麒盛科技（603610）(603610.SH)发布公告，为践行公司长远发展战略，探索投资新产业（300832）的 路径，进一步整合利用各方优势资源，通过专业化投资管理团队，提升公司资金投资收益水平和资产运 作能力，公司全资子公司麟盛投资拟与杭州敦钧资产管理有限公司(简称"杭州敦钧资产")签署合伙协 议，拟以自有资金9990万元参与投资嘉兴敦盛贝贝股权投资合伙企业(有限合伙)，占该基金总份额 99.90%。 嘉兴敦盛贝贝主要通过直接或间接的股权及股权相关投资，为投资者实现良好的资本收益。敦盛贝贝重 点投资于智慧医疗、智能设备、数智健康服务等企业或项目，及其他具有投资价值和潜在回报的企业或 项目。 ...

企查查APP显示，近日，路威凯腾斑斓壹号（广州）股权投资基金合伙企业（有限合伙）、路威凯腾机遇贰号（广州）股权投资基金合伙企业（有限合伙） 成立，经营范围均为以私募基金从事股权投资、投资管理、资产管理等活动。企查查显示，二者执行事务合伙人均为LVMH集团旗下路威凯腾（成都）私募 基金管理有限公司。 | 199 全国企业信用查询 | | 路威凯腾机遇贰号（广州）股权投资基金合伙1 > | 查一下 | | --- | --- | --- | --- | | 基本信息 7 | 法律诉讼 | 经营风险 | 经营信息 | | 执行事务合伙人 | 路威凯腾(成都) 私募基 | 登记状态 | 存续(在营、开业、7 | | | 金管理有限公司 | 出资额 | 2001万元 | | 组织机构代码 | MA9YG4GU-X | 工商注册号 | 440110005684657 | | 企业类型 | 有限合伙企业 | 营业期限 | 2025-11-17 至 无固定 | | 人员规模 l | | 参保人数 | l | | 所属地区 | 广东省广州市南沙区 | 登记机关 | 广州市南沙区市场监 | | 国标行业 | 其他未列明商务服务业 ...

证券代码：000776 证券简称：广发证券 1 | 2、公司投资银行业务的发展情况？ | | --- | | 答：公司立足服务实体经济高质量发展，深入贯彻国家 | | 战略与监管要求，积极发挥直接融资"服务商"及资本市场 | | "看门人"功能。坚持行业引领，加强重点赛道产业资源积 | | 累与专业能力建设，着力打造产业投行、科技投行。深耕重 | | 点区域，巩固大湾区市场地位及竞争力，深化长三角重点区 | | 域布局。持续深化境内外一体化战略，健全跨境人才培养及 | | 协同机制，全面提升跨境协作质效和综合服务能力，有效助 | | 力中国企业出海布局。扎实推进数智化转型，强化精细化管 | | 理和风险防控，不断夯实提质增效、稳健发展的基础。 | | 3、公司场外衍生品业务的发展情况？ | | 答：公司作为场外衍生品业务一级交易商，立足衍生品 | | 定价和交易的专业优势，持续强化团队及系统建设，深耕产 | | 品创设、策略创新、交易销售及客户服务能力，丰富和拓展 | | 产品体系、挂钩标的种类及收益结构，持续为机构客户提供 | | 以场外衍生品为载体的资产配置和风险管理解决方案。 | | 4、公司投资管理业 ...

Core Points - Yantai Jiahe Happiness New Town Urban Development Mother Fund Partnership Enterprise (Limited Partnership) has been established with a capital contribution of 1 billion RMB [1] - The fund is managed by Yantai Zhifu Deep Blue Venture Capital Co., Ltd., and its business scope includes private equity investment, investment management, and asset management [1] - The fund's partners include Yantai Zhifu Financial Holding Group Co., Ltd. (60% stake), Yantai Construction Investment Development Group Co., Ltd. (39.9% stake), and Yantai Zhifu Deep Blue Venture Capital Co., Ltd. [1][2] Summary by Categories Fund Information - The fund is registered as a limited partnership and has a business registration number of 370602300214104 [2] - The fund's operational period is from November 11, 2025, with no fixed end date [2] - The fund's primary business location is in the coastal scenic area of Dongshan Street, Zhifu District, Yantai City, Shandong Province [2] Investment Scope - The fund will engage in private equity activities, investment management, and asset management, subject to registration with the Asset Management Association of China [2] - The fund's activities will be conducted in accordance with its business license and relevant laws [2]

Group 1 - The total scale of newly established funds in China has exceeded 1 trillion yuan this year, with 1,377 new funds established as of November 16, totaling 9,959.77 billion yuan [1] - Among the newly established funds, 996 are equity funds, accounting for a total issuance scale of 5,173.38 billion yuan, significantly surpassing the entire year of 2024 [1] - Bond ETFs have seen a strong inflow, with 53 bond ETFs established this year, increasing from 1,799.87 billion yuan at the end of last year to 7,054.23 billion yuan [1] Group 2 - Private equity funds have distributed over 15 billion yuan in dividends this year, significantly exceeding the same period last year, with stock strategies being the main contributors [1] - The sales fee reform in the public fund industry has begun, prompting many third-party sales institutions to adjust their strategies and focus on enhancing customer experience and service capabilities [2] - The gold market is experiencing new trends, with high prices leading to increased consumer interest in lightweight gold products and gold bars [2] Group 3 - The public REITs market is facing challenges, with new listings experiencing immediate price drops and a decline in investor enthusiasm due to market corrections [3] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [4] - The humanoid robot industry is entering a phase of commercial viability, with heterogeneous robots being integrated into various practical applications [4] Group 4 - Apple CEO Tim Cook may resign as early as next year, with hardware engineering senior vice president, John Ternus, being considered as a potential successor [5] - Xiaomi's CEO Lei Jun has publicly addressed concerns regarding the safety design of Xiaomi's vehicles, emphasizing that aesthetics do not compromise safety [5] - Major management changes are occurring at GAC Group, with Feng Xingya stepping down as general manager and He Xianqing taking over [7] Group 5 - Meihe Holdings announced that its chairman has been placed under investigation, leading to the appointment of a new acting chairman [6] - Tianfu Communication plans to sell 850,000 shares at a significant discount, representing 1.09% of the company's total shares [7] - Zhangjiajie Tourism Group has signed agreements with investors for a restructuring plan, with 8 companies acquiring a total of 3.25 billion shares [8]

□本报记者 魏昭宇 此外，还有多家此前一直发力B端业务的销售公司正在积极探索能够触达C端客户的业务模 9月初，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味 着，公募基金行业第三阶段费率改革正式拉开序幕。中国证券报记者了解到，在销售费率改革文件出台 后的两个多月时间里，多家基金销售机构在战略规划、策略升级、客户开拓等方面进行了思路上的调 整。 为适应市场环境变化并构建新的增长曲线，不少领先的第三方代销机构正积极推动其业务重心与客户结 构的战略性调整。据一位业内资深人士透露，其公司已将部分资源向私募业务领域倾斜，这不仅是出于 提升业绩能力的考量，更是为打造差异化竞争壁垒所做的长期布局。与此同时，在市场波动加剧的背景 下，能够理解并承受较高风险、资金期限较长的机构客户，因其对权益类资产的配置需求更为稳定和专 业，正成为销售团队重点聚焦与服务的核心对象。 有业内人士表示，费率改革将深刻影响基金销售行业的生态格局和发展方向。在产品类型上，权益类产 品将成为代销机构发力的重点，而提升客户体验、优化服务能力、增强客户黏性等，对代销机构来说刻 不容缓。 打法有所变化 9月5日，中国证监会修 ...

Core Insights - The A-share market has shown a slow upward trend this year, supported by policy measures in the bond market, which has seen a recovery in the latter half of the year. The commodity futures market has displayed significant differentiation, with stock index futures and precious metals performing particularly well [1] Summary by Category Private Fund Performance - As of the end of October, 91.33% of the 10,969 private funds achieved positive returns, with an average return rate of 24.32%. The top 5% of funds recorded an impressive return rate of 72.03% [1] Strategy Types - Equity strategies led the five major strategies with an average return rate of 29.52%, and 92.73% of these products generated positive returns. Among 6,931 products, 6,427 were profitable, with the top 5% achieving a return of 82.48%, significantly higher than other strategies [1] - Multi-asset strategies ranked second with an average return rate of 19.71% and a positive return product ratio of 91.61%. This strategy effectively captured the equity market's upward momentum while diversifying risks through bonds and commodities [1] - Combination funds demonstrated strong profitability stability, with 96.85% of products yielding positive returns. Out of 476 products, only 15 reported losses, although the average return rate of 17.86% was slightly lower than that of multi-asset strategies [1]

Core Viewpoint - The newly revised "Guidelines for the Filing of Private Investment Funds No. 3 - Change of Fund Manager" by the Asset Management Association of China aims to address issues related to fund managers becoming uncontactable or incapacitated, thereby enhancing investor protection and facilitating smoother transitions in fund management [1][2]. Group 1: Industry Governance Challenges - The rapid development of the private fund industry has led to a faster elimination of fund managers, resulting in issues such as "disappearance" and "incapacity," which complicate fund governance and liquidation [2]. - The previous version of the guidelines, issued in September 2023, provided a standard process for changing fund managers but was found inadequate for current industry realities, prompting the revision [2]. Group 2: Key Revisions in Guidelines - The revisions focus on protecting investor rights, simplifying the procedures for changing fund managers, and optimizing the connection between judicial and self-regulatory processes [2]. - Major changes include the introduction of a "living will" clause, simplification of resolution documents, clarification of procedural bases, and an expanded scope for changing fund managers [2]. Group 3: Judicial Support and Investor Empowerment - The collaboration between the Asset Management Association of China and the Beijing Financial Court has resulted in typical cases that provide judicial support for resolving fund risks, particularly in situations where fund managers are uncontactable [4]. - The first case emphasizes that investors can convene a meeting to terminate fund operations and appoint a representative to initiate legal actions, thereby confirming their rights [5]. Group 4: Dual Protection System - The simultaneous release of the revised guidelines and judicial cases represents a coordinated effort to resolve governance and liquidation deadlocks in the private fund sector, establishing a dual protection system of self-regulation and judicial confirmation [8]. - This new governance model clarifies the rights and obligations of all parties involved and offers practical pathways for industry development [8].

Core Insights - The A-share market has shown a slow upward trend this year, with 91.33% of private equity funds achieving positive returns and an average return rate of 24.32% as of the end of October [1] - Stock strategies lead the performance among five major strategies with an average return of 29.52%, and 92.73% of products reporting positive returns [1] - Multi-asset strategies have an average return of 19.71% and a positive return rate of 91.61%, effectively capturing market gains while diversifying risks [1] Group 1: Private Equity Fund Performance - As of October, 10,969 private equity funds were tracked, with 91.33% achieving positive returns and an average return rate of 24.32% [1] - The top 5% of funds achieved a remarkable return of 72.03%, indicating a strong performance in high-yield products [1] - Stock strategies outperformed with an average return of 29.52%, and 92.73% of products in this category reported positive returns [1] Group 2: Strategy Analysis - Multi-asset strategies ranked second with an average return of 19.71% and a positive return rate of 91.61%, benefiting from timely stock asset allocation [1] - Bond strategies showed a conservative approach with an average return of 8.77%, but 90.09% of products achieved positive returns, highlighting their risk defense capability [2] - Quantitative long strategies excelled with an average return of 36.76% and a positive return rate of 96.52%, outperforming subjective long strategies by 7.04 percentage points [2]

Core Insights - The A-share market has shown a slow upward trend since 2025, with a significant recovery in the bond market and notable performance in stock index futures and precious metals [1] - Private equity funds have performed exceptionally well this year, with 91.33% of products achieving positive returns and an average return rate of 24.32% as of October 31, 2025 [1] Summary by Strategy Type - **Equity Strategy**: Leads with an average return of 29.52% and a positive return rate of 92.73%, with 6,427 out of 6,931 products making profits, benefiting from the structural market rally in A-shares [1] - **Multi-Asset Strategy**: Ranks second with an average return of 19.71% and a positive return rate of 91.61%, effectively capturing equity market gains while diversifying risks through bonds and commodities [1] - **Combination Funds**: Show strong profitability stability with a positive return rate of 96.85%, although the average return of 17.86% is slightly lower than that of multi-asset strategies [1] Bond and Commodity Strategies - **Bond Strategy**: Maintains a steady style with an average return of 8.77%, the lowest among the five strategies, but with a strong positive return rate of 90.09%, reflecting robust risk defense capabilities [2] - **Commodity Strategy**: Faces challenges due to volatile prices in oil and gold, resulting in a relatively modest average return of 13.02% and a positive return rate of 82.43% [2] Quantitative Long Strategy Performance - The quantitative long strategy has excelled with an average return of 36.76% and a positive return rate of 96.52%, significantly outperforming the overall equity strategy [2] - Factors driving this success include adaptability to structural market conditions, high liquidity in the A-share market, volatility benefits, and enhanced data processing through AI technology [3]