然而，回顾2024年储能行业整体供给过剩，电芯、系统价格下跌，如今仅一年后市场便大转弯，储能市场供需转变背后的底层逻辑是什么？ 0 1 量价齐升！供需双向触发储能板块暴涨 今年年中，受反内卷政策环境驱动，碳酸锂现货价格行情上涨，推动储能电芯成本提升、价格反弹，成为本轮储能"量价齐升"的前奏。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期， A股市场储能板块再度爆发，储能电芯龙头宁德时代股价自8月初以来呈现加速上行，并于9月25日创下历史新高，截至9月29日公司股价 累计涨幅超50%，市值一度赶超贵州茅台；位居二线的储能电芯厂商亿纬锂能股价也将近翻倍。同期，储能系统方面，阳光电源今年来上涨约 130%，海博思创今年来涨超260%， 储能板块正成为继算力、 AI之后市场的新焦点 。 （ 点此领取储能概念股名单 ） 消息面上，一方面，政策持续发力，国家发改委、国家能源局发布《新型储能规模化建设专项行动方案（2025-2027年）》，指出 至2027年，中 国新型储能装机规模将达到1.8亿千瓦以上，带动新增项目直接投资约2500亿元 ；另一方面， 近几个月 来 储能电芯 市场出现 "一芯难求" ...

Core Insights - The article highlights the performance of small and medium-sized private equity firms (0-5 billion) in the market, emphasizing their agility and effectiveness in generating returns, particularly in the context of the ongoing "924" market trend [2][6]. Strategy Performance - As of September 19, 0-5 billion private equity firms have shown a significant recovery in stock strategy returns since the "924" market, with an average return of 70.87% over the past year, outperforming the CSI 300 index which rose by 41.97% [7]. - Quantitative long strategies have led the performance with an average return of 77.77%, while subjective long strategies followed closely with 73.88% [4][7]. Secondary Strategy Analysis - The average return for various secondary strategies is as follows: - Quantitative Long: 77.77% with 198 products [5] - Subjective Long: 73.88% with 975 products [5] - Composite Strategy: 52.16% with 159 products [5] - Macro Strategy: 49.80% with 65 products [5] - Multi-Asset Strategy: 47.65% with 262 products [15] Top Performing Firms - The top three firms in stock strategy performance are: 1. Longhui Xiang Investment 2. Qinxing Fund 3. Huichuang Fangxiang [6][7] - In the futures and derivatives strategy, the leading firms are: 1. Xurian Investment 2. Huacheng Private Equity 3. Qihe New Asset Management [12][13] Multi-Asset Strategy Leaders - The top firms in multi-asset strategies include: 1. Hainan Zhiyuan Private Equity 2. Shuyi Zhongcheng Investment 3. Hangzhou Jinshi Asset [16][17] Quantitative Fund Rankings - The leading firms in quantitative funds are: 1. Jingying Zhitu 2. Tianzhiyu 3. Hangzhou Saipasi [19][20]

以下文章来源于公募排排网 ，作者排排产品研究中心 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） 引言： 近期黄金价格再度走强，市场热议黄金是否已处在高位。一方面，金价突破历史区间，引发部分投资者担忧"高处不胜寒"；另一方 面，在美联储降息周期、实际利率下行和全球央行买金的背景下，黄金多头依然坚定。 本文将从历史估值、宏观利率、美元走势、避险需 求等多个维度展开，探讨黄金当前的位置与未来的配置价值。 一、实际金价或尚未触及明显高点，利率下行对金价有所支撑 从1995年6月至2025年9月，COMEX黄金价格整体呈上涨趋势，尤其是在2020年之后金价加速上升，黄金名义价格不断创新高，但若剔除通胀 后，实际金价与1980年、2011年和2020年的高点相比，并未显著偏离。 也就是说， 黄金的实际购买力并未完全跟上名义价格的增长，部分原 因是由于通胀的侵蚀。不过，每次冲上高位后，都会伴随明显回调（如 2011–2015，2020–2022），投资者需要注意短期波动风险。 另一方 面，黄金本身不产生利息，价值锚点在实际利率（名 ...

摘要： 在AI与硬科技主线放量、政策与流动性共振的背景下，2025年主观多头策略整体实现"高胜率+高收益"的进攻性行情，且在6—8月出现 明显的收益加速 。风格层面，中小盘与TMT高景气板块成为主要超额来源。对比量化多头，主观多头在8月的相对韧性来自"自上而下+自下而 上"的择时与行业切换，但产品分化亦同步放大。 展望四季度，或可保持对"AI算力—半导体—通信设备—应用落地"的主线跟踪，同时对高换 手策略的回撤控制与止盈纪律提出更高要求。 一、今年以来怎么走：6—8月收益显著加速 数据来源：私募排排网；截止日期：2025年9月19日，统计范围仅限于我司代销产品，指数表现仅供参考。 今年三季度，A股与港股科技主线表现突出，申万一级行业中通信、电子、计算机等领涨板块较为集中，恒生科技年内涨幅显著，强化"中式科 技贝塔"。在这一背景下，主观多头策略得以搭上科技成长主线的列车，尤其是中小盘及高弹性赛道更易获取Alpha空间，使得收益曲线斜率抬 升，带来年度表现的关键增量。（可参考： 最新主观私募公司榜出炉！日斗投资居前！梁宏、但斌、林园、陈宇旗下私募上榜！ ） 图1：排排网主观多头策略指数月度收益表现 | 数据来源: ...

Core Viewpoint - The article highlights the strong performance of the U.S. stock market, particularly in the technology sector, which has significantly benefited investment products managed by Dan Bin, with a high percentage of his funds reaching historical highs in net value [2][4]. Group 1: Performance of Dan Bin's Funds - As of September 19, 2025, 76 out of 80 private equity products managed by Dan Bin achieved historical net value highs, representing approximately 95% of his products [2]. - The average return of Dan Bin's funds this year is close to ***% [2][5]. - Four funds under Dan Bin's management have been established for over ten years and have annualized returns exceeding ***%, qualifying them as "Double Ten Funds" [2]. Group 2: Market Trends and Investment Strategy - Dan Bin's firm, Dongfang Gangwan, has won the title of "Billion Private Equity Champion" for two consecutive years in 2023 and 2024 [4]. - Despite a significant drop in U.S. tech stocks in early 2023, Dan Bin viewed the downturn as an opportunity and increased his positions, leading to a rebound in performance as the market recovered in April [4]. Group 3: Holdings and Sector Focus - As of the end of Q2 2025, Dongfang Gangwan held 13 U.S. stocks with a total market value of approximately $1.126 billion, equivalent to over 800 million RMB [7]. - Major holdings include Nvidia and Google, which saw price increases of approximately 13% and over 39% respectively since July [8]. - In addition to U.S. stocks, Dongfang Gangwan has invested in four domestic ETF funds, with a total market value close to 36.9 million RMB, which also performed well since July [9]. Group 4: A-Share Market Engagement - Dongfang Gangwan has conducted research on eight A-share technology companies since July, many of which have shown strong stock performance [10]. - Notable companies include Ding Tong Technology, which saw a price increase of 56.31% since July [10]. Group 5: AI and Technology Sector Insights - Dan Bin emphasizes the shift in focus within the AI sector from foundational models to application-specific companies, suggesting that investment opportunities will arise in various verticals [11]. - The demand for AI computing power is expected to grow significantly, with projections indicating a market size increase from $600 billion in 2025 to $3-4 trillion by 2030, reflecting a compound annual growth rate of 38%-46% [12]. - The rise of the electronics industry, including semiconductors, is seen as a structural and irreversible trend in the Chinese market, with the total market value of the electronics sector surpassing that of the banking sector for the first time [13].

Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in the market and the limited number of funds that have distributed dividends this year [4][5]. Summary by Sections Market Performance - The A-share market has seen a significant rise, with major indices reaching new highs. As of September 24, the Shanghai Composite Index has increased by approximately 15% year-to-date, while the Shenzhen Component Index and the ChiNext Index have risen by 28% and over 48%, respectively [4]. Dividend Distribution - As of September 21, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, accounting for less than 2% of the total [4]. - The total dividend amount for actively managed equity funds with a scale of over 1 billion yuan that have distributed dividends this year is 2.106 billion yuan, with 32 distributions [5]. Top Dividend Funds - The top three actively managed equity funds in terms of dividend distribution this year are: 1. E Fund's E Fund Kexun Mixed Fund (110029) managed by Liu Jianwei, with a total dividend of 530.63 million yuan and a year-to-date return of 78.24% [6][7]. 2. E Fund's E Fund Value Selection Mixed Fund (110009) managed by Bao Zhengyu, with a total dividend of 437.51 million yuan and a year-to-date return of 28.11% [6][7]. 3. Huashang Fund's Huashang Advantage Industry Mixed A (000390) managed by Zhang Mingxin, with a total dividend of 170.30 million yuan and a year-to-date return of 81.98% [6][7]. Fund Strategies and Outlook - The E Fund Kexun Mixed Fund focuses on emerging growth sectors such as artificial intelligence and innovative pharmaceuticals, with the manager optimistic about continued investment opportunities in the equity market [7][8]. - The Huashang Advantage Industry Mixed A fund's manager adjusted the portfolio significantly after market fluctuations, leading to strong performance [7][8]. Fund Performance by Scale - For funds with a scale of 5-10 billion yuan, the top three in dividend distribution are: 1. Penghua Fund's Penghua Shengshi Innovation LOF (160613) [9]. 2. Caitong Asset Management's Caitong Digital Economy Mixed Fund (017483) with a total dividend of 53.71 million yuan and a year-to-date return of 61.98% [11]. 3. Xinhua Fund's Xinhua Preferred Dividend Mixed A (519087) [9]. - For funds with a scale of 1-5 billion yuan, the top three are: 1. Southern Fund's Southern North Exchange Selection Two-Year Open Mixed Fund (014294) [13]. 2. Yinhua Fund's Yinhua Huixiang Three-Year Regular Open Mixed Fund (019597) [13]. 3. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed A (010779) with a total dividend of 42.69 million yuan [13]. - For funds with a scale of 1 million to 1 billion yuan, the top three are: 1. Hongta Hongtu's Hongta Hongtu Shengfeng Mixed A (013733) with a total dividend of 16.52 million yuan [16][17]. 2. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed C (010780) [16]. 3. West China Fund's West China Central Enterprise Preferred Stock A (022164) [16].

Core Viewpoint - The article highlights the strong performance of macro strategy private equity products in August, driven by a robust equity market and rising precious metals, with an average return of 21.13% year-to-date for 209 products [3]. Performance Summary - As of September 19, 2025, the average return for macro strategy private equity products was 21.13%, with July and August returns at 1.91% and 5.58% respectively [3]. - The "Siyu Qianyuan Macro Class B" product managed by Niu Shubin from Hainan Siry Private Equity achieved outstanding performance, capturing opportunities in gold, government bonds, and the subsequent A-share bull market, with a year-to-date return of ***% [3]. Product Rankings - The article lists top-performing macro strategy products, including: 1. Siyu Qianyuan Macro Class B 2. Zhilin Shanjin No. 1 3. Lianhai Xingyue Macro Progress No. 1 4. Guoen Macro Precision No. 6 5. Shen Gao Stable Progress No. 2 [4]. Investment Philosophy - Niu Shubin emphasizes a macro strategy that transcends single asset cycles and aims for maximum diversification across assets, timeframes, and regions to enhance overall asset performance [7]. - The investment approach focuses on identifying macro-driven opportunities within major asset classes, supported by strong macroeconomic research and risk management capabilities [7]. Team and Risk Management - The investment research team at Hainan Siry consists of 25 members, with a dedicated macro research team of 3 [11]. - The risk management framework includes concentration limits, risk budget limits, Value at Risk (VaR), and drawdown limits to ensure controlled risk exposure [13][15]. Asset Allocation - The macro strategy product primarily invests in: 1. Stock index futures and stocks, mainly in China and the US 2. Bonds, focusing on Chinese and US interest rate bonds 3. Commodities, including crude oil, gold, copper, and iron ore 4. Currencies, such as EUR/USD, USD/JPY, and USD/CNY [15]. Market Outlook - The article discusses the outlook for A-shares and US stocks, noting that A-shares are near historical highs but still have potential for growth due to increasing fund inflows [16]. - The US stock market is influenced by economic soft landing expectations and AI trends, with a need for close monitoring of economic indicators and AI industry developments [16].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年来，A股市场行情火热，主要指数全线上涨，截至9月25日，上证指数涨幅约15%，深证成指上涨29.11%，创业板指涨超51%。 虽然这轮牛 市行情指数表现亮眼，但市场风格分化却演绎到极致，机器人、 AI算力、半导体等通信、电子板块涨幅吸睛，食品饮料、煤炭等传统蓝筹板块 跌幅居前，因此近期市场也开始衍生出"老登、中登、小登"的投资区分 。 此前，更有私募大佬公开质疑某CPO上市公司2027年净利润超250亿元的预测，随即却遭到某券商分析师的怒怼"买你的白酒去吧，老登"，火药 味十足。 在这场由科技成长股主导的 "盛宴"中，不同年代的私募基金经理，其业绩表现是否也如这"登字辈"的划分一样呈现出清晰的断层线？经笔者统 计发现并非如此，60后、70后私募基金经理投资经验相对更为丰富，投资风格也更偏稳重，今年来的收益均值领先80后、90后基金经理 。 为了给予更多有价值的信息，笔者将梳理今年来60后、70后、80后、90后私募基金经理业绩10强，供投资者参考。 （注：截至2025年8月底， 参与排名的基金经理需满足旗下在私募排排网上有3只及以上符合排名规 ...

Core Viewpoint - The article discusses the recent performance of private equity fund managers in the A-share and Hong Kong stock markets, highlighting the successful strategies employed by quantitative, subjective, and mixed-type fund managers during the "924" market rally [1]. Quantitative Private Fund Managers - In the quantitative private fund sector, 90 fund managers had at least three products that met ranking criteria, with an average return of ***%. The top 20 managers had a minimum return threshold of ***% [2][4]. - The top-ranked managers include Nie Shouhua and He Jie from Hanrong Investment, followed by Zeng Shuliang from Shanghai Zijie Private Fund and Ding Peng from Liangying Investment [3][4]. - The distribution of top-performing managers shows that those managing under 5 billion have a more aggressive approach, with many in the top 10 [2]. Subjective Private Fund Managers - In the subjective private fund sector, 161 fund managers had at least three qualifying products, with an average return of ***%. The top 20 managers had a minimum return threshold of ***% [8]. - The top five managers include Han Yongfeng from Yijiu Private Fund and Yao Yong from Qinxin Fund, with most managers managing funds below 5 billion [8][9]. Mixed-Type Private Fund Managers - In the mixed-type private fund sector, 18 fund managers had at least three qualifying products, with an average return of ***%. The top 10 managers had a minimum return threshold of ***% [10]. - The leading managers include He Zhenquan from Liangli Private Fund and Wang Jiangming from Zhongmin Huijin, with two top managers from Xuan Yuan Investment [11][13].

Core Viewpoint - The article discusses the significant performance of various sectors in the A-share market since the "policy combination punch" ignited the market on September 24, 2024, highlighting the structural bull market and the impressive returns of specific funds and sectors [3][4][10]. Group 1: Market Performance - The North Exchange 50 Index has surged over 150% since the September 24 market initiation, becoming a focal point for investors due to its high volatility and small-cap stocks [3][4]. - The top 10 funds related to the North Exchange 50 Index have all achieved returns exceeding 130%, with two funds surpassing 170% [4][5]. Group 2: Semiconductor Sector - The global semiconductor sales reached $53.1 billion in August 2024, marking a 20.6% year-on-year increase, while China's semiconductor sales hit $16.6 billion, up 27.5% [6]. - Funds focusing on the semiconductor sector have shown remarkable performance, with the top fund, 嘉实绿色主题股票A, achieving a return of 151.92% since September 24 [6][7]. Group 3: Robotics Sector - The humanoid robot sector is gaining traction, with the 中航趋势领航混合C fund achieving a return of 188.30% since September 24, driven by heightened market interest [8][9]. - The humanoid robot industry is expected to enter mass production by 2025, indicating significant growth potential [8]. Group 4: Innovative Pharmaceuticals - The innovative pharmaceutical sector is experiencing a revival after three years of adjustment, with the 中银医疗保健混合A fund returning 110.40% since September 24 [10]. - The internationalization of China's innovative pharmaceutical industry is accelerating, with a surge in cooperative development agreements with multinational pharmaceutical companies [10]. Group 5: Military Industry - The military sector is gaining attention, with the 中航军民融合精选A fund returning 97.40% since September 24, supported by favorable policies and technological advancements [14][15]. - Historical trends suggest that military stocks often rise in anticipation of major military parades, indicating potential for future growth [14].