在这个信息爆炸、情绪主导的市场里，靠"感觉"交易早已不再适用。 真正穿越周期的核心，始终在 于：标准化的系统认知 + 多维度的前瞻研判。 这一次，永捷私募携手黑翼资产，正式启动多方位联合 判研，全面构建一套策略驱动、数据验证、模型执行"三位一体的量化研究标准体系。 01｜更深层的宏观洞察，拒绝盲动 我们在每一个策略前，都加入了更系统的政策预期解析 + 资金行为建模 + 板块景气追踪，从逻辑、节 奏、拐点三层判断市场是否值得参与。 不是所有上涨都值得追，不是所有下跌都要怕。 02｜多因子因子量化，放大确定性 通过黑翼团队自研的多因子打分系统，我们可以对热点方向进行"结构性穿透"： 基础面因子(盈利趋 势、估值修复) 技术面因子(筹码博弈、量价共振) 情绪面因子(换手热度、资金强度) 最终聚合成一套"战 斗力评分体系"，筛选最具爆发潜力的标的。 03｜大数据+实盘回测，反复验证策略有效性 每一套策略都需通过实盘回测和多周期仿真，在历史和现实中双重验真。 我们要的不是一时的运气， 而是稳定性、重复性与边际提升。 04｜老赵联合黑翼团队操盘，策略即执行 数据和模型固然重要，但没有执行落地，等于"纸上谈兵"。 永捷私募 ...

Group 1 - The core point of the announcement is that Rui Jun Asset's products managed by Dong Chengfei will suspend new client subscriptions starting June 8, 2025, to prioritize performance and control scale [1][4][6] - This is the first time Dong Chengfei has taken such a "lock-up" action since transitioning from public to private management three years ago, with his managed scale exceeding 10 billion yuan [1][7] - The company emphasizes that existing clients will not be affected by this suspension and will continue to receive regular updates and communication [6][8] Group 2 - Dong Chengfei expresses optimism about the market in 2025, citing clear policy turning points and a positive outlook on real estate and corporate earnings [8] - He is currently focused on sectors such as semiconductors, public utilities, and plans to invest in quality growth stocks in the Hong Kong market [8][9] - As of the end of Q1 2025, Dong Chengfei's managed products are among the top ten shareholders in several listed companies, including Lexin Technology and Dinglong Co., Ltd [9]

知名私募睿郡资产5月30日发布公告称，本着业绩优先、适度控制规模的原则，董承非管理的产品自 2025年6月8日起暂停接受新客户申购申请，恢复申购的时间将另行通知。存量客户的申购业务不受影 响。证券时报记者从睿郡资产获悉，此次封盘是本着持有人利益优先的原则，旨在通过适度控制规模， 做好产品业绩，更好地服务现有客户。封盘期间，睿郡资产将持续通过定期报告、线上线下（300959） 交流会议等方式，与持有人保持日常沟通。此外，睿郡资产亦透露，投资经理未来会视市场状况和产品 规模等因素适时评估调整封盘方案。这是董承非"公奔私"三年之后，第一次进行私募产品的封盘动作。 ...

● 本报记者王辉 近两周，A股市场内部结构分化，高股息板块、权重股等韧性凸显。中国证券报记者了解到，一些私募 机构当前较为关注部分资金可能向宽基指数成分股"靠拢"的迹象，以及未来潜在的市场联动效应。与此 同时，不少私募业内人士表示，私募管理人必须以长期绝对收益为目标，在投研上积极求新求变。 更加注重中长期收益 上海一家成立逾十年的中型私募创始人在接受中国证券报记者采访时表示："相比小盘股而言，大盘股 基本面更好，业绩兑现度更高，同时估值更低。我认为，公募基金在投资组合搭建上会更加注重指数基 准，基金经理会减少押注赛道或者对小微盘股的交易，更加聚焦于商业模式有壁垒、竞争力突出、成长 性较强、业绩兑现高的标的去投资，更加回归价值投资的本质。"明泽投资创始人马科伟表示，在强化 业绩比较基准约束的导向下，主动权益类基金的行业配置偏离度预计将持续收敛。 第三方机构格上基金研究员托合江认为，要求基金公司建立以中长期收益情况为核心的考核体系。这种 考核机制减少了基金经理追求短期业绩的动力，从而降低了频繁交易和"押赛道搏个股"的行为。在投资 策略上，公募基金经理可能会减少对单一赛道或个股的过度依赖，增加对市场核心资产的配置， ...

Group 1 - Private equity funds have experienced significant performance declines, with some products seeing net value drops exceeding 30% in recent months [1] - A total of 19 private equity products with management scales over 5 billion yuan have recorded net value declines of over 10% in the last three months [1] - Notable examples include Jiupeng Asset's product, which fell 34% from its peak, and other funds from Panzai Asset and Qushi Asset also showing substantial losses [1] Group 2 - Private equity firms are increasing their allocation to equity assets, with over 80% of large private equity firms raising their positions [2] - Nearly 30 private equity firms have participated in public company placements this year, with allocated amounts nearing 2 billion yuan [2] - The market outlook is positive, with structural opportunities in A-shares and Hong Kong stocks, particularly in technology and new consumption sectors [2] Group 3 - The Shenzhen Securities Regulatory Bureau has reported multiple irregularities in private equity, including improper channel business practices that violate regulations [3] - These practices include lending out investment management responsibilities and allowing external parties to access private fund trading rights, which harm investor interests [3] Group 4 - As of April 2025, the total scale of private equity funds reached 20.22 trillion yuan, with a significant number of new registrations [5] - The number of existing private equity funds stands at 141,579, with a total scale of 20.22 trillion yuan, indicating a robust market [5] Group 5 - Liu Yuhui, a chief economist, emphasized the importance of recognizing the strategic competition between China and the U.S. and suggested investing in gold and core Chinese assets [6] - He noted that China's industrial output now accounts for 35% of the global share, highlighting the country's growing significance in the global supply chain [6] Group 6 - Optimism regarding China's economic outlook for Q2 is expressed, with expectations of GDP growth reaching 4.8% and export growth around 8% [7] - Supportive fiscal and monetary policies are anticipated to bolster the stock market, making A-shares more attractive to foreign investors [7] Group 7 - A quantitative private equity firm has established a new AI-focused company in collaboration with Shanghai Jiao Tong University, indicating a trend towards technology investment [8] - The firm is actively engaging in AI research and development, showcasing the growing interest in technology sectors [8] Group 8 - Tianmai Technology announced a change in its controlling shareholder, with a private equity firm acquiring a 26.1% stake, marking a significant transaction in the market [9] - The new controlling entity has a strong background, including partnerships with notable venture capital firms [9] Group 9 - Liaoning Guorui New Materials successfully completed a multi-billion yuan B-round financing to expand production capacity and enhance R&D efforts [10] - The company specializes in producing specialty graphite and has been recognized as a national-level high-tech enterprise [10] Group 10 - A consortium led by TPG is set to acquire 48 Wanda Plaza locations, with the transaction receiving unconditional approval from regulatory authorities [11] - This acquisition reflects confidence in Wanda's commercial prospects and involves significant investment from major players in the market [11]

Group 1 - The private equity market has faced significant volatility over the past three years, making it challenging for private equity funds to maintain consistent positive returns [1] - As of the end of April this year, only 238 out of 926 private equity products (approximately 25.7%) have achieved positive returns each year since 2021, excluding pure bond strategies and bond-enhanced products [1] - Among the consistently positive return products, 114 are quantitative products and 124 are non-quantitative products, indicating a nearly even split [1] Group 2 - There are 35 "stock quantitative" products with over 500 million in scale that have achieved positive returns each year since 2021, with 16 belonging to billion-scale private equity firms [1] - In the "stock subjective long" category, there are 37 products with similar performance, with 20 from billion-scale private equity firms [1] - The "multi-asset strategy" category includes 33 products with consistent positive returns, with 6 from billion-scale firms and 16 classified as composite strategy products [1] Group 3 - In the "futures and derivatives strategy" category, there are 35 products with over 500 million in scale that have achieved positive returns each year since 2021, with 4 from billion-scale private equity firms [2] - Among these, 25 are quantitative CTA products, 4 are subjective CTA products, and 6 are options strategy products [2] - A total of 47 billion-scale private equity products have achieved positive returns each year since 2021, with 20 being stock subjective long products and 9 being stock market neutral products [2]

□本报记者 王辉 2024年以来，A股市场的红利资产持续吸引资金关注，红利量化指增策略也成了国内公募、私募行业的 发展重点。日前，星阔投资创始人、投资总监邓剑在接受中国证券报记者专访时表示，量化与红利资产 的结合，是当前市场环境下实现长期复利的优化路径之一。作为国内较早布局红利资产的量化私募机 构，星阔投资将凭借独特的投研体系与深耕红利指增策略的专注力，努力为投资者提供资产稳健增长的 解决方案。 创新团队结构 实现协同效应 星阔投资成立于2020年9月，创始人邓剑是北京大学数学系本硕博连读的"学术派"代表，深耕量化投资 领域十年，也是国内最早一批开创性使用人工智能（AI）进行策略开发的研究者之一。公司成立之初 即聚焦股票量化阿尔法策略，2021年末的管理规模突破100亿元，近年来始终位列国内量化行业的中坚 梯队。 邓剑将星阔投资在投研上的核心竞争力归结为"创新的投研体系"——即通过流程化、协作化的创新团队 结构和机制，将策略研发效率提升至行业领先水平，实现更好的协同效应。星阔投资实行的是PM（投 资经理）制和流水线相结合的模式，PM制独特的晋升模式会更好激发内外部研究员和PM的积极性，而 流水线模式有利于每个 ...

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has identified serious violations among certain private equity firms, including improper delegation of investment management responsibilities, which undermines investor rights and damages the industry's reputation [1] Summary by Sections Typical Issues Reported - Some private equity firms are allowing third-party institutions to issue private equity funds under their name, effectively outsourcing investment management responsibilities [1] - Certain firms are conducting investment transactions solely based on investor instructions, lacking independent decision-making [1] - Instances of personnel lending fund-held stocks for day trading and allowing external parties access to trading systems have been reported, leading to criminal investigations [1] - Some firms are permitting non-employees to execute investment transactions and sign legal documents, effectively transferring investment management authority [1] - Investment decision-making committees in some firms are composed mainly of investor representatives, limiting the firm's influence on investment decisions [1] Regulatory Requirements - Private equity firms must adhere to fiduciary duties and manage funds independently, without delegating investment management responsibilities [1] - Firms are required to maintain strict compliance with legal regulations, prohibiting the establishment of funds through "channel" arrangements and the lending of securities accounts [1] - The regulatory body has taken administrative measures against firms violating these rules and has reported criminal activities to law enforcement [1]

Core Viewpoint - The policies of U.S. President Trump pose headwinds for the private equity industry in the United States [1] Group 1 - The private equity sector is facing challenges due to the current political climate and regulatory environment [1] - There is a growing concern among industry leaders regarding the impact of these policies on investment strategies and market dynamics [1] - The overall sentiment in the private equity industry reflects apprehension about future growth and opportunities under the current administration [1]

热点聚焦 私募MOM备案创新高，银行理财积极布局 私募MOM产品正成为委外资金新宠。中国基金业协会数据显示，截至5月20日，今年私募MOM产品备案已达29只，超去年全年总和，创2019年规范运作以 来新高。MOM模式通过委托多个第三方资产管理机构提供投资建议，实现跨大类资产配置，与大众熟知的FOF不同，更侧重"管人"而非"管钱"，投资集中 度限制少、调仓灵活度高。 从今年备案的MOM产品形式来看，基本由合作机构（券商资管、期货资管）作为受托方，由两家或以上的私募基金管理人担任投资顾问。另外，部分产品 的名称显示，其由委托方即资金方（如银行理财）开展委外投资。 中金公司相关研报指出，FOF、MOM等工具的有效使用帮助银行理财业务发展壮大，也是目前理财子公司在诸多约束条件之下布局权益类资产的最优解， 有效权衡了投研实力、人力资源、客户持有体验及公司文化等多重因素。 地缘博弈与关税扰动下，科技新经济或成市场核心赛道 在中东地缘紧张局势升级、穆迪下调美国Aaa主权信用评级的动荡背景下，不少机构表示，虽然当前中美关系当前呈现一定缓和态势，但从长期看，中美之 间的博弈将会是一个持续不断的过程。 津育投资基金经理表示，中美 ...