近日，中国证券投资基金业协会发布了8月私募基金管理人登记及产品备案月报（以下简称"月 报"）。整体来看，管理人和管理基金数量较月均出现下降，但基金规模却增加了0.05万亿元。月报显 示，截至8月末，存续私募基金管理人19614家，管理基金数量137922只，管理基金规模20.73万亿元。 在私募基金产品方面，月报显示，2025年8月，新备案私募基金数量1539只，新备案规模605.73亿 元。其中，私募证券投资基金1171只，新备案规模428.54亿元，新备案数量及规模较7月均出现下降； PE/VC方面，整体新备案数量较6月上升，但新备案规模下降。其中，私募股权投资基金134只，新备案 规模68.72亿元；创业投资基金234只，新备案规模108.46亿元。 整体来看，截至2025年8月末，存续私募基金137922只，存续基金规模20.73万亿元。其中，存续私 募证券投资基金80521只，存续规模5.93万亿元，存续数量较7月下降，存续规模增加；存续私募股权投 资基金（PE）30144只，存续规模11.01万亿元，数量环比小幅下滑，规模较7月持平；存续创业投资基 金（VC）26419只，存续规模3.47万亿元， ...

Group 1 - The 2025 Qingdao Venture Capital Conference successfully upgraded from a "Venture Capital Summit" to a "Financial Industry Summit," gathering over a hundred executives and experts to discuss global venture capital market trends [1] - The conference resulted in significant outcomes, including over 45 billion yuan in investment agreements and the successful launch of insurance fund pilot projects, marking Qingdao as the fifth city in China to establish such funds [1] - The conference highlighted two core achievements: the signing of strategic cooperation agreements with four major financial institutions and the establishment of a private securities investment fund with a total scale of 20 billion yuan [1] Group 2 - The conference officially launched the "Action Plan for Promoting High-Quality Development through Fund Leadership (2025-2027)," aiming to create a fund matrix of no less than 300 billion yuan by integrating government-guided funds [2] - The plan sets a phased goal of attracting a total of 15 billion yuan in long-term and patient capital over three years, with the government-guided fund's investment scale reaching 150 billion yuan by 2027 [2] Group 3 - The conference released the "2025 China Venture Capital and Private Equity Industry White Paper," which forecasts that global venture capital investment will approach 440 billion dollars by 2025, with generative artificial intelligence being the most attractive investment area [3] - Key investment sectors identified include intelligent and high-end manufacturing, artificial intelligence and big data, and biotechnology, with the future development of China's venture capital industry focusing on verticalization, international restructuring, and ecosystem building [3] Group 4 - Industry leaders provided insights on financial development, discussing topics such as venture capital direction, the construction of a financial powerhouse, and the high-quality development of equity investment funds [4] - Suggestions for advancing financial modernization included promoting market-oriented financial and technological innovation, deepening financial institution reforms, expanding openness, and ensuring a balance between innovation and safety [4] Group 5 - The conference featured a compact layout with one main forum and five parallel forums, covering industry hotspots and providing a platform for efficient communication and cooperation [5] - Ten quality projects were showcased for roadshows, offering technology innovation companies direct opportunities to engage with investment institutions [5] Group 6 - The conference served as a significant platform for Qingdao to showcase its financial strength and connect global resources, with the launch of the 300 billion yuan fund matrix and the signing of 20 key cooperation projects expected to optimize the venture capital ecosystem [6] - The developments are anticipated to attract more long-term capital and quality projects, injecting strong financial momentum into economic restructuring and high-quality industrial development [6]

9月26日，"2025·青岛创投风投大会"在青岛市顺利举办。本次大会以"科技赋能·开放共融：金融新业态 与新趋势"为主题，首次从"创投风投盛会"升级为"金融行业盛会"，汇聚百余位国内外知名金融机构、 创投风投机构高管和专家学者，共同探讨全球风投市场发展趋势。 本次大会还有两大亮点引发行业高度关注。一是揭牌及签约项目投资金额超450亿元，青岛市政府分别 与中国邮政储蓄银行股份有限公司、中国国新控股有限责任公司、汇丰银行（中国）有限公司、东亚银 行（中国）有限公司4家机构签署战略合作协议；中国邮政储蓄银行在战略合作期内将为青岛市提供 5000亿元人民币意向融资支持。二是保险资金私募证券投资基金试点成功落地，阳光恒益（青岛）私募 基金管理有限公司正式揭牌，发起设立总规模200亿元的私募证券投资基金，标志着青岛市成为全国第5 个拥有该类基金的城市，进一步丰富了青岛市金融业态。 此外，大会正式发布《青岛市发挥基金引领作用促进高质量发展行动方案（2025－2027年）》。根据行 动方案，青岛市将聚力整合政府引导基金，构建创投基金、产投基金、重点项目协同基金"3+N"政府引 导基金体系，吸引社会资本打造规模不低于3000亿 ...

山东省委金融办副主任、省地方金融管理局副局长王新国表示，创投风投是资本市场的重要力量和直接 融资的重要渠道。山东省将促进创投风投发展列为优先方向，明确打造创业投资股权投资高地，通 过"外引""内育"支持创投机构发展，培育本土集聚区与创业投资领军企业品牌。 中国证监会市场监管二司一级巡视员竺煜介绍说，中国证监会积极推动优化股权创投生态，从募资端拓 宽资金来源、支持AIC股权投资试点及私募基金管理机构发行科创债；从投资端配合出台政府投资基金 高质量发展的指导意见、逐步落实差异化监管；从退出端支持并购基金发展，允许上市公司发行股份收 购符合条件的未盈利硬科技企业。 本次大会揭牌及签约项目投资金额超450亿元人民币，覆盖基金合作、区市落地项目及央地协同等领 域。会上，总规模200亿元人民币的私募证券投资基金发起设立，青岛成为中国第5个拥有该类基金的城 市。 中新网青岛9月27日电(张孝鹏)2025·青岛创投风投大会26日在山东省青岛市市南区举办。大会吸引百余 位海内外知名金融机构、创投风投机构的高管和专家学者相聚一堂，共同探讨全球风投市场发展趋势。 9月26日，2025·青岛创投风投大会在山东青岛举办。张孝鹏摄 青岛 ...

经济观察网9月26日，在2025.青岛创投风投大会期间，阳光恒益私募基金管理有限公司正式揭牌，标志 着青岛成为全国第5个落地保险资金私募证券投资基金的城市。阳光恒益将作为基金管理人发起设立总 规模200亿元的私募证券投资基金，该基金具有投资期限长、产品规模大等显著特点。 ...

Core Viewpoint - The 2025 Qingdao Venture Capital and Private Equity Conference was held, marking significant developments in investment and financial cooperation in Qingdao [1] Group 1: Establishment of Fund and Investment Scale - Sunshine Hengyi (Qingdao) Private Fund Management Co., Ltd. was officially established, making Qingdao the fifth city in China to host insurance capital private equity funds [3] - The fund will have a total scale of 20 billion yuan, characterized by long investment periods and large product scales, aimed at injecting financial resources into Qingdao's innovative industrial system [3] Group 2: Strategic Cooperation Agreements - Qingdao City Government signed strategic cooperation agreements with several banks, including China Postal Savings Bank and HSBC China, covering macro planning and cooperation with state-owned and foreign enterprises [4] - China Postal Savings Bank will provide 500 billion yuan in financing support for major projects, rural revitalization, and inclusive finance [5] - The city government initiated a municipal fund with a total scale of 5.8 billion yuan, focusing on the "10+1" innovative industrial system to support technological innovation [5] Group 3: Project Investments and Collaborations - Five key projects were signed with a total investment of 8.471 billion yuan, focusing on cultural digitization and artificial intelligence [5] - Central-local cooperation projects include urban renewal and offshore wind power projects, with total investments exceeding 11 billion yuan [5] Group 4: Historical Context and Future Outlook - Since 2019, Qingdao has aimed to become a global venture capital center, hosting the conference for six consecutive years and attracting over 200 key industrial projects [6]

广发证券资 深宏观分析师 钟林楠 zhonglinnan@gf.com.cn 广发宏观郭磊团队 报告摘要 第一， 传统流动性研究采用两分法，将流动性划分为狭义（货币）与广义（信用）两个维度，解决了流动性观测、创造与进入实体路径规模等问题。这种研究范式 简洁实用，但近些年开始显现出一定局限性。比如它无法回答流动性进入实体之后的流转使用问题，对近些年投资者广泛关注的居民资产负债表受损、超额储蓄、 存款搬家、资金空转等叙事缺乏解释力。本文基于这一点展开研究。我们以居民部门为研究对象，先搭建居民部门活动收支表，再据此跟踪分析居民各项收支活动 及其背后资金流的变化。 第二， 搭建居民活动收支表，一个较好的切入视角是统计局与央行编制的资金流量表。统计局编制的是非金融交易表，它统计了居民部门生产、出让劳动与资本要 素使用权与政府再分配所获得的可支配收入，以及可支配收入用于消费、非金融投资与净金融投资的规模；央行编制的是金融交易表，它是非金融交易表的延续， 将净金融投资进一步拆分为金融负债与金融资产，统计了居民部门的债务收入以及各类金融资产的投资规模。将这两张表整合，我们可得到完整精确的年度居民活 动收支表，具体过程及两张表 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025, quantitative strategies are recommended over subjective ones in private securities investment institutions [1] - The private securities investment fund industry in China is characterized by increasing industry concentration with significant advantages for leading institutions, and an enhanced trend of diversified and international investment strategies [23][24] Summary by Relevant Catalogs Market Background - Affected by geopolitical conflicts and US tariff policies, the global stock market rose in the first half of 2025. A-shares showed an "N-shaped" trend, Hong Kong stocks performed better, and US stocks achieved a "V-shaped reversal". By the end of June 2025, the number of A-share listed companies reached 5,420, an increase of 37 from the end of 2024, and the total market value exceeded 100.02 trillion yuan, hitting a record high. The Beizheng 50 Index soared 39.45% in the first half of the year, leading the world in terms of gains. Industries such as non-ferrous metals (17.93%) and enterprise services (16.85%) led the rise, while industries such as coal (-10.02%) and real estate (-6.52%) faced pressure [4] - Chinese private securities investment funds are privately raised from qualified investors and mainly invest in publicly traded financial assets. They have more flexible investment strategies compared to public funds, lower liquidity, and can achieve differentiated returns through personalized strategies. Their operation must meet strict standards for qualified investors and emphasize the principle of self-risk assumption [5] - The development of Chinese private securities investment funds has evolved from disorderly exploration to standardization and specialization. Since 2025, driven by structural opportunities in the A-share market and excess returns from quantitative strategies, the issuance of private securities funds has recovered. In the first half of the year, over 5,400 new products were filed, with the filing scale increasing by 75% year-on-year [6] Market Status - As of the end of August 2025, the outstanding scale of Chinese private securities investment funds reached 5.56 trillion yuan, accounting for 27.4% of the total scale of private funds, a 6.5% increase from 5.24 trillion yuan at the beginning of 2025. Stock strategies dominate, and diversified strategies such as quantitative hedging and macro strategies are also developing rapidly. In July 2025, 1,313 new private securities funds were filed, with a scale of 79.281 billion yuan, a record high for the year. In the first half of the year, a total of 5,461 new filings were made, a 53.6% increase year-on-year, reflecting a significant trend of funds "entering the market through funds" [7][8] - As of the end of August 2025, there were 7,722 private securities fund managers, 385 fewer than at the end of 2024, mainly due to regulatory cleanup of "fake private funds". Geographically, Shanghai, Beijing, and Shenzhen account for over 50% of the total number of managers, and their management scales account for 25.2%, 23.2%, and 9.7% respectively [9] - The market demand for private securities funds shows a trend of diversification and stratification. The number of qualified investors has continued to expand, covering high-net-worth individuals, insurance funds, pensions, and foreign institutions. Insurance funds are accelerating the allocation of equity assets through pilot programs, and foreign institutions are also increasing their layout in the A-share market. Investor demand is significantly differentiated, with conservative funds preferring low-volatility products such as quantitative hedging and macro strategies, and aggressive funds focusing on stock long strategies. Market structural opportunities and policy guidance also affect the flow of funds and drive the continuous iteration of private securities fund strategies [10] Market Competition - The selection of the top ten private securities investment institutions follows a multi-dimensional quantitative evaluation model, with core indicators including management scale and stability, historical performance, and excess return ability [11] - The current industry competition shows a pattern of "siphoning by leading players" and "strategy differentiation". Leading quantitative private funds dominate with technical barriers and excess return ability. In 2025, the number of 10-billion-yuan quantitative private funds reached 41, exceeding that of 10-billion-yuan subjective private funds (40) for the first time. In the first half of the year, the average yield of quantitative private funds was 13.54%, significantly higher than that of subjective private funds (5.51%). Quantitative strategies perform well in volatile markets, while subjective strategies face challenges [12] - Ten institutions, including Gao Yi Asset, Orient Harbor, and Ningbo Magic Square Quantitative, are introduced, each with its own characteristics in terms of management scale, investment strategy, and core team [13][14][15] Development Trends - The Chinese private securities investment fund industry shows a significant "Matthew effect", with leading institutions having significant advantages in terms of funds, talent, technology, data, and trading systems. The number of 10-billion-yuan private fund managers has exceeded 100, and their share of the total industry management scale continues to rise. Small and medium-sized private funds face survival pressure, and foreign private funds are accelerating their localization layout, intensifying industry competition and promoting the concentration of resources to leading institutions [23] - With the deepening of China's capital market reform and the enrichment of financial derivative tools, private securities investment strategies are developing in a diversified direction from traditional stock long to quantitative hedging, macro strategies, event-driven, and cross-border investment. Regulatory authorities encourage private funds to serve the real economy and introduce long-term funds, and the cooperation between private funds and financial institutions such as securities firms and banks is deepening. In the future, strategy innovation and international layout will become core competitiveness [24]

增量资金的动向始终是市场关注的焦点。 7月与8月，A股市场增量资金态势延续向好格局，可跟踪资金净流入规模较此前进一步扩大，从资金结构来看，融资、私募依旧是主力增量来源，外资活跃 度大幅提升，个人投资者参与热情也同步高涨，多方资金形成合力，推动市场活力持续释放。 一是融资资金。作为重要杠杆资金，融资资金在8月净流入规模达2744.45亿元，较7月的1328.79亿元实现翻倍，创下阶段性新高。 二是外资。外资的参与度也显著提升，8月陆股通月均成交额达2942.27亿元，较7月增长45.8%并创历史新高。 三是私募证券投资基金。该类资金同样表现突出，7月新增备案规模达792.81亿元，远超6月的299.83亿元，创下2022年以来新高，管理规模也新增3254亿 元。 四是居民存款搬家。这也是近期特别被关注的话题。当前居民储蓄规模已突破161万亿元，待入市资金"蓄水池"庞大。尽管2019-2024年居民存款高速增长， 但2025年3月起增幅明显放缓，在银行存款与理财产品收益率处于历史低位，而A股赚钱效应逐步显现的背景下，居民资金向股市转移的动力不断增强，未 来有望为A股市场带来更多增量支撑。 融资资金净流入规模翻倍 ...

｜2025年9月15日 星期一｜ NO.1券商8月份发债近3000亿元，创年内新高 随着A股行情继续向好，券商发债"补血"需求水涨船高。9月12日晚间，第一创业公告称，证监会同意 该公司向专业投资者公开发行不超过80亿元公司债券。就在9月10日，国泰海通披露，该公司不超过300 亿元次级公司债券的注册申请已获得证监会批复；同日，中信证券也公告，其不超过600亿元公司债券 的计划收到证监会批文。Wind数据显示，9月以来，券商已完成19只债券发行（统计口径含银行间市 场，下同），发行规模452亿元。另有32只债券正处发行阶段，计划募资规模合计779亿元。而在8月， 券商发债迎来了年内高峰。数据显示，当月券商合计发行141只债券，募集规模达2935亿元，两项数据 均创下年内月度新高；年内次高峰则在7月，券商共发行86只债券，发行规模合计达1576.13亿元。 点评：西南证券集中处置逾70项资产，实为旗下资管产品处置违约债券抵债资产。此举反映券商在风险 处置上的积极态度，对相关资管产品投资者形成一定保障。对券商板块而言，凸显风险管理重要性，行 业或更趋审慎。整体看，市场对金融机构风险处置能力关注度提升，有利于资本市 ...