来源：私募排排网 百亿私募作为行业规模的"领头羊"，是中国私募行业从野蛮生长迈向高质量发展的一个缩影。在这一进 程中，"破百亿的速度"（指的是私募规模首次突破百亿的用时）成为一个观察行业结构性演变、竞争范 式转移等私募行业生态变迁情况的重要窗口。 整体来看，不同私募突破百亿规模的速度分化显著。一部分机构凭借特殊背景或有利时机迅速崛起，例 如拥有央企、险资等雄厚机构支持的私募，或是在成立不久后恰逢市场行情催化的新锐机构，往往能在 较短时间内实现规模的跨越式增长。而更多私募则走上了一条更为平实稳定的道路——历经数年乃至更 长时间，依靠扎实的业绩积累、持续的投研投入以及逐步建立的市场信誉，循序渐进地赢得投资者信 任，最终跻身百亿俱乐部。 接下来，笔者将为大家盘点私募破百亿用时的全名单、2026年破百亿的私募名单以及破百亿用时不足1 年的私募名单。 01 125家私募破百亿用时平均7.8年！ 排排网集团旗下融智投资FOF基金经理李春瑜表示：百亿私募数量扩容主要源于四重驱动力：一是市场 回暖，A股持续反弹带动私募业绩普遍回升，叠加行业日渐成熟，增强了私募行业的吸引力；二是技术 赋能，AI优化量化策略与风控，提升了投资效 ...

格隆汇2月27日｜阿波罗全球下跌7.5%，黑石集团下跌4.2%，KKR下跌6.5%，凯雷集团下跌5.5%。 ...

在私募行业蓬勃发展的几十年中，公募基金经理"奔私"潮持续涌动，这背后既有个人在职业天花板的突围，亦有平台派系更迭引发的变动。从早年王亚伟、 邱国鹭开风气之先，到近年董承非、周应波等人自立门户，"公奔私"基金经理已经成为私募行业的一个重要派系，甚至不少是自身私募机构的核心人物，掌 舵着公司的整体投研方向。 私募排排网数据显示，截至2026年1月底，"公奔私"基金经理共有859位。其中，头部私募旗下的"公奔私"基金经理共有87位，占比10.13%。 接下来，笔者将划分百亿私募（规模100亿以上）、准百亿私募（规模50-100亿）两个规模组，为大家盘点头部私募（规模50亿以上）旗下"公奔私"基金经 理的代表人物。 | 8 | 崔童 | 股票 | 18 | | --- | --- | --- | --- | | 9 | 邓晓峰 | 股票 | 25 | | 10 | 董承非 | 股票 | 24 | | 11 | 杜昌勇 | 股票 | 30 | | 12 | 杜骐臻 | 股票 | 14 | | 13 | 归江 | 股票 | 28 | | 14 | 韩冬 | 股票 | 18 | | 15 | 韩海峰 | 组合基金 | 12 ...

为了帮大家看清2026年一季度大类资产轮动与风向变化、热点行业的前瞻解读，我们一季度预计邀请多位——百亿私募敦和资管首席经济学家徐 小庆、广发证券首席策略分析师刘晨明，知名经济学家《见证逆潮》作者付鹏，原高盛大中华区宏观交易主管袁骏，GSB奖台基金创始人，原德 意志银行董事总经理郭胜北，东吴证券研究所计算机首席分析师王紫敬，承誉资本股权业务主管、中国台湾资深半导体产业人士骆思远等嘉宾， 来分享他们对资产风向与轮动，地缘局势跟踪与分析、行业热点前瞻与解读的最新洞察。 股市方面，A股18连阳行情后有所回撤，成交量创下历史新高，逼近4万亿大关，科技与顺周期板块成资金主线，而美股则高位回调，特朗 普宣布提名沃什出任美联储主席，引爆市场鹰派预期，市场关注美联储政策举措转向。春节假期期间，美国最高法院裁决 IEEPA 关税非 法，特朗普随即用新的行政令，对来自所有国家和地区的商品加征15%的进口关税，并加速推动301和232审查，全球关税的不确定性冲击再 次来袭。 债市方面，中债呈牛平特征收益率曲线下移，而美债则熊陡走弱，收益率有所上行，市场对2026美联储降息节奏预期趋谨慎。 大宗商品市场更是冰火两重天，贵金属、有色金 ...

深圳商报·读创客户端记者 陈燕青 进入2026年，金融监管层打击违法违规行为的力度进一步加大。近日，证监会对私募瑞丰达及关联机构、责任人重罚4100万元；对余韩操纵证券市场行为作 出行政处罚，罚没金额合计10.22亿元。业内人士认为，监管层开年连出重拳，显示出其对证券违法违规行为始终保持高压态势、"零容忍"的态度，让每一 次违法操作都付出沉重代价，以净化市场环境。 著名经济学家宋清辉指出，资本市场的公平透明生态，直接关系中小投资者的切身利益。部分机构和个人通过操纵市场、内幕交易等行为获利， 投资者对此应保持高度警惕，不要盲目跟风炒作。相关上市公司被立案调查、重罚后，对其后续的再融资等将产生负面影响，对待这类公司应谨 慎。 开出私募业"史上最重罚单" 证监会23日称，近日对浙江瑞丰达资产管理有限公司及关联机构、责任人员合计罚款4100万元，处罚力度为私募行业"史上最重"。 经查，瑞丰达及关联私募机构、相关责任人员严重违反私募基金法律法规。上海证监局对瑞丰达及关联私募机构共罚没2800余万元，对5名责任人员共罚款 1300余万元，对瑞丰达实际控制人采取终身证券市场禁入措施。基金业协会注销相关私募机构管理人登记。对 ...

近日，独立研究机构Citrini Research发布了一份报告，阐释人工智能对全球经济的潜在风险，美股因此引发广泛讨论，甚至出现恐慌性抛售。配送、支 付、软件类股票周一大幅下挫，黑石、KKR等被报告点名的全球PE巨头也未能幸免。 不仅如此，就在几天前，美国资产管理公司蓝鸮资本（Blue Owl）宣布不得不出售资产，以满足投资者集中赎回某只基金的需求，引发市场紧张。这一事 件也导致包括阿波罗、KKR和黑石在内的多家PE巨头股价应声下跌。 2月19日至23日，黑石三个交易日股价累计下跌超15%，KKR累计跌幅也超11%，跌幅远超市场预期。 站在一级市场投资机构的角度，到底发生了什么？ 假想报告的警示： AI或触发私募信贷连锁"崩塌" Citrini Research这份题为《2028全球智能危机》的报告并非当下市场分析，而是以2028年6月为视角的"金融史思想实验"。 报告在核心论点中指出，AI的通缩力量若失控，将成为针对"中介"和"白领工资"的经济瘟疫，而私募信贷市场崩塌，会是金融系统危机的核心导火索。这 份报告虽为假想推演，也成为此次美股波动的重要情绪推手。 报告还指出，金融传染会从私募信贷向保险、资管行业 ...

研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 25 日 星期三 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、美联储理事沃勒表示，首席执行官们表示人工智能将导致大量裁员。疲软的劳 | | | | | 动力市场状况可能持续下去。就业市场看起来有需求问题，而不是供给问题，仍认 | | | | | 为劳动力市场疲软且脆弱。 | | | | | 2、Citrini Research 一份设想 2028 年 AI 引发白领失业、消费萎缩与经济收缩的 | | | | | 情景报告，引发市场剧烈反应。DoorDash、American Express、KKR、Blackstone | | | | | 等股价大跌，支付与软件板块同步承压。 | | | | | 3、随着市场对 ...

Group 1 - The core viewpoint of the article is that Panjing Investment, with the addition of veteran investor Zhan Hongfeng, aims to leverage the undervalued Hong Kong stock market while focusing on key investment themes such as AI and high-dividend stocks [1][2][9] - Zhan Hongfeng has over 20 years of experience in Hong Kong stock investments and has consistently outperformed the Hang Seng Index for seven consecutive years, achieving a doubling of returns during a period of market volatility [2][3] - The investment strategy includes a concentrated portfolio of high-quality stocks, a "barbell strategy" to mitigate risks, and a focus on left-side deep value investing to control costs and reduce volatility [4][5] Group 2 - The investment focus for 2026 will remain predominantly on Hong Kong stocks, with a target allocation of over 60%, while also considering A-shares and overseas assets [6][7] - The outlook for the Hong Kong stock market in 2026 is optimistic, with expectations of an upward trend supported by earnings recovery, valuation advantages, and potential market catalysts [9][10] - Seven key investment directions have been identified for 2026, including the AI industry chain, precious metals, high-dividend stocks, select consumer stocks, export industries, anti-involution sectors, and certain local Hong Kong stocks [12]

Core Viewpoint - The article discusses the financial struggles faced by individuals in the current economic climate, highlighting the risks of investment and the erosion of purchasing power due to inflation and market volatility [1][12][21]. Group 1: Market Volatility and Investment Risks - The recent sharp decline in gold and silver prices has led to significant losses for retail investors, who are often left vulnerable in a volatile market [1][5]. - Historical events, such as the 2018 P2P industry collapse and the 2015 stock market crash, illustrate the recurring nature of financial crises that disproportionately affect individual investors [3][5]. - The shift in financial policies, including the end of guaranteed returns on investments, has left many investors exposed to market fluctuations [11][12]. Group 2: Psychological and Behavioral Factors - Many individuals fall into a "trap of identity," becoming complacent with their financial status and making poor investment decisions based on perceived wealth [14][16]. - The desire for social status can lead to overspending and increased financial risk, further diminishing individuals' ability to withstand economic downturns [16][19]. Group 3: Inflation and Erosion of Wealth - The article emphasizes the impact of inflation on purchasing power, noting that stagnant interest rates on savings accounts fail to keep pace with rising living costs [21][22]. - The hidden nature of inflation acts as a "silent thief," gradually reducing the value of money over time, making it difficult for individuals to achieve financial growth [24][36]. Group 4: Investment Strategies and Financial Health - The article advocates for a diversified investment approach, suggesting that individuals should maintain a safety net of liquid funds while cautiously exploring other investment opportunities [31][34]. - Emphasis is placed on investing in personal skills and health as core assets that cannot be taken away, highlighting the importance of self-improvement over speculative financial ventures [36][41]. - The concept of "anti-fragility" is introduced, suggesting that building a resilient financial system is crucial for navigating uncertain economic conditions [46].

Core Viewpoint - The case represents the first administrative lawsuit in Shanghai regarding market manipulation, highlighting the regulatory boundaries of legitimate versus illegitimate market value management [3][13]. Summary of Violations - The main entities involved include Shanghai Dengcheng Consulting Management Co., Ltd., its president Liu Mouyu, and Jin Mouchun, the legal representative of Jinggong Group. The case revolves around a series of illegal transactions from December 2017 to April 2019 aimed at maintaining the stock price of "Huaijishan" and mitigating stock pledge risks [4][14]. - The manipulation process was divided into four stages: building positions, raising prices, maintaining prices, and liquidating positions. During the price-raising phase, the involved accounts ranked first in trading volume for 43 trading days, with over 40% of the buying volume in 20 trading days. The stock price of "Huaijishan" increased by 12.62%, significantly deviating from the Shanghai Composite Index's decline of 22.03% during the same period [5][15]. - The Shanghai Securities Regulatory Commission imposed fines totaling 2.4 million yuan on the involved parties, with 1.2 million yuan each for Jin Mouchun and Shanghai Dengcheng Consulting, and a 500,000 yuan fine for Liu Mouyu [6][16]. Administrative Litigation - Following the penalties, Shanghai Dengcheng Consulting and Liu Mouyu filed an administrative lawsuit against the Shanghai Securities Regulatory Commission, claiming their actions constituted legal market value management rather than market manipulation [6][16]. - The Shanghai Financial Court elevated the case, which became the first administrative lawsuit stemming from a market manipulation penalty, drawing significant attention from the capital market [7][16]. Court Ruling - The court ruled against Shanghai Dengcheng Consulting and Liu Mouyu, supporting the regulatory penalties. The court found their defenses lacked sufficient factual and legal support, noting that the timing of fund transfers and trading activities was highly correlated, and the involved funds violated basic investment diversification principles [8][17]. - The court emphasized that the so-called "legitimate market value management" was essentially a guise for market manipulation, and even if the manipulation resulted in losses, it did not absolve them of legal responsibility [8][18]. Core Controversy - The case clarifies the legal boundaries between "legitimate market value management" and "illegitimate market value management," dispelling two common misconceptions in the capital market: that market manipulation must result in profits to be prosecuted, and that one can evade liability by claiming market value management [9][18]. - The ruling sends a clear regulatory signal that the space for illegitimate market value management will continue to shrink, with enhanced regulatory scrutiny and tighter compliance requirements for the private equity industry [9][18].