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，有业绩显示的4166只私募产品中，2025上半年私募分红产品有558只，分 红占比为14.09%，上半年合计分红金额高达56.55亿元，这558只分红产品上半年收益均值为 13.43%，明显高于4166只的10.04%。 分私募规模来看，百亿私募中的59只分红产品，上半年实现分红约为15.59亿元，此外"小而 美"(0-5亿)私募旗下261只分红产品在上半年的分红金额约为11.99亿元，上半年收益均值高达 15.05%，表现较为突出。 | 公司规模 | 有分红的产品数 (分红次数) | 产品规模合计 (万元) | 下未在分红变额 (万元) | 上半年收益均值 | | --- | --- | --- | --- | --- | | 100亿以上 | રુ(୧૨) | 965137.83 | 155891.59 | 13.79% | | 50-100亿 | 21(21) | 313671.89 | 59673.43 | 10.23% | | 20-50亿 | 44(44) | 704573.71 | 73165.74 | 8.58 ...

Core Viewpoint - The article provides an analysis of the performance of fund managers managing over 100 billion yuan in assets, highlighting their average returns in the first half of 2025 across different fund types, including stock, mixed, and bond funds [3][4][10]. Group 1: Stock Fund Managers - There are 139 stock fund managers with a total management scale exceeding 5.21 trillion yuan, achieving an average return of 4.34% in the first half of 2025, with 76.98% of them reporting positive returns [4][5]. - The top-performing stock fund managers include Zhang Lu from Yongying Fund, who achieved a return of 32.14% with a management scale of 127.69 billion yuan [7][8]. - Other notable managers include Tian Ximeng from Fuquan Fund, with a return of 23.51% and a management scale of 536.01 billion yuan [9]. Group 2: Mixed Fund Managers - There are 68 mixed fund managers managing over 1.84 trillion yuan, with an average return of 2.20% in the first half of 2025 [10][11]. - The top mixed fund manager is Zheng Lei from Huatai-PB Fund, achieving a return of 21.69% with a management scale of 117.20 billion yuan [12][13]. - Other top performers include Wan Qiong from Bosera Fund, with a return of 12.55% and a management scale of 506.10 billion yuan [15]. Group 3: Bond Fund Managers - A total of 425 bond fund managers manage over 12.36 trillion yuan, with an average return of 1.08% in the first half of 2025 [17]. - The leading bond fund manager is Guo Jun from Bosera Fund, achieving a return of 7.59% with a management scale of 458.39 billion yuan [19][20]. - Liu Wenliang from Southern Fund follows with a return of 5.15% and a management scale of 107.26 billion yuan [22].

在这样的市场背景下， 据私募排排网数据， 有 2010只私募产品（在私募排排网有业绩展示且成立满1年）在今年6月份净值曾创下历史新高，占 在私募排排网有近1年业绩展示的私募产品的比例约为45.68%。 按产品类型来看，量化产品占 965只，非量化产品占1045只 。 按照产品策略（一级策略）来看，股票策略产品最多（主要是主观多头和量化多 头），有 1153只； 其次是多资产策略产品占272只，债券策略产品占257只，期货及衍生品策略产品占256只，组合基金产品占72只。 按公司规模来看，来自5亿以下规模私募的产品最多，有790只，占比近4成；来自百亿私募的产品有283只。 为了给读者提供一些参考， 笔者在创新高私募产品中按照产品策略分别梳理出了 "股票策略-主观多头、股票策略-量化多头、期货及衍生品策 略、多资产策略、债券策略"近一年收益居前20强的私募产品（公司规模在5亿以上）； 此外，鉴于读者对于百亿私募产品颇为关注，笔者还特 在创新高的百亿私募产品中梳理出了 "近一年收益20强"和"近三年收益20强" 。 （ 同一基金经理管理多只相同策略产品的，仅选收益最高的产 品参与排名 ） 0 1 股票 - 量化多 ...

Core Viewpoint - The performance of fund managers is crucial for investors, especially for actively managed funds, and the article highlights the top-performing fund managers in the first half of 2025 based on their returns and management scale [2][34]. Group 1: Overall Fund Manager Performance - A total of 3,358 fund managers reported their performance for the first half of 2025, with an average return of 4.89% and a median return of 0.93% [2]. - Larger fund managers tend to have lower overall returns, possibly due to a lack of index-driven market trends and a higher proportion of managers handling bond and money market funds [2][34]. Group 2: Fund Managers with Over 100 Billion Yuan - Among fund managers managing over 100 billion yuan, the average return was 2.50% with a median of 0.93%, and the threshold for the top 20 was approximately 15.60% [3][4]. - The top five fund managers in this category are: 1. Wu Yuanyi (Guangfa Fund) - 32.19% return 2. Yan Siqian (Penghua Fund) - 24.65% return 3. Zhao Bei (ICBC Credit Suisse Fund) - 23.32% return 4. Yang Dong (Guangfa Fund) - 22.50% return 5. He Qi (Huatai-PB Fund) - 20.50% return [4][5]. Group 3: Fund Managers with 50-100 Billion Yuan - For fund managers managing between 50-100 billion yuan, the average return was 4.41% with a median of 1.87%, and the threshold for the top 20 was nearly 14% [11][12]. - The top five fund managers in this category are: 1. Zheng Ning (Bank of China Fund) - 58.14% return 2. Zhang Wei (Huitianfu Fund) - 42.36% return 3. Yang Zhenshao (E Fund) - 40.25% return 4. Zhao Wei (Fortune Fund) - 36.83% return 5. Nong Bingli (Invesco Great Wall Fund) - 33.00% return [12][16]. Group 4: Fund Managers with 20-50 Billion Yuan - Fund managers in the 20-50 billion yuan range had an average return of 5.31% and a median of 3.04%, with a top 20 threshold of about 21% [19][20]. - The top five fund managers in this category are: 1. Zhou Sicong (Ping An Fund) - 57.27% return 2. Peng Chenchen (Fortune Fund) - 40.22% return 3. Jin Xiaofei (Penghua Fund) - 39.85% return 4. Sang Xiangyu (Huashan Fund) - 38.69% return 5. Hao Miao (Jia Shi Fund) - 33.12% return [20][22]. Group 5: Fund Managers with 5-20 Billion Yuan - For fund managers managing between 5-20 billion yuan, the average return was 5.93% with a median of 4.03%, and the threshold for the top 20 was approximately 24.56% [23][24]. - The top five fund managers in this category are: 1. Zhang Jintao (Huabao Fund) - 41.93% return 2. Zhao Xiaoyan (Hengyue Fund) - 39.10% return 3. Chi Chenshen (Anxin Fund) - 36.26% return 4. Shan Lin (Yongying Fund) - 36.13% return 5. Zhang Jialu (Ruiyuan Fund) - 33.15% return [24][28].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 券商资管产品是由证券公司或其资管子公司作为管理人，依照资产管理合同约定的方式、条件及 限制，对客户资产进行投资管理的金融工具。 券商的资产管理产品主要分为 集合资管计划、定向资管计划、专项资管计划 。而我们常说的券 商资管产品一般指代的是券商集合资管计划。券商集合资管计划 根据投资标的可以分为 股票型 、 债券型 、混合 型 、 FOF 、 QDII、货币市场型 、 另类投资 等。 根据中国证券投资基金业协会数据，截至2025年一季度末（最新数据）， 券商运行的资管产品 （集合资管计划）共有 10210只，产品总规模约为28215亿元。 其中， "集合资管计划"总规模超100亿元的券商（或资管公司）共有31家。 中信证券、国泰海 通、中金公司、中银证券、广发资管、广发证券、招商证券、中信建投证券、国金证券、国金资 管、首创证券等 11家券商的"集合资管计划"规模均在千亿元级别。中信证券以3432亿元的管理 规模位列第1。 0 1 股票型券商资管产品在近一年领跑！ 那么券商资管产品（在此仅包括"集合资管计划"）的最新业绩如何呢？ 根据Choice数 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近日，创新药再迎重磅政策利好，相关概念股近 1周涨幅领衔各大题材。 截至7月4日，塞力医疗 实现四连板，广生堂实现两连板。消息面上，6月30日，国家医保局、国家卫健委联合印发《支 持创新药高质量发展的若干措施》，从研发、准入、支付、使用到国际化布局推出16项针对性举 措， 首次系统性构建覆盖创新药全生命周期的政策支持体系 。 注：以上内容来自方正证券《多个新政策出台支持创新药发展，商业保险目录落地打开支付空间 》(2025.07.3)。引用内容仅 为研究之目的，如需删除请及时联系我司处理。 有市场分析指，中国创新药产业已进入 "政策驱动型增长"新阶段。 根据国家药监局数据， 2025 年上半年医保基金累计支付谈判药品4100亿元（较2024年全年1000亿元增长310%） ，直接撬动 6000亿销售规模。从创新药审批数量来看，2024年5年1类创新药获批数量达48种，是2018年的5 倍多。 2025年上半年，获批的1类创新药数量已经达到近40种，为2024年全年的83.33%。 除了政策面的利好，创新药今年以来还迎来了基本面、技术层面、国际化等 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） A股掀起"反内卷"浪潮！近期， 国家政策导向开始点名整改恶性竞争、价格战、产能过剩等现象频现的行业 ，钢铁、建材、光伏等领域被重点 关注。与此同时， A股市场中，不少受益于"反内卷"政策的上市公司股价开始走强，光伏板块更是牛股频出，通威股份、隆基绿能、亚玛顿等股 价表现强势。 为方便投资者参考，本文将对"反内卷"政策催化、机构观点进行整理，并梳理出各行各业受益于"反内卷"政策的概念股名单。 （ 点此查看概念 股名单 ） 0 1 政策催化！反内卷刮起政策东风！光伏、钢铁等板块迎利好！ 7月1日，中央财经委员会第六次会议正式召开，并聚焦"纵深推进全国统一大市场建设"和"推动海洋经济高质量发展"两大议题。其中， "反内 卷"政策是首次被提升到前所未有的战略高度！ 值得注意的是，这次会议召开的特殊背景，是国内"内卷式"竞争已呈现愈演愈烈之势—光伏组件价格2024年暴跌49%，新能源汽车行业利润率跌 破4%，钢铁、水泥等多个行业陷入全行业亏损，企业间低价恶性竞争严重挤压了各行业的利润空间和创新投入。 在此背景下， 中央财经委员会第六次会议对"反内卷"进行了 ...

Core Viewpoint - The article discusses the performance of quantitative funds in the first half of 2025, highlighting the increasing popularity of quantitative trading amid market volatility and the significant returns achieved by various types of quantitative funds [3][4]. Summary by Category Overall Performance of Quantitative Funds - As of June 30, 2025, there were 1,258 quantitative funds with reported performance, achieving an average return of 4.72% and a median return of 3.74%, with 86.15% of these funds generating positive returns [4][6]. Types of Quantitative Funds - **Active Quantitative Funds**: These funds had the highest returns, with an average return of 7.5% and a median return of 5.91%. The positive return rate was 87.78% [5][6]. - **Index Enhanced Funds**: Although these funds had slightly lower returns, they had the highest positive return rate at 92.09%. The average return was 5.81% and the median was 4.61% [6]. - **Quantitative Hedge Funds**: These funds had the lowest performance, with an average return of 0.85% and a median return of 0.7%, and a positive return rate of 78.57% [6]. Top Performing Funds - The top 10 index-enhanced quantitative funds had a minimum return threshold of 18.77%, with funds tracking small-cap indices dominating the list. The top fund was managed by 创金合信基金, achieving a return of 37.17% [7][8]. - The top 10 active quantitative funds had a minimum return threshold of 24.64%, with 诺安基金 and 中加基金 leading the rankings with returns of 40.62% and 35.55%, respectively [12][14]. - The top 10 quantitative hedge funds had a minimum return threshold of 0.82%, with 中邮基金 and 富国基金 leading the performance [16]. Market Trends and Insights - The article notes that the increased focus on index-enhanced products is driven by several factors, including investor sentiment towards star fund managers, the introduction of attractive indices, and regulatory encouragement for index-based investments [9].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图 查看详情 ） 融升基金简介 山东融升私募基金 自2013年由资深基金经理侯茂林先生创立以来，始终坚守"诚信、专业、进取"的核心价值观。作为中国证券投资 基金业协会会员单位（管理人登记号：P1018279），公司以严谨的风控体系、卓越的投研能力，力求为投资者创造长期可持续的财 富增值。 融升基金 "全天候多资产对冲策略" ，融合西方经济周期理论、风险平价模型与中国市场特色，通过宏观政策解读、货币趋势研判及 资产估值分析，动态捕捉高性价比投资机会。历史业绩持续领跑大盘，旗下二十余只产品均以亮眼表现回报客户信任，屡获行业权威 赛事殊荣。（ 点击查看策略详情 ） 私募排排网数据显示，截至5月16日，连续5年分红的私募产品仅有14只， 「 融升稳健1号 」 以***%收益位列前5。 （ 点此查看收 益 ） 私募排排网数据显示，截至2024年底，5-20亿规模私募中，连续5年实现正收益的私募产品， 「 融升稳健1号 」 以***%收益位列 Top20 （ 点此查看收益 ） 融升基金始终以客户资本成长为己任。管理规模稳步提升的背后，是团队对每一份托付的极致专注。融升以科学 ...

Core Viewpoint - In the first half of 2025, A-shares, Hong Kong stocks, and US stocks experienced fluctuations but overall showed an upward trend, with significant performances from various indices and private equity funds [2][12]. Group 1: Private Fund Manager Popularity - The top three popular private fund managers are Dan Bin, Lin Yuan, and Li Bei, with Dan Bin's popularity significantly increasing [2][3]. - Dan Bin's managed products showed a substantial rebound in average returns over the past three months and one month, with a notable performance over the last three years [7][12]. - Wang Wen's popularity has also risen, with his 19 products achieving impressive average returns in the past six months [12][38]. Group 2: Private Fund Company Popularity - Ningbo Huansheng Quantitative topped the popularity list among private fund companies, with a notable increase in popularity for several firms compared to the end of 2024 [21][22]. - The top five private fund companies include Ningbo Huansheng Quantitative, Liangpai Investment, Honghu Private Equity, Yanfu Investment, and Gao Yi Asset [22][26]. Group 3: Private Fund Product Performance - Over half of the top 20 popular fund products are quantitative long products, with significant representation from firms like Hainan Shengfeng Private Equity and Longqi Technology [31][35]. - The top-ranked product, "Shengfeng Quantitative Stock Selection No. 1," managed by Lin Ziyang, achieved impressive returns in the past six months [38].