本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年 1-11月，A股、港股、美股虽然在年内都一度出现过较大回撤，但最终累计涨幅均表现不俗 。其中，上证指数涨幅超16%，深证成指涨幅 超24%，创业板指涨幅超42%。港股的恒生指数、恒生科技涨幅分别超28%、25%；美股的道琼斯指数涨超12%，纳斯达克指数涨近21%。 | 证券市场 | 指数名称 | 今年1-11月 | 今年1-11月 | 今年1-11月 | | --- | --- | --- | --- | --- | | | | 涨跌幅 | 最大涨幅 | 最大回撤 | | A股 | 上证指数 | 16.02% | 30.13% | -9.71% | | | 深证成指 | 24.67% | 46.57% | -14.98% | | | 创业板指 | 42.54% | 83.95% | -20.79% | | | 沪深300 | 15.04% | 32.27% | -10.49% | | | 中证500 | 22.81% | 42.78% | -13.80% | | | 中证1000 | 23.10% | 39.15% | -16.87% | ...

Core Viewpoint - The article highlights the growing importance of quantitative fund managers in the financial market, emphasizing their reliance on mathematical models, algorithms, and big data analysis to create long-term value for investors. The demand for high-educated talent in this field has intensified due to advancements in AI, leading to a talent war among quantitative institutions [2]. Summary by Sections Education and Talent - Quantitative private equity funds favor highly educated professionals, with 69.11% of fund managers holding master's or doctoral degrees compared to 56.42% in subjective private equity [2]. Performance Overview - As of the end of November, there are 1,637 quantitative products with a total scale of approximately 135.11 billion, achieving an average return of 27.29% from January to November, significantly outperforming the market. Among these, 99 managers of billion-yuan private equity quantitative funds managed 386 products with an average return of 34.42%, yielding an excess return of 14.04% [3][4]. Performance by Fund Size - **100 Billion and Above**: 386 products with a total scale of 53.81 billion, average return of 34.42%, and 14.04% excess return [3]. - **50-100 Billion**: 165 products with a total scale of 17.49 billion, average return of 25.23%, and 10.31% excess return [8]. - **20-50 Billion**: 220 products with a total scale of 22.56 billion, average return of 26.62%, and 12.21% excess return [11]. - **10-20 Billion**: 176 products with a total scale of 12.60 billion, average return of 25.37%, and 10.10% excess return [14]. - **5-10 Billion**: 224 products with a total scale of 12.15 billion, average return of 25.75%, and 10.84% excess return [17]. - **0-5 Billion**: 466 products with a total scale of 16.52 billion, average return of 23.88%, and 11.19% excess return [19]. Top Performers - **100 Billion and Above**: Notable managers include Xu Jin and Lu Zhengzhe from Ningbo Huansheng, both achieving significant returns [4][5]. - **50-100 Billion**: Top managers include Shi En from Yunqi Quantitative and Huang Bo from Dayan Capital [8][10]. - **20-50 Billion**: Mo Bo from Luxiu Investment leads the performance [11][12]. - **10-20 Billion**: Wu Yintong from Longyin Tiger Roar is a top performer [14][15]. - **5-10 Billion**: Yan Xuejie from Huacheng Private Equity leads [17][18]. - **0-5 Billion**: Xie Libo from Jingying Zhito is at the forefront [19][20].

私募排排网出品。专注深度对话私募管理人，直击私募核心策略。用客观数据说话，以专业视角解读。在这里，读懂私募，把握投资先机。 （↑ ↑ ↑ 点击图片订阅专栏） 栏目介绍 「私募深观察」 聚焦于管理规模中等私募管理人，通过深度解析，致力于呈现其发展路径与投资内核，记录这些私募中坚力量在投研体 系、风控流程与团队建设上的特色与亮点，为读者提供多样的观察视角。 本期观察——双隆投资。 私募排排网数据显示，截至2025年10月底， 在管理规模20亿以上的私募中，双隆投资旗下11只产品平均收益达***%，位列期货及衍生 品收益榜第四。 （ 点此查看收益 ） 截至10月底，在20-50亿规模私募中， 双隆投资旗下产品"双隆-隆富6号A类份额"近5年收益达***%，位列私募CTA产品近5年收益榜 第二。 （ 点此查看收益 ） 截至10月底，在5-50亿规模私募中， 双隆投资旗下产品"双隆-隆云1号"今年来收益达***%，位列量化CTA产品收益榜第四。 （ 点此 查看收益 ） 截至10月底，在20亿以上规模私募中， 双隆投资张津鹏、李隽所管产品今年来收益分别为***%、***%，均位列期货及衍生品策略基 金经理榜十强。 （ 点 ...

Core Viewpoint - Quantitative investment has gained significant traction in 2023 due to breakthroughs in AI technologies and favorable market conditions, with quantitative long strategies showing strong performance in the A-share market [2]. Group 1: Quantitative Long Strategy Performance - As of November 2025, there are 715 quantitative long products with a total scale of approximately 609.92 billion, achieving an average return of 39.07% over the past year, outperforming other secondary strategies [2][3]. - The average returns for various secondary strategies are as follows: - Quantitative Long: 39.07% - Subjective Long: 35.20% - Other Derivative Strategies: 29.36% - Macro Strategies: 27.06% - Composite Strategies: 26.48% - Quantitative CTA: 18.55% - FOF: 17.88% - Stock Long-Short: 15.59% [3]. Group 2: Top Performers in Quantitative Long Strategies - Among the top-performing private equity firms with over 100 billion in assets, the average return for their quantitative long products is 43.46%, with 29 firms having at least three qualifying products [5]. - The top three firms in this category are: - Lingjun Investment - Pingfang Investment - Ningbo Huansheng Quantitative [5][8]. Group 3: Performance by Asset Size - For firms with 20-100 billion in assets, the average return is 41.79%, with the top three being: - Luxiu Investment - Yunqi Quantitative - Guangzhou Shouzheng Yongqi [9][10]. - In the 5-20 billion category, the average return is 35.88%, with the top three being: - Longyin Huxiao - Zhongmin Huijin - Yangshi Asset [12][13]. - For firms with 0-5 billion in assets, the average return is 33.26%, with the top three being: - Hangzhou Saipasi - Guangzhou Tianzheng Han - Hongtong Investment [15][16].

Group 1 - The core viewpoint of the article emphasizes the increasing value of quantitative and CTA strategies in a volatile market environment, where traditional investment approaches may struggle to provide direction [2][3][15] Group 2 - Recent market fluctuations are attributed more to style switching rather than "quantitative crowding," indicating a shift in investor preferences from high-volatility growth stocks to stable cash flow and low-volatility investments [5][15] - The performance of various style factors shows that growth and volatility factors have been strong, while large-cap and liquidity factors have weakened, suggesting a broader market de-concentration and a response to macroeconomic variables [5][15] Group 3 - The rising expectations of interest rate hikes in Japan are identified as a significant driver of global market volatility, impacting carry trades and increasing risk premiums in Asian assets [6][15] - Quantitative strategies and CTA strategies are positioned to benefit structurally from these changes, as they can adapt quickly to rising funding costs and currency fluctuations [7][8][15] Group 4 - The article highlights the performance of private equity funds, noting that those with higher Sharpe ratios and lower drawdown characteristics are more suitable for core portfolio allocation during turbulent market conditions [15]

Core Viewpoint - The A-share market experienced a high-level fluctuation in November, continuing the trend from October, with all three major indices declining. The Shanghai Composite Index fell by 1.67%, while the Shenzhen Component and ChiNext Index dropped by 2.95% and 4.23%, respectively. Despite this, 2303 private equity products reached historical highs in net value, representing approximately 44.59% of private equity products established for over a year [2][3]. Summary by Category Private Equity Product Types - Among the private equity products, 1199 were non-quantitative and 1104 were quantitative. The majority were stock strategy products, with 1362 products (about 59.14%), followed by multi-asset strategy products (321), futures and derivatives strategy products (302), bond strategy products (233), and combination fund products (85) [2]. Company Scale - The largest number of products came from private equity firms with assets under management below 500 million, totaling 778 products (34%). There were 389 products from firms with over 10 billion in assets [3]. Long-Established Products - Among the private equity products that reached historical highs, 20 were established for over 10 years, with 16 of them achieving an annualized return exceeding 10%. The majority of these long-established products were subjective long positions (12), with macro strategies and CTA products each accounting for 3 [4]. Top Performing Products - The largest product by scale was "Kai Feng Macro Strategy No. 9" managed by Shenzhen Kai Feng Investment, established on July 29, 2015, with a scale of approximately *** billion and an annualized return close to ***% [6][7]. - The top-performing quantitative long products included 515 products, with the highest returns coming from firms like Jin Tong Investment and Jiu Ming Investment [8][9]. - In the subjective long strategy category, 331 products reached historical highs, with top performers from companies like Neng Jing Investment and Qian Tu Investment [11][15]. Futures and Derivatives Strategy - There were 169 products under the futures and derivatives strategy, with the top product being "Yi Zu Qing Gui Li Dong" managed by Yi Zu Investment, achieving significant returns [16][19]. Multi-Asset Strategy - A total of 207 products were categorized under multi-asset strategies, with the top product being "Xi Shi Run Gold Enhanced No. 1A" managed by Xi Shi Run Investment, which also achieved notable returns [20][23].

Core Viewpoint - The A-share market in 2025 has shown distinct characteristics of a structural bull market, driven by policy support for the economy and technological transformation, leading to an upward trend in indices and significant returns for investors [2] Group 1: Market Performance - As of November 28, 2025, the private equity stock strategy index has achieved a return of 23.67%, while the CSI All Share Index has returned 18.30% during the same period [2] - The quantitative long strategy index has outperformed the subjective long strategy index, with returns of 34.67% and 22.75% respectively [2] Group 2: Strategy Analysis - The market environment this year was expected to favor subjective long strategies, yet quantitative strategies have leveraged their systematic advantages to capture opportunities [2] - The average performance of subjective long strategies has not matched that of quantitative strategies, attributed to the internal dispersion of returns and decreased effectiveness of timing strategies [12][18] Group 3: Future Outlook - The current environment for subjective long strategies is expected to improve compared to 2022-2024, with enhanced liquidity and a shift in market risk appetite [18] - Investors are encouraged to focus on subjective long managers who emphasize shareholder returns and sectors with high growth potential, such as AI and related industries [18]

Core Viewpoint - The article discusses the latest developments and strategies of JQAI in the context of the AI era, emphasizing the importance of attracting top AI talent and the implementation of AI-driven investment research strategies [2][3]. Group 1: AI Talent Acquisition and Engagement - JQAI recently participated as a sponsor in NeurIPS 2025 to connect with top global AI talent, leveraging the event to engage with researchers who have achieved significant results in AI [2]. - The company aims to continuously attract and unite top AI talent globally as part of its investment research focus [3]. Group 2: AI-Driven Investment Research - JQAI is committed to exploring AI-driven investment research, focusing on building a fully controllable investment research system and investing in high-performance computing resources [3]. - The company has developed a new technology engine with over 400,000 CPU cores and over 200 petabytes of GPU resources, creating a cloud-native distributed investment research platform [3]. - The proportion of factors derived from AI methodologies in JQAI's factor mining has increased from approximately 20% at the beginning of 2024 to over 60% currently, indicating a significant shift towards AI applications in investment processes [3]. Group 3: Quantitative Stock Selection Strategy - JQAI's quantitative stock selection strategy differs from traditional index-enhanced strategies by not setting specific style constraints against benchmark indices, allowing for greater flexibility in utilizing predictive models [4]. - The quantitative stock selection strategy is designed to dynamically adapt to market conditions, addressing challenges in index-enhanced investment strategies [5]. Group 4: Market Adaptability - The article uses an analogy comparing the A-share market to a lake, where the quantitative stock selection strategy is likened to a sonar-equipped fishing boat that can navigate to areas with higher excess returns, unlike index-enhanced strategies that are limited to specific regions [5].

Core Insights - The average return for private fund managers with at least three qualifying products from January to November this year is 29.42%, with a median return of 23.89% [2] - Fund managers focusing on stock strategies have a higher average return of 35.26% and a median return of 31.1%, outperforming the Shanghai and Shenzhen 300 index by 17.94% [2] - The performance of small and mid-cap stocks has favored quantitative fund managers, while trends in AI-related sectors have provided opportunities for subjective fund managers [2] Summary by Fund Size 100 Billion and Above - There are 77 fund managers, with an average return of 29.99% and a median return of 27.92% [3] - The top 10 fund managers in this category have a majority from quantitative funds, with all having over 10 years of experience [4] 50-100 Billion - This category includes 54 fund managers, with an average return of 27.17% and a median return of 24.28% [3] - The top 10 fund managers are predominantly subjective, with 8 out of 10 being from this strategy [9] 20-50 Billion - There are 30 fund managers, with an average return of 28.62% and a median return of 23.90% [3] - The top 10 fund managers are mostly subjective, with 7 out of 10 in this category [13] 10-20 Billion - This category has 74 fund managers, with an average return of 28.54% and a median return of 22.26% [3] - All fund managers in the top 10 have over 10 years of experience [17] 5-10 Billion - There are 96 fund managers, with an average return of 30.33% and a median return of 23.72% [3] - The only quantitative fund manager in the top 10 is from Huacheng Private Equity, with an average return exceeding ***% [24] 0-5 Billion - This category includes 176 fund managers, with an average return of 30.17% and a median return of 22.06% [3] - The top 10 fund managers have all achieved returns exceeding ***% [26]

以下内容转载自公众号：排排网研究院 2025年，DeepSeek的横空出世引爆科技股行情，A股市场在其带动下走出一轮强劲上涨，上证指数一度突破4000点，创下十年来新高。这 为私募证券基金提供了良好的市场环境，私募产品备案热度显著回升，吸引大量资金持续涌入。 据中基协截至今年10月末的数据，存续私 募证券投资基金规模已达7.01万亿元，较去年底大增1.8万亿元。 业绩方面同样表现亮眼， 私募排排网数据显示，截至10月底，今年以来共 有2753只有业绩展示的私募证券投资基金净值创出历史新高。 在此背景下，百亿私募阵营持续扩容，数量再度突破百家，行业格局加速变 化。 为深入探讨新环境下的机遇与趋势，持续助力行业高质量发展，由排排网集团主办，银河期货、方正证券、中辉期货、私募排排网、国联期 货协办的 "循光而行 星河万里"第二十届私募基金发展论坛，将于2026年1月8日在深圳盛大启幕。 论坛将汇聚来自券商、公募、期货、信 托、私募等金融机构的资深从业者，共同剖析宏观经济形势，探寻资产配置有效策略，共话未来投资机遇。 本次论坛丰富多元，亮点纷呈，不仅邀请在各自策略领域表现卓越的私募大咖发表主题演讲，分享实战经验与投资 ...