Group 1 - The article introduces Huafu Fund Management Co., Ltd., established in 2004 in Shanghai, emphasizing its commitment to integrity, stability, professionalism, and progress in asset management [4][9]. - Huafu Fund has a diverse product matrix covering cash management, pure debt, fixed income+, active equity, index, and FOF, catering to various risk-return profiles of clients [14][15]. - The company has a total asset management scale of 1,033.74 billion, with 645.52 billion in monetary scale and 388.22 billion in non-monetary scale as of September 30, 2025 [13]. Group 2 - The active equity team focuses on deep research to identify companies with strong management, core competitiveness, and significant market potential [19]. - The fixed income team has nearly 20 years of experience and has established a comprehensive credit rating system, ensuring robust risk control mechanisms [20][21]. - The index investment team is dedicated to innovation, having launched several unique products, including the first AI-themed ETF and the first customized regional bond index fund [22]. Group 3 - Huafu Fund has actively engaged in social responsibility, contributing to disaster relief efforts and supporting healthcare workers during the pandemic [26][27]. - The company signed a public welfare cooperation agreement in 2024 with Huatai Securities Public Welfare Foundation to further its commitment to social responsibility [26].

Core Insights - The overall performance of CTA strategies has been strong this year, with precious metals providing significant profit opportunities, while stock indices, black commodities, and agricultural products have also shown favorable upward trends at different times [2] Group 1: Performance Analysis - The average return for short-cycle CTA managers this year is 12.99%, with the highest standard leveraged product achieving a year-to-date return of 42.25%. In contrast, long-cycle CTA managers have an average return of 28.15%, with the highest standard leveraged product reaching 67.96% [6][9] - Long-cycle CTA strategies have shown a clear advantage since the second quarter of this year, attributed to the favorable market conditions for longer-term models [6][9] Group 2: Market Trends - The core reason for the superior performance of long-cycle CTAs this year is that the commodity trend structure is more suited to the characteristics of long-cycle models. This includes stronger trend persistence and a more favorable volatility structure [10][11] - Macro factors, such as the global interest rate cycle being in a downward trend and changes in energy supply and demand, have made this year's commodity market more aligned with mid-term trends rather than short-term fluctuations [11] Group 3: Strategic Value of CTA - Despite the better performance of long-cycle CTAs this year, short-cycle CTAs still hold value. The strategic value of CTAs lies in their ability to provide high annualized returns and low correlation with equity assets, as well as offering defense and hedging during significant market downturns [13]

Core Insights - Multi-asset strategy products have gained popularity in recent years, with 1,400 products registered from January to October 2025, second only to stock strategy products [2] - The average annual return for multi-asset strategies is 20.37%, with a Sharpe ratio of 1.65, indicating stable performance compared to other strategies [3][4] Performance Overview - The average returns and performance metrics for various private equity strategies are as follows: - Stock Strategy: 29.54% return, 93.14% positive return ratio, Sharpe ratio of 1.56, volatility of 35.96%, and drawdown of 11.20% [3] - Multi-Asset Strategy: 20.37% return, 91.73% positive return ratio, Sharpe ratio of 1.65, volatility of 25.84%, and drawdown of 7.41% [3] - Composite Fund: 18.98% return, 96.34% positive return ratio, Sharpe ratio of 1.89, volatility of 15.61%, and drawdown of 6.62% [3] - Futures and Derivatives Strategy: 13.79% return, 82.49% positive return ratio, Sharpe ratio of 1.11, volatility of 48.73%, and drawdown of 8.06% [3] - Bond Strategy: 8.46% return, 92.10% positive return ratio, Sharpe ratio of 1.93, volatility of 11.76%, and drawdown of 3.21% [3] Reasons for Increased Attention - Single asset strategies face limitations in risk resistance, prompting managers to seek new alpha across asset classes [4] - In a low-interest-rate environment and under new asset management regulations, high-net-worth clients and managers need to balance net value fluctuations with absolute returns, which multi-asset strategies can provide [4] - The proliferation of tools such as risk parity, machine learning factors, and cross-asset real-time risk control platforms has enabled managers to effectively expand and reconstruct their research and investment systems [4] Sub-Strategy Performance - Among sub-strategies, macro strategies exhibit the highest average returns, positive return ratios, and Sharpe ratios [5][6] - Arbitrage strategies show lower volatility and drawdown compared to macro and composite strategies, indicating more stable performance [5]

Core Insights - The article highlights the significant presence of small and medium-sized private fund managers in the industry, with nearly 7,200 managers managing under 2 billion yuan, representing over 90% of the total [3] - The focus is on "Rongzhi Investment," which has achieved outstanding performance with its "Rongzhi Baiche Quantitative FOF No. 2," leading the small and beautiful private FOF funds with a remarkable return for the first three quarters [3][4] Company Overview - Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd. is a private fund manager focusing on securities investment, emphasizing the growth value of excellent Chinese enterprises [5] - The company has issued over 40 private securities investment fund products since its establishment, managing a cumulative scale exceeding 1.2 billion yuan [9] Investment Philosophy & Strategies - Rongzhi Investment centers its investment philosophy around multi-asset allocation, balanced strategies, and diversified management, aiming to achieve long-term risk-return characteristics [21] - The investment strategy involves dynamic adjustments based on macroeconomic conditions, market valuation levels, and emotional cycles, focusing on selecting managers and strategies with differentiated competitive advantages [22] Core Advantages & Highlights - The company benefits from strong platform support from its parent company, providing extensive financial technology, a vast database, and a professional sales platform [25] - The investment research team consists of experienced professionals with deep market insights and robust risk control capabilities [26] - Rongzhi Investment offers flexible, customized FOF strategies tailored to clients' risk tolerance and needs, emphasizing diversified asset allocation [27] Market Context - The article notes a significant shift in Chinese residents' wealth from real estate and deposits to capital markets, highlighting the growing complexity of investment strategies required in this new landscape [28]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编者按 通常，投资者在了解私募时，会关注公司团队水平、策略运作、中长期业绩、风 险控制等内 容，为此，私募排排网推出# 深度揭秘100家私募 # 栏目，对这些内容进行详解。 本期我们将揭秘： 量化巨头幻方量化 。 幻方量 化实控人为 DeepSeek创始人 梁文锋， 旗下有宁波幻方量化、九章资产两家私募， 公司管理业 绩和规模均位居国内前列。 截至2025年10月底， 幻方量化在私募排排网发布的1-10月百亿量化收益榜排名第2，和1-9月排名保持一致，旗下11只产品平均收益为***%， 且 这11只产品均在今年10月创了历史新高 。 （ 点此看幻方量化旗下11只基金业绩详情 ）。 | 序号 | 产品简称 | 三级策略 | 套类经 | 2025年来收益 近1年收益/ 成立以来收益 | 成立日期 | | --- | --- | --- | --- | --- | --- | | ר | 九章幻方沪深300量化多策略1号 | 沪深300指增 | 徐进 | | 2017-12-22 | | 2 | 幻方量化信淮500指数专享19号1期： | 中证500指 ...

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，截至2025年10月底，0-5亿私募共有6216家，占比高达81.94%，不过，相比今年6月底的6534家已减少318家、相比去年8 月份的6958已减少742家；与之相反的是，百亿私募今年来在不断扩容，最新数量已重回百家以上。在当前激烈的竞争环境下，私募行业发展向 头部集中的态势越发明显。 在优胜劣汰加速的当下，私募行业正经历从"规模竞争"向"能力竞争"的深刻转型，那些能够为投资者带来长期较为稳定回报的"小而美"有望脱颖 而出。为了给予更有价值的参考，本文分别梳理了今年来、近3年、近5年收益前20的小而美私募，供投资者参考 (参与排名的私募需在私募排排 网符合排名规则的产品在3只及以上) 0 1 今年来：龙辉祥投资、京盈智投夺冠亚！ 私募排排网数据显示，截至10月底，0-5亿私募旗下符合排名的1949只产品，今年来收益均值为28.14%，其中正收益产品1833只，占比高达 94.05%。 今年来收益位居前三的小而美私募分别是：龙辉祥投资、京盈智投、墨钜资产。 "小而美" 私募今年来收益TOP20 数据来源:私募管理人(经托管 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 主观私募的价值创造，高度 依赖 于基金经理的个人研判 。 当市场单边上涨时，贝塔（Beta）收益往往掩盖了基金经理投资能力的差异；而在 近期的持续震荡与结构性行情中，阿尔法（Alpha）收益的稀缺性与珍贵性则凸显无疑。对强调主动管理的主观私募而言，这一时期的表现，或 更能真实反映基金经理创造超额收益的能力，而 作为业界 "顶流"之一的百亿主观私募，旗下基金经理业绩和动向更是市场关注焦点 。 根据私募排排网数据，截至2025年11月14日，主观私募共有5330家，在证券投资类私募中占比超七成，其中 百亿级主观私募仅有 47家，占主观 私募总量不到1%；这47家百亿主观私募旗下合计约有299位基金经理，有业绩展示的基金经理近半年平均收益为22.76%、近3年平均收益为 67.81% 。 为了给予读者更多参考，笔者盘点了百亿主观私募旗下从业年限在25年及以上的投资"老将"，并梳理出百亿主观私募旗下近半年、近3年收益前 10的基金经理名单。 0 1 32位百亿主观私募旗下投资"老将"！来自复旦、人大等知名院校！ 根据私募排排网数据， 百亿主观私募旗下从业 ...

Core Viewpoint - The article highlights the resurgence of small-cap stocks and micro-cap indices, driven by increased liquidity, favorable policies, and a shift in market focus towards high-value assets, particularly in sectors like AI and advanced manufacturing [2][12]. Group 1: Market Performance - In the past month, small-cap and micro-cap indices, such as the CSI 2000 and Wind Micro-Cap Index, have shown strong upward trends, becoming a prominent style direction in the market [2]. - The trading structure of the market is changing, with increased turnover rates and transaction proportions for micro-cap and small-cap stocks, indicating a shift of funds towards high-value assets [2]. Group 2: Quantitative Strategy Performance - Quantitative index-enhanced funds have shown significant recovery, with the CSI 1000 Index Enhanced Strategy Index rising by 6.56% and the CSI 500 Index Enhanced Strategy Index increasing by 6.3% in the past month [6]. - The effectiveness of quantitative stock selection factors has improved, with a notable recovery in excess returns as market conditions favor the return of style and fundamental factors [6][7]. Group 3: Characteristics of Recovery - The recovery in excess returns is broad-based, benefiting from the easing of previous constraints such as style reversals and liquidity segmentation [7]. - The sustainability of excess recovery has strengthened, with increased trading activity and volatility allowing for better differentiation among stocks [7]. - Leading institutions have demonstrated renewed flexibility in excess return capabilities, enhancing their models and risk control structures [7]. Group 4: Investment Insights - Investors are advised to seize opportunities presented by the strengthening small-cap style, particularly in micro-cap indices reaching new highs [12]. - Emphasis should be placed on the capabilities of models rather than short-term rankings, focusing on teams with rapid model iteration and mature risk control [12]. - Caution is recommended against products with high crowding, large scale, or rapid position changes, as the essence of index-enhanced strategies is to pursue low volatility and stable excess returns [12].

Core Viewpoint - Quantitative investment is a systematic investment approach based on mathematical models, algorithms, and computer technology, which does not rely on subjective judgment but rather on rigorous data analysis and model construction to identify market patterns and make investment decisions [2] Market Performance - Over the past three years (November 2022 to October 2025), major stock indices in A-shares, Hong Kong, and the US have shown impressive performance, with the Hong Kong and US markets being particularly strong [2] - A-shares transitioned from a bear market to a bull market around September 2024, with cumulative gains as follows: - Shanghai Composite Index: 36.68% - Shenzhen Component Index: 28.67% - ChiNext Index: 40.73% - CSI 300: 32.26% - CSI 500: 26.24% - CSI 1000: 19.29% - CSI 2000: 39.41% - Hang Seng Index: 76.39% - Hang Seng Tech Index: 107.11% - Dow Jones Industrial Average: 45.31% - Nasdaq: 115.91% - S&P 500: 76.66% [3] Quantitative Private Equity Performance - As of October 2025, there are 103 quantitative private equity firms with at least three products displayed on the platform, achieving an average return of approximately 59.52% and a median return of about 53.04%, outperforming major A-share indices [3][6] Top Performing Quantitative Private Equity Firms - The top three firms in the billion-dollar category are: - Maoyuan Quantitative - Tianyan Capital - Century Frontier - Maoyuan Quantitative has five products that reached historical highs in October 2025, with an average return exceeding ***% [5][11] - Ningbo Huanfang Quantitative, with 11 products, also achieved historical highs in October 2025, with an average return exceeding ***% [11][20] Performance by Firm Size - For firms with assets under management between 10 billion and 50 billion, the top five are: - Guangzhou Shouzheng Yongqi - Oak Asset Management - Zhixin Rongke - Yanhe Investment - Wuliang Capital [16][22] - For firms with assets between 50 billion and 100 billion, the top performers include: - Dayan Capital - Yunqi Quantitative - Anzi Fund [12][14] - For firms below 10 billion, the top five are: - Shanghai Zijie Private Equity - Quancheng Fund - Huacheng Private Equity [22][24]

Core Viewpoint - The article discusses the concept of risk appetite among investors, emphasizing its impact on asset allocation, investment strategies, and market price fluctuations in a complex economic environment. It highlights the importance of measuring risk appetite to make informed investment decisions, especially in light of uncertainties in economic growth and market volatility [2]. Group 1: Risk Appetite Measurement Methods - **Volatility Indicators**: Volatility is a direct reflection of market risk, with the VIX index serving as a contrarian indicator of market fear. High volatility indicates low risk appetite, while low volatility suggests a higher willingness to take risks. The implied volatility of the CSI 1000 index is currently low, indicating that investors do not foresee significant systemic risks in the near future [2]. - **Liquidity of Funds**: Fund liquidity is another key indicator of market risk appetite. A shift of funds from high-risk to low-risk assets, or vice versa, reflects changes in risk appetite. The financing balance in the A-share market, which represents investors' willingness to use leverage for stock purchases, has recently reached historical highs, although its growth rate has begun to slow [4][5]. - **Policy Expectations**: Market expectations regarding future government support measures, including fiscal and monetary policies, significantly influence risk appetite. For instance, after a significant market drop due to tariff escalations, government interventions helped stabilize the market, leading to a recovery [6]. Group 2: Market Trends and Implications - The article notes that by analyzing the driving factors of risk appetite, investors can assess whether asset prices are in a bullish or bearish environment. If asset prices show strong annualized returns but experience short-term volatility, and the factors driving the market are improving, it is advisable for investors to start positioning themselves [6]. - Conversely, if the risk appetite factors remain unchanged, it is recommended for investors to maintain their current asset allocations or strategies [6].