Core Viewpoint - The article highlights the achievements and strengths of Xumian Investment, emphasizing its expertise in the black industry and its successful investment strategies, particularly in futures and derivatives [2][9]. Company Overview - Xumian Investment Management Co., Ltd. was established in 2015 by experienced professionals from the private equity sector and skilled traders, focusing on macroeconomic analysis and black futures trading [2]. - As of September 19, the average return of Xumian Investment's products in the 0-5 billion private equity category reached ***%, ranking first in the "small but beautiful" private futures and derivatives strategy group [2]. Development History - 2015: Xumian Investment was founded and registered with the China Securities Investment Fund Association [4]. - 2017: The company fully launched its asset management business [4]. - 2018: Participated in various competitions and won multiple awards [4]. - 2019: Expanded by hiring six fund managers [4]. - 2025: Signed a distribution agreement with Paipai Network, with product scale exceeding 100 million [4]. Team Composition - The company consists of 11 members, including 7 in research and investment, 1 in compliance and risk control, 2 in operations, and 1 in marketing [6]. Key Personnel - Hu Qing, Chairman and Fund Manager, has extensive experience in futures trading and has successfully navigated multiple market downturns [7]. - Hu Yuan, Fund Manager and General Manager, has ten years of experience in securities and fund management, with a strong background in private equity regulations [7]. Core Advantages - The company has achieved profitability for eight consecutive years, showcasing its rich investment experience [9]. - Deep understanding of stock indices and black commodity fundamentals, with a strong historical performance and large capacity [10]. - Multi-strategy ecosystem, offering a flexible product lineup for institutional investors [10]. - The team has an average investment experience of over ten years, ensuring high stability and mutual trust [11]. Product Line - The company offers various products, including: - Xumian Black Gold No. 1, focusing on macroeconomic and black industry fundamentals [13]. - Xumian Magpie No. 1, utilizing high-frequency arbitrage strategies [14]. - Xumian Jingjian, also based on macroeconomic and black industry fundamentals [15]. Performance Overview - The performance of Xumian Investment's funds has been consistently strong, with specific products achieving notable returns since their inception [16]. Awards and Recognition - Xumian Investment has received numerous awards in various competitions, including: - Third place in the 2017 Guohai Securities Private Equity Competition [17]. - First place in the 2018 Asset Management Network Futures Real Trading Competition [17]. - Multiple awards in subsequent years, highlighting its competitive edge in the private equity sector [18].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 金秋 9月，A股市场整体延续上行态势，科技成长主线贯穿全月，成为推动行情的重要引擎。其中，上证指数呈现震荡盘整，月度小幅上涨约 0.64%，深证成指涨幅约为6.54%，创业板指和科创50表现则尤为亮眼，创业板指涨超12%创近三年新高，科创50涨约11.48%创近四年新高！ 这波市场涌现的科技成长机遇，不仅进一步点燃了投资者的交易热情，数据显示，9月沪深两市日均成交额23895.51亿元，同比增长201%，环比 增长5%，更吸引了一大批私募机构奔赴调研一线。据私募排排网整理， 9月份参与调研的私募共有979家，调研次数合计2789次，私募调研热度 不减！ 对此，排排网集团旗下融智投资FOF基金经理李春瑜表示，私募机构调研活跃度的提升，通常被视作对后市乐观的信号，反映出私募机构认为当 前市场存在较多投资机会，正积极发掘有潜力的标的。这也意味着私募行业正步入新一轮景气周期，机构通过加强投研投入，优化资产配置，以 更好地响应投资者的需求。那么，这股汹涌的调研热潮究竟指向何处？ （ 点此查看调研名单 ） 0 1 私募 " 掘金 " 六大行业！医药生物逆势受 ...

Core Insights - In September, A-shares indices reached new highs for the year, with the Shanghai Composite Index slightly up by 0.64%, while the Shenzhen Component Index and ChiNext Index rose by 6.54% and 12.04% respectively [2] - Approximately 80.49% of the private equity products under billion-yuan private equity firms achieved historical net value highs in September, with a total of 429 products meeting the criteria of being established for over a year and having performance displayed on the platform [2][3] - Among the products, quantitative strategies accounted for 263, while non-quantitative strategies had 166, with stock strategy products being the most prevalent at 364 [2] Private Equity Performance - Fourteen billion-yuan private equity firms had all their products reach historical highs in September, with eight being quantitative and four subjective, while twelve focused on stock strategies [3] - The top five private equity firms based on average returns over the past year include Lingjun Investment, Fusheng Asset, Kaishi Private Equity, Ningbo Huansheng Quantitative, and Chengqi Asset [4] Notable Firms and Strategies - Lingjun Investment, established in 2014, has a strong research team with over 85% of its members holding master's or doctoral degrees from prestigious universities, focusing on fundamental factor research to enhance strategy resilience [6] - Blackwing Asset, Rido Investment, Dongfang Port, JQK Investment, and Tianyan Capital all had over 90% of their products reach historical highs in September [6] - Dongfang Port, led by Dan Bin, had 74 products reach historical highs, representing 93.67% of its offerings, primarily due to a strong focus on AI-related investments [8] Top Performing Products - The threshold for the top 20 products achieving historical highs in the past year exceeded a certain percentage, with 15 being quantitative long products [9] - The leading product in terms of performance is "Duration Macro Multi-Strategy" from Duration Investment, which has shown significant returns over the past three years and five years [10][12] - Fusheng Asset's "Fusheng Positive Energy No. 2" product is noted for its outstanding performance over five years, with a significant return in the first three quarters of the year [17] Market Outlook - Fusheng Asset expressed optimism about the overall market performance, indicating a gradual economic recovery and a shift in market dynamics [17]

Core Viewpoint - The A-share market in the first three quarters of 2025 has shown a clear divergence in performance, with technology leading while traditional sectors like liquor and real estate lagged behind. The CSI 300 index rose nearly 20%, while the CSI 2000 index saw an increase of over 30%. In this context, index-enhanced funds have emerged as a viable investment strategy, providing a way to earn more without excessive trading [4]. Summary by Index CSI 300 Index - Among 158 CSI 300 index-enhanced funds, the average return for the first three quarters was 19.17%, with an average excess return of 1.77%. 104 funds achieved positive excess returns, representing 65.82% of the total [5]. - The top three funds in terms of excess return were managed by E Fund, China Europe Fund, and Fortune Fund, with E Fund's product achieving an excess return of 17.08% and a total return of 34.11% [6][7]. CSI 500 Index - There are 156 CSI 500 index-enhanced funds, with an average return of 29.60% and an average excess return of 1.48%. The top three funds were managed by Penghua Fund, China Europe Fund, and Huatai-PB Fund, with Penghua's product achieving an excess return of 13.72% and a total return of 41.63% [8][9]. CSI 1000 Index - The CSI 1000 index-enhanced funds totaled 88, with an average return of 34.28% and an average excess return of 8.32%. The top three funds were managed by ICBC Credit Suisse Fund, Changxin Fund, and Penghua Fund, with ICBC's product achieving an excess return of 18.52% and a total return of 44.29% [11][12][13]. CSI 2000 Index - There are 31 CSI 2000 index-enhanced funds, with an average return of 40.74% and an average excess return of 11.11%. The top three funds were managed by Tianhong Fund, Huatai-PB Fund, and Huitianfu Fund, with Tianhong's product achieving an excess return of 18.21% and a total return of 46.48% [14][15].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 上海佳期私募基金管理有限公司（以下简称"佳期投资"）自2014年成立以来，始终以科学、系统化的投资理念为指引，依托持续的技术创新，在充满 变数的资本市场中不断前行，致力于在严控风险的基础上为客户创造可持续的优质回报。目前，佳期投资的管理规模约400亿元。 精英汇聚，夯实人才基石 佳期投资团队是国内专注于量化投资的早期实践者。 历经十余年市场周期淬炼，团队在跨资产类别投资中积累了深厚的实战经验。目前公司团 队规模超过150人，近80%成员拥有硕士或博士学历，背景高度集中于数学、物理、统计学、计算机科学等STEM领域，主要毕业于清华、北 大、复旦、上海交大、中科大，以及哈佛、普林斯顿、斯坦福、耶鲁等海内外顶尖高校。 团队成员中不乏曾在国际权威期刊发表论文、斩获知名学术竞赛奖项的科研人才，亦有多人具备国内外顶尖金融机构或科技企业的资深从业经 验。这一高度 专业化、多元化的"全明星"阵容 ，为公司持续发展构筑了坚实的人才基础和核心竞争力。 创新驱动，构筑硬核实力 佳期投资始终将科技创新视为发展驱动力，不仅在研发算力设施上持续重投入，更在多个创新性研发方向 ...

Core Viewpoint - The A-share market is expected to maintain a steady upward trend in October, driven by stable inflows of external funds and anticipated rebounds in earnings growth across various industries due to low base effects from the previous year [1][2]. Group 1: Market Trends and Expectations - The market is likely to continue the trend observed in September, with a low-slope upward movement [1]. - October marks the window for Q3 earnings reports, which are expected to show a rebound in profitability for most industries, enhancing market confidence [1]. - Major sectors of focus include new energy, non-ferrous metals, and electronics, which have seen increased attention [1][6]. Group 2: Sector Focus and Recommendations - Key areas of interest include AI computing, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, alongside the "anti-involution" theme which may see policy support [2]. - The TMT (Technology, Media, and Telecommunications) sector is favored due to ongoing industry trends and potential catalysts such as the onset of a Federal Reserve rate cut cycle [3]. Group 3: Broker Recommendations - As of October 10, 2025, 40 brokers have disclosed their top stock picks, involving 267 A-share companies, with many stocks being recommended by multiple brokers [3][4]. - The electronics sector leads with 61 companies included in the October broker picks, marking its 20th consecutive month as the most recommended sector [6][7]. - Other sectors with significant representation include power equipment, non-ferrous metals, automotive, machinery, and biomedicine, each with over 20 companies recommended [6][7]. Group 4: Notable Stocks and Performance - 24 stocks have been jointly recommended by three or more brokers, with notable mentions including Luxshare Precision, Keqing Network, and Zhaoyi Innovation, each recommended by six brokers [9]. - Zhaoyi Innovation, a leader in storage chips, has seen substantial institutional interest, with public funds holding nearly 27 billion yuan and northbound funds over 5.1 billion yuan [9]. - The stock of Zijin Mining, a leading non-ferrous metal company, has gained over 99% in the first three quarters of 2025, attracting significant attention from brokers [16]. Group 5: Industry Distribution of Recommended Stocks - The distribution of recommended stocks shows a notable increase in the number of picks from the power equipment, non-ferrous metals, and electronics sectors compared to the previous month, with increases of 17, 11, and 9 stocks respectively [6][7]. - Conversely, sectors such as non-bank financials, food and beverage, and telecommunications saw a decrease in recommended stocks, with non-bank financials dropping by 13 stocks [6][7].

以下文章来源于公募排排网 ，作者悟空 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 今年前3季度已经落下帷幕，A股在前3季度表现不俗，其中，上证指数涨幅为15.84%，深证成指涨幅为29.88%，创业板指涨幅为51.20%。在 此背景下，公募基金经理的业绩如何呢？又有哪些基金经理脱颖而出呢？ 根据 公募排排网 数据， 有今年前 3季度业绩显示的公募基金经理共有3816位，今年前3季度收益均值为19.77%，中位数为14.97%；分规模来 看，整体表现为基金经理的管理规模越大，整体收益越低 （或与规模较大的基金经理中管理债基和货基的基金经理占比较高有关）。 | 管理规模 (2025年二季度末 ) | 基金经理数量 | 前3季度收益均值 | 前3季度收益中位数 | | --- | --- | --- | --- | | 100亿以上 | 839 | 8.21% | 1.14% | | 50-100亿 | 420 | 17.26% | 6.11% | | 20-50亿 | 548 | 22.93% | 19.35% ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年来科技股走出单边上涨行情，在申万一级行业中，科技板块表现亮眼，通信、电子等行业涨幅居前。今年以来截至9月底，光模块(CPO)指 数、覆铜板指数、摩尔线程指数等概念板块指数涨幅均超100%，在概念板块指数中位居涨幅前列。 值得注意的是，近期科技股迎来 "降温"信号，一方面持续的上涨带来了许多获利盘，另一方面部分科技龙头的连续上涨，触发了交易所风控规 则。 根据沪深交易所2023年修订的《融资融券交易实施细则》，静态市盈率超300倍或为负数的股票，两融折算率需归零。 10月9日，东方财富证券、国信证券等多家券商宣布 将中芯国际、佰维存储等 9只A股股票的两融折算率调整为零，主要因其静态市盈率超过300 倍，触发交易所风控规则。 消息披露后，中芯国际A股当日振幅超11%，收盘微跌0.87%；佰维存储由涨8.5%收窄至2.34%，半导体板块整体冲 高回落。 在当前科技"降温"行情下，还有哪些个股也将面临交易所风控规则？又有哪些科技股今年来备受融资客的杠杠资金青睐？ （ 点此免费领取完整 名单 ） 0 1 科技股 " 降温 " ！ 62 只科技股估值 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网统计数据显示，截至2025年9月30日，当月共有1028只私募证券产品完成备案，较8月的1145只环比下降10.22%，但相比2024年同期 的379只，同比大幅增长171.24%。 从一级策略分布来看，股票策略以绝对优势领先。 9月备案的股票策略产品共计668只，占比达64.98%；多资产策略次之，备案155只，占比 15.08%；债券策略（71只，占比6.91%）与期货及衍生品策略（69只，占比6.71%）规模接近，组合基金则相对小众。 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。 量化产品在9月备案中表现活跃，共有364只产品完成备案，占当月备案总量的35.41%。 其中，股票策略下的量化产品贡献最多，量化多头备案 166只，占量化产品总量的45.60%；股票市场中性策略备案69只，占比18.96%。期货及衍生品策略 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年三季度，A股总体表现强劲，其中创业板指大涨50.4%领衔，深证成指上涨29.25%，上证指数上涨12.73%；另外，科创50指数涨幅达 49.02%，仅次于创业板指。 在持续向好的市场行情下，私募行业头部格局稳中有升。私募排排网数据显示，截至9月底，百亿私募共有94家，相比6月底的88家增加了6家。 与此同时，多位知名私募基金经理针对科技成长板块等市场热点频频发声，也吸引了众多投资者关注。 接下来，笔者将为大家盘点私募排排网2025年三季度的人气私募基金经理、人气私募公司以及人气私募产品。 （注：本文业绩数据截至2025年9 月26日） 0 1 人气私募基金经理：但斌、林园、李蓓热议科技浪潮 在三季度人气位列前20的私募基金经理中，百亿私募基金经理占据一半，准百亿私募（管理规模50-100亿）旗下基金经理数量位列其次，共有5 位。 其中，但斌、林园、李蓓、吴悦风、朱晓康人气位列前5。如果从单月来看，和8月底相比，李剑飞、凌鹏、路文韬等基金经理9月人气上升较 多。 2025年三季度人气私募基金经理TOP20回 私募排排网公众号 数据来源: ...