沃顿商学院袁宇博士掌舵！ 量化学术底蕴深厚 鸣石基金成立于2010年12月，目前公司全球共有员工100余人。其中，投研团队人数占比较高，超80%为硕博学历，且均毕业于海外常春藤名 校及国内顶尖名校。近年来，荣获"金牛奖"、"英华奖"、"金阳光奖"等多项殊荣。 近年来，随着市场波动逐步加大，量化私募凭借其策略快速迭代和全市场选股优势，取得了亮眼的业绩，越来越受到广大投资者的欢迎。不过， 量化私募行业并非近几年才开始起步，早在 十多年前 ，就有一批量化私募成立，并通过不断创新穿越牛熊，逐步成长为当今的百亿量化"常青 树"， 鸣石基金 就是这么一家老牌量化私募。 图片来源：鸣石基金 鸣石基金的创始人、总经理和策略负责人为袁宇。 袁宇于2008年在宾夕法尼亚大学沃顿商学院获得金融学博士学位，并曾在美国联邦储备银行 担任研究员、沃顿商学院任教和上海高级金融学院担任教授。袁宇博士在读期间师从美国金融学会（AFA）前主席Dr. Robert Stambaugh教 授，两人共同将学术研究成果运用于投资领域，后来共同创立了鸣石基金。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 接下来，私募排排网就鸣石基金的 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资本市场，时间是检验策略的试金石 。由于资本市场环境变化较快，很多时候，某一种策略只在阶段内奏效，所以有了" 一年翻倍者众，三 年翻倍者寡 "的说法。要想持续获利，就需要持续地学习和进行策略迭代。 5年、10年对于资本市场而言，是一个漫长的时间，足以考验基金经理和投资策略的真实能力。为了给读者提供一些参考，笔者梳理出了 "长跑 型"私募产品，包括在近五年业绩表现突出的产品和成立超10年的"双十基金"产品 。 0 1 主观多头成 " 双十基金 " 主力军，梁宏旗下产品表现亮眼！ 截至2025年7月底，成立满10年且在私募排排网有业绩展示的私募产品共有61只， 其中成立来年化收益超 10%的"双十基金"共有32只，占比约 为52%。 其中14只"双十基金"在今年7月份创了历史新高。 按产品类型来看，主观多头产品占 25只 。 进化论资产、深圳易同投资、通和投资、中睿合银等4家私募各有2只产品在列。百亿私募中，进化论资产有2只产品在列，海南希瓦有1只产品 在列。 | 产品简称 | 二级策略 | 产品规模 | 今年来 成立以来 成立日期 年化收益 (万 ...

导语 自2022年以来，中国经济通缩压力显著，GDP平减指数连续九个季度同比为负，PPI则连续33个月同比收录为负，价格端持续走低进而挤压企 业营业收入利润波动下行。早在去年7月，中央政治局会议便提出了强化行业自律，防止"内卷式"恶性竞争，中央层面首次提及反内卷，但战 略高度维持在行业内部。今年以来中央政府多次在重大会议中提出综合整治"内卷式"竞争的要求，二季度以来各行业响应"反内卷"信号显著升 温。（可参考： 反内卷"行情爆火！钢铁、水泥、煤炭等全面爆发！八大方向概念股梳理！ ） 值得投资者注意的是，金融危机之后我国政府围绕过剩产能也曾几次出台包括控产能、降库存、节能减排等不同形式的供给侧改革或限制措 施。我们希望提供私募行业历史行情的复盘来为投资者提供一定参考价值。 一、2010年拉闸限电 全球金融危机后，我国政府在2008年底提出扩大内需、促进经济增长的一揽子措施，俗称"四万亿计划"，一方面成功阻止经济下滑并打下复苏 基础，另一方面各地基建高能耗产能逐步过剩。2010年各地为突击完成"十一五"节能减排指标开始拉闸限电，南华能化、南华工业品指数、沪 深300自7月初开始进入比较流畅的长周期上涨趋势，年底发 ...

最近，在媒体的曝光下，一家在市场上颇有名气的私募量化机构返佣事件的细节浮出水面，暴露出量化 私募狂飙时代被忽视的制度缺陷。这场涉及券商和私募之间的利益输送，让行业的口碑受到了一些影 响。 寻租链条何以形成？这起事件绝非单一主体的过失，而是多重因素交织的必然结果。 最后，监管制度不够完善也让涉事方钻了空子。虽然《证券经纪业务管理办法》明令禁止返佣，但具体 监管细则模糊，惩戒力度不足。量化私募作为新兴力量，其高频交易年换手率超100倍并不鲜见，佣金 规模巨大，券商为争夺客户采用高额返佣比例，形成马太效应与资源垄断。量化私募特有的高频交易、 算法策略等特性尚未被监管框架充分覆盖，变相操作长期游离于监管之外，灰色地带由此滋生，导致行 业发展畸形。 返佣事件看似简单，却让证券行业的生态遭遇三重冲击，并引发连锁反应。 一是投资者信心受到伤害。当投资人发现管理费可能被用于佣金置换而非策略研发，信任的基石难免有 所动摇。特别是知名的头部机构涉案，使整个量化行业遭遇污名化冲击。 二是行业格局面临重构。合规压力下，量化机构将加速分散券商合作。中小券商因系统劣势更难获取头 部私募资源，行业马太效应加剧。 凡事均有两面性。此次返佣事 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 导语 周一（2025年8月18日），上证指数收盘于3728.03点，正式站稳3700点同时也创十年以来新高， 虽然下午整体震荡回落，但释放了较为强劲 的市场交易信号。自上周开始不仅沪深两市单日成交额继去年11月以来再度突破2万亿水平，融资余额也时隔十年再度回到2万亿元水平，同时 十年期国债期货价格较7月高点已下跌约0.5%左右，表明投资者风险偏好上升的同时居民存款向权益市场陆续迁移。历史上沪指在突破整数点 位时向来要遭遇一定历史套牢盘阻力，3700点附近为2021年筹码密集区，如若有效突破还需要增量资金持续放量。（可参考： 幻方、九坤、 天演、蒙玺等18家百亿私募旗下产品悉数创新高！超7成百亿私募产品创了新高！ ） 近些年来，多数私募投资者在市场复杂波动的行情中采取"量化为底，多点开花"的持仓结构， 在指数不断突破高位的背景下，投资者该如何优 化自己的投资组合呢？ | 私募(二级)策略 | 有业绩显示的 | 1-7月收益均值 | -7 E DE K ? | 1-7 EDEK | | | --- | --- | --- | --- | --- | ...

以下文章来源于创业板观察 ，作者闫军 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 徐翔重出江湖，与林园相拥，大佬惺惺相惜，携手教你炒股…… 近期，沪指连创新高，慢牛行情开启，散户涌入股市的同时，各种"李 鬼"、披着知识分享外衣的"非法荐股"等又开始充斥在各个社交平台。 近期，教人炒股又成为热词，前有美女分析师因荐股精准，有投资者组建粉丝群求"带飞"，同时，徐翔、林园、王亚伟、章盟主等牛散、民 间"股神"小视频活跃于各个社交平台。 多个类似的小视频，"两位大佬、强强联手、相互学习、相互进步、相互扶持、资源共享"，相似话术背后，是直播邀请网友一起"抄作业"。 西装革履、邪门一笑，这些AI"股神"霸总们，以浓浓的短剧风出现在各个小视频中。 随着小视频爆发，抖、快、红、视的生态中，财经类内容增长迅速，以小红书为例，以"理财"为标签的内容阅读次数高达30多亿，A股、投 资等标签同样是热门词。但是从内容合规上，社交平台运营并不区分垂直领域，有些平台运营人员一开始都不了解基金公司与基金销售公司 之间区别。 "平台对于违规内容的处置是很及时 ...

Core Viewpoint - The article emphasizes the rapid rise of quantitative investment in the capital market, highlighting its advantages in data processing, risk control, and the increasing number of private equity firms adopting quantitative strategies [2][5]. Group 1: Industry Overview - The volatility in capital markets and the complexity of information have made traditional subjective investment more challenging, leading to a surge in quantitative investment, which utilizes mathematical models and algorithms to uncover non-linear patterns and excess returns [2]. - By July 2025, the number of billion-yuan quantitative private equity firms surpassed that of subjective private equity firms for the first time, indicating a significant shift in investment strategies [2]. Group 2: Company Profile - Century Frontier, established in August 2015, has rapidly developed, surpassing 10 billion yuan in management scale by 2021, and currently employs various investment strategies including index enhancement and quantitative stock selection [5][6]. - The company has received multiple industry awards, including the "Golden Bull Award" and "Yinghua Award" in 2024, reflecting its strong performance in the private equity sector [6]. Group 3: Performance Metrics - As of July 2025, there are 44 billion-yuan quantitative private equity firms, with 23 firms having nearly three years of performance data. Century Frontier ranks 8th among these firms, with an average return of nearly ***% over the past three years [8]. - Century Frontier has 12 products with performance data that meet ranking criteria, with 11 products reaching historical highs in July 2025 [8]. Group 4: Investment Strategies - The company employs a diverse range of strategies, including index enhancement and market-neutral strategies, which have shown superior performance in both excess and absolute returns due to an active market environment [15]. - The small-cap index enhancement strategy benefits from a larger number of constituent stocks, allowing for better application of various alpha factors and reducing exposure risks [16]. Group 5: Competitive Advantages - Century Frontier's competitive edge lies in its stable research and development team, which comprises over 70% investment research and risk control personnel, many of whom have over 10 years of quantitative experience [12][20]. - The company emphasizes a collaborative working model that fosters open communication and trust among team members, contributing to high research efficiency and team stability [14]. Group 6: Future Trends - The quantitative investment industry is expected to expand from high-frequency to medium-low frequency strategies, with a focus on enhancing the strength, diversity, and stability of signals [25][26]. - Century Frontier has been investing in AI and machine learning capabilities to improve its quantitative strategies and is also exploring international expansion to enhance its investment management capabilities [26].

量化大厂年内收益飙升 截至8月8日，中证500指数年内收益还在10.44%徘徊之时，量化私募的中证500指数增强产品已经出现"集体爆发"。 相关渠道统计显示：截至8月8日，至少有14家机构的产品年内收益超过30%，其中百亿级量化大厂占据半壁江山。 具体来看：信*2号以41.54%的年内收益领跑全市场，橡*永富产品紧随其后达到41.02%。总体上，前十名产品的年内"账面 收益"全部突破35%大关。 2025年8月18日，A股迎来堪称"大突破日"的关键时刻：上证指数刷新近十年新高，全天成交额更是放量至2.76万亿元。 与此同时，A股总市值首次突破100万亿元大关，宣告市场跨入新的估值阶段 就在不少投资者仍"不明所以"、或是满怀期待地等待"大牛市"进一步展开时，量化大厂早已悄然体验了一场属于自己的牛 市。 说得更直接些：2025年仅过去八个月，对于量化圈来说，已经上演了一轮堪比2019年、甚至超越2020年的"量化大年"。 果真如此吗？ 不少量化机构其实早已悄然享受到了一波"静音牛市"：表面风平浪静，实则浮盈滚滚。 更出人意料的是，哪怕只聚焦在目前并不算"热门"的传统量化策略上，这一轮"量化大年"的迹象也已足够引人 ...

Market Performance - A-shares continue to strengthen, with the Shanghai Composite Index surpassing 3700 points, reaching a nearly 10-year high, and the total market capitalization exceeding 100 trillion yuan [1] - Since July, A-shares have accelerated their rise, with the Shanghai Composite Index increasing over 8%, the Sci-Tech 50 Index rising over 10%, and the ChiNext Index soaring nearly 20% [1] Driving Forces Behind Market Rally - The main forces driving the current market rebound include insurance funds, private equity, retail investors, and foreign capital [1] - As of the end of Q2, the total investment in stocks by life and property insurance companies reached 3.07 trillion yuan, an increase of nearly 1 trillion yuan year-on-year, with a net increase of 251.3 billion yuan in Q2 [1] - Private equity funds are seeing a continuous increase in new products, with 1298 new private equity funds registered in July, marking an 18% month-on-month growth [1] Retail Investor Activity - In July, new A-share accounts reached 1.9636 million, a year-on-year increase of nearly 71%, with a total of 14.5613 million new accounts opened this year, up 36.88% year-on-year [2] - High-net-worth investors are entering the market, but retail funds are primarily flowing into bank wealth management products rather than directly into the stock market [2] Leverage and Foreign Investment - A-share margin financing has returned, with the financing balance exceeding 2 trillion yuan for the first time in 10 years, increasing by over 210 billion yuan in the last month and a half [2] - Foreign investment is also on the rise, with a net inflow of 199 million USD into ETFs focused on China in the last month, accounting for 47% of last year's total net inflow [3] Future Market Outlook - Short-term market liquidity support remains, with expectations of continued upward momentum, although technical adjustment pressures may persist [4] - Investment strategies are suggested to focus on large technology and large financial sectors, with potential for a rebalancing between large and small-cap stocks [4]

Core Viewpoint - In July, market risk appetite increased due to reduced external disturbances and supportive policies, leading to significant gains in stock markets, with the Shanghai Composite Index rising by 3.74% and the ChiNext Index increasing by 8.14% [2][6] Group 1: Market Performance - The Nanhua Commodity Index rose by 3.80% in July, while the industrial product index increased by 4.86% [2] - The bond market faced pressure, with the China Bond Index declining by 0.11% and the China Government Bond Index falling by 0.16% [2] Group 2: Private Fund Performance - Among 4,374 private fund products with performance data, the average return from January to July was approximately 15.23%, with 91.20% of products showing positive returns, an increase from 84.26% in the first half of the year [4][6] - Quantitative long and subjective long strategies performed well, with average returns of 25.02% and 18.55% respectively for the same period [4] Group 3: Top Private Funds - The top private fund for the first seven months of the year was Fuyuan Capital, with an average return of ***% and a total product scale of approximately 6.96 billion [5][11] - The average return for the top 100 private funds was 32.19%, with a total product scale of about 789.45 billion [6][12] - Notable new entrants to the top 100 included Fuyuan Capital and Jiuge Investment, with significant performances in the new consumption sector [7][11] Group 4: Investment Strategies - Fuyuan Capital focuses on Hong Kong's new consumption stocks, which have shown impressive gains, including a 174.4% increase for Pop Mart and over 190% for Laopu Gold [10][11] - Tongben Investment, ranked third among the top private funds, emphasizes consumer investment and has a strong background in the food and beverage sector [11] - Nengjing Investment Holdings, previously ranked first, now holds the second position with a focus on equity and fixed income private securities [12] Group 5: Long-term Performance - Over the past three years, the average return for the top private funds was 66.12%, with Fuyuan Capital and Yijiu Private Fund among the top performers [22][24] - The top three private funds in the last three years included Fuyuan Investment, Yijiu Private Fund, and Huijin Asset, indicating strong long-term performance [22][27]