近来，私募泄露信息事件频发。 据上海证监局最新披露，针对龚某某泄露未公开信息的违规行为，该局责令改正，给予警告，并处以20万元罚款。 罚单显示，龚某某曾任职于某证券类私募，担任5只私募产品的投资经理，负责并知悉投资决策等工作。在任期间，龚某某通过当面告知、微信、提供相 关私募基金产品证券账户的账号密码等方式，向赵某泄露前述5只私募基金的投资决策等未公开信息。 近年来，上海证监局多份罚单显示，私募投资经理已成信息泄露高发群体。今年7月，该局曾对3位私募投资经理的信息泄露行为同时开具罚单，3人均被 罚款50万元。 今年7月14日，上海证监局面向3位私募投资经理发布行政处罚决定书。因为私募机构、私募产品、基金经理等关键信息均匿名，暂时无法验证3位投资经 理是否来自1家私募。 罚单指出，泄露因职务便利获取的未公开信息，张某帆、陈某、徐某均被该局责令改正，并处以50万元罚款。其中，陈某、徐某虽然提交了陈述、申辩材 料，但未对本案违法事实、法律适用、处罚裁量等提出异议。 上海证监局指出，张某帆曾担任上海某私募旗下1只证券类基金的投资经理，负责投资决策等工作并知悉未公开信息。任职期间，张某帆对外泄露所管理 产品的投资决策等 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 进入12月，私募基金经理的年度收益排名也进入了最终冲刺阶段。 今年 1-11月，所管产品至少有3只符合排名规则的私募基金经理共有570位， 今年来收益均值和中位数分别为29.42%、23.89%。 其中，以股票策略为核心的基金经理共有 346位，占比60.7%，他们今年1-11月的收益均值和中位数分别为35.26%、31.1%，跑赢同期沪深300 指数17.94%的涨幅 。此外，以多资产策略和期货及衍生品策略为核心的基金经理也较多，分别有82位，65位。 从基金经理所属公司的投资模式来看，主观私募基金经理共有301位，占比过半；此外，量化私募基金经理分别有187位，混合型私募（"主观 +量化"）的基金经理有82位。 今年中小盘股整体表现占优，为量化私募的基金经理的发挥提供了有利环境；而 AI算力等板块的趋势性行情，也 为主观私募基金经理提供了机会。 为了给读者提供更多的信息，笔者将分别在以上六个规模区间的私募中，为大家盘点今年1-11月收益位列10强的私募基金经理。 0 1 100亿以上：陆航夺得季军！宁波幻方量化两位基金经理上榜 在百亿私募中， ...

Group 1 - The company held its first extraordinary general meeting of shareholders on December 2, 2025, in Shaoxing, Zhejiang Province [2][3] - All resolutions presented at the meeting were approved, including the cancellation of the supervisory board and adjustments to the number of directors [4][5] - The meeting was conducted in compliance with relevant laws and regulations, with legal counsel present to witness the proceedings [7] Group 2 - The company announced the use of idle self-owned funds for entrusted wealth management, with a maximum amount not exceeding RMB 300 million [10] - As of the announcement date, the company had utilized RMB 260 million to purchase wealth management products from CITIC Securities [11] - The company emphasized that the wealth management activities would not affect its normal business operations and would enhance fund utilization efficiency [12]

Core Viewpoint - The private equity fund industry has seen a significant increase in dividend distributions this year, with 20.42% of products distributing dividends, totaling 151.58 billion yuan, a 263.76% increase compared to the previous year [1] Group 1: Dividend Distribution Overview - As of October 31, 1135 out of 5558 private equity products have distributed dividends, with a total of 1443 distributions [1] - The average return of private equity funds this year is 24%, with over 90% of products achieving positive returns [1] - The increase in dividend distributions is attributed to strong fund performance, investor confidence, and management's ability to convert floating profits into certain income [1] Group 2: Investment Strategy Analysis - Stock strategy products are the main contributors to dividend distributions, with 848 distributions totaling 115.86 billion yuan, accounting for 76.43% of total dividends [2] - Multi-asset strategies have distributed dividends 209 times, amounting to 13.76 billion yuan, representing 9.08% of total distributions [2] - Futures and derivatives strategies and bond strategies have similar dividend amounts, around 9.36 billion yuan and 9.37 billion yuan respectively, each accounting for 6.18% of total distributions [2] Group 3: Management Mode Insights - Subjective private equity products have distributed dividends 943 times, totaling 100.42 billion yuan, which is 66.25% of total distributions, while quantitative products have distributed 51.16 billion yuan, making up 33.75% [3] - The difference in dividend distribution is due to subjective funds focusing on long-term value investment and quantitative funds being more conservative in their distribution decisions [3] - Among private equity institutions, those with over 100 billion yuan in assets have led in dividend distributions, with 152 distributions totaling 54.79 billion yuan, representing 36.14% of total distributions [3]

Core Viewpoint - Recent illegal promotional activities have been conducted in the name of Yingfeng Capital Management Co., Ltd, severely damaging investor rights and the company's reputation [1] Company Summary - Yingfeng Capital is a private fund company registered with the Asset Management Association of China, with registration number P1000306 [1] - All private fund products offered by the company are registered with the fund association, and investors can verify this through the association's website [1] - The company clarifies that it only conducts non-public fundraising through direct sales and authorized agents such as banks and brokerages, and does not engage in illegal securities activities through social media platforms [1] Legal Actions - Yingfeng Capital has collected evidence against individuals impersonating the company for illegal securities activities and reserves the right to pursue legal action [1]

Core Viewpoint - Recently, illegal activities have been reported where fraudsters impersonate Infore Capital Management Co., Ltd. to conduct unauthorized promotional activities, severely harming investor rights and the company's reputation [1][4]. Group 1: Company Statement - On November 17, Infore Capital issued a formal statement clarifying that it is a private fund company registered with the Asset Management Association of China, with registration number P1000306 [1]. - The company emphasized that all its private fund products are registered with the Association, and investors can verify this information through the Association's website [1]. Group 2: Illegal Activities and Warnings - Infore Capital clarified that it does not engage in illegal securities activities such as recommending stocks or soliciting investments through social media platforms like QQ groups or WeChat groups [4]. - The company will not request investors to transfer funds or make payments under any circumstances outside of its official channels [4]. Group 3: Information Disclosure - Currently, Infore Capital provides information disclosure through its official website and WeChat account, with the website address being http://www.inforecapital.com/ and the WeChat ID being "Inforecapital" [5]. - The company advises investors to be cautious and verify any requests for money transfers or other financial operations purportedly made by third parties in its name by calling the official customer service number [5]. Group 4: Company Background - As of now, Infore Capital manages assets exceeding 10 billion yuan, and it is one of the earliest sunshine private equity firms in China, originally founded as Heywin Investment [5]. - Infore Capital is a subsidiary of Infore Group, which was established by He Jianfeng, the son of Midea's founder He Xiangjian [5].

Group 1 - The core issue highlighted is the administrative regulatory measures taken against Xinjiang Boze Huijin Investment Management Co., Ltd. by the Xinjiang Securities Regulatory Bureau due to three main violations in their private fund operations [1] - The company failed to conduct risk ratings for certain private fund products as required [1] - The company did not properly register changes in investors and actual controllers with the China Securities Investment Fund Industry Association as mandated [1] - There was inadequate preservation of records related to investment decisions and investor suitability management, violating relevant regulations [1] Group 2 - As a consequence of these violations, the Xinjiang Securities Regulatory Bureau issued a warning letter as an administrative regulatory measure against the company [1] - The violations will be recorded in the securities and futures market integrity archives [1]

Group 1 - The global stock market has been boosted by the easing of trade tensions, with Japan's stock market surpassing 50,000 points and European and American markets reaching new highs for the year [1] - Domestic private equity funds are increasingly investing in overseas markets, particularly in AI and blockchain stocks, aiming to enhance their overall returns by 3-5 percentage points by year-end [1][2] - The demand for global asset allocation among high-net-worth investors in China is driving domestic private equity funds to invest through channels like QDII and Hong Kong Stock Connect [1][2] Group 2 - A significant portion of the investments by domestic private equity funds is directed towards the AI sector, with over 50% of holdings in AI stocks, while blockchain and new consumption sectors account for 10% and 20% respectively [2] - The influx of capital into Hong Kong stocks has been notable, with net inflows through the Hong Kong Stock Connect exceeding 1.2 trillion HKD this year [2][3] - The valuation of Hong Kong stocks remains relatively low, presenting opportunities for investment, especially in the technology sector following the emergence of DeepSeek [3] Group 3 - Domestic private equity funds are expanding their investment scope beyond Hong Kong to include U.S. and Asia-Pacific markets, driven by the global interest in AI and blockchain [4] - The investment strategy focuses on identifying high-quality companies with strong growth potential, despite the challenges posed by the experience gap compared to Western investment firms [5][6] - The investment sentiment in the AI sector remains strong, with many funds believing it represents one of the largest investment opportunities in history [5][6] Group 4 - The investment approach emphasizes safety, with 90% of holdings based on investing in high-quality companies at reasonable prices, while the remaining 10% allows for more flexible investment strategies [7] - The need for domestic private equity funds to adapt to the rules and dynamics of overseas markets is highlighted, as they face challenges in competing with established Western investment firms [6][7]

Core Insights - The average return of private equity fund managers in China reached 27.78% as of September 2025, significantly outperforming the market [1][2] - A total of 2,729 fund managers managed 5,405 private equity products, with a combined management scale of approximately 487.05 billion yuan [1][2] - The data indicates a strong performance across various fund sizes, with managers from the 10-20 billion yuan category achieving an average return of 30.30% [1][2] Fund Manager Performance by Size 100 Billion and Above - There are 138 fund managers managing 660 products with a total scale of 133.82 billion yuan, achieving an average return of 29.43% [2][3] - The top three fund managers in this category are Lu Hang from Fusheng Asset, Jiang Yunfei from Duration Investment, and Wang Penghui from Wangzheng Asset [3][5] 50-100 Billion - This category includes 116 fund managers managing 371 products with a total scale of 55.18 billion yuan, with an average return of 26.52% [2][7] - The top three fund managers are Tong Xun from Tongben Investment, Wang Shichao from Ruiyang Investment, and Cai Zhijun from Shengqi Asset [7][8] 20-50 Billion - There are 269 fund managers managing 616 products with a total scale of 80.51 billion yuan, achieving an average return of 24.05% [2][13] - The top three fund managers are Yuan Hao from Beijing Xiyue Private Equity, Zhai Jingyong from Rongshu Investment, and He Yuqing from Yidian Najin [13][15] 10-20 Billion - This category has 322 fund managers managing 664 products with a total scale of 69.95 billion yuan, with an average return of 30.30% [2][17] - The top three fund managers are He Zhenquan from Liangli Private Equity, Cai Yingming from Longhang Asset, and Zhou Yifeng from Beiheng Fund [17][19] 5-10 Billion - There are 425 fund managers managing 827 products with a total scale of 56.64 billion yuan, achieving an average return of 30.17% [2][21] - The top three fund managers are Liu Xianglong from Fuyuan Capital, Luo Huasen from Shanghai Hengsui Asset, and Wu Yintong from Longyin Huaxiao [21][23] 0-5 Billion - This category includes 1,459 fund managers managing 2,267 products with a total scale of 90.95 billion yuan, with an average return of 27.16% [2][27] - The top three fund managers are Yang Zhongguang from Longhuixiang Investment, Xie Libo from Jingying Zhitu, and Yao Yong from Qinxin Fund [27][30]

Core Viewpoint - The Guangdong Securities Regulatory Bureau announced regulatory measures against Zhuhai Julong Private Fund Management Co., Ltd. for multiple violations related to risk assessment and investor suitability [1] Group 1: Regulatory Violations - Zhuhai Julong Private Fund failed to establish a risk rating system for its private fund products [1] - The company did not conduct or commission third-party risk assessments for the managed fund products [1] - There was a lack of clear suitability matching opinions for individual investors [1] Group 2: Compliance Issues - The firm did not prudently review asset proof documents provided by individual investors [1] - There was a failure to timely update information regarding the management and staff [1]