经过近年来的持续探索，海南自贸港建设究竟取得了哪些成绩 呢？对此，依笔者个人看法，海南自贸港建设所取得的成绩， 大体可以通过下列九个"晶莹切片"来"管中窥豹"。 作者：周迪伦 封图：图虫创意 2025年12月18日，海南自贸港全岛封关正式启动，这也标志着海南自贸港建设迈入了一个全新阶 段。 那么，有人可能会问：经过近年来的持续探索，海南自贸港建设究竟取得了哪些成绩呢？对此，依 笔者个人看法，海南自贸港建设所取得的成绩，大体可以通过下列九个"晶莹切片"来"管中窥 豹"。 近年来，文昌航天发射场的重大标志性任务包括发射天问一号火星探测器、嫦娥五号月球探测器、 中国空间站天和核心舱、天舟系列货运飞船、嫦娥六号探测器等，后续还将承担载人登月飞船、着 陆器等关键发射任务。这些重大发射成就使得该发射场被誉为 "中国空间站建造母港""探月母 港""行星探测母港"，也使得文昌一跃成为航天"发烧友""追星族"们心目中的圣地。 第一个"晶片"：海南岛国际电影节。 海南岛国际电影节是由中央广播电视总台与海南省人民政府联合主办的国家级电影节，2018 年首 届举办，核心定位是"立足海南、连接世界"的国际电影文化交流平台。 目前，除了 ...

Core Viewpoint - In November, A-shares experienced a downturn due to slowing domestic economic recovery, concerns over AI investment bubbles, and delayed expectations for Federal Reserve interest rate cuts, leading to a general decline in market risk appetite [2] Group 1: Market Performance - The three major indices recorded declines throughout November, with pure long strategies suffering significant losses [2] - In contrast, stock market neutral strategies, employing a "long stock + short index futures" approach, effectively hedged systemic risks and achieved a monthly positive return, with an average yield of 1.06% for 208 stock market neutral products [2] Group 2: Strategy Comparison - Year-to-date average returns for stock market neutral strategies stand at 9.34%, significantly lower than the 30%-40% gains of long stock strategies [3] - Despite the overall lower performance, there is notable performance differentiation among stock market neutral products, indicating that selecting high-performing products has become increasingly challenging [3] Group 3: Top Performers by Fund Size - For funds over 10 billion, the top three stock market neutral products are from Square and Investment, Evolutionary Asset, and Mingfeng Investment, with the leading product showing a yield exceeding a certain threshold [4] - In the 20-100 billion category, Zhongyou Yong'an Asset leads with a product yielding over a certain percentage, followed by Hanrong Investment and Liangkui Private Equity [7][8] - In the 5-20 billion category, Heqi Investment, Shanghai Daoyan Private Equity, and Anzhi Investment are the top three, with Heqi Investment's product achieving a yield above a certain percentage [10][11] - For funds under 5 billion, Jianlong Capital, Guangdong Jingcheng Private Equity, and Pangtuo Investment are the top performers, with Jianlong Capital's product yielding significantly [13][14]

今年1-11月，A股、港股、美股虽然在年内都一度出现过较大回撤，但最终累计涨幅均表现不俗。其中，上证指数涨幅超16%，深证成指涨幅超24%，创 业板指涨幅超42%。港股的恒生指数、恒生科技涨幅分别超28%、25%；美股的道琼斯指数涨超12%，纳斯达克指数涨近21%。 | 证券市场 | 指数名称 | 今年1-11月 涨跌幅 | 今年1-11月 最大涨幅 | 今年1-11月 最大回撤 | | --- | --- | --- | --- | --- | | A股 | 上证指数 | 16.02% | 30.13% | -9.71% | | | 深证成指 | 24.67% | 46.57% | -14.98% | | | 创业板指 | 42.54% | 83.95% | -20.79% | | | 沪深300 | 15.04% | 32.27% | -10.49% | | | 中证500 | 22.81% | 42.78% | -13.80% | | | 中证1000 | 23.10% | 39.15% | -16.87% | | | 中证2000 | 31.65% | 45.66% | -19.65% | | | 恒 ...

Core Viewpoint - Hainan's upcoming full island closure on December 18 is attracting attention to local stocks and private equity funds, with several Hainan-based stocks experiencing significant price increases in recent months. The favorable policies for private equity funds in Hainan's free trade zone are expected to drive rapid growth in the local private equity industry [2][3]. Group 1: Hainan Private Equity Landscape - There are 314 private equity managers registered in Hainan, with 6 managing over 10 billion yuan, and 5 managing between 5 to 10 billion yuan. The majority of private equity firms are located in Sanya, with 234 registered there [3]. - The investment strategies of these private equity firms include 216 subjective strategies, 51 quantitative strategies, and 37 combined strategies. The predominant strategy is stock-focused, with 173 firms employing this approach [3][4]. - Hainan's private equity firms have collectively managed 224.80 billion yuan, with an average return of 36.41% from January to November [4][5]. Group 2: Performance of Leading Private Equity Firms - The top-performing private equity firms in Hainan for the year include Luyuan Private Equity, Sanhua Asset, and Beiheng Fund, with returns exceeding ***% [6][7]. - Luyuan Private Equity, established in November 2023, focuses on gold and military industries, with a significant increase in gold holdings recently [6][7]. - Evolutionary Asset, a leading firm with over 100 billion yuan in assets, has achieved notable returns and has received multiple industry awards for its innovative investment strategies [6][12]. Group 3: Top Products and Strategies - The top subjective long products in Hainan have an average return of 36.67%, with Beiheng Fund, Sanhua Asset, and Hainan Qianling leading the rankings [7][8]. - In the quantitative strategy category, the average return is 45.93%, with Dragon Roar, Shengguanda, and Evolutionary Asset among the top performers [10][11]. - The CTA strategy products from Hainan Wuliang Capital, Zhaohua (Sanya) Private Equity, and Hainan Fulai Private Equity have also shown strong performance, with Wuliang Capital leading the way [13][15].

Core Viewpoint - The A-share market has shown significant performance in 2025, with major indices like the Shanghai Composite Index up over 16%, the Shenzhen Component Index up over 24%, and the ChiNext Index up over 42% as of November 2025. However, there is notable sector divergence, with strong performances in banking, electronics, telecommunications, non-ferrous metals, and power equipment, while sectors like liquor and real estate lag behind [2][3]. Group 1: Top Quantitative Private Equity - A total of 36 private equity firms with over 10 billion in assets made it to the top quantitative private equity list, with firms like Lingjun Investment, Ningbo Huanfang Quantitative, and Stable Investment ranking in the top 10 [3][5]. - The average yield for the top quantitative private equity firms from January to November 2025 is close to ***%, with 76 firms employing stock strategies, 11 using multi-asset strategies, 10 focusing on futures and derivatives, 2 on bonds, and 1 on combination funds [2][5]. - The top 10 private equity firms by yield include Huacheng Private Equity, Longyin Huxiao, and Tianhui (Shanghai) Private Equity, among others [3][5]. Group 2: Top Subjective Private Equity - The threshold for the top subjective private equity firms is higher than that of quantitative firms, with an average yield close to ***% for the top firms from January to November 2025 [9][11]. - 85 firms in the subjective strategy category dominated the top 20, with only 7 firms with over 10 billion in assets making the list, including Yuanxin Investment and Fusheng Asset [9][11]. - The top 10 subjective private equity firms by yield include Beijing Xiyue Private Equity, Luyuan Private Equity, and Qiantou Investment, among others [9][11]. Group 3: "Small but Beautiful" Private Equity - The "Small but Beautiful" category features 79 firms using stock strategies, with the average yield threshold exceeding ***% [13][15]. - The top three firms in this category are Longhuixiang Investment, Jingying Zhito, and Moku Asset [13][15]. - The top 10 firms in this category include Longhuixiang Investment, Moku Asset, and Jingying Zhito, among others [13][15].

12月16日，中国中小企业协会辽宁办事处副主任、优质中小企业服务基地金融中心主任栾子龙一行赴沈阳国际软件园园区基金——德鸿资本参观调研，昂 立集团股东、德鸿资本合伙人朱一龙接待，沈阳国际软件园产服集团副总经理李海旭陪同。 栾主任深入调研德鸿资本现阶段的发展布局、核心业务推进等工作进展后，对企业现阶段取得的阶段性成果给予高度评价，同时对德鸿资本即将启动的相 关项目寄予厚望，充分表达了对项目落地见效的坚定信心。 此次参观调研搭建起高效的资源对接桥梁，既拓宽了企业投融资渠道，更为高质量创新发展注入了源头活水。未来，德鸿资本将深度借力中小企业协会搭 建的投融资平台，积极探索多元化资本合作模式，积极拓宽投融资渠道，以资本助力研发攻坚，以产业项目夯实发展根基，携手各方伙伴实现资源共享、 合作共赢，共同书写创新发展新篇章。 文末右下方点个"推荐❤"吧 目前，德鸿资本累计发行9支基金，在管基金规模约12亿元，累计投资20余家企业，其中：3家为国际顶尖人才创办的企业、6个世界领先项目，另有多个 细分领域的中国领先项目。历经多年深耕，德鸿资本在已备案产品数量、在管基金规模、被投资企业数量等方面均处于辽沈地区领先地位，已成为区域首 ...

近日，浙江证监局公布三份罚单。经查，在优策投资公司（私募）实控人黄某的决策、安排下，优 策投资通过网银转账方式，违规将投向银行协议存款的资金转出至基金产品托管账户之外的其他账户。 截至2024年7月2日，转出的资金中仍有9.55亿元尚未归还。对此，浙江证监局分别对优策投资公司、黄 某、未任职但实际负责经营管理工作的刘某某，以及法定代表人兼总经理焦某作出处罚。 值得关注的是，本案的核心环节在于基金托管未能发挥应有作用，但目前尚未见监管部门对托管人 开出罚单。或许，本案并不存在托管人方面的过错；也可能反映出在现行私募基金托管制度下，若管理 人蓄意实施欺诈行为，即便设有托管机制，托管人也未必能够有效发挥制衡作用。 基金法规定，托管人的职责包括"安全保管基金财产；复核、审查基金管理人计算的基金资产净值 和基金份额申购、赎回价格"等。《私募投资基金监管条例》第31条规定，私募基金财产实行托管的， 管理人应当及时向托管人提供投资者基本信息、投资标的权属变更证明材料等相关信息。 本案行政处罚决定书显示，优策投资向投资者提供并向基金业协会报送的私募产品及其底层产品的 资产、收益、净值等信息与实际情况不符，存在虚假记载；由此推 ...

百亿量化私募创始人又遭"李鬼"顶替。 近日，21财经《辟谣财知道》注意到，有不法分子再次假冒上海量派投资管理有限公司（以下简称"量 派投资"）创始人、CEO孙林和其他员工身份，并虚构员工信息，诱导投资人下载APP"脉达"，开展非 法荐股等活动，并进一步诱导投资人下载冒用我司名义的非法虚假APP"量派阿尔法"实施诈骗活动。 此前，已有不法分子假冒量派投资创始人及其员工身份，以实施电信诈骗或骗取投资者信息，涉嫌违法 犯罪。 12月15日晚，量派投资严正声明，相关非法行为不仅严重侵害了投资者的合法权益，使投资者面临经济 损失等潜在风险，也严重影响了公司及公司员工的声誉。目前，量派投资已向公安机关报警。 量派投资提醒，公司为中国证券投资基金业协会登记的私募基金管理人，经营范围为私募证券投资基金 管理服务，公司发行产品为私募证券投资基金，所有产品均可以在中国证券投资基金业协会官网查询相 关备案信息。公司及公司员工从未组织或进行过任何培训活动、直播教学等非法活动。任何假冒量派投 资及员工名义以荐股、提供内幕消息等方式向投资者邀请入会、收取费用、承诺收益、盈利分成等行为 均为诈骗行为。 截至目前，量派投资从未开发或发行过任 ...

【导读】"终身会员2880元一年，指导500万资金"？起底"冒牌私募"骗局 环环相扣：从聊天软件到"假App"的收割链条 据被冒用机构揭露及受害者反馈，诈骗第一步是"精准接触与身份伪装"。不法分子通过非法渠道获取投资者信息后，假扮成知名私募机构员工拨打电话， 或通过网络引流，引导投资者下载一个指定的聊天软件。 一旦投资者进入聊天软件，便会被拉入一个由"假员工"控制的群组。群内充斥着精心编排的"荐股"信息，推荐的通常是所谓的"庄股"，初期会刻意制造股 价上涨的假象，以此快速博取受害者的初步信任，降低其心理防备。 近日，记者拿到一份标注"量派投资会员入会规则"的伪造宣传材料，该材料以"高分红、亏损兜底、盈利分成"为诱饵，疑似针对投资者实施诈骗。 | 派投资会员入会规 | | | | | | | --- | --- | --- | --- | --- | --- | | 会员等级 | 操作资金 | 会昌泰用/年 | | | | | VIP1 | 20万以下 | 7880元 | 880元 | 7/3 | 5/5 | | VIP2 | 21-50 7 | 6880元 | 1880元 | 7/3 | 5/5 | | VI ...

案发近一年半，长安银行12.5亿元协议存款"消失"案终迎重大进展。 近期，证监会对浙江优策投资管理有限公司（以下简称"优策投资"）及有关责任人员违法违 规作出行政处罚。经查，优策投资及实际控制人存在违规挪用基金财产、报送虚假信息等行 为，严重违反私募基金法律法规。浙江证监局对优策投资罚款2100万元，对3名责任人员罚 款1425万元，对实际控制人采取终身证券市场禁入措施。 值得注意的是，相关案件曾是一桩涉案金额高达12.5亿元的"悬案"。据了解，上述资金投向 的均为长安银行宝鸡金陵支行、宝鸡科技支行协议存款，期间，相关存款账户全部开通网银 转账功能，导致资金被划出。针对网银被开通一事，长安银行与优策投资各执一词，争论不 断。 12.5亿存款因何"消失"， 银行与机构各执一词 据了解，上述案件可追溯至2019年。公开信息显示，优策投资面向全国300多位合格投资 人，累计募集近百亿资金，投向长安银行协议存款。 2019年4月至2023年5月期间，优策投资与长安银行签订《协议存款合同》，将"优策长实、 优策长秀、优策月月盈3号"三只产品的募资，存入长安银行宝鸡金陵支行、宝鸡科技支行私 募基金专户。 据上述三只产品披 ...