一 | 7月A股市场经历明显调整，尤其是科技板块波动加剧，部分私募产品净值大幅回撤。 CHICAGO -- After a stopover in the U.S. that lasted the better part of a century, a baroque landscape painting that went missing during World War II was returned to Germany on Thursday. The FBI handed over the artwork by 18th century Austrian artist Johann Franz Nepomuk Lauterer to a German museum representative in a brief ceremony at the German Consulate in Chicago, where the pastoral piece showing an Italian countryside was on display. Art Recovery International, a company focused on locating and recovering stolen and looted art, tracked down the elusive painting after a person in Chicago reached out last year claiming to possess a “stolen or looted painting” that their uncle brought back to the U.S. after serving in World War II.The painting has been missing since 1945 and was first reported stolen from the Bavarian State Painting Collections in Munich, Germany. It was added to the database of the German Lost Art Foundation in 2012, according to a statement from the art recovery company. “The crux of our work at Art Recovery International is the research and restitution of artworks looted by Nazis and discovered in public or private collections. On occasion, we come across cases, such as this, where allied soldiers may have taken objects home as souvenirs or as trophies of wars," said Christopher Marinello, founder of Art Recovery International. "Being on the winning side doesn’t make it right,” he added.The identity of the Chicago resident who had the painting was not shared. The person initially asked Marinello to be paid for the artwork.“I explained our policy of not paying for stolen artwork and that the request was inappropriate,” Marinello said. “We also know that someone tried to sell the painting in the Chicago art market in 2011 and disappeared when the museum put forth their claim.” But with the help of the FBI Art Crime Team, attorneys, and the museum, Marinello negotiated an unconditional surrender of the artwork.The painting, titled “Landscape of Italian Character,” will now reunite with its counterpart, which shares similar motifs and imagery, according to the museum.The two paintings together form a panoramic scene featuring shepherds and travelers with their goats, cows, donkeys and sheep at a ford in a river. The pair will soon be displayed together for the first time since World War II at the Alte Pinakothek in Munich, according to Bernd Ebert, the museum's chief curator of Dutch and German baroque paintings.Retrieving a long-lost painting "is actually a very rare moment for us,” Ebert said. “It’s exciting.”The Vienna-born artist, Lauterer, lived from 1700 to 1733.When war broke out in 1939, many Bavarian museum collections were evacuated to safe locations in the region, but the Lauterer painting has been missing since the beginning of the war, suggesting the possibility that it had been looted, according to the museum.The Bavarian State Painting Collections first started searching for the painting between 1965 and 1973, but no clues about its location emerged until decades later.Ebert, who flew from Munich to Chicago to retrieve the painting, will carefully bubble-wrap the centuries-old landscape to take it back home, where it will be touched up and restored after an eventful several decades.Luckily, Ebert said, it should fit in his suitcase.___Savage is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.。然而，与市场表现形成鲜明对比的是，私募行业管理规模却逆势攀升，资金入场热度依然不减。 近日，中国证券投资基金业协会发布了最新一期私募备案月报显示，截至2026年7月末，私募基金管理总规模达到25.73万亿元，较6月末的23.66万亿元增加2.07万亿元，连续十个月创新高。 其中，私募证券投资基金管理规模首次突破9万亿元，达到9.10万亿元，较6月末增长近1万亿元。今年以来，私募证券投资基金规模已经增加超过2万亿元。 与此同时，私募发行端也保持较高热度。7月新备案私募基金2601只，新备案规模1221.75亿元，连续两个月突破千亿元大关。在市场波动加大的背景下，私募行业呈现出规模增长、发行活跃、不断加仓的特征。 私募总规模连续十个月创新高 从行业整体规模来看，私募基金扩容趋势仍在延续。 数据显示，自2025年10月以来，私募基金月末存续规模分别为22.05万亿元、22.09万亿元、22.15万亿元、22.44万亿元、22.60万亿元、22.72万亿元、23.46万亿元、23.53万亿元、23.66万亿元，直至今年7月升至25.73万亿元。 短短十个月，私募行业管理规模累计增加约3.68万亿元，规模连续十个月创出新高。 从细分类型来看，截至7月末，存续私募证券投资基金83992只，规模9.10万亿元；存续私募股权投资基金29662只，规模11.93万亿元；存续创业投资基金30423只，规模4.45万亿元。 其中，证券私募的扩容尤其明显。今年年初，私募证券投资基金管理规模约为7.08万亿元，至7月末已经升至9.10万亿元，7个月增加约2.02万亿元。也就是说，今年以来私募行业新增的管理规模中，证券私募贡献了最主要的增量。 在业内人士看来，证券私募规模快速增长，一方面与权益市场活跃度提升有关，另一方面也与投资者风险偏好改善、资金加快向专业资管机构集中有关。 值得注意的是，规模增长并非完全来自市场上涨带来的资产增值。7月A股出现明显调整，在这一背景下私募规模仍然大幅增加，更能体现资金申购、新基金成立等因素对行业规模的支撑。
新发行连续两月突破千亿元 在存量规模持续扩张的同时，私募新产品发行也保持较高景气度。 7月，新备案私募基金2601只，新备案规模达到1221.75亿元。其中，私募证券投资基金1763只，新备案规模728.09亿元；私募股权投资基金152只，新备案规模188.48亿元；创业投资基金686只，新备案规模305.19亿元。 从今年以来的发行情况看，私募资金入场节奏整体保持积极。 今年1月至7月，新备案规模分别为640.62亿元、1329.93亿元、1192.99亿元、928.68亿元、688.07亿元、1091.67亿元和1221.75亿元。 可以看到，2月、3月新备案规模连续突破千亿元，4月仍保持在900亿元以上，5月出现阶段性回落后，6月和7月又连续两个月站上千亿元平台。 从结构来看，7月新备案规模中，证券私募基金占比接近六成，仍是新增资金的主力军。 有行业人士表示，市场调整并没有明显打击资金进入私募行业的意愿。对于部分长期资金而言，市场波动本身也可能创造新的配置机会，尤其是当部分优质资产估值出现阶段性回落后，投资者反而可能提高对权益类产品的关注度。 不过，发行持续火热并不意味着私募投资者短期体验同步改善。对于已经成立的私募产品而言，7月市场调整带来的净值压力依然存在。在这种情况下，资金仍然流入，也意味着部分投资者的配置逻辑正在从短期市场涨跌逐渐转向中长期资产配置。
头部私募高仓位押注后市 从投资端来看，私募机构并没有因为7月市场调整而出现明显的整体性降仓。 私募排排网数据显示，截至8月14日，股票私募仓位指数达到83.97%，较上周微升0.09个百分点，并连续第7周维持在83%以上的年内高位。 更值得关注的是，私募在7月市场调整过程中反而持续加仓。数据显示，7月期间股票私募仓位指数连续5周上升，从6月26日的82%一路升至7月31日的84.53%，累计提高2.53个百分点，并刷新年内高点。 进入8月后，随着市场出现明显反弹，私募反而小幅减仓，仓位从高点回落至83.88%，随后又回升至83.97%。整体来看，私募仓位仍处于高位。 从仓位结构来看，截至8月14日，满仓股票私募占比达到70.39%，中等仓位私募占17.87%，低仓和空仓私募占比分别为7.75%和3.99%。
二 | 满仓私募占比已经连续5周超过七成。
三 | 不同规模私募之间的分化则更加值得关注。
四 | 截至8月14日，大规模、中规模和小规模私募仓位指数分别为88.56%、83.96%和82.63%。其中，大规模私募单周加仓1.24个百分点，仓位再创年内新高。 从结构来看，满仓的大规模私募占比已经达到77.11%，较上周进一步提升近2个百分点，同样刷新年内新高；低仓和空仓的大规模私募合计占比不足4%，降至年内最低水平。 这意味着，头部私募当前的做多意愿明显强于中小私募。从7月市场调整期间逆势加仓，到8月反弹后仍维持高仓位，头部私募的操作释放出较为明确的信号，尽管短期市场波动加剧，但部分大型私募并未因此改变对权益资产的中长期判断。
（文章来源：券商中国）。
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