提醒广大投资者保护合法权益，维护公司声誉，淡水泉投资郑重声明及提示如下： 一、淡水泉投资全称为"淡水泉（北京）投资管理有限公司"，为中国证券投资基金业协会备案的私募证券投资基金管理人（登记编码：P1000294）。 二、根据法律法规，淡水泉所有产品及服务仅面向合格投资者。淡水泉从未面向公众开展证券投资、咨询、培训等活动，也从未授权任何第三方以淡水泉 名义开展前述活动。请广大投资者遇到不规范证券活动时注意甄别。 三、淡水泉投资唯一官方网站为：https://www.springs-capital.com/ 官方微信公众号为：淡水泉投资，此外在新浪微博、雪球、东方财富网、知乎等网站平 台上开设的官方账号请以平台加V认证为准。淡水泉投资未广泛在其他互联网平台上设立官方账号，请广大投资者注意甄别。 以下为官方网站及微信公众号二维码： 淡水泉（北京）投资管理有限公司（下称"淡水泉投资"）关注到有不法分子冒用淡水泉投资、淡水泉投资员工的名义，在互联网平台或线下开展非法荐 股、非法集资、项目投资等违法证券活动，涉嫌骗取投资者钱财，甚至有不法分子冒充监管部门，谎称"受金融监督管理部门委托，开展兑换减损处置工 作"，虚构所谓的 ...

提醒广大投资者保护合法权益，维护公司声誉，淡水泉投资郑重声明及提示如下： 淡水泉（北京）投资管理有限公司（下称"淡水泉投资"）关注到有不法分子冒用淡水泉投资、淡水泉投资员工的名义，在互联网平台或线下开展非法荐 股、非法集资、项目投资等违法证券活动，涉嫌骗取投资者钱财，甚至有不法分子冒充监管部门，谎称"受金融监督管理部门委托，开展兑换减损处置工 作"，虚构所谓的"非法集资减损平台"，持续行骗。 四、我们强烈谴责该等不法分子冒用淡水泉名义从事非法活动的行为，并保留追究其法律责任的权利。 一、淡水泉投资全称为"淡水泉（北京）投资管理有限公司"，为中国证券投资基金业协会备案的私募证券投资基金管理人（登记编码：P1000294）。 二、根据法律法规，淡水泉所有产品及服务仅面向合格投资者。淡水泉从未面向公众开展证券投资、咨询、培训等活动，也从未授权任何第三方以淡水泉 名义开展前述活动。请广大投资者遇到不规范证券活动时注意甄别。 三、淡水泉投资唯一官方网站为：https://www.springs-capital.com/ 官方微信公众号为：淡水泉投资，此外在新浪微博、雪球、东方财富网、知乎等网站平 台上开设的官方账号请以 ...

【导读】启林投资创始合伙人沈显兵去世，年仅40岁 沉痛哀悼！ 2月2日，知名量化私募启林投资发布讣告，公司创始合伙人沈显兵先生，于2026年2月2日10时36分与世长辞，享年40 岁。 | 基金管理人全称(中文) | 上海启林投资管理有限公司 | | --- | --- | | 基金管理人全称(英文) | Qilin Investment Management(Shanghai) Co., Ltd _____ | | 登记编号 | P1064525 | | 组织机构代码 | 913100003420174356 | | 登记时间 | 2017-08-29 | | 成立时间 | THE WAS 信息 AN 202 2015-05-28 | | 注册地址 | 上海市虹口区号淞路275号1803室 | | 办公地址 | 上海市虹口区吴淞路275号1803室 | | 注册资本(万元)(人民币) | 1,063.259 | | 实缴资本(万元)(人民币) | 1,063.259 | | 注册资本实缴比例 | 100% | | 亚亚博 | 内资企业 | | 机构类型 | 私募证券投资基金管理人 | | 业务类型 | 私募 ...

Group 1 - The private equity securities investment products in 2025 have shown impressive performance, with 8,915 out of 9,934 products achieving positive returns, resulting in a positive return rate of 89.74% and an overall average return rate of 25.68% [1] - The stock strategy emerged as the top performer, with 5,680 out of 6,298 products yielding positive returns, a positive return rate of 90.19%, and an average return rate of 29.99%, indicating strong investment opportunities in the stock market for 2025 [1] - Among stock strategy sub-strategies, quantitative long strategies performed exceptionally well, with a positive return rate of 95.81% and an average return rate of 39.51% [1] Group 2 - The multi-asset strategy achieved a positive return rate of 90.61% with an average return rate of 22.06%, demonstrating strong risk management through flexible allocation across various asset classes [2] - Combination funds stood out as the most stable strategy in 2025, with a positive return rate of 96.19%, although the average return rate of 18.30% was lower than that of stock and multi-asset strategies [2] - Futures and derivatives strategies also performed well, with 84.86% of products achieving positive returns and an average return rate of 17.24% [2] Group 3 - The bond strategy maintained stable performance in 2025, with 670 out of 745 products achieving positive returns, resulting in a positive return rate of 89.93% and an average return rate of 9.56%, serving as a reliable asset allocation choice for low-risk investors [3] - The strong performance of private equity securities products in 2025 is attributed to three main factors: the resonance between macroeconomic environment and market trends, strong liquidity support from policy guidance, and the alignment of strategies with market structure [3] - The A-share market experienced an overall upward trend, with the ChiNext Index rising approximately 50%, providing a solid foundation for returns from stock strategy-focused private equity products [3]

Group 1 - The core viewpoint of the article emphasizes the growing interest in index-enhanced products, particularly the CSI 1000 Index, which combines high growth and high elasticity characteristics, making it suitable for investors with a certain risk tolerance seeking potential excess returns [3][4]. - The CSI 1000 Index represents small and mid-cap stocks, covering companies ranked approximately 801 to 1800 in market capitalization, with a significant proportion in high-growth sectors such as electronics, electrical equipment, pharmaceuticals, and computers [4]. - Since 2021, the Chinese government has implemented policies to support "specialized, refined, distinctive, and innovative" small and medium-sized enterprises, resulting in over 10 billion yuan in subsidies by 2025, which enhances the growth logic for the CSI 1000 Index in the medium to long term [6]. Group 2 - The performance of private equity CSI 1000 index-enhanced strategies has shown a significant advantage in "Beta + Alpha" returns, with a strategy index return exceeding 36% over the past year compared to a 16% increase in the CSI 1000 Index [6]. - The article introduces two new metrics for selecting CSI 1000 index-enhanced products: non-regular investment annualized return and regular investment annualized return, which provide a more accurate reflection of the investor's actual holding experience [9][10]. - The non-regular annualized return reflects the product's ability to generate returns from a single investment point, while the regular annualized return measures the stability of performance over time with fixed frequency investments [11][12]. Group 3 - The article discusses the compounding effect of index-enhanced strategies, highlighting that consistent small excess returns can accumulate significantly over time, making long-term holding a more effective strategy [14]. - A table illustrates the potential excess returns over one and three years based on daily outperformance against the benchmark, showing that even small daily outperformance can lead to substantial cumulative excess returns [15].

Core Viewpoint - The A-share market in 2025 has shown distinct characteristics of a structural bull market, driven by policy support for the economy and technological transformation, leading to an upward trend in indices and significant returns for investors [2] Group 1: Market Performance - As of November 28, 2025, the private equity stock strategy index has achieved a return of 23.67%, while the CSI All Share Index has returned 18.30% during the same period [2] - The quantitative long strategy index has outperformed the subjective long strategy index, with returns of 34.67% and 22.75% respectively [2] Group 2: Strategy Analysis - The market environment this year was expected to favor subjective long strategies, yet quantitative strategies have leveraged their systematic advantages to capture opportunities [2] - The average performance of subjective long strategies has not matched that of quantitative strategies, attributed to the internal dispersion of returns and decreased effectiveness of timing strategies [12][18] Group 3: Future Outlook - The current environment for subjective long strategies is expected to improve compared to 2022-2024, with enhanced liquidity and a shift in market risk appetite [18] - Investors are encouraged to focus on subjective long managers who emphasize shareholder returns and sectors with high growth potential, such as AI and related industries [18]

Core Viewpoint - The private equity industry in China has reached a new milestone with the total management scale exceeding 22 trillion yuan, driven by significant growth in securities investment funds, which increased by 1.8 trillion yuan, marking a growth rate of over 34% [2][3]. Group 1: Market Performance - As of the end of November, major stock indices in A-shares, Hong Kong, and the US have shown varying degrees of increase, with the Shanghai Composite Index rising approximately 16.02%, the Shenzhen Component Index by 24.67%, and the ChiNext Index by 42.54% [2]. - The Hang Seng Index and the Hang Seng Tech Index both recorded gains exceeding 25%, while the Nasdaq Index increased by about 21% and the S&P 500 Index by 16.45% [2]. Group 2: Private Equity Growth - By the end of October 2025, the number of existing securities investment private equity firms in China reached 7,569, with only 673 firms experiencing a scale increase, representing less than 11% of the total [3][4]. - The number of private equity firms with management scales exceeding 50 billion yuan has expanded to 237, with over 100 firms in both the 100 billion yuan and 50-100 billion yuan categories [4][5]. Group 3: Scale Changes - The management scale of private equity firms has seen significant changes, with the number of firms in the 100 billion yuan category increasing by 28.41%, and those in the 50-100 billion category rising by 34.78% [5]. - The number of small private equity firms (0-5 billion yuan) decreased from 6,375 at the end of 2024 to 6,161 by the end of November 2025, a decline of 3.36% [5]. Group 4: Investment Strategies - Among the 673 private equity firms that achieved scale increases, 368 are subjective investment firms and 159 are quantitative firms, with the scale increase rates being 6.97% and 18.73% respectively, indicating a stronger market recognition for quantitative investment [6][7]. - A total of 20 private equity firms have seen their management scale increase by at least three levels, with 19 firms increasing by three levels and one firm by four levels [6][7]. Group 5: Top Performers - The top three private equity firms that achieved a scale increase of at least three levels are Luyuan Private Equity, Haokun Shengfa Asset, and Hanrong Investment, with Luyuan Private Equity leading in performance [8][9]. - Luyuan Private Equity, established in 2023, has seen its management scale rise from 0-5 billion yuan to the 20-50 billion yuan range, showcasing a remarkable growth trajectory [8][9]. Group 6: Performance Metrics - The threshold for the top 10 performing private equity firms this year was set at a return of over ***%, with Luyuan Private Equity achieving the highest return [8][9]. - Haokun Shengfa Asset and Hanrong Investment also performed well, with their respective products showing significant returns, contributing to their scale increases [9][10].

市场震荡加剧，却并未扰动资金入市节奏。 私募排排网最新统计数据显示，11月超1200只私募证券投资基金完成备案，环比10月增长近30%。与此同时，截至11月21日，股票私募仓位 指数接近83%，较此前一周（11月14日）增长1.84个百分点。可见，不管是存量资金还是增量资金，都对权益资产的中长期表现抱有乐观预 期。 多位业内人士在接受记者采访时分析称，在企业盈利逐步修复，增量资金持续涌入权益市场的背景下，短期震荡后基本面能够兑现的优秀 公司有望进入新的上涨周期，调整提供了较好的布局机会。 私募11月"上新"活跃 分策略来看，头部私募仓位更为积极。据统计，截至11月21日，百亿级私募平均仓位为89.23%，管理规模在50亿元-100亿元、20亿元-50亿 元、10亿元-20亿元、5亿元-10亿元及0-5亿元区间的私募仓位分别为84.54%、81.69%、82.46%、82.59%和81.6%。 | 11 月备案私募产品按策略统计 | | | | --- | --- | --- | | 策略 | 产品数量 | 早 | | 股票策略 | 849 | 66. 07% | | 多资产策略 | 193 | 15.02% ...

Core Insights - The overall performance of CTA strategies has been strong this year, with precious metals providing significant profit opportunities, while stock indices, black commodities, and agricultural products have also shown favorable upward trends at different times [2] Group 1: Performance Analysis - The average return for short-cycle CTA managers this year is 12.99%, with the highest standard leveraged product achieving a year-to-date return of 42.25%. In contrast, long-cycle CTA managers have an average return of 28.15%, with the highest standard leveraged product reaching 67.96% [6][9] - Long-cycle CTA strategies have shown a clear advantage since the second quarter of this year, attributed to the favorable market conditions for longer-term models [6][9] Group 2: Market Trends - The core reason for the superior performance of long-cycle CTAs this year is that the commodity trend structure is more suited to the characteristics of long-cycle models. This includes stronger trend persistence and a more favorable volatility structure [10][11] - Macro factors, such as the global interest rate cycle being in a downward trend and changes in energy supply and demand, have made this year's commodity market more aligned with mid-term trends rather than short-term fluctuations [11] Group 3: Strategic Value of CTA - Despite the better performance of long-cycle CTAs this year, short-cycle CTAs still hold value. The strategic value of CTAs lies in their ability to provide high annualized returns and low correlation with equity assets, as well as offering defense and hedging during significant market downturns [13]

日前，"中国银河（601881）证券·中国证券报私募行业星耀领航计划"调研团队走进连云港市首家持牌 私募证券投资基金管理人——连海陆桥基金，围绕其科创投资逻辑、区域产业赋能、企业社会责任等议 题展开深入交流，共同探索国有背景私募在支持科技创新与服务地方经济中的独特路径。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 深耕战略性新兴产业 连海陆桥基金执行董事、总经理刘益鸣在接受中国证券报记者专访时表示，公司自2022年成立以来，始 终将科技创新作为重要投资方向之一，依托股东连云港市金融控股集团的产业背景与区域资源优势，持 续深耕生物医药、人工智能、高端制造等战略性新兴产业。 据悉，连海陆桥基金前身为金控集团证券业务部，早在集团成立初期即通过持股恒瑞医药（600276）、 远大控股（000626）等本土上市公司，积累了深厚的产业认知与资本运作经验。转为市场化运作的私募 基金管理人后，公司延续了这一基因，在股票策略产品中重点配置创新药板块，持 ...