Group 1 - The A-share market has performed well this year, but subjective stock private equity is facing challenges as investors redeem their investments despite high net asset values [1][2] - Quantitative private equity has outperformed subjective private equity in recent years, leading to a shift in investor preference towards quantitative products [1][3] - As of August 8, 2025, subjective long-only stock strategy products have an average return of 16.54%, while quantitative long-only stock strategy products have an average return of 24.36% [2] Group 2 - The number of private equity securities products registered reached 6,759 by July 31, 2025, marking a year-on-year increase of 61.39% [4] - As of July 2025, there are 90 billion-level private equity firms, with 44 being quantitative, representing 48.49% of the total [4] - The rapid growth of quantitative private equity is attributed to their superior performance, although market conditions may eventually favor subjective stock performance [4]

Group 1 - The private securities product registration market is experiencing unprecedented activity, with 1,298 products registered in July, a month-on-month increase of 18%, marking the highest level in nearly 27 months. This reflects a significant recovery in market confidence and a sustained demand for private product allocation [1] - The total number of registered products for the year has reached 6,759, representing a year-on-year increase of over 60%, indicating a clear recovery trend in the private issuance market [1] Group 2 - Quantitative private products have been particularly prominent in this registration wave, with 620 quantitative products registered in July, accounting for 47.77% of the total registered products for the month, and a month-on-month growth of nearly 20% [3] - Among the 13 private firms that registered more than 10 products in July, 11 were quantitative firms, with the top ten spots entirely occupied by quantitative institutions. Wide德 Private Fund led with 31 registered products, followed by Mingcong Investment with 26 [3] - Stock quantitative strategies dominate the quantitative product category, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products for the month, and a month-on-month increase of 26.79% [3] Group 3 - Stock strategies continue to play a leading role in private product registrations, with 887 stock strategy products registered in July, accounting for 68.34% of the total registered products, and a month-on-month growth of 24.58% [4] - Multi-asset strategies are emerging as a significant force, with 162 products registered in July, representing 12.48% of the total, and a month-on-month increase of 5.88% [4] - Futures and derivatives strategies, bond strategies, and combination fund strategies also show steady growth, with 125, 48, and 46 products registered respectively, indicating a diversification in investment options for investors [4] Group 4 - A total of 676 private institutions completed product registrations in July, including 48 billion-level private funds and 36 funds with 50 to 100 billion in scale, demonstrating active participation across different scales of private institutions [4]

近期，量化私募行业热度再起，交易佣金费率与返佣问题再度成为焦点。 《每日经济新闻》记者调查发现，量化私募与券商的佣金议价空间较大，普遍费率在万1至万1.5之间， 但不同机构因规模、策略及业务关系差异显著。与此同时，佣金返还作为监管明令禁止的行为，其合规 风险持续受到关注。 交易佣金包含多项支出 券商向量化私募基金收取的交易佣金费率，究竟有多高？ "在开户阶段，由于量化机构通常具备较高的资金规模和交易频率，具备一定议价能力，往往能获得更 低的基础交易费率，常见在万1至万2之间。同时，对于需要借助算法拆单等服务的股票策略，费用也会 通过券商端接入第三方系统支付，并一并计入交易成本。"某顶级量化私募人士表示。 记者从某百亿私募基金人士处了解到，目前，由于量化交易频率高，佣金费率普遍在万1到万1.2之间， 且免收最低5元手续费。中小量化私募基金公司虽然管理规模小，但其交易频率高，交易量并不小。 上海某券商相关人士进一步剖析道："一般量化私募基金把交易放到券商，交易佣金费率基本上是万1.5 起谈，万1.2比较常见，议价能力再强一点，万1也是有的。若费率超过万1.8，往往是因为券商需额外承 担产品销售对价，也就是券商还要 ...

Core Viewpoint - The private equity market is experiencing a significant rebound, with a record number of private securities fund products being registered in July 2025, driven by improved investor confidence and strong performance of quantitative strategies [2][3]. Group 1: Market Overview - In July 2025, a total of 1,298 private securities fund products were registered, marking an 18.00% month-on-month increase and the highest level in nearly 27 months [2]. - Year-to-date, the number of registered private securities fund products reached 6,759, reflecting a year-on-year increase of 61.39% [2]. - The A-share market's positive performance, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor participation and confidence [2]. Group 2: Strategy Performance - Stock strategies dominated the market, with 887 products registered in July, accounting for 68.34% of the total, and a month-on-month growth of 24.58% [3][4]. - Multi-asset strategies are gaining traction, with 162 products registered, representing 12.48% of the total, and a month-on-month increase of 5.88% [3][4]. - The registration of futures and derivatives strategies remained stable, with 125 products registered, accounting for 9.63% of the total [4]. Group 3: Quantitative Products - Quantitative products saw a significant increase, with 620 products registered in July, representing 47.77% of the total, and a month-on-month growth of 19.00% [5][6]. - Year-to-date, the number of registered quantitative products reached 3,081, accounting for 45.58% of the total, with a year-on-year increase of 77.68% [5]. Group 4: Leading Firms - In July, 676 private equity firms registered products, with 48 firms managing over 10 billion, indicating a strong presence of large-scale private equity firms [9][10]. - Leading firms in the quantitative space include Kuande, Mingfa, and Century Frontier, each managing over 100 billion and focusing primarily on index enhancement strategies [10][11].

Core Insights - The A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][6] - A total of 1,298 private equity securities products were registered in July, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Strategy Breakdown - Stock strategies dominate the registration landscape, with 887 products registered in July, accounting for 68.34% of total registrations and a month-on-month growth of 24.58% [1][3] - Multi-asset strategies have become the second-largest category, with 162 products registered in July, representing 12.48% of total registrations and a month-on-month increase of 5.88% [1][3] - Futures and derivatives strategies have also gained traction, with 125 products registered in July, making up 9.63% of total registrations and a stable month-on-month growth of 1.63% [1][3] Quantitative Products - Quantitative private equity products saw a substantial increase, with 620 products registered in July, accounting for 47.77% of total registrations and a month-on-month growth of 19% [3][5] - Stock strategies are the primary focus within quantitative products, with 478 stock strategy products registered in July, representing 77.1% of total quantitative registrations and a month-on-month increase of 26.79% [4][5] - Among stock quantitative products, index-enhanced products are predominant, with 321 registered in July, accounting for 67.15% of stock quantitative products and a remarkable month-on-month growth of 52.13% [4][5] Market Dynamics - The positive performance of the A-share market, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor enthusiasm and confidence [6] - The private equity sector is experiencing an influx of funds, driven by the superior performance of quantitative strategy products, which are attracting strong asset allocation demand [6] - Continuous optimization in the supply side of the private equity industry, with the emergence of leading institutions and quality products, is enhancing overall competitiveness and improving market perception [6]

Group 1 - The core viewpoint of the articles highlights that quantitative strategies and leading institutions have become the "core variables" reshaping the private equity industry landscape, with quantitative products accounting for nearly half of the new registrations in the first seven months of the year [1][3][4] - As of July 31, 2023, a total of 6,759 private equity securities products were registered, with 3,081 being quantitative products, representing 45.6% of the total [3][4][5] - The average number of registered products per billion-dollar private equity firm is significantly higher than that of smaller firms, with billion-dollar firms averaging 23.21 products compared to just 1.76 for firms with assets under 5 million [5][6] Group 2 - Among the billion-dollar firms, 38 quantitative private equity firms contributed over 80% of the total registration numbers, surpassing both subjective and combined strategies [2][7] - The registration numbers indicate that quantitative private equity firms, despite being fewer in number, have outperformed subjective firms in terms of product registrations, with an average of 8.06 products per quantitative firm compared to 2.12 for subjective firms [6][7] - Leading firms such as Kuande and Heiyi Asset have registered over 100 products each, showcasing the dominance of quantitative strategies in the billion-dollar private equity sector [2][7]

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

Core Insights - The A-share market experienced significant gains in July, leading to increased issuance of private equity funds, particularly in the quantitative sector, which has shown strong performance this year [1][3][10] Group 1: Quantitative Private Equity Growth - As of July 30, 2023, a total of 3,059 quantitative private equity products have been registered this year, accounting for 45.7% of all registered products [1][4] - The number of newly issued quantitative private equity products increased by 1,129 in just two months, reflecting a substantial rise in both product quantity and market share [1][4] - The number of billion-level quantitative private equity firms reached 41 in July, surpassing subjective private equity firms for the first time [4][10] Group 2: Sales and Marketing Strategies - Companies are adopting innovative sales strategies, including increased roadshow frequency and rapid response times, to enhance sales capabilities [2][8] - The use of AI tools is being integrated into sales processes to improve efficiency and professionalism [2][8] - Effective communication with clients about the nature of quantitative strategies and their inherent risks is emphasized to build trust and understanding [8][9] Group 3: Performance Metrics - The average return for 33 billion-level quantitative private equity firms in the first half of the year was 13.54%, with all firms achieving positive returns [10][11] - In a volatile market, quantitative stock selection strategies have shown significant advantages, with top strategies yielding over 36% returns year-to-date [11][12]

Group 1 - The core viewpoint of the articles highlights the significant growth in the issuance of quantitative private equity funds in the A-share market, driven by strong performance and investor interest [1][3][10] - As of July 30, 2023, a total of 3,059 quantitative private equity products have been registered this year, accounting for 45.7% of all registered products, with a notable increase of 1,129 new products in just two months [1][4] - The average return for quantitative private equity funds with performance data reached 13.54% in the first half of the year, outperforming other strategies [10][11] Group 2 - The number of quantitative private equity firms has increased, with 41 firms now classified as billion-level quantitative private equity, surpassing subjective private equity for the first time [4][5] - Major players in the quantitative private equity space include Heiwing Asset, which has registered 95 products this year, and Wide Investment, which has launched 84 products [5][6] - The industry is experiencing a shift towards high-quality development amid stricter regulations, with a reduction in the number of private equity firms and products, yet an increase in overall fund size by approximately 350 billion yuan [3][4] Group 3 - Sales strategies are evolving, with firms like Lingjun Investment adopting new approaches to enhance sales capabilities, including AI tools and tailored product matching based on client preferences [2][8] - Communication with clients is emphasized as crucial, with firms focusing on transparency and educating clients about the nature of quantitative strategies and their inherent risks [8][9] - The market for quantitative strategies is expected to continue growing, supported by strong performance and improved investor understanding [10][12]

Core Viewpoint - The competition for AI talent in the quantitative hedge fund industry is intensifying, with firms like Ming Shi Fund actively recruiting top talent to enhance their quantitative strategies and AI capabilities [1][2][3]. Talent Acquisition Strategy - Ming Shi Fund has launched multiple recruitment initiatives, including the "Lighthouse" special recruitment plan and the "Joey Plan," targeting both domestic graduates and overseas PhD students [2][3]. - The firm emphasizes that talent is the cornerstone of the quantitative industry, and the competition is fundamentally about acquiring skilled professionals in strategy research and AI [2][3]. AI Integration in Quantitative Investment - AI is becoming the core engine of quantitative investment, with firms leveraging large models to analyze vast amounts of data and optimize trading strategies [6]. - The integration of AI is expected to redefine processes within the industry, moving beyond mere optimization to becoming central to investment strategies [6]. Performance Metrics - In the first half of 2025, the average return of quantitative enhanced index products reached 17.32%, with an average excess return of 14.17%, indicating strong performance across the sector [8][9]. - Larger firms, particularly those managing over 5 billion yuan, demonstrated even higher average returns of 18.30% and excess returns of 14.51% [9][10]. Market Trends - The quantitative hedge fund sector is experiencing significant growth, with the number of registered quantitative private equity products increasing by 67.10% year-on-year [8]. - The active trading environment in the A-share market, particularly in small-cap stocks, is providing ample opportunities for alpha generation through quantitative models [8][10].