Workflow
量化产品
icon
Search documents
罕见反超!9月证券类私募登记超股权类,量化成关键入场券
Feng Huang Wang· 2025-10-11 12:28
私募行业登记规模已显著收缩。在监管趋严与市场自然出清的共同影响下,私募机构登记数量从2022年同期的超千家 锐减至今年前三季度的百余家,行业逐步告别规模扩张阶段。随着准入机制由宽松的登记备案转向严格的审核把关, 成功登记的私募管理人整体呈现专业化、精英化特征。 9月新登记证券类私募机构10家,登记数量罕见反超股权类私募,打破前8个月股权类私募登记持续领先的常态。值得 注意的是,9月新登记证券类私募普遍具备量化背景,量化渐成新私募创业关键入场券。 在行业总量严控的背景下,证券类私募登记数量的反超或更具含金量。这表明,在有限的"入场券"中,机构对二级市 场的布局意愿相对增强。行业准入壁垒渐高,今年以来新登记私募呈现三大标签:一是核心团队具备量化投资经验; 二是团队成员拥有公募从业背景;三是知名私募高管独立创业。 尽管9月量化产品备案占比回落,但其中股票策略产品占比仍超七成,核心策略依然聚焦权益市场。并且,百亿量化私 募仍为备案主力。对此,有私募人士分析称,量化产品占比的回落更多反映了短期市场环境下的风险偏好微调,而非 战略转向。 9月证券类私募登记罕见反超 据中基协统计,9月新登记私募共计14家,其中,证券类私募 ...
9月私募备案同比激增171% 股票策略备受青睐
对于9月股票策略备案大增的情况,排排网集团旗下融智投资FOF基金经理李春瑜表示,随着"9.24"行情 后权益市场赚钱效应逐步显现,以及政策面对科技创新、高端制造等领域的持续支持,股票策略在把握 产业机遇方面的优势进一步凸显,投资者对权益类资产的配置意愿回升,共同推动该类策略备案数量保 持高位。 展望四季度行情,华金证券预计,四季度A股可能处于盈利结构性回升、信用继续修复的环境中,将延 续震荡偏强的"慢牛"趋势。从宏观环境来看,出口仍维持一定韧性,制造业和基建投资维持一定的增 速,消费可能自低位有所回升;美联储大概率继续降息。从市场主线来看,四季度可能受科技和周期等 盈利结构性回升,信用继续修复,历史经验上A股表现将震荡偏强。盈利结构性回升、信用可能继续修 复的情况下,大盘和中小盘风格占优,产业趋势上行和政策导向的行业表现相对占优,当前指向科技和 部分周期、消费。 国泰海通证券的观点称,展望2025年四季度,本轮上涨的基础有望持续:政策支持实体经济修复、流动 性维持宽松、机构持股水平稳步提升,多重因素共振下"慢牛"格局有望延续。上市公司盈利方面,从8 月经济数据来看,PPI已出现底部企稳迹象,"反内卷"政策成效 ...
长盛基金石晓冉:A股量化投资仍处于“黄金窗口期”
Zhong Zheng Wang· 2025-10-09 13:33
中证报中证网讯(记者王雪青)10月9日晚间,长盛基金量化投资部基金经理助理石晓冉在"中证点金 汇"直播间表示,今年量化产品受追捧,本质上是业绩差距、资产替代、技术红利三力共振的结果,而 非短暂噱头。展望未来,A股量化投资仍处于"黄金窗口期";但高夏普比率的策略会越来越稀缺,行业 将走向"混合策略、工具化、强风控"的新阶段,对基金管理人的算力、数据、人才和合规提出更高要 求。 展望未来3至5年A股量化投资发展趋势,石晓冉认为,策略方向将从"单一因子"走向"混合智能",随着 高频量价红利边际递减,管理人将更多预算投入基本面量化与另类数据,形成"人机互动"的混合框架: 机器负责广度,人类研究员负责深度,共同提升因子的经济解释力与鲁棒性。 在产品形态上,将向工具化、多资产、多策略账户发展。其中,工具化是指数增强、行业主题增强、 ESG增强等"透明化"产品会继续抢占ETF份额;多资产是包含量化CTA、期权波动率、可转债的"多策略 FOF"成为私募新宠;多策略账户是同一管理人提供"指增、中性、多空"三类子策略,允许客户按风险 预算自由切换,降低申赎冲击。 在监管与风控上,超额回撤控制将成产品的核心竞争力。头部机构已在"实 ...
“小而美”私募爆发力有多强?33家私募翻倍!龙辉祥投资、旭冕、海南致衍等夺冠!
私募排排网· 2025-09-30 03:37
本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 私募排排网数据显示,0-5亿私募作为行业最庞大的一股力量,其核心优势在于 "小而美、小而精、小而锐",截至9月19日共有6410家,占比高 达83.74%。一般而言,0-5亿私募在上行趋势下,更具业绩爆发力。那么,去年"924"行情持续至今已走过一年时间,哪些"小而美"私募表现更 为惊艳? 从策略上看,0-5亿私募股票策略收益自去年"924"行情迅速拔高后,进行了一段震荡调整,今年4月份以来再次开启一轮缓慢爬坡阶段。与之相 对的是,0-5亿私募期货策略表现明显落后,在权益市场走出单边上涨行情下,商品市场处于波动率压缩周期。 具体到二级策略来看,截至9月19日,0-5亿私募的量化多头策略收益表现逆市领先,有业绩显示的198只量化多头产品近1年收益均值高达 77.77%,其次975只主观多头近1年收益为73.88%,同样表现不俗。此外,159只复合策略近1年收益均值为52.16%,较为亮眼。 | 二级策略 | 有业绩显示的产品数 | 产品规模合计(万元) | 近1年收益均值 | 正收益产品数 | 正收益占比 | | --- | --- | --- | ...
平方和投资创始人吕杰勇:十年的变与不变,用时间筑牢Alpha护城河
Core Insights - In 2025, quantitative investment has become a key term in the capital market, with A-shares experiencing significant fluctuations and a transaction volume reaching trillions, leading to a doubling of the number of registered quantitative products compared to the previous year [1] - Square and Investment celebrates its tenth anniversary, marking a decade of growth and resilience in the quantitative investment sector, demonstrating the long-term effectiveness of quantitative methodologies in the Chinese market [1][3] Company Development - Square and Investment was founded in 2015 amidst skepticism about the suitability of quantitative investment for the Chinese market, but has since proven its strategies and delivered solid performance [1][3] - The company has maintained a consistent strategy framework while continuously iterating and evolving its methodologies, which has allowed it to create stable returns for investors [6][7] - The firm has experienced significant growth during market crises, leveraging its strategies and rigorous risk management to navigate challenges effectively [4][5] Strategy and Performance - The company primarily employs mid-to-low frequency strategies, with a current management scale of around 10 billion yuan, optimizing its capacity for returns [2][7] - Square and Investment has enhanced its computational power by approximately 2.3 times this year, enabling efficient testing of investment ideas and supporting robust research capabilities [7] - The firm emphasizes the importance of a solid risk management framework, which has evolved to include multi-dimensional risk assessments and a self-developed Bsim system for trade execution [6][9] Future Outlook - Looking ahead, Square and Investment aims to not only become a leader in China's quantitative investment space but also to establish itself globally [7][8] - The company is adapting to regulatory changes in the industry, focusing on sustainable alpha generation and reducing reliance on high-leverage strategies [8][9] - With the addition of new talent and a commitment to enhancing its research capabilities, Square and Investment is poised to navigate the evolving competitive landscape effectively [7][9]
宣称收益“年化大于14%” 小红书首页频现私募产品广告 商业化路径遭质疑
Xin Hua Cai Jing· 2025-09-11 13:56
新华财经北京9月11日电(可达)近日,有财经博主在社交平台"吐槽"其在小红书上浏览到的金融产品销售广告。据该博主透露,其是在小红书首页浏览到 的该广告,或由于其平常浏览投资类内容比较多,所以被系统定向推荐了相关内容。 坐拥超2亿月活跃用户规模,小红书近年来试图突破商业化瓶颈。急切的变现心态下,小红书的广告业务遭遇合规质疑。诞生于用户信任之下的"种草"生 态,在商业化的洪流之下将何去何从? 首页惊现私募广告 据其提供的截图,图片上用非常显著字号写着"回撤小于0.5%,年化大于14%,债基的天花板?"等字样,并在业绩上用红色、绿色突出,仅在下方用很小的 字体标识"过往业绩并不预示其未来业绩表现"的风险提示。 有金融机构人士在看到上述截图时表示诧异,认为图上内容存在相当强的误导性,仅从广告封面来看,极易让投资者认为年化14%是一种收益承诺,或者暗 示未来业绩。"虽然在下方用很小的字进行了风险提示,但仍然有很强的'擦边球'嫌疑。"该人士表示。 记者打开小红书后,也在首页收到了多个类似的理财产品广告,推广文案包括"今年25%-30%量化产品""今年6%的债基"。尽管发布人不同,但在点击用户 信息后发现,上述小红书笔记均 ...
2025转型关键年,东兴基金以战略引领 开启公募高质量发展新征程
Xin Lang Ji Jin· 2025-09-10 07:09
Core Viewpoint - The public fund industry is crucial for the modern financial system, serving the real economy and promoting industrial upgrades. The recent recognition of Dongxing Fund's general manager, Huang Yan, under the "Fengze Plan" highlights the company's achievements and its role in enhancing financial development in the Fengtai District [1][3]. Company Development - Dongxing Fund, as a wholly-owned public fund management company under Dongxing Securities, has established extensive cooperation with local listed companies in bond issuance, investment financing, and financial services, enhancing the integration of industry and finance [3]. - The company emphasizes the integration of party building with business development, optimizing governance structures, and improving investment research systems and risk control mechanisms [3][9]. - Dongxing Fund aims to deepen its investment research, sales, and risk control capabilities, focusing on a diversified product line and establishing itself as a boutique public fund [5][11]. Investment Strategy - The company is actively leveraging its quantitative products and implementing differentiated competitive strategies to enhance its market position and drive significant growth in equity scale [5][7]. - Dongxing Fund recognizes the rapid growth of index investment, particularly ETFs, and plans to capitalize on this trend by developing various index products and Smart Beta offerings to create more value for clients [7]. Risk Management - The company has established a comprehensive risk control system covering investment decision-making, operational management, market risk, and credit risk, ensuring stable development [9][11]. - Dongxing Fund is committed to enhancing its professional capabilities and service levels while maintaining a strong focus on risk management to safeguard its operations [9][15]. Future Outlook - The company is set to transition from scale expansion to quality enhancement by 2025, aligning with national strategic areas such as technological innovation and green industries [13]. - Dongxing Fund is implementing fee reductions for money market funds to benefit investors, aiming to improve their overall experience and satisfaction [13].
私募发行火热!年内新备案超7900只,增逾八成!百亿量化私募领跑
券商中国· 2025-09-05 01:38
Core Viewpoint - The private equity market in A-shares is experiencing a resurgence, with a significant increase in the issuance of new products, particularly in quantitative strategies, driven by a recovering market and improved regulatory environment [1][2][3]. Group 1: Market Recovery and Product Issuance - As of August 31, 2025, the number of newly registered private equity securities products has exceeded 7900, representing a year-on-year increase of 82.19% from 4340 in the same period of 2024 [2]. - The monthly registration volume has remained above 1100 for three consecutive months, indicating sustained enthusiasm for private equity securities products [2]. - In July 2025, the new registration scale reached 1074.27 billion, marking a nearly four-year high, compared to only 156 billion in the same month last year [2]. Group 2: Factors Driving Growth - The growth in registered private equity securities products is attributed to several factors, including the steady recovery of the A-share market and the strong performance of strategic emerging industries like artificial intelligence, which have increased market risk appetite [3]. - The improvement in the regulatory framework and transparency of the private equity fund industry has bolstered investor confidence, creating a stable environment for healthy industry development [3]. - The strong profitability of private equity securities products has further stimulated investor participation [3]. Group 3: Quantitative Investment Strategies - Quantitative investment strategies have seen rapid development and demonstrated significant advantages in the current market environment, leading to increased investor interest [4]. - The number of registered quantitative products has doubled year-on-year, reaching 3584, accounting for 45.33% of the total [7]. - Among the quantitative products, stock strategies are the most popular, making up 72.57% of the total, followed by futures and derivatives (13.81%) and multi-asset strategies (10.66%) [7]. Group 4: Performance of Specific Strategies - Stock strategy products have been particularly noteworthy, with 5173 registered, representing 65.42% of the total, and a year-on-year increase of over 90% [5]. - Multi-asset and futures/derivatives strategies have also seen steady growth, with registrations increasing by 76.58% and 66.87%, respectively [5]. - The performance of quantitative products has been strong, with some leading institutions reporting excess returns of 20% to 30% [6]. Group 5: Dominance of Leading Private Equity Firms - A total of 76 private equity firms with over 10 billion in assets have registered 1936 products this year, averaging at least 25 products per firm, which accounts for nearly a quarter of the total [8]. - Three leading quantitative private equity firms have registered over 100 products each, with KuanDe Private Equity leading at 118 products, followed by HeiYi Asset at 112, and MingFa Investment at 101 [8][10]. - The concentration of product registrations among top firms highlights the significant headwind effect in the industry [9].
前8个月私募证券基金备案总量同比增逾八成
Zheng Quan Ri Bao· 2025-09-04 16:11
Core Insights - The total number of private equity securities funds registered in the market reached 7,907 in the first eight months of this year, a significant increase of 82.19% compared to 4,340 in the same period last year [1] - The monthly trend shows a clear recovery in private equity securities fund registrations since March, with monthly new registrations consistently exceeding 1,000, indicating a rising enthusiasm in the industry [1] Group 1: Market Trends - The growth in private equity securities fund registrations is attributed to four main factors: the steady recovery of the A-share market, strong performance in strategic emerging industries like artificial intelligence, improved information disclosure and operational standards in the private fund industry, and the rapid development of quantitative investment strategies [1] - Stock strategy products have become the mainstay of registrations, with 5,173 stock strategy products registered in the first eight months, accounting for 65.42% of total registrations, marking a 91.31% increase from 2,704 last year [1] Group 2: Strategy Types - There has been stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, and increases of 76.58% and 66.87% from last year [2] - The proportion of quantitative private equity securities funds in the overall registered products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of total registrations, doubling from 1,789 last year [2] Group 3: Institutional Insights - Among the private equity fund managers, 2,154 had registered products in the first eight months, with 1,436 institutions managing under 500 million yuan accounting for 34.02% of total registrations, while 76 institutions managing over 1 billion yuan accounted for 24.48% [2] - The leading private equity institutions include Kuande Private Equity with 118 registered products, focusing on stock quantitative long strategies, followed by Heiyi Asset with 112 products, and Mingyun Investment with 101 products, both also emphasizing stock quantitative long strategies [3]
塔牌集团:公司2025年度证券投资额度为13亿元
Zheng Quan Ri Bao· 2025-08-28 09:37
Core Viewpoint - The company announced a securities investment quota of 1.3 billion yuan for the year 2025, aiming to enhance capital efficiency and profitability while maintaining a cautious investment approach [2] Investment Strategy - The company's securities investments will include relatively low-risk government and local bonds, as well as quantitative products with neutral and arbitrage strategies, rather than high-risk stocks or subjective long positions [2] - The company adheres to a prudent investment principle, continuously improving internal control systems and optimizing investment strategies to strictly control the scale of investments and reduce risks [2] Risk Management - The company emphasizes strict control over the scale of securities investments as the primary measure to lower investment risks and reduce performance volatility [2] - Recent adjustments have been made to lower positions in response to potential market fluctuations, maintaining a relatively stable investment quota over the years [2] Investment Philosophy - The company adopts a conservative investment strategy to minimize risks and performance fluctuations, focusing on long-term investments related to its existing or planned business areas [2] - Continuous learning and communication among investment personnel are encouraged to enhance investment capabilities and ensure effective selection of investment targets [2] Overall Assessment - The company's securities investment scale is deemed reasonable, with overall investment risks being controllable and a relatively stable return level [2] - The company aims to improve investment levels and the stability of returns while ensuring risk control, striving to provide better returns for shareholders [2]