Core Viewpoint - The article emphasizes the increasing importance of AI in the investment sector, particularly for quantitative private equity firms, with Inno Asset being a pioneer in integrating AI into its core strategies since 2018 [2][10]. Company Overview - Inno Asset was established in 2014 and has received over 150 industry awards, including the Golden Bull Award and the Golden Sunshine Award, reflecting its strong industry recognition [2]. - The firm manages assets exceeding 20 billion yuan and has a team of over 130 professionals, many of whom are graduates from top universities such as Tsinghua University and MIT [2]. Product Lines - **Multi-Strategy Neutral**: Focuses on low volatility strategies, with approximately 80% allocated to neutral strategies and options arbitrage, complemented by a small proportion of higher-risk strategies to enhance overall returns without increasing risk [3]. - **Index Enhancement**: A high volatility, high return product line that aims to outperform indices through stock selection models while capturing beta returns [3]. - **CTA (Commodity Trading Advisor)**: Operates a multi-strategy approach with over 30 low-correlation sub-strategies, providing effective diversification [3]. - **Multi-Strategy Flexible**: Aims to maximize the return-risk ratio by combining various low-correlation strategies, making it one of the highest expected return-risk ratio product lines [3]. AI Integration - Inno Asset has fully embraced AI in its strategy development, transitioning from single strategy models to AI-driven multi-strategy frameworks since 2018 [10]. - The Alpha strategy has evolved into a combination model that leverages both AI and traditional multi-factor models to enhance performance in volatile markets [12]. Talent Development - The company emphasizes a "self-cultivation" talent strategy, with over 70% of the core research team developed internally through a structured mentorship and training program [11]. - Incentives include profit-sharing and long-term equity options, fostering a strong alignment between employee interests and company performance [11]. International Expansion - Inno Asset obtained a Hong Kong 4&9 license in September 2023, marking its first step towards internationalization, with plans to develop strategies suitable for global markets [19]. - The firm aims to create scalable strategies that are low correlated with A-shares, focusing on a comprehensive approach involving strategy, data, talent, and systems [19].

Core Viewpoint - The article discusses the performance of private equity products in the A-share market over the past three years, highlighting the scarcity of products that have maintained impressive returns and drawdown performance amidst market volatility caused by geopolitical conflicts, the pandemic, and trade wars [2]. Summary by Categories Overall Performance of Private Equity Products - In 2023, the average return for 662 private equity products with over 10 billion in assets was 30.15%, with an average Sharpe ratio of 2.53. Over the past three years, 430 of these products achieved an average return of 79.96% and a Sharpe ratio of 1.12 [3]. Performance by Company Size - 100 billion and above: 662 products, 30.15% return, 2.53 Sharpe; 430 products, 79.96% return, 1.12 Sharpe - 50-100 billion: 372 products, 25.59% return, 2.15 Sharpe; 242 products, 53.73% return, 0.88 Sharpe - 20-50 billion: 630 products, 29.42% return, 2.29 Sharpe; 388 products, 75.14% return, 1.33 Sharpe - 10-20 billion: 573 products, 30.50% return, 2.25 Sharpe; 328 products, 74.08% return, 1.07 Sharpe - 5-10 billion: 745 products, 31.57% return, 1.91 Sharpe; 449 products, 82.89% return, 0.91 Sharpe - 0-5 billion: 2057 products, 28.59% return, 1.82 Sharpe; 1169 products, 72.52% return, 0.84 Sharpe - Total: 5039 products, 29.34% return, 2.06 Sharpe; 3006 products, 74.13% return, 0.98 Sharpe [3]. Top Performing Private Equity Products - The top three subjective long products over the past three years are from Junzhijian Investment, Kaishi Private Equity, and Dongfang Gangwan, with average returns of 99.85% and a Sharpe ratio of approximately 1.04 [4]. - The leading product is "Junzhijian Junyue" managed by Zhang Yong, with significant returns and a high Sharpe ratio [5][6]. - The top three quantitative long products are from Ming Shi Fund, Maoyuan Quantitative, and Abama Investment, with an average return of 85.34% and a Sharpe ratio of approximately 1.02 [7]. - The leading product is "Ming Shi Spring 28" managed by Yang Kun, achieving high returns and a notable Sharpe ratio [8][9]. - The top three market-neutral products are from Ping Fang He Investment, Mengxi Investment, and Ming Huan Investment, with an average return of 85.34% and a Sharpe ratio of approximately 1.02 [10]. - The leading product is "Ping Fang He Cai Ying Ping Heng 1" managed by Lü Jieyong and Fang Zhuangxi, with impressive returns and a high Sharpe ratio [12]. - The top three multi-asset strategy products are from Borun Yintai Investment, Ming Huan Investment, and Honghu Private Equity, with an average return of 64.79% and a Sharpe ratio of approximately 1.09 [13].

Core Viewpoint - Hongtu Innovation Fund, established in June 2014, is the first public fund in China with a venture capital background, focusing on value growth and supporting emerging industries [4][5]. Company Overview - Hongtu Innovation Fund has a registered capital of 550 million and is fully controlled by Shenzhen Innovation Investment Group, which is backed by the Shenzhen State-owned Assets Supervision and Administration Commission [4][5]. - The fund has a total asset management scale exceeding 510 billion, with a public fund management scale of 259 billion as of the end of 2024 [7][5]. Business Strategy - The fund aims to discover and achieve great enterprises, focusing on early, small, and long-term investments in hard technology across four key areas [6][5]. - It has developed a diversified business structure that includes equity investment, fixed income investment, public REITs, and separate account investment [4][5]. Product Offerings - The fund offers a range of products catering to different risk preferences, including cash management, low volatility income, balanced funds, aggressive equity funds, and public REITs [9][5]. - Performance metrics indicate strong returns, with a one-year return of 72.34%, a three-year return of 48.86%, and a five-year return of 113.41% for equity funds [11][12][13]. Awards and Recognition - Hongtu Innovation Fund has received several accolades, including the Shenzhen Financial Innovation Award in 2022 and recognition as an excellent REIT intermediary by the Shenzhen Stock Exchange in 2023 [7][8]. Investment Team - The investment team has an average of over 10 years of experience in secondary market research, integrating industry insights with investment decision-making [19][5]. - The team employs a macroeconomic cycle-based strategy for asset allocation, focusing on high-quality, high-liquidity bonds and stable earnings equities [35][5].

那么，作为行业中流砥柱的百亿私募，其主观、量化私募阵容与业绩表现又将随之呈现怎样的变化？下文，笔者将为大家揭晓百亿私募的最新名 单和业绩排名。 0 1 百亿私募增至113家！量化、主观数量差距再扩大！ 根据私募排排网数据，截至2025年10月底，我国百亿私募增至113家，相比上月的96家净新增17家，百亿私募再度扩容！其中，有18家晋升百亿 私募、1家退出百亿私募阵营。 10月晋升百亿的18家私募分别为： 纽达投资、磐松资产、平方和投资、超量子基金、上海孝庸私募、大道投资、利位私募、远信投资、诚旸投 资、宽投资产、赫富投资、上海新方程私募、喜岳投资、旌安投资、元康私募、梅山保税港区凌顶投资、上海信璞私募、望正资产 。（ 点此领 取全名单 ） 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 10月A股市场整体高位震荡，板块高低切明显。上旬受中美贸易摩擦升级影响，市场风险偏好承压；伴随中美关系缓和，叠加二十届四中全会出 台"十五五"规划指导意见，市场情绪逐步修复。 结构上看，煤炭、石油石化等传统板块整体走强，带动上证指数时隔10年再突破4000点，月度累计上涨1.85%，以科技成长风格为代表的创业 ...

Core Viewpoint - The recent resurgence of the new energy sector in the A-share market, particularly in solar energy and lithium batteries, is driven by strong demand and favorable policies, leading to significant stock price increases for key companies in these industries [2][5][12]. Group 1: Energy Storage - The domestic energy storage market has seen explosive growth, with a 185% year-on-year increase in procurement, totaling 313 GWh from January to September 2025 [2]. - The National Development and Reform Commission and the National Energy Administration aim for a new energy storage capacity of over 180 million kilowatts by 2027, indicating substantial growth potential [5]. - Leading companies in the energy storage sector, such as Sungrow Power Supply, reported a 56.34% increase in net profit year-on-year for the first three quarters [6][8]. Group 2: Lithium Batteries - The lithium battery industry is experiencing renewed growth due to surging demand in energy storage and solid-state batteries, with major manufacturers operating at full capacity [8]. - The price of key materials in the lithium battery supply chain has risen significantly, with 6F material prices increasing over 140% since July [9]. - The industrialization of solid-state batteries is progressing, with semi-solid batteries entering mass production, creating new demand for materials and equipment [8]. Group 3: Photovoltaics - The global push for carbon neutrality has driven the photovoltaic industry, with significant cost reductions leading to a shift towards grid parity [10]. - The industry has faced overcapacity, with nominal production capacity exceeding 1200 GW, while global installation demand is projected at only 570-630 GW by 2025 [10][11]. - Recent policy measures have stabilized prices across the photovoltaic supply chain, with significant price increases observed since July 2025 [11]. Group 4: Investment Trends - The new energy sector is the second-largest investment focus for public funds, with a total market value of approximately 452.9 billion yuan in the power equipment sector [12]. - As of the end of the third quarter of 2025, 33 new energy stocks had over 1 billion yuan in holdings by public funds, with CATL leading at over 200 billion yuan [12][17]. - Northbound capital has also heavily invested in the new energy sector, with a total holding value exceeding 440 billion yuan, indicating strong investor confidence [16][17]. Group 5: Financing and Market Sentiment - The financing balance in the A-share market reached a historical high of 2.5 trillion yuan, reflecting strong bullish sentiment among investors [19]. - As of November 6, 2025, 36 new energy stocks had financing balances exceeding 1 billion yuan, with both CATL and Sungrow Power Supply surpassing 100 billion yuan [20].

Core Viewpoint - The article analyzes the latest holdings of various institutional investors in the A-share market as of the end of Q3 2025, highlighting the significant presence of public funds, northbound funds, and the "national team" in the market, with a total holding value of approximately 10.84 trillion yuan. Public Funds - Public funds held approximately 3.79 trillion yuan in A-shares, with 3302 companies in their portfolio, and the top 30 holdings valued at over 1.67 trillion yuan [2][3] - The leading stock among public funds is Ningde Times, with a holding value of about 207.1 billion yuan, followed by Guizhou Moutai and Zhongji Xuchuang, each exceeding 100 billion yuan [3] - Among the top 30 holdings, 18 stocks increased by over 50% in the first three quarters, with 9 stocks doubling in value, led by Shenghong Technology, which surged by 581% [3] Northbound Funds - Northbound funds held approximately 2.58 trillion yuan across 3577 A-share companies, with the top 30 holdings valued at nearly 1.04 trillion yuan [6][7] - The top 30 stocks included 14 that increased by over 50%, with 7 stocks doubling, notably New Yisheng, which rose by 345% [6][7] QFII - QFII held nearly 1.237 trillion yuan in A-shares, with the top 30 holdings valued at over 77 billion yuan [9] - The top three holdings were Ningbo Bank, Shengyi Technology, and Shanghai Bank, with 9 stocks increasing by over 100% in the first three quarters [9] National Team - The "national team" held over 4.47 trillion yuan in A-shares, with the top 30 holdings valued at approximately 3.91 trillion yuan [12][13] - Major holdings included Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, with a combined holding value exceeding 3.16 trillion yuan [12] Social Security Fund - The social security fund held over 552.6 billion yuan in A-shares, with the top 30 holdings valued at nearly 394.4 billion yuan [15] - Major holdings included Agricultural Bank of China, Industrial and Commercial Bank of China, and China Pacific Insurance, with 11 stocks increasing by over 30% [15] Insurance Companies - Insurance companies held over 639.3 billion yuan in A-shares, with the top 30 holdings valued at over 441.5 billion yuan [20][21] - The top three holdings were Pudong Development Bank, Industrial Bank, and China Merchants Bank, with Dongshan Precision leading with a 145% increase [20]

Core Viewpoint - The article emphasizes the importance of the Sharpe ratio as a key metric for evaluating investment performance in the current A-share market, highlighting that higher Sharpe ratios indicate better risk-adjusted returns and investment efficiency [2]. Group 1: Performance of Private Equity Funds - In 2023, the average Sharpe ratio for 662 private equity funds with over 10 billion yuan in assets reached 2.5349, significantly outperforming smaller funds [3]. - The average return for these funds was 30.15%, with a total asset scale of approximately 12.24 billion yuan [3]. Group 2: Top Performing Funds - The top three subjective long funds with the highest Sharpe ratios were from Jihua Asset, Yuanxin Investment, and Duration Investment, with average returns of 26.88% and a Sharpe ratio of about 1.26 [4]. - The leading product was "Jihua Composite Strategy No. 1" managed by Wang Yiping, achieving a remarkable performance over ten years [5]. Group 3: Quantitative Long Funds - The average return for 286 quantitative long funds was 44.65%, with an average Sharpe ratio of approximately 3.54, indicating strong performance [7]. - The top three quantitative long funds were from Jihua Asset, Longqi Technology, and Kuande Private Equity [7]. Group 4: Market Neutral Funds - The average return for 53 market-neutral funds was 7.32%, with an average Sharpe ratio of about 1.86 [11]. - The leading product was "Mingxun Neutral No. 1 A Class" managed by Mingxun Investment, which has shown consistent upward performance since its inception [12]. Group 5: Multi-Asset Strategy Funds - The average return for 74 multi-asset strategy funds was 23.17%, with an average Sharpe ratio of approximately 2.43 [14]. - The top products in this category were managed by Mingxun Investment and Qianyan Private Equity [14]. Group 6: Quantitative CTA Strategies - The average return for 25 quantitative CTA products was 7.01%, with an average Sharpe ratio of about 1.08 [18]. - The leading product was "Heiyi CTA-T21 C Class" managed by Heiyi Asset, showcasing strong performance in the quantitative investment space [19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 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。 本期揭秘的是 百亿主观私募日斗投资 ，日斗投资管理规模在2024年实现了20-50亿到100亿以上的跃迁，截至2025年10月，公司管理规模 接近300亿。这也意味着，公司规模在最近一年时间里增长近200亿元。 业绩方面， 日斗投资自2020年 来连续5年取得正收益，2020-2024年收益均值分别为***%、***%、***%、***%、***%（ 点此看收益 ） ，据了解，日斗投资是百亿级私募中少数能近5个完整年度均实现正收益的私募，尤其在2022年市场下行时期，A股三大指数均跌超15%的 环境下，日斗投资当年的收益均值高达***% （ 点此看收益 ） ，可见其对行业周期和行情的精准把握。 截至2025年9月底， 日斗投资在"百亿私募近五年收益榜"中排名第二 ，旗下产品近五年收益均值接近***% （ 点此看收益 ） 。今年以来也 同样取得了突出的业绩，旗下产品今年前三季 ...

Core Viewpoint - The private equity product registration in October demonstrated strong resilience, with a year-on-year increase of 205.85%, indicating a continued hot trend in the market [2][3]. Group 1: Private Equity Product Registration - In October, 994 private equity securities products were registered, showing a slight month-on-month decrease of 4.24% from September's 1,038 products, but a significant year-on-year increase from 325 products in October of the previous year [2]. - The increase in registration is attributed to multiple factors, including the Shanghai Composite Index surpassing 4,000 points, strong performance of private equity products, and active marketing efforts by third-party sales institutions [3]. Group 2: Strategy Distribution - Stock strategies remained the dominant category, with 679 products registered, accounting for 68.31% of the total, reflecting strong investor demand for equity assets [4]. - Multi-asset strategies emerged as a notable trend, with 122 products registered, representing 12.27% of the total, indicating a diversification in strategy to manage market volatility [7]. - Futures and derivatives strategies accounted for 84 products, or 8.45%, showing continued interest in derivative tools among private equity institutions [7]. Group 3: Quantitative Products - Quantitative products showed a remarkable performance, with 432 products registered, making up 43.46% of the total private equity products, highlighting their growing popularity among investors [8]. - Among the quantitative products, stock strategy quant products dominated with 333 registrations, representing 77.08%, particularly benefiting from favorable market conditions [10]. Group 4: Scale of Private Equity Institutions - A total of 622 private equity institutions contributed to the 994 registered products, with small-scale institutions (0-5 billion) accounting for 35.92% of the total, while large-scale institutions (over 100 billion) registered 272 products, or 27.36% [11]. - The average registration per large-scale institution was approximately 4.6 products, significantly higher than smaller institutions, indicating a stronger product issuance capability [11]. Group 5: Leading Private Equity Firms - The top private equity firm, Maoyuan Quantitative, registered 23 products, all of which were stock quantitative long strategies, aligning with current market demands [13]. - Other notable firms included Shiji Qianyan with 21 products and Mingfa Investment with 14 products, reflecting a competitive landscape among leading quantitative private equity firms [13].

Core Viewpoint - The A-share market continues a "slow bull" trend in October 2025, characterized by significant structural differentiation and fluctuations, with the Shanghai Composite Index reaching a new 10-year high of 4000 points before closing up 1.85% for the month, marking six consecutive monthly gains [2] Group 1: Market Performance - In October, the Shenzhen Component Index and ChiNext Index both fell over 1%, ending their previous five-month upward streak [2] - The average increase for the 657 companies surveyed in October was 50.6%, with a notable rise in private equity interest, as 1176 private equity firms participated in 6412 surveys, a 130% increase from September [2] Group 2: Companies Under Survey - A total of 222 A-share companies were surveyed more than 10 times, with 100 companies surveyed over 20 times, and 22 companies surveyed over 40 times [3] - Among the 22 companies surveyed over 40 times, 12 saw a price increase in October, with the semiconductor sector having the highest representation [3] Group 3: Notable Companies - Jinpan Technology was the most surveyed company with 88 surveys, achieving a 29.45% increase in October and a 67.93% increase year-to-date [5][7] - Other notable companies include Zhaoyi Innovation, which saw a 3.14% increase in October and a 106.57% increase year-to-date, and Union Medical, which experienced a 7.68% decrease in October but a 10.86% increase year-to-date [5] Group 4: Investment Trends - The top-performing sectors in October included energy storage, quantum technology, and new materials, with 15 companies seeing price increases over 30% [9] - The global quantum computing market is projected to grow from $5 billion to over $800 billion between 2024 and 2035, with a compound annual growth rate (CAGR) exceeding 55% [12] Group 5: Private Equity Insights - High Yi Asset was the most active private equity firm, conducting 59 surveys across 57 companies, with a focus on medical devices and chemical pharmaceuticals [13][21] - Yuanxin Investment focused on medical devices, surveying 20 companies, while Fusheng Asset concentrated on semiconductors and consumer electronics, surveying 18 companies [17][22]