左二为宏锡基金获奖代表 10月15日，主题为"固本 砺新 行远"的2025私募基金高质量发展大会在深圳举行，与该论坛同时举办的还有"国信证券杯·第十六届私募金牛奖"颁奖典礼。 金牛私募管理公司 奖杯 会上，第十六届私募金牛奖获奖私募榜单揭晓。广东宏锡基金管理有限公司荣获"金牛私募管理公司（年度管理期货策略）"。 广东宏锡基金管理有限公司，成立于2015年1月，是中国基金业协会备案登记的私募基金管理人，中国证券投资基金业协会普通会员单位(P1008245)，广 东基金业协会理事单位(P120001)，满足"3+3"投顾要求，是一家专注量化CTA的对冲基金公司。公司本着"数据说话、业绩说话"的经营理念，立志成为中 国量化CTA基金行业的领导者。 关于"私募金牛奖" 私募金牛奖是国内私募行业公认的权威奖项之一。私募金牛奖评选活动旨在建立和完善国内私募证券投资基金管理机构和投资经理的科学评价体系和交流 平台，展示私募证券投资基金行业的优秀管理机构和投资经理，彰显他们的先进理念和成功经验，提升私募证券投资基金行业的社会影响力和认知度，推 动行业规范健康发展。 评选坚持公开、公平、公正的原则，采用定量与定性相结合的方法， ...

Group 1: Core Insights - The article highlights lesser-known investment strategies such as FOF, long-short equity, arbitrage, and options strategies, which have shown promising performance over the past year [1] - It aims to provide investors with a comprehensive overview of these strategies and their recent performance metrics [1] Group 2: FOF Strategy - FOF (Fund of Funds) is designed to invest in other investment funds, helping investors navigate the challenge of selecting from thousands of funds [3] - As of the end of May, there were 111 FOF products with an average one-year return of 18.51%, ranking them in the upper-middle tier among secondary strategies [3] - The recent performance metrics for FOF include average returns of 1.26% over the last month, 6.45% over the last six months, and 14.60% over the last three years [3] Group 3: Long-Short Equity Strategy - The long-short equity strategy has shown a one-year average return of 15.40%, with 65 products reported as of the end of May [6] - This strategy aims to hedge risks and achieve returns in various market conditions, outperforming major indices like the CSI 300 [6] - Notable products in this category include "奇点多元策略1号" from 共青城奇点, which achieved significant returns [6][7] Group 4: Arbitrage Strategy - The arbitrage strategy, which exploits price differences across markets, has 83 products with an average one-year return of 14.06% [9] - Recent performance metrics include average returns of 0.40% over the last month, 3.83% over the last six months, and 20.80% over the last three years [9] - Leading products in this category include "安合融信匠人匠心10号" from 安合融信, which ranks first in returns [10] Group 5: Options Strategy - The options strategy has gained traction in the domestic market, with 93 products reporting an average one-year return of 9.48% [12] - This strategy utilizes options and their combinations to navigate complex market environments [12] - The top-performing product in this category is "汇誉欣欣向荣一号A类份额" from 云南汇誉, which has significantly outperformed others [12][13]

Core Viewpoint - The article introduces lesser-known investment strategies such as FOF, long-short equity, arbitrage, and options strategies, highlighting their performance over the past year and providing insights for investors [2]. FOF Strategy - FOF (Fund of Funds) is designed to invest in other investment funds, helping investors navigate the challenge of selecting from thousands of funds [5]. - As of May 31, there are 111 FOF products with an average return of 18.51% over the past year, ranking in the upper-middle tier among secondary strategies [5]. - The top-performing FOF products include "老友天玑一号" from Shanghai Taiying, which achieved significant returns [4][11]. Long-Short Equity Strategy - The long-short equity strategy holds both long and short positions to hedge risks and achieve returns in various market conditions [12]. - There are 65 long-short equity products with an average return of 15.40% over the past year, outperforming major indices like the CSI 300 [12]. - Notable products include "奇点多元策略1号" from 共青城奇点, which has shown rapid growth since the market rally [12][18]. Arbitrage Strategy - Arbitrage strategies exploit price differences across markets for low-risk profits and include various forms such as ETF arbitrage and statistical arbitrage [19]. - There are 83 arbitrage products with an average return of 14.06% over the past year, slightly lower than FOF and long-short strategies [19]. - Top products include "安合融信匠人匠心10号" from 安合融信, which ranks first in returns [21]. Options Strategy - Options strategies utilize options and their combinations to navigate complex market environments [24]. - There are 93 options products with an average return of 9.48% over the past year, ranking lower among secondary strategies [24]. - The leading product is "汇誉欣欣向荣一号A类份额" from 云南汇誉基金, which significantly outperformed others [28].

Report Title - Private Equity Weekly Performance is Good, Remain Cautious about Small-cap Exposure and Basis Convergence Risk in the Future (May 26, 2025 - May 30, 2025) - Weekly Tracking Report on Private Equity Strategies of China Merchants Futures [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - As of May 30, 2025, three types of private equity index enhancement strategies had positive returns this week. Approximately 50% of stock neutral strategy funds had positive returns, with the 75th percentile of weekly returns at 0.13%. The median return of two types of cycle-labeled dimension neutral strategies was positive, and the performance of the partial holding Alpha neutral strategy was relatively good, with a median return of 0.15%. Approximately 75% of option strategy pool funds had positive returns, and the partial selling option strategy had relatively good returns, with the 75th percentile return at 0.58%. [5] - From the perspective of the monthly performance of sub - strategies, the top three sub - strategies were CSI 1000 Index Enhancement (+4.35%), Quantitative Stock Selection (+3.65%), and CSI 500 Index Enhancement (+3.21%); the bottom three were Full Replication Neutral T (+0.23%), Partial Arbitrage (+0.40%), and 300 Neutral (+0.58%). [5] - As of May 30, 2025, most private equity index enhancement strategies rose this week. Specifically, CSI 1000 Index Enhancement rose 1.15%, Quantitative Stock Selection rose 0.68%, CSI 500 Index Enhancement rose 0.67%, and SSE 500 Index Enhancement fell 0.64%. From the perspective of the track - labeled dimension index enhancement strategies, the excess returns of the four types of index enhancement strategies were all positive, with Quantitative Stock Selection at 0.77%, CSI 1000 Index Enhancement at 0.55%, SSE 300 Index Enhancement at 0.48%, and CSI 500 Index Enhancement at 0.35%. [5] - The component stock monitoring model shows that small and micro - cap stocks had the highest investment return rate in the past three months, and one should remain cautious about the retracement risk of small and micro - cap stocks in the future. [5] Summary by Directory 01 Private Equity Review - **Private Equity Index Enhancement Fund Performance Tracking** - Three types of private equity index enhancement strategies had positive returns this week. Specifically, CSI 1000 Index Enhancement rose 1.15%, Quantitative Stock Selection rose 0.68%, CSI 500 Index Enhancement rose 0.67%, and SSE 300 Index Enhancement fell 0.64%. [12] - From the perspective of the track - labeled dimension index enhancement strategies, the excess returns of the four types of index enhancement strategies were all positive, with Quantitative Stock Selection at 0.77%, CSI 1000 Index Enhancement at 0.55%, SSE 300 Index Enhancement at 0.48%, and CSI 500 Index Enhancement at 0.35%. [19] - From the perspective of the cycle - labeled dimension index enhancement strategies, the median excess returns of the four types of cycle - labeled dimension index enhancement strategies were all positive. Specifically, the partial holding type index enhancement excess median was 0.45%, the holding type index enhancement excess median was 0.43%, the trading type index enhancement excess median was 0.31%, and the partial trading type index enhancement excess median was 0.18%. [25] - **Track - Labeled Dimension Neutral Strategy Tracking** - Approximately 50% of the stock neutral strategy funds had positive returns this week, with the 75th percentile of weekly returns at 0.13%. After deducting the basis impact, the median weekly return of the 300 neutral strategy was 0.27%, the median weekly return of the 500 neutral strategy was 0.60%, and the median weekly return of the 1000 neutral strategy was 0.23%. [28] - **Cycle - Labeled Dimension Neutral Strategy Tracking** - The median returns of two types of cycle - labeled dimension neutral strategies were positive. Specifically, the partial holding Alpha neutral median was 0.15%, the holding Alpha neutral median was 0.05%, the partial trading Alpha neutral median was -0.01%, and the trading Alpha neutral median was -0.05%. [32] - **Track - Labeled Dimension Option Strategy Tracking** - Approximately 75% of the option strategy pool funds had positive returns this week. From the 75th percentile, the fund pool's weekly return was 0.37%, and the one - year return was 13.17%. From the track - labeled dimension, the partial selling option strategy had relatively good returns, with the 75th percentile return at 0.58%. [36] 02 Performance Attribution - **Private Equity Index Enhancement Strategy Component Stock Disassembly** - The small and micro - cap exposure is large, and one should remain cautious about the retracement risk of small and micro - cap stocks in the future. [38] - The investment cost - effectiveness of CSI 1000, CSI 2000, and other (including small and micro - cap) stocks is relatively high. Specifically, the return rate of unit SSE 300 component stocks in the past three months was -1.28%, the return of unit CSI 500 component stocks was -3.22%, the return of unit CSI 1000 component stocks was -3.90%, and the return of unit other (including small and micro - cap) stocks was over 28%. [46] 03 Risk Monitoring - **Private Equity Index Enhancement Risk Monitoring - SSE 300 Index Enhancement Fund** - As of May 30, 2025, the three factors with the largest excess exposure of the SSE 300 index enhancement fund were the leverage factor, the mid - cap factor, and the growth factor, which were -1.28, 1.15, and -0.61 respectively. Generally speaking, the SSE 300 index enhancement fund has relatively large excess risk exposure in the leverage factor and the mid - cap factor. [51] - **Private Equity Index Enhancement Risk Monitoring - CSI 500 Index Enhancement Fund** - As of May 30, 2025, the three factors with the largest excess exposure of the CSI 500 index enhancement fund were the residual volatility factor, the BETA factor, and the momentum factor, which were 0.65, -0.63, and 0.55 respectively. Generally speaking, the excess risk exposure of the CSI 500 index enhancement fund is not large. [60] - **Private Equity Index Enhancement Risk Monitoring - CSI 1000 Index Enhancement Fund** - As of May 30, 2025, the three factors with the largest excess exposure of the CSI 1000 index enhancement fund were the BETA factor, the residual volatility factor, and the momentum factor, which were -0.59, 0.54, and 0.48 respectively. Generally speaking, the excess risk exposure of the CSI 1000 index enhancement fund is not large. [69]