936 products [10]. - The top three billion-level quantitative private equity managers by registered products are KuanDe with 118 products, HeiYi with 112 products, and MingHeng with 101 products [12][14].

Core Insights - The training session aimed to enhance the legal compliance awareness and reputation risk management effectiveness of private equity institutions in Shenzhen [1][2] - The current market sentiment towards public opinion management is characterized by high attention, low tolerance, and high demands for handling public sentiment [1] - The training is part of a broader initiative to improve the public opinion response capabilities of private equity institutions, addressing existing deficiencies in this area [2] Group 1: Training Objectives and Participation - The training attracted over 150 representatives from private equity institutions, indicating strong interest in improving public opinion management [1] - The session focused on enhancing the compliance and reputation management skills of private equity firms in the Shenzhen area [1] Group 2: Key Recommendations and Strategies - Recommendations included increasing awareness, strengthening public opinion monitoring and management, and enhancing media cooperation [1][2] - Institutions were advised to develop a multi-tiered response mechanism for public opinion risks based on the nature, impact, and severity of the sentiment [2] Group 3: Regulatory Context and Support - The training aligns with the ongoing "Clear and Bright" campaign by the Central Internet Information Office to combat online chaos and improve market ecology [2] - The China Securities Regulatory Commission emphasizes the importance of managing public sentiment and addressing false information in the capital market [2]

Core Viewpoint - The private equity market in A-shares is experiencing a resurgence, with a significant increase in the issuance of new products, particularly in quantitative strategies, driven by a recovering market and improved regulatory environment [1][2][3]. Group 1: Market Recovery and Product Issuance - As of August 31, 2025, the number of newly registered private equity securities products has exceeded 7900, representing a year-on-year increase of 82.19% from 4340 in the same period of 2024 [2]. - The monthly registration volume has remained above 1100 for three consecutive months, indicating sustained enthusiasm for private equity securities products [2]. - In July 2025, the new registration scale reached 1074.27 billion, marking a nearly four-year high, compared to only 156 billion in the same month last year [2]. Group 2: Factors Driving Growth - The growth in registered private equity securities products is attributed to several factors, including the steady recovery of the A-share market and the strong performance of strategic emerging industries like artificial intelligence, which have increased market risk appetite [3]. - The improvement in the regulatory framework and transparency of the private equity fund industry has bolstered investor confidence, creating a stable environment for healthy industry development [3]. - The strong profitability of private equity securities products has further stimulated investor participation [3]. Group 3: Quantitative Investment Strategies - Quantitative investment strategies have seen rapid development and demonstrated significant advantages in the current market environment, leading to increased investor interest [4]. - The number of registered quantitative products has doubled year-on-year, reaching 3584, accounting for 45.33% of the total [7]. - Among the quantitative products, stock strategies are the most popular, making up 72.57% of the total, followed by futures and derivatives (13.81%) and multi-asset strategies (10.66%) [7]. Group 4: Performance of Specific Strategies - Stock strategy products have been particularly noteworthy, with 5173 registered, representing 65.42% of the total, and a year-on-year increase of over 90% [5]. - Multi-asset and futures/derivatives strategies have also seen steady growth, with registrations increasing by 76.58% and 66.87%, respectively [5]. - The performance of quantitative products has been strong, with some leading institutions reporting excess returns of 20% to 30% [6]. Group 5: Dominance of Leading Private Equity Firms - A total of 76 private equity firms with over 10 billion in assets have registered 1936 products this year, averaging at least 25 products per firm, which accounts for nearly a quarter of the total [8]. - Three leading quantitative private equity firms have registered over 100 products each, with KuanDe Private Equity leading at 118 products, followed by HeiYi Asset at 112, and MingFa Investment at 101 [8][10]. - The concentration of product registrations among top firms highlights the significant headwind effect in the industry [9].