8月26日，永赢基金发布公告称，永赢科技智选于8月27日起暂停大额申购，单日限制申购金额为100万 元。一周之后，该基金再度加码限购。 截至9月3日，任桀管理的永赢科技智选今年以来业绩超177%，成为全部基金的领跑者。这只成立于 2024年10月底的"次新基金"抓住了2025年云计算市场的机遇，尤其近一个月单位净值涨幅超46%。 前8月"冠军基"再度加码限购。 9月4日，永赢科技智选宣布，单日单账户限购1万元。一周之前，该基金已经宣布，单日单账户限购100 万元。 永赢基金表示，实施大额限购主要出于两方面考虑：一是引导投资者理性决策，避免因市场情绪冲动投 入大额资金；二是合理控制基金规模增长，保持投资策略的稳定性和有效性，为持有人争取长期可持续 的回报。 前8月"冠军基"加码限购 9月4日，永赢基金发布公告称，为保障基金份额持有人的利益，永赢科技智选自9月5日起，将单日单个 基金账户的申购(含定期定额投资及转换转入)金额上限设置为1万元。 Wind数据显示，8月，伴随着市场回暖，超百只基金出手限购"闭门谢客"。 宏利基金发布公告称，旗下中证500指数增强型自2025年8月27日起，暂停接受单日每个基金账户的申 ...

【导读】前8月"冠军基"再度加码限购 前8月"冠军基"再度加码限购。 9月4日，永赢科技智选宣布，单日单账户限购1万元。一周之前，该基金已经宣布，单日单账户限购100万元。 永赢基金表示，实施大额限购主要出于两方面考虑：一是引导投资者理性决策，避免因市场情绪冲动投入大额资金；二是 合理控制基金规模增长，保持投资策略的稳定性和有效性，为持有人争取长期可持续的回报。 前8月"冠军基"加码限购 9月4日，永赢基金发布公告称，为保障基金份额持有人的利益，永赢科技智选自9月5日起，将单日单个基金账户的申购 （含定期定额投资及转换转入）金额上限设置为1万元。 8月26日，永赢基金发布公告称，永赢科技智选于8月27日起暂停大额申购，单日限制申购金额为100万元。一周之后，该基 金再度加码限购。 截至9月3日，任桀管理的永赢科技智选今年以来业绩超177%，成为全部基金的领跑者。这只成立于2024年10月底的"次新 基金"抓住了2025年云计算市场的机遇，尤其近一个月单位净值涨幅超46%。 近期，伴随着科技板块上涨，永赢科技智选受到投资者广泛关注。任桀在季报中连续提示："永赢智选系列是聚焦新质生产 力的工具型产品，其所布局的行 ...

【导读】前 8 月 " 冠军基 " 再度加码限购 | | | | 基金名称 | 永赢科技智选混合型发起式证券投资基金 | | | --- | --- | --- | | 基金简称 | 永赢科技智选混合发起 | | | 基金主代码 | 022364 | | | 基金管理人名称 | 永赢基金管理有限公司 | | | 公告依据 | | 《公开募集证券投资基金信息披露管理办法》、《永赢科技智选混 | | | | 合型发起式 IIIF 残货基金基金合同》、《承属科技智选混合型发 | | | | 扫十江半地次世公打算活用式 李妇子守州的研宁 | | 暂停大额申购(含定期定额投资)起始 | 2025年9月5日 2025年9月5日 | | | 日 | | | | 暂停大额转换转入起始日 暂停相关业务 | | | | 限制申购(含定期定额投资)金额(单 的起始日、金 位:人民币元) | 10.000.00 | | | 额及原因说明 | | | | 限制转换转人金额(单位:人民币元) | 10.000.00 | | | 暂停大额申购(含定期定额投资)、转换 | 为保护基金份额持有人利益。 | | | 转人的原因说明 | | | ...

在热门赛道基金短期净值弹性火爆、行业主题基金受宠的氛围中，公募有意对此降温。 证券时报·券商中国记者注意到，多家公募日前发布旗下基金的限购公告，并主要指向市场最热的行业主题 基金产品，排名市场业绩前三的科技基金也出现在限购名单中。在热门权益基金限购的同时，多家公募披 露债券型基金遭赎回。 热门行业主题基金成为部分公募限购的主要方向。易方达基金日前发布对旗下医疗主题指数基金的限购。 中欧基金近日也对两大热门赛道基金实施此类操作，中欧基金表示，为进一步保证基金稳定运作，保护基 金份额持有人利益，中欧科创主题和中欧医疗创新分别公告称，单日单账户限购100万和10万元，自8月 11日起生效。在此之前，中欧数字经济已于8月6日起暂停100万元以上的大额申购。 资金搬家 限购科技基金、医疗基金以及热门ETF的背景，与当前基金市场火爆的"抢钱"氛围密切相关，在热门赛道 基金批量翻倍后，资金搬家引发大量投资者的收益预期提升，并从保守型基金切换到高弹性基金。 证券时报·券商中国记者注意到，截至8月26日，医疗主题基金产品最高收益率已超150%，以AI芯片为重 仓对象的科技基金最高收益也已翻倍。股票市场的做多氛围中，科技基金还展 ...

在热门赛道基金短期净值弹性火爆、行业主题基金受宠的氛围中，公募有意对此降温。 券商中国记者注意到，多家公募日前发布旗下基金的限购公告，并主要指向市场最热的行业主题基金产品，排名市场业 绩前三的科技基金也出现在限购名单中。在热门权益基金限购的同时，多家公募披露债券型基金遭赎回。 频频限购 8月26日，永赢科技智选发布公告，将于8月27日起暂停大额申购，单日限制申购金额为100万元。永赢科技智选的产品风 格类似行业主题基金产品，主要重仓对象为AI芯片、算力股。截至8月26日，该基金年内收益率达138%，位列全市场基 金业绩三强。 同一日，宏利基金发布公告，旗下中证500指数增强型自2025年8月27日起，暂停接受单日每个基金账户的申购（含转换 转入和定期定额投资）累计金额应不超过100 万元。部分公募的限购门槛甚至低到10万元。华泰柏瑞基金宣布，自8月26 日起对旗下中证2000指增产品限购，限购金额低至10万元，对超过限额的该笔或多笔申购申请，公司有权拒绝。 热门行业主题基金成为部分公募限购的主要方向。 易方达基金日前发布对旗下医疗主题指数基金的限购。中欧基金近日 也对两大热门赛道基金实施此类操作，中欧基金表示 ...

Group 1 - The market has shown a clear preference for small and micro-cap stocks this year, with the CSI 2000 index rising over 25% and the micro-cap stock sector increasing over 65% [1] - Quantitative private equity products focused on small and mid-cap stocks have performed exceptionally well, with an average return of 15.04% for 1,529 qualifying quantitative products from January to July [1][3] - The best-performing strategies among private equity products include "Other Index Increase" with an average return of 28.84% and "CSI 1000 Index Increase" with 27.00% [3] Group 2 - As of July 2025, quantitative private equity firms managing over 100 billion yuan had an average return of 20.53%, showcasing their strategic and risk management advantages [4] - The top three firms in this category are Stable Investment, Abama Investment, and Tianyan Capital, with average returns of ***%, ***%, and ***% respectively [4] - Stable Investment, founded in 2014, has a strong focus on quantitative trading across various asset classes and has developed a unique research methodology based on AI and machine learning [7][8] Group 3 - In the 50-100 billion yuan category, Tianxuan Quantitative leads with an average return of 14.27%, followed by Mingxi Asset and Jiashi Dayan [10] - Tianxuan Quantitative, established in 2014, utilizes AI technology for stock and futures quantitative investment, with a team comprising graduates from prestigious universities [12][13] Group 4 - The 20-50 billion yuan category is led by Yunqi Quantitative, with an average return of ***%, followed by Xiangmu Asset and Guangzhou Shouzheng Yiqi [16] - Yunqi Quantitative, founded in 2021, employs multi-factor stock selection and dynamic risk control strategies [16] Group 5 - In the 10-20 billion yuan category, Shanghai Zijie Private Equity tops the list with an average return of ***%, followed by Yanhui Investment and Yangshi Asset [17][19] - Shanghai Zijie Private Equity, established in 2015, focuses on quantitative hedging and value investing [19] Group 6 - The 5-10 billion yuan category is led by Liangchuang Investment with an average return of ***%, followed by Wuliang Capital and Shanghai Hanhong Private Equity [20] - Liangchuang Investment, founded in 2016, covers a wide range of asset classes and has developed proprietary trading and risk management systems [22] Group 7 - In the 0-5 billion yuan category, Quancheng Fund ranks first with an average return of ***%, followed by Hangzhou Jinshi Asset and Guangzhou Tiantianhan [23][26] - Quancheng Fund, established in 2021, focuses on secondary market investments and employs a data-driven approach to trading [26]

Core Viewpoint - The A-share market has attracted significant attention due to its strong performance, with the Shanghai Composite Index breaking through key levels, leading to discussions about market entry and potential risks of "catching the falling knife" [2] Group 1: Market Performance and Strategy - The Shanghai Composite Index successfully broke through 3500 points on July 9 and again surpassed 3600 points on July 23, indicating a strong market trend [2] - Quantitative long strategies have shown impressive results in the first half of the year, with an average return of 17.32% for quantitative long strategies, leading among 16 secondary strategies [3] - The average return for the small-cap index enhancement strategy, represented by the CSI 1000 index, reached 20.26%, making it one of the top-performing products [2][3] Group 2: Expert Insights on Investment Strategies - Experts from 15 well-known private equity firms provided insights on whether to invest in quantitative index enhancement products at the current market levels [2] - Montrose Investment believes that the small-cap index enhancement configuration window is still open but requires more refined factor design and position optimization [5] - Inno Asset suggests that the second half of the year may bring new opportunities for factor exploration and strategy adjustment due to a stable macroeconomic environment [10] Group 3: Factors Driving Performance - The strong performance of quantitative index enhancement strategies in the first half of the year is attributed to three main factors: improved beta environment, significant small-cap style rotation, and enhanced effectiveness of quantitative model factors [6] - The market environment remains resilient, but challenges related to style switching and volatility are anticipated [7] - The long-term advantages of quantitative index enhancement strategies lie in their risk control and portfolio optimization capabilities, allowing for dynamic adjustments to factor structures and risk exposures [7] Group 4: Future Market Outlook - The market is expected to transition from a phase of valuation recovery to one emphasizing profit realization, with increased uncertainty in style switching [12] - Despite potential challenges, the long-term configuration logic for quantitative index enhancement remains unchanged, supported by ample liquidity and policy backing [39] - The competitive landscape for quantitative private equity is likely to show a trend of polarization, with leading firms solidifying their positions while smaller firms seek differentiation [9][19]

Core Viewpoint - In the first half of the year, quantitative private equity funds have outperformed actively managed equity funds, driven by multiple positive factors such as technological iteration, market liquidity, and a strong small-cap style, leading to an increased allocation in investor asset portfolios [1][5]. Performance Highlights - Longqi Technology has excelled in the quantitative private equity sector, ranking 6th with an average return of ***% across its 16 products in the first half of the year [1][10]. - Over the past three years, Longqi Technology has consistently ranked at the top, showcasing its "long-distance running" spirit and cultural ethos [1][5]. Strategy and Innovation - Longqi Technology's strong performance is attributed to three main factors: diversification and adaptability of strategies, long-termism in strategy accumulation, and high collaboration efficiency within the research team [11][12][17]. - The firm employs a multi-factor model with a current structure of 70% price-volume factors, 20% fundamental factors, and 10% alternative factors, allowing for stable excess returns amid market volatility [6][11]. Market Position and Trends - The company has successfully navigated multiple market cycles since its establishment in 2011, earning accolades such as the "Golden Bull Award" for three consecutive years [5][17]. - Longqi Technology emphasizes a long-term investment philosophy, viewing investment as a marathon rather than a sprint, which has contributed to its sustained performance [17][18]. Team and Culture - The company fosters a culture of innovation and collaboration, with a focus on developing talent in quantitative research, particularly in mathematical and statistical fields [21][22]. - Longqi's office environment, located in a serene natural setting, is designed to minimize distractions and enhance focus on research and development [19]. Future Outlook - Longqi Technology plans to continue expanding its product lines, focusing on A-share market quantitative investments, and adapting to market conditions and investor needs [22][24]. - The firm maintains a cautious yet open approach towards AI integration in its strategies, aiming to leverage AI's potential while avoiding overfitting risks [23][24].

Core Viewpoint - The article emphasizes the performance of quantitative stock strategies in the first half of 2025, highlighting the importance of both the strategy environment and the capabilities of fund managers in achieving superior returns [1][2]. Performance Summary - The average performance of various private equity strategies in the first half of 2025 shows that quantitative stock strategies significantly outperformed others, with a return of 27.60%, while the next best was the 中证 2000 index with 29.28% [3][4]. - The performance of small-cap indices, such as 中证 1000 and 中证 2000, benefited from the strong performance of small-cap stocks, contributing to the overall success of quantitative strategies [4][11]. Strategy Environment - The liquidity environment in the market reached historical highs, with average daily trading volume around 1.2 trillion, which facilitated better stock selection and reduced transaction costs for quantitative models [6]. - The concentration of market trends was at historical lows, allowing diversified quantitative models to effectively capture rapid rotations in themes such as AI and robotics [10]. - The strong performance of small-cap stocks was a key factor, with small-cap indices outperforming large-cap indices, leading to a heightened preference for small-cap stocks among quantitative strategies [11][12]. Manager Capabilities - Specific quantitative strategies demonstrated exceptional performance due to their ability to dynamically capture alpha opportunities across different market capitalizations [17][20]. - The strategy employed by the fund manager SGD, which involved timing the market and switching between small-cap and large-cap stocks based on valuation assessments, resulted in a return of over 50% with minimal drawdown [20][21]. - The fund manager JK achieved a return of 33% with a 20% excess return, attributed to significant improvements in algorithmic strategy iterations and machine learning applications [22][24]. Conclusion - The article concludes that the strong performance of quantitative stock strategies in the first half of 2025 is primarily due to favorable market conditions and the exceptional capabilities of fund managers, underscoring the importance of liquidity, trading volume, and market sentiment in investment decisions [24].

Core Viewpoint - The article highlights the recent performance of small-cap stocks in the A-share market, emphasizing their superior returns compared to large-cap stocks, driven by factors such as liquidity, weak economic fundamentals, and institutional holding changes [4][6]. Group 1: Market Performance - The Wind Small Cap Index reached a historical high on June 25, following a previous peak on June 17, with the CSI 2000 and National CSI 2000 indices rising by 21.10% and 17.81% respectively since April 8, significantly outperforming related indices [2]. - Small-cap stocks have shown a clear trend of excess returns over large-cap stocks, making them attractive to high-risk tolerance investors [4]. Group 2: Influencing Factors - Small-cap stock performance is influenced by several macroeconomic factors, including ample liquidity, weak economic cycles, and declining inflation, which favor their performance [6]. - The loosening of liquidity allows more funds to flow into the market, benefiting small-cap stocks, especially in a weak fundamental environment [7]. - Changes in institutional holdings have shifted liquidity from previously popular stocks to small-cap stocks, which are less held by foreign and institutional investors [7]. - Regulatory policies, such as new delisting rules, can impact the performance of underperforming small-cap stocks, while policies promoting long-term investments may benefit them [7]. Group 3: Characteristics of Small-Cap Stocks - The CSI 2000 index, representing small-cap stocks, has a high volatility rate of 28.81%, indicating its sensitivity to market changes [8][12]. - Small-cap stocks typically exhibit high growth potential, with over 30% of the index's constituents being "specialized, refined, and innovative" companies, primarily in high-growth sectors like information technology and new energy [8][12]. - The index's composition leads to significant price fluctuations, making it a high-risk, high-reward investment option [12]. Group 4: Quantitative Investment Strategies - The article discusses the advantages of combining small-cap stocks with quantitative strategies, highlighting their ability to capture pricing discrepancies and improve trading efficiency [15][16]. - Quantitative investment can diversify risks by spreading investments across various small-cap stocks, mitigating the impact of individual stock volatility [17]. - Performance data shows that quantitative strategies focused on small-cap stocks have significantly outperformed benchmarks, with excess returns of 17.18%, 43.63%, and 94.84% over the last six months, one year, and three years respectively [18][19]. Group 5: Notable Products and Managers - The article lists several notable quantitative products focused on small-cap stocks, highlighting their impressive excess returns and the expertise of their fund managers [20][21]. - Specific products, such as those managed by 盛冠达 and 上海紫杰, have shown exceptional performance, with one product achieving a near 100% excess return over three years [25][26].