朋友们，你有没有发现—— 过去我们努力赚钱，现在却变成努力守钱。工资涨得慢，物价涨得快，理财产品收益越来越低，通货膨胀却一点没客气。有人说，现在的钱太轻了，握不住 也留不下。 但真相是：不是钱变轻了，而是你理财的方式，落伍了。 还记得2020年前，大家最爱买银行理财吗？年化4%、5%，稳稳地幸福。可如今，理财收益降到2%多，很多人心里都凉了。与此同时，通胀每年2%，也就 是说，你的钱放在低收益理财里，其实是在隐形缩水。 那有人说，买股票啊！ 可股市波动太大，昨天赚一万，明天亏两万。A股市场过去几年确实震荡明显，赚钱的往往不是频繁操作的人，而是懂趋势、会布局的人。 那么问题来了：2025年，我们到底该怎么理财？ 第一，要认清趋势。 现在的金融市场，不再是单一收益时代，而是资产组合时代。简单点说，就是不能把鸡蛋放在一个篮子里。 股票、债券、黄金、理财产品，各有涨跌周期。 聪明的投资者，是利用不同资产的节奏差，让资金始终保持在稳健区间。 第二，要会看政策。 很多人以为投资靠运气，其实大部分收益都来自政策趋势。 比如科技创新、新能源、人工智能，这些板块背后都有政策加持； 比如利率周期、货币政策，会直接影响债券和理财收 ...

Core Viewpoint - The article discusses a significant power struggle within a private equity firm, Jingqi Investment, highlighting the breakdown of trust and collaboration between its founders, Fan Siqi and Tang Jingren, which has escalated into public accusations and disputes [3][4][5]. Group 1: Background of the Conflict - The conflict began with a public accusation from Jingqi Investment, where Fan Siqi accused Tang Jingren of misappropriating funds and acting without shareholder consent [3]. - Tang Jingren countered by questioning Fan Siqi's financial decisions and claimed that the firm had become a "criminal den" under Fan's leadership [4]. - The personal relationship between the founders, once characterized by mutual support, deteriorated significantly, leading to public disputes and accusations [5]. Group 2: Operational Vulnerabilities - The article emphasizes the fragility of private equity firms, particularly those relying on trust and personal relationships, as opposed to just quantitative models [5][11]. - The control of critical assets such as company seals and digital access is highlighted as a significant point of contention, with the potential for one partner to disrupt operations entirely [7][9]. - The article notes that the lack of oversight and the concentration of power in a few individuals can lead to catastrophic failures in trust and operational integrity [11][12]. Group 3: Governance and Structural Issues - The governance structure of Jingqi Investment is critiqued, particularly the decision to allow one partner to hold significant control over operational assets while the other was distanced from daily management [8][9]. - The article suggests that the ownership and control dynamics within private equity firms need to be carefully structured to prevent conflicts and ensure accountability [20]. - It also points out that the balance of power between market-facing and research-focused roles is crucial for maintaining stability and trust within the firm [14][20]. Group 4: Lessons for the Industry - The events at Jingqi Investment serve as a cautionary tale for the private equity industry, emphasizing the need for robust governance structures and clear delineation of roles and responsibilities [20]. - The article advocates for a reevaluation of equity structures to mitigate risks associated with power imbalances and to enhance operational resilience [20]. - It concludes that fostering a culture of transparency and shared ownership can help prevent similar conflicts in the future [20].

证券研究报告 | 基金研究（公募） 2025 年 9 月 27 日 A 股继续震荡，量化基金表现分化，超额多数为负 量化基金周度跟踪（20250922-20250926） 本报告重点聚焦量化基金市场表现，总结近一周主要指数和量化基金业绩表现、 不同类型公募量化基金整体表现和业绩分布，以及本周收益表现较优的量化基 金，供投资者参考。 ❑市场整体表现： 本周（9 月 22 日-9 月 26 日）A 股继续震荡，量化基金表现分化，超额多 数为负。 ❑主要指数表现： A 股继续震荡，各指数表现不一，其中沪深 300、中证 500、中证 1000 近 一周收益率分别为 1.07%、0.98%、-0.55%。 ❑各类基金表现： 本周量化基金表现分化。主动量化平均涨 0.44%；超额大多较弱，沪深 300 指增、中证 500 指增和其他指增分别录得-0.22%、-0.09%和-0.09%的负超 额，仅中证 1000 指增跑赢指数，平均超额为 0.53%；市场中性平均下跌 0.27%。 ❑风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述，并 不预示其未来表现，亦不构成投资收益的保证或投资建议。 徐燕红 S10 ...

Group 1 - The core viewpoint of the articles highlights the significant recovery and transformation of the capital market over the past year, driven by increased investor confidence and active participation from both individual and institutional investors [1][2][3][4][5] - The A-share market has seen a remarkable increase in trading volume, with daily turnover exceeding 2 trillion yuan for 29 consecutive trading days and over 1 trillion yuan for 118 consecutive trading days, indicating a strong market sentiment [1] - The total market capitalization of the semiconductor sector has surpassed traditional industries like finance and real estate, establishing itself as a core force in the A-share market [1][3] Group 2 - The establishment of market confidence is supported by four key conditions: a solid institutional foundation, coordinated policy efforts, market dynamism through mechanism innovation, and maintaining fairness in the market environment [2][3][4][5] - The introduction of new regulations and policies, such as the "National Nine Articles" and over 60 supporting rules, has laid a robust regulatory framework for the long-term development of the capital market [3] - Recent measures, including customized monetary policy tools and special government bonds, have provided direct support to the capital market, enhancing the overall economic environment [3][4] Group 3 - Mechanism innovations, such as the "Science and Technology Innovation Board" reforms, have facilitated the listing of unprofitable tech companies, promoting market activity and investment opportunities [4] - The regulatory environment has been strengthened to ensure fairness, with significant penalties for financial fraud, thereby enhancing investor protection and confidence [5] - The ongoing efforts to maintain market confidence are crucial for the long-term stability and healthy operation of the capital market, despite potential fluctuations [5]

二是凝聚政策合力，以协同举措优化信心环境。资本市场并非独立运行的体系，宏观经济走势、金融政 策松紧、财政政策导向、产业政策调整，都是影响其运行的关键变量。近一年来，各类政策协同发力， 为市场信心注入强大支撑：在宏观层面，政策制定始终注重"增强取向一致性"，通过强化协同提升实施 效果，谨慎出台收缩性、抑制性举措，确保各类政策相互衔接、有机统一，共同推动经济社会持续健康 发展；在具体举措上，央行推出"定制化"货币政策工具，为上市公司回购、股东增持提供低成本融资支 持；财政部发行特别国债，着力化解地方债务、清理企业欠款；监管层引入国有商业保险公司长周期考 核制度，中央汇金公司更首次明确类"平准基金"定位。这些措施既直接为资本市场"输血"，也为其创造 了稳定向好的外部环境。 资本市场的一系列积极变化，本质上是市场信心的全面提振。具体而言，个人投资者有信心，便会积极 入市、主动交易；投资机构有信心，便会主动布局、长期持有；上市公司有信心，则会主动拓展——无 论是扩大投资、出海融资展业，还是推进并购重组，企业活力的提升都为市场后续增长打开了想象空 间。 而市场信心的建立，离不开四大关键条件的支撑： 一是筑牢制度根基，以稳 ...

Core Viewpoint - The current bull market in A-shares has seen significant gains, with the ChiNext Index and STAR Market Index rising by 91.65% and 98.41% respectively since the market bottom on September 24 last year, indicating that the market has been performing for a considerable time [4][5]. Market Performance - The bull market has been characterized by rapid shifts in market hotspots, making it challenging for investors to achieve satisfactory returns unless they were actively engaged during key trading days [4][5]. - As of September 8, major indices like the CSI 300 and the CSI A500 have increased by 16.1% and 18.62% respectively this year, while the ChiNext Index has seen a remarkable rise of 38.5% [6]. Investment Strategies - Investors are advised to reduce trading frequency and hold onto their positions rather than chasing market trends, as this approach may yield better returns in the long run [5]. - Maintaining a defensive position with a portion of value-style assets is recommended to navigate market volatility, with suggestions to upgrade holdings to funds that exhibit strong defensive characteristics during downturns [7]. - Selecting and patiently holding onto industry themes such as AI, innovative pharmaceuticals, robotics, semiconductors, and precious metals is encouraged, while also considering less popular sectors for potential opportunities [8]. Asset Allocation - A "core-satellite" strategy is proposed, where the core portfolio consists of stable, high-probability assets, while a smaller portion is allocated to riskier assets for potential high returns [8].

证券研究报告 | 基金研究（公募） 2025 年 9 月 20 日 A 股震荡调整，量化基金表现分化 量化基金周度跟踪（20250915-20250919） 本周（9 月 15 日-9 月 19 日）A 股震荡调整，量化基金表现分化。 本报告重点聚焦量化基金市场表现，总结近一周主要指数和量化基金业绩表现、 不同类型公募量化基金整体表现和业绩分布，以及本周收益表现较优的量化基 金，供投资者参考。 ❑市场整体表现： 本周量化基金表现分化，绝对收益方面，除 300 指增，其他指增基金绝对 收益均录得正值；主动量化和市场中性均录得负收益，主动量化平均跌 0.19%，市场中性平均跌 0.17%。超额收益方面，各类指增基金均跑输指 数，沪深 300 指增、中证 500 指增、中证 1000 指增、其他指增分别获得 -0.05%、-0.24%、-0.09%、-0.14%的超额。 ❑风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述，并 不预示其未来表现，亦不构成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 邓畅 S109052507000 ...

Core Viewpoint - Quantitative investment has seen significant growth in scale due to its impressive returns, but individual investors face challenges in selecting reliable quantitative private fund managers [3] Group 1: Common Quantitative Strategies - Common quantitative strategies include T0 strategy, which is a high-frequency trading strategy requiring daily buy-sell transactions to profit from price differences, showing low correlation with market trends and relatively stable Alpha [4] - Medium and low-frequency strategies, such as index enhancement, leverage fundamental data and alternative data to score stocks, buying those with the highest scores [4] - Market-neutral strategies use derivatives to hedge against market risks while aiming for absolute returns based on Alpha [5] - Other niche strategies include CTA (Commodity Trading Advisor) strategies, options arbitrage, and cross-market investments, which are typically smaller in scale and require professional management for effective tracking and allocation [5] Group 2: Risk Management in Selecting Fund Managers - Ensuring asset safety is prioritized over return considerations, as high returns are meaningless without guaranteed fund safety [6] - A strict risk control process is established to screen private funds, including avoiding non-compliant structures, ensuring fund custody by reputable brokers, and limiting investment scope to exclude illiquid assets [6] - Professional due diligence involves assessing fund managers' strategies, sources of returns, and risk management systems to ensure alignment between stated and actual performance [6][7] Group 3: Due Diligence Process - The due diligence process focuses on meeting with research personnel rather than marketing staff to gain deeper insights into investment strategies [7] - Key areas of inquiry include modeling, risk control, and partnerships with reputable institutions to assess the robustness of the fund's risk management and compliance [7] - Continuous performance tracking is essential to verify if fund managers' actions align with their claims, using net value sequences and characteristic curves for validation [8] Group 4: Post-Investment Monitoring - Continuous observation of fund managers is conducted to identify any significant changes in investment style, with communication initiated if discrepancies arise [9] - A "racehorse" mechanism is established for ongoing performance analysis of invested funds, focusing on various metrics to optimize the portfolio based on fund performance and future outlook [9] Group 5: Advice for Individual Investors - Individual investors should assess their risk tolerance and understand the risk-return characteristics of investment targets before making decisions, avoiding impulsive investments based on hearsay [10]

2025 年 09 月 03 日 金 融 工 程 8 月市场上涨，跟踪 Smart Beta 指数量化基金跑 赢基准——量化基金月度跟踪（2025 年 9 月） 投资要点： 主动量化基金收益分析 金 融 工 程 定 期 报 告 宽基类主动量化基金共跟踪 17 种宽基指数，其中跟踪沪深 300、 中证 500 指数的量化基金在 8 月份超额收益均值分别为 1.3%和-3.6%； 行业主题类基金中，跟踪中证内地金融主题、中证新兴产业、中证 TMT 指数的量化基金超额收益位列前 3 位；smart beta 类基金跟踪中证红利 指数的量化基金本月超额收益排名第一。 指数增强量化基金收益分析 宽基类指增量化基金共跟踪 27 种宽基指数，跟踪中证 500 指数、 沪深 300 指数的基金在 8 月份超额收益均值分别为-1.8%和 1.0%；行业 主题类基金中，跟踪中证半导、消费龙头、云计算的量化基金超额收 益位列前位；smart beta 类基金中跟踪中证红利指数的量化基金月度超 额收益最高。 对冲量化基金收益分析 2025 年 8 月，对冲量化基金收益绝对收益率平均收益-0.32%。2025 年 8 月份基金净值波动 ...

Group 1 - The overall performance of quantitative funds has been strong this year, with many small-cap strategy products yielding over 40% returns [1] - A specific fund, Huatai-PB CSI 2000 Index Enhanced, has recently limited its subscription amount to 100,000 yuan, following a previous limit of 1 million yuan [1] - As of now, 14 quantitative funds have suspended subscriptions, and 30 have restricted large subscriptions to manage risk and ensure stable operations [1] Group 2 - More than 84% of public quantitative funds have outperformed their benchmarks this year, indicating a favorable environment for these strategies [3] - The average daily trading volume in the A-share market has remained above 2 trillion yuan, providing a conducive environment for quantitative strategies [3] - Investors are encouraged to explore a variety of quantitative strategies when selecting funds [3]