作为一名入行一年的私募新人，这一年的时光都在数据报表与项目提案中流转，被同事戏称为"PPT纺织工"的日子里，唯有手机相册里 家乡的海，能偶尔抚平市场波动带来的焦虑。 当公司发出休假安排通知时，我点开购票软件——深圳到雷州没有直达动车，早已习惯的中转路途，此刻却成了奔赴团圆的序曲。 打包行李时，我特意将熨烫平整的职业套装叠好，换上舒适的卫衣牛仔裤，通勤包里的行业报告被替换成给爷爷奶奶的保暖护膝，给 堂弟的考研资料，还有给妈妈带了围巾。 作者：周星星 01 K线落幕，归心向海 腊月二十六的深圳，我盯着电脑屏幕上跳动的K线图，指尖却早已按捺不住对归乡的期盼。 站在小区楼下等网约车，看着身边行色匆匆的归乡人，有人拖着装满年货的行李箱，有人车后窗贴着"爸妈，我们回家了"的红纸横 幅，这份朴素的温情，瞬间戳中了内心最柔软的角落。 车窗外，深圳的霓虹渐渐远去，高速路上的车流汇成流动的星河，我靠在座椅上，想起小时候跟着爸妈回雷州，也是这样一路颠簸， 只是那时的我，还不懂归乡路承载的牵挂。 如今自己独自往返，才明白归乡路的每一公里，都在拉近爸爸心与家的距离。 02 海风迎客，故园暖意 中转到湛江市区时，天刚蒙蒙亮，天边染着一层 ...

企查查APP显示，近日，四川省能发油气资源股权投资引导基金合伙企业（有限合伙）成立，出资额10亿元，经营范围包含：创业投资（限投资未上市企 业）。企查查股权穿透显示，该企业由四川能源发展集团有限责任公司等共同出资。 | 全国企业信用查询 | | 查一下 四川省能发油气资源股权投资引导基金合伙企业 ○ | | | --- | --- | --- | --- | | 基本信息 8 | 法律诉讼 经营风险 | | 经营信息 | | 执行事务合伙人 | 登记状态 四川省川投航信私募基金 | | 存续（在营、开业、 | | | 管理有限公司 出资额 | | 100000万元 | | 组织机构代码 | MAK84HD1-X | 工商注册号 | 510109202139075 | | 企业类型 | 有限合伙企业 营业期限 | | 2026-02-09 至 2034- | | 人员规模 | 参保人数 | | | | 所属地区 | 四川省成都市武侯区 登记机关 | | 成都高新区市场监督 | | 国标行业 | 其他未包括金融业（J6999） V 英文名 | | Sichuan Nengfa Oil : p (Limited P ...

| 序号 | 管理人名称 | 登记编码 | | --- | --- | --- | | 1 | 北京方舟私募基金管理有限公司 | P1068397 | | 2 | 前海益鑫(深圳)资产管理有限公司 | P1063624 | | 3 | 深圳泛盈捷资产管理有限公司 | P1000291 | | 4 | 上海盎泽私募基金管理有限公司 | P1019024 | | 5 | 海南稳远私募基金管理有限公司 | P1072870 | | 6 | 北京中融亚银资产管理有限公司 | P1063768 | | 7 | 徽瑾创业投资(上海)有限公司 | P1022603 | 责编:李文玉 | 审核:李震 | 监审:古筝 【大河财立方消息】2月6日，中国证券投资基金业协会发布公告称，注销北京方舟私募基金管理有限公司等7家异常经营私募基金管理人登记。 公告中提到，北京方舟私募基金管理有限公司等7家私募基金管理人存在异常经营情形，且未能在书面通知发出后的3个月内提交符合规定的专项法 律意见书，中国证券投资基金业协会将注销该7家机构的私募基金管理人登记。 中国证券投资基金业协会提到，已注销的私募基金管理人和相关当事人，应当根据法律法规、 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has concluded its investigation into the Rui Feng Da incident, imposing significant penalties on the company and its affiliates for serious violations of private fund regulations, marking it as one of the heaviest fines in the private equity sector's history [1][2]. Group 1: Penalties and Violations - Rui Feng Da and its associated private equity firms were fined over 28 million yuan, while five responsible individuals faced fines totaling 13 million yuan, with the actual controller, Sun Wei, receiving a lifetime ban from the securities market [1][2]. - The Shanghai Securities Regulatory Bureau identified five affiliated private equity firms involved in the violations, including Shanghai Ri Ying and Hunan Bei Chen Yu Ren Technology [2]. - The investigation revealed that from January 2021 to January 2024, several funds managed by these firms failed to operate in accordance with contractual agreements, and discrepancies were found in the reported information regarding actual controllers and related parties [2]. Group 2: Fund Management and Misconduct - Rui Feng Da allegedly misused investor funds by engaging in high-risk trading of illiquid stocks on the New Third Board, leading to significant financial losses for investors [7][8]. - The firm reportedly promised investors that their principal would not be lost or guaranteed minimum returns, which contributed to the fraudulent activities [2]. - The incident raised concerns about the role of custodians in private equity, as many funds were managed under the supervision of custodians who may not have adequately monitored the fund managers' activities [9][10]. Group 3: Industry Impact and Regulatory Response - Following the Rui Feng Da incident, the China Securities Investment Fund Industry Association (CIFA) has begun to revoke the registrations of several private equity firms involved in the scandal due to abnormal operations [5]. - The incident has prompted increased scrutiny of custodians' responsibilities in the private equity sector, with legal experts emphasizing the need for custodians to fulfill their supervisory obligations [11].

Core Viewpoint - The regulatory environment for private equity funds in China has entered a new phase characterized by strict enforcement and zero tolerance for violations, as evidenced by the record penalties imposed on Zhejiang Ruifengda Asset Management Co., Ltd. and its related entities [1][2][4] Regulatory Actions - On January 23, the China Securities Regulatory Commission (CSRC) imposed administrative penalties totaling over 410 million yuan on Ruifengda and its actual controller, Sun Wei, along with five associated private equity institutions [1][2] - This penalty marks the heaviest fine in the history of private equity regulation, reflecting a shift towards a more rigorous and systematic approach to enforcement [2][6] - The CSRC's actions are part of a broader strategy to combat illegal activities in the private equity sector, including fraudulent fundraising, misappropriation of funds, and conflicts of interest [2][4] Violations Identified - Investigations revealed serious violations, including significant discrepancies in information reporting by Ruifengda and its affiliates, which aimed to obscure actual control relationships and evade regulatory scrutiny [4][5] - Funds managed by certain institutions were found to be operating outside the agreed investment strategies, constituting fraud against investors [5][8] - Sun Wei directly engaged in misleading practices by promising investors capital protection and minimum returns, which are prohibited under private equity regulations [5][6] Enforcement Mechanisms - The penalties included not only financial fines but also the revocation of management registrations for the implicated private equity firms and a lifetime ban for Sun Wei from participating in the securities market [5][6] - The regulatory framework now incorporates a three-tiered accountability system involving self-regulation, administrative oversight, and criminal prosecution, ensuring comprehensive enforcement against violations [6][10] Industry Implications - The recent actions signal a commitment to creating a fair competitive environment for compliant institutions and safeguarding investors' rights [2][10] - The regulatory landscape is evolving towards a more law-based, normalized, and integrated approach to supervision, with a focus on long-term deterrence against misconduct [10][11] - The CSRC's ongoing efforts include educational initiatives aimed at promoting compliance and rectifying persistent issues within the industry [11]

Core Viewpoint - Zhejiang Securities Regulatory Bureau has issued administrative regulatory measures against Hangzhou Longli Investment Management Co., Ltd. for violations in private equity fund operations [1][2]. Group 1: Violations Identified - The company failed to report information to the China Securities Investment Fund Industry Association as required [1][2]. - The company did not establish a comprehensive compliance and risk control system, failing to ensure risk isolation between the actual controller and the company [1][2]. Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter as a supervisory measure and record it in the securities and futures market integrity archive [1][2]. - The company is required to submit a written rectification report within 7 days of receiving the decision, aiming to prevent future violations and protect investors' legal rights [2].

Group 1 - The Zhejiang Zhezi Science and Technology Innovation Special M&A Equity Investment Fund Partnership has been established with a total contribution of 10.103 billion RMB [1][2] - The executing partner companies are Agricultural Bank of China Capital Management Co., Ltd. and Zhejiang Fuzhe Private Equity Fund Management Co., Ltd. [1][2] - The fund's business scope includes private equity investment, investment management, asset management, and other related activities [1][2] Group 2 - The fund is jointly contributed by Zhejiang Provincial Social Security Science and Technology Innovation Equity Investment Fund Partnership (Limited Partnership), Zhejiang Fuzhe Private Equity Fund Management Co., Ltd., Agricultural Bank of China Capital Management Co., Ltd., and Hangzhou Fuzhe Shanneng Enterprise Management Partnership (Limited Partnership) [1][2]

Core Insights - The total scale of private equity funds in China reached a historic high of 22.09 trillion yuan by the end of November 2025, but this growth is characterized by structural changes rather than broad-based expansion [1] - There is a significant increase in the proportion of quantitative strategy products among newly registered private securities products, which accounted for 44% of the total in November, indicating a shift towards more structured investment strategies [2] - The concentration of capital is accelerating towards leading quantitative firms, reflecting a "Matthew Effect" where funds are increasingly directed to institutions with mature models and strong brand capabilities [2] Industry Structure - The number of newly registered private fund managers in November was only 14, while 67 were deregistered, indicating a significant industry consolidation [2] - Major cities like Shanghai, Beijing, and Shenzhen account for nearly 60% of private fund management scale, highlighting a long-term stable concentration of financial resources and industrial foundations [3] - Private equity and venture capital funds, with a combined scale exceeding 14 trillion yuan, continue to play a crucial role in supporting real innovation, while securities investment funds, exceeding 7 trillion yuan, focus on price discovery and wealth management in secondary markets [3] Investment Strategies - Private equity managers exhibit a complex dynamic in their market judgments, particularly regarding investments in technology stocks as the year-end approaches [4] - High portfolio exposure among large private equity firms is interpreted as a positive signal, but it is driven by different strategic considerations, such as bottom-up stock selection or quantitative models [4][5] - Some firms are optimizing their risk-return profiles by adjusting their holdings within popular sectors while maintaining overall high exposure [5] Future Outlook - There is a consensus among private equity firms regarding future investments in artificial intelligence (AI) infrastructure and humanoid robots, with a focus on the commercial viability of these technologies by 2026 [7] - Emerging sectors like commercial aerospace, quantum computing, and brain-computer interfaces are gaining attention, representing potential long-term investment opportunities despite their high uncertainty [8] - The trend of Chinese manufacturing going global and the competitive advantages of micro-enterprises are increasingly recognized as investment opportunities by private equity firms [8]

Core Viewpoint - The article discusses the severe penalties imposed on Zhejiang Youce Investment Management Co., Ltd. for serious violations of private fund regulations, including misappropriation of nearly 1 billion yuan in funds and falsification of product information, marking it as one of the heaviest penalties in the private equity industry history [1][2][12]. Group 1: Violations and Penalties - Zhejiang Youce Investment was fined 21 million yuan, and three responsible individuals were fined a total of 14.25 million yuan, with the actual controller Huang Wei receiving a lifetime ban from the securities market [1][12]. - The company misreported the actual controller's information, with Huang Wei being the actual controller since March 2019, but the company continued to report Li Xiaoqing as the controller until the investigation [8][10]. - Youce Investment misappropriated fund assets, transferring 9.55 billion yuan from bank deposits to other accounts without returning the funds [10][11]. Group 2: Fund Structure and Mismanagement - Youce Investment managed over 2 billion yuan in assets and established multiple fund products, with a complex structure involving both fundraising and investment layers [4][10]. - The company provided false information regarding the assets, income, and net value of its funds over a period of more than four years, affecting 11 fund products [11][15]. - The firm mixed its operations with related entities, leading to a lack of clear financial separation and compliance with investor risk assessments [15]. Group 3: Regulatory Response and Industry Implications - The case reflects the increasing regulatory scrutiny in the private equity sector, with the China Securities Regulatory Commission (CSRC) emphasizing the need to eliminate bad actors and promote a healthy market environment [2][12][16]. - The penalties are seen as a significant step in the ongoing efforts to strengthen regulations and reduce risks in the private fund industry, with over 8,000 illegal or zombie institutions cleared in recent years [15][16]. - The regulatory approach combines punishment with education, aiming to guide the industry towards better service for the real economy and national strategies [16].

Core Insights - The annual performance ranking of private fund managers is in its final stages as of December, with 570 managers having at least three qualifying products, achieving average and median returns of 29.42% and 23.89% respectively for the year-to-date [1][2]. Group 1: Performance Overview - Among the 570 fund managers, 346 focus on stock strategies, representing 60.7% of the total, with average and median returns of 35.26% and 31.1%, outperforming the Shanghai and Shenzhen 300 Index by 17.94% [1]. - Fund managers employing multi-asset strategies and futures/derivatives strategies number 82 and 65 respectively [1]. - The median return for managers overseeing funds of 100 billion and above is 27.92%, while those managing funds between 5-10 billion have an average return of 30.33% [2]. Group 2: Manager Profiles - In the 100 billion and above category, the top 10 fund managers include six from quantitative firms, with all having over 10 years of experience, and four exceeding 20 years [3][6]. - Notable managers include Lu Hang from Fusheng Asset, who ranks third and has a 20-year career, expressing optimism about the market and the undervaluation of the RMB [6]. - Two managers from Ningbo Huansheng Quantitative, Xu Jin and Lu Zhengzhe, also made the top 10, with their average returns exceeding ***% [6]. Group 3: Performance by Fund Size - In the 50-100 billion category, the top 10 fund managers predominantly consist of subjective fund managers, with eight out of ten being from this category [8]. - The 20-50 billion category features seven subjective fund managers in the top 10, with the top five all being subjective [12]. - The 10-20 billion category has all managers with over 10 years of experience, with the top five being from subjective firms [16]. Group 4: Emerging Managers - In the 5-10 billion category, the only quantitative manager to make the top 10 is Yan Xuejie, while the majority are subjective managers [19]. - The 0-5 billion category sees nine subjective managers in the top 10, with half having 10-20 years of experience [23].