炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经记者 | 陈靖 同日，金融监管总局发布《金融机构产品适当性管理办法》（下简称《办法》），对金融产品销售的适当性管理作出系 统性规范。该《办法》为券商进一步拓展银行理财、保险代销业务筑牢了规则根基，将于2026年2月1日正式施行。 当前，券商财富管理业务的主要收入来源集中在代理买卖证券、代销金融产品等方面。多位券商分析师告诉智通财 经，"若券商获得新牌照，将进一步丰富其产品货架，从而更全面地满足客户多元化投资需求，为财富管理业务开辟新 的增长空间。" 从行业发展历程来看，券商在保险兼业代理领域的布局并非一蹴而就。早在2012年，中国证监会发布的《证券公司代销 金融产品暂行规定》，就为证券公司兼业代理保险业务明确了法律地位。 但在现实中，具备相关资质的券商数量并不多。据智通财经不完全统计，目前仅中信证券（600030.SH）等少数几家券 商持有保险兼业代理资质，拥有专业保险销售牌照的券商更是屈指可数。 | 数据来源：国家金 | | --- | 融监督管理总局 制图：智通财经记者 "此次中证协发文，核心在于'扩容'。通过建立更清晰的资 ...

Core Insights - The average return of private equity stock strategies reached 10% in the first half of 2025, outperforming other strategies [1] - Over 80% of private equity securities products achieved positive returns, with an overall return of 8.32% [1] Summary by Category Stock Strategies - Stock strategies led with an average return of 10%, with quantitative long strategies showing impressive performance at an average return of 15.42% and a positive return ratio of 93.32% [1] - Subjective long strategies demonstrated explosive potential with a 35.68% return at the 5th percentile [1] Futures Strategies - Among futures strategies, subjective CTA outperformed quantitative CTA with an average return of 4.90% [1] Options Strategies - The options strategy exhibited a notable positive return ratio of 77.11% [1] Bond Strategies - Bond strategies showed the highest stability, with over 90% of products achieving positive returns [1] Multi-Asset Strategies - Combination funds and multi-asset strategies both exceeded a 6% return [1] Market Environment - In a volatile market environment, both quantitative and subjective strategies displayed their respective advantages [1]

股票策略 依然是上半年备案的主流策略 ，私募排排网数据显示，上半年备案股票策略产品高达3458只，占到备案产品总量的63.32%。（ 点击 查看股票策略收益排名 ） 多资产策略和期货及衍生品策略位居次席 ，两大策略上半年备案产品数量差距并不大，成为股票策略后最受青睐的两大策略。私募排排网数据 显示，上半年分别备案多资产策略和期货及衍生品策略产品802只和633只，占比依次为14.69%和11.59%。 组合基金和债券策略上半年备案产品数量表现 相对较差 。私募排排网数据显示，上半年分别备案组合基金和债券策略产品220只和212只，合计 占比不足10%。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 0 1 上半年私募备案 5461 只，股票策略仍占主流 6月A股市场走出明显的反弹行情，从而带动了私募产品的备案热情。私募排排网数据显示，截至2025年6月30日，6月共有1100只私募证券产品 完成备案，创下年内单月次新高，较上月环比增幅26.44%。 整个上半年备案私募证券产品更是高达5461只，较去年上半年同比增幅53.61%， 较去年下半年环比增幅100.48%。 融智投资 FOF基金经理 ...

Group 1 - In June, 1,100 private securities products were registered, a month-on-month increase of 26.44%, with a total of 5,461 products registered in the first half of the year, representing a year-on-year increase of 53.61% [1] - Stock strategy products accounted for over 60% of the registered private securities products in the first half of the year, with 3,458 products [1] - The majority of private fund managers were subjective private funds, totaling 1,007, which is 56.73% of the total [1] Group 2 - In June, 751 private fund managers conducted research on 387 A-share companies, totaling 1,769 times, with the electronics and biopharmaceutical industries being the most favored [2] - 46 stocks received significant attention from private institutions, with Maiwei Biotech being the most favored, receiving 51 research visits [2] Group 3 - The top five private funds in terms of research frequency in June were Zhengyuan Fund, Pankin Investment, Shangcheng Asset, Danshuiquan, and Qingli Investment, with 39, 23, 22, 22, and 21 visits respectively [3] - Zhengyuan Fund focused on Shunwang Technology, Xinjie Electric, and Lingyun Light, while Pankin Investment concentrated on Maiwei Biotech, Xianheng International, and Shunwang Technology [3] Group 4 - Many star private equity firms remain optimistic about the market outlook, although some express concerns about the sustainability of the current market state [4] Group 5 - Dushuquan believes that the second half of the year will see new emerging growth assets become the focus, driven by a shift from risk aversion to opportunity in the market [5] - The firm highlights the resilience of the market despite external pressures, with a daily trading volume exceeding 1.3 trillion yuan [5] Group 6 - Wellington's survey indicates that 96% of LPs plan to increase or maintain their allocation to the private equity market, with 51% believing that mixed strategies can enhance portfolio performance [10] - The survey shows a trend towards diversification in asset allocation among LPs, with a focus on private equity secondary markets and growth assets [10] Group 7 - Five insurance-funded private equity firms have been approved, with a total of 2,220 billion yuan allocated for long-term investment in the stock market [11][17] - The approval of these firms indicates a growing trend of insurance capital entering the private equity market for long-term investments [11][17]

Core Insights - The private equity sector in the securities industry is experiencing a positive trend with both performance and positions rising significantly this year [1][3] - Stock strategy products are leading among the five major strategies, reflecting increased investment confidence and a favorable outlook on policies, economic expectations, and A-share valuations [1][3] Performance Summary - As of May 31, 12,843 private equity securities products recorded an average return of 4.34% in the first five months of the year, with nearly 75% of products showing positive returns [3] - Stock strategy products, totaling 8,487, achieved an average return of 4.81%, with approximately 73.5% of these products in positive territory [3] - Quantitative stock strategies particularly benefited from the small-cap growth market style, with 1,480 quantitative long products averaging a return of 8.46% and over 86% showing positive returns [3] Positioning Summary - As of June 6, the average position of large-cap stock private equity firms reached 79.10%, an increase of nearly 9 percentage points from the end of December last year, indicating a high level of investment [3] - Nearly half of the private equity firms are in a heavy or fully invested state, with the overall average position for stock private equity at 74.43% [3] Investment Focus - The continuous increase in positions is driven by three main factors: positive policy signals boosting market expectations and investor confidence, A-share valuations being historically reasonable and low, and the emergence of structural opportunities in the market this year [3] - Key investment areas identified by leading private equity firms include high-dividend low-valuation stocks, AI and hard technology sectors, and new consumption trends, all reflecting a pursuit of "certainty" in investments [3][4]

Core Insights - The private equity securities products have distributed a significant number of dividends in 2023, with 537 products showing performance and a total of 584 dividend distributions as of June 17 [1][2] - The average return of these dividend-distributing products stands at 10.34%, outperforming the overall average return of 7.87% for 4,596 private equity securities products with performance displays [1] Group 1: Performance and Distribution - Among the dividend-distributing products, stock strategy products are the primary contributors, with 284 products distributing dividends 298 times, accounting for 51.03% of total distributions [1] - The average return for stock strategy products is 12.86%, with 88.03% of these products achieving positive returns [1] - In the futures and derivatives strategy category, 93 products have distributed dividends 100 times, representing 17.12% of total distributions, with an average return of 7.21% and 88.17% of products showing positive returns [1] Group 2: Other Strategies and Institutional Insights - Multi-asset strategy products have distributed dividends 94 times from 84 products, making up 16.10% of total distributions, with an average return of 9.13% and 91.67% achieving positive returns [2] - Bond strategy products have seen 72 dividend distributions from 59 products, accounting for 12.33% of total distributions, with all products achieving positive returns and an average return of 6.08% [2] - A total of 336 private equity institutions have products that have shown performance and distributed dividends, with 108 institutions having at least two products that distributed dividends [2]

Core Insights - The A-share market has stabilized and shown improved risk appetite since 2025, leading to a surge in high-net-worth clients entering through private equity channels [1] - The private equity sector is experiencing a product registration boom, with a total of 4,361 private equity securities products registered by May 31, 2025, marking a 45.03% increase compared to the same period in 2024 [1] - Stock strategies dominate the private equity landscape, with 2,749 stock strategy products accounting for 63.04% of the registered products in 2025 [2] Group 1: Market Trends - The number of registered private equity products in May 2025 reached 870, a year-on-year increase of 77.19%, indicating strong industry momentum [2] - The market sentiment has been recovering since the significant rebound in September 2024, with private equity products showing renewed interest despite previous market adjustments [2][5] - The overall market environment has improved significantly compared to 2024, with trading volumes exceeding one trillion, benefiting both subjective and quantitative investments [5] Group 2: Quantitative Strategies - Quantitative private equity products have gained significant traction, with 1,930 products registered in 2025, representing 44.26% of the total private equity securities products [4] - Among the registered quantitative products, 1,339 are stock strategy products, making up 69.38% of the total quantitative product registrations [4] - Major quantitative private equity firms dominate the registration landscape, with 31 out of 66 firms having registered more than 10 products being large quantitative firms [4] Group 3: Future Outlook - The private equity industry is expected to see a more pronounced Matthew effect, with an increasing focus on high-quality industry supply enhancing the sector's image and investor confidence [2] - The market is anticipated to shift its focus from overseas risks to domestic factors, with economic fundamentals and policy impacts expected to play a larger role in market performance [3] - The current market conditions are seen as favorable for quantitative strategies, with high trading volumes and liquidity providing ample opportunities for capturing excess returns [5]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 0 1 5 月备案增速 77% ！多重因素驱动备案热潮 私募排排网最新数据显示，2025年前五个月中国私募证券行业呈现显著增长态势。截至2025年5月31日，全行业年内累计备案私募证券产品达4361 只，较去年同期实现45.03%的显著增长。 其中，5月单月备案产品数量达到870只，同比增幅高达77.19%，显示出行业强劲的发展势头。 融智投资 FOF基金经理李春瑜表示，2025年私募证券行业迎来新一轮产品备案热潮，其背后主要受多重因素驱动：首先，A股市场企稳回升，在科 技创新政策利好及产业升级预期的带动下，人工智能、新能源、半导体等核心赛道表现活跃，市场风险偏好显著提升，投资者情绪持续回暖。其 次，监管环境持续优化，随着私募行业合规体系的进一步完善，信息披露透明度提高，运作规范性增强，为市场参与方提供了更加稳定、可预期的 发展环境，进一步提振了投资者信心。此外，私募证券产品业绩表现亮眼，尤其是量化产品超额收益能力凸显，吸引了更多资金关注和配置需求。 最后，产品创新与策略多元化趋势明显，为不同风险偏好的投资者提供了更灵活的投资选择，进一步推动了投 ...

随着股票市场风险偏好的提升，今年以来私募证券产品发行大幅回暖，行业迎来一轮久违的产品备案热 潮。 私募排排网数据显示，今年前5个月私募行业累计备案私募证券产品达4361只，较去年同期增长45.03%；5月 单月备案产品数量达到870只，同比增幅高达77.19%。其中，头部量化旗下产品相当火爆，备受资金青睐。 不少机构认为，经历关税冲击后，国内社会信心逐步累积，等待量变到质变，中长期资金的大量进场有望推动 A股走出结构性牛市行情。 私募产品备案量激增 今年以来，私募行业延续复苏态势，私募产品发行明显回暖，不少资金通过配置私募积极看好后市。 私募排排网数据显示，截至2025年5月31日，全行业年内累计备案私募证券产品达4361只，较去年同期实现 45.03%的显著增长。其中，5月单月备案产品数量达到870只，同比增幅高达77.19%，显示出行业强劲的发展 势头。 数据显示，2025年以来量化私募产品备案总数达1930只，占全市场私募证券产品备案总量的44.26%，显示出 量化策略在私募领域的重要地位。 细分来看，量化产品主要集中在股票策略，年内备案产品达1339只，占到备案量化产品总量的69.38%，其次 是期货 ...

Group 1: Private Equity and Government Bonds - The number of private equity securities products registered in the first five months of the year reached 4,361, marking a significant year-on-year increase of 45.03% [1] - In May alone, 870 private equity securities products were registered, showing a remarkable year-on-year growth of 77.19% [1] - The Ministry of Finance announced the issuance of 50 billion yuan in savings bonds, with fixed interest rates of 1.63% for a 3-year bond and 1.7% for a 5-year bond [1] Group 2: Investment Sentiment and Market Trends - Major global financial institutions, including Morgan Stanley, JPMorgan, Goldman Sachs, and HSBC, have expressed positive sentiments towards Chinese assets, highlighting valuation advantages and low investor positions in Chinese stocks [2] - The MSCI Hong Kong Index's price-to-earnings ratio is approximately 9 times, close to historical lows, indicating potential investment opportunities [2] - The first quarter of 2025 saw a 21% year-on-year increase in global semiconductor equipment shipments, amounting to $32.05 billion [3] Group 3: Automotive Industry Insights - The China Automobile Circulation Association reported ongoing price wars in the new car market, which may suppress the second-hand car market's activity [3] - In the first quarter of 2025, nearly 2.8 million vehicles were replaced through trade-in programs, reflecting a year-on-year increase of 100.2% [3] - GAC Group reported a 24.8% year-on-year decline in vehicle sales for May, with total sales of 117,700 units [9] Group 4: Corporate Developments - Procter & Gamble announced plans to cut up to 7,000 non-manufacturing jobs over the next two years, representing about 15% of such positions [4] - Jianghan New Materials plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 30 yuan per share [10] - Ningbo Construction's wholly-owned subsidiary won a bid for an EPC project valued at 787 million yuan [11]