本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） CTA策略，全称为商品交易顾问策略，是期货及衍生品领域的一项二级策略，主要通过运用趋势跟踪、基本面分析与价差套利等方法，在商品、 股指及国债期货市场中获取收益。由于与股票、债券等传统资产的相关性较低，以及可以通过期货、期权等工具进行双向交易（可以做多也可以 做空）等优势，其在资产配置中占据独特而重要的位置。 10月份，A股市场主要指数表现分化，股票多头私募产品整体表现不佳，私募排排网数据显示，截至2025年10月底，有业绩展示的2200只主观 多头产品近1月收益均值为 -1.33% ，892只量化多头产品近1月收益均值为 0.94% 。在这样的情况下，具备与股票、债券等低相关性特点的 主 观 CTA、量化CTA产品近1月收益均值分别为2.84%、1.77%，在私募二级策略中表现突出。 | | 私募(二级)策略 | 有业绩展示的 | 产品规模合计(万元) | 近1月收益均值 | 近6月收益均值 | | --- | --- | --- | --- | --- | --- | | | | 产品数 | | | | | 1 | 主观多头 | 2200 | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 根据私募排排网不完全统计，截至2025年11月5日，年内已有永吉股份、迪阿股份、创新新材等 9家上市公司公告认购私募证券产品，涉及11笔 交易，认购总金额达7.48亿元 ，展现出上市公司对私募投资的持续热情。 | 序 公告日期 | 上市公司 | 私募机构 管理规模 | 析量搭整 | 私募产品简称 | 认购金额 | 符合排 | And deller of the comment of the | | --- | --- | --- | --- | --- | --- | --- | --- | | 름 同探 | | 育探 | 在中国 | | (FFF) | 品数 | 平均收益 | | 1 亚星铜链 2025/4/1 | | 砚博乘风 10-20亿 | 量化 | 砚博卖风量化 | 15000 | 4 | | | 上海川橙 | | | | 18号 | | | | | 2 永吉股份 : 2025/11/1 | | 10-20亿 树私募 | 主观 | 山楂树甄琢5号 | 10000 | | | | 3 众兴菌业 2025/4/20 仙童投资 0-5亿 | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在刚过去不久的 10月份，A股三大股指维持高位震荡走势 。其中，上证指数10月微涨1.85%。深证成指、创业板指则相对弱势，10月分别下跌 了1.1%、1.56%。同时，10月份的A股市场整体成交额也相比前几个月有所萎缩。 在这样的市场背景下， 今年 10月份，以股票策略为主的百亿私募旗下仍有407只私募产品 （产品成立满1年、在私募排排网有业绩展示且符合排 名规则） 的净值创下了历史新高，约占百亿私募产品总数的 69%。 按产品类型来看，量化产品占266只，非量化产品占141只。 量化产品占比更多，主因量化策略相比主观投资通常回撤较小，更适配 10月份的震 荡行情，创新高相对容易 。 按照产品策略（一级策略）来看，股票策略产品最多，有327只（其中，量化多头占201只，主观多头占103只），占比超80%；其次是多资产策 略产品占48只，债券策略产品占24只，期货及衍生品策略产品占6只，组合基金产品占2只。 为了给读者提供一些参考，笔者首先梳理出了 旗下 8成以上产品 （产品成立满1年且在私募排排网有业绩展示） 创了历史新高的百亿私募 。然 后， ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年10月底，管理规模在20亿以下的私募管理人有近7200家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 金和晟基金 。 Part.1 公司概况 上海 金和晟私募基金管理有限公司（登记编号P1071636）于2020年8月26日注册成立，2025年7月完成注册地迁移及管理人名称变更。目前管 理资产规模10-20亿，存续产品32只。（ 点击查看产品收益 ） | 序号 | 产品简称 产品策略 | 基金经理 成立日期 | 近6月收益 今年来收益 | 成立以来收 载 | | --- | --- | --- | --- | --- | | 1 金和全天候1号A类份额 宏观策略 | | 空動 2024/4/15 | 应合规要求 | | | 金和中证1000指数增强1 量化多头。 3 | 를 | 王建兵 2021/2/26 ...

Core Viewpoint - The A-share market is expected to continue a "slow bull" trend in November, with increased focus on high-dividend sectors such as banking and coal, while technology stocks undergo a correction [2][3]. Group 1: Market Outlook - The Shanghai Composite Index briefly surpassed 4000 points but has since retreated, with total trading volume in the A-share market shrinking [2]. - The market is entering a performance vacuum period following the release of Q3 reports, leading to increased divergence among investors as the year-end approaches [2]. - Longjiang Securities anticipates that the resolution of trade issues between China and the U.S. may help restore market valuations affected by tariff disruptions [2]. Group 2: Investment Themes - Longjiang Securities identifies three main investment themes for November: 1. Technology growth sectors, focusing on AI hardware like storage and optical modules, as well as high-demand areas in renewable energy such as energy storage and power grids. 2. Market hotspots influenced by policy guidance and fundamental improvements, particularly in military and gaming sectors. 3. Industries benefiting from "anti-involution" policies, such as chemicals and photovoltaics [3]. Group 3: Stock Recommendations - As of November 4, 2025, 41 brokerages have disclosed their stock picks for November, covering 264 A-share companies, with several stocks being recommended by multiple brokerages [3]. - The electronic industry remains the most recommended sector, with 50 companies included in the November stock picks, despite a decrease from the previous month [7][8]. - Notable increases in stock recommendations were observed in the coal, automotive, and banking sectors, with respective increases of 7, 6, and 5 stocks [7][9]. Group 4: High-Performing Stocks - Among the stocks recommended by multiple brokerages, 27 stocks are favored by three or more brokerages, with 中际旭创 (Zhongji Xuchuang) and 拓普集团 (Top Group) receiving the most attention, each recommended by six brokerages [10][12]. - 中际旭创 has seen a significant price increase of approximately 285% from January to October 2025, benefiting from high demand for optical modules [10][12]. Group 5: Performance Metrics - 27 companies in the November stock picks reported over 30% growth in revenue and net profit for the first three quarters of 2025, with 13 of these stocks doubling in price this year [16][17]. - 阳光电源 (Sungrow Power Supply) is highlighted for its impressive performance, with a revenue increase of nearly 33% and a stock price increase of over 163% [16].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 10月，A股市场表现较为分化，其中沪指月线六连阳，月内收涨1.85%，盘中首次站上4000 点，创2015年8月以来新高。与此同时，深证成指、 创业板指结束此前五连涨，月内分别跌超1%。从板块风格来看，大小盘风格趋于均衡，此前大涨的TMT高位回调，周期板块领涨。 港股方面则出现显著回调，其中恒生科技指数、恒生指数、恒生国企指数月内分别跌超8.62%、3.53%、4.05%。相较之下，美股三大指数全线 走好，其中纳指涨约4.7%，道琼斯指数、标普500指数均涨超2%。 在此背景下，布局美股的基金经理的业绩迎来上攻机会，配置了贵金属的私募产品也涨势良好。接下来，笔者将为大家盘点2025年10月的人气 私募基金经理、人气私募公司以及人气私募产品。 （注：本文业绩数据截至2025年10月31日） 0 1 人气私募基金经理：但斌人气第1！邓晓峰位列前10 在人气位列前20的基金经理中，上榜的百亿私募基金经理共有8位，占比接近一半。从基金经理所属私募的投资模式来看，主观私募旗下基金经 理共有14位。 位列前 4的基金经理人气整体保持稳定，分别为：但斌、林园、 ...

Core Insights - The article discusses the recent analysis and target price adjustments by major securities firms in the A-share market, highlighting the search for new investment opportunities amid market fluctuations [2][5]. Group 1: Target Price Adjustments - Citic Securities initiated coverage on seven companies, including Giant Network and Ninebot, with target price increases exceeding 50% [3][4]. - Ninebot received a target price of 98 CNY, indicating a potential upside of 62.95% from its latest closing price [4]. - Huatai Securities identified 13 companies with target price increases over 50%, primarily in the technology sector, with the highest being SMIC at 238 CNY, representing a 101.18% upside [5][6]. Group 2: Sector Focus - The focus of research has shifted towards sectors with stable earnings and long-term growth potential, such as technology and consumer goods [7][11]. - The analysis indicates a strong interest in high-dividend stocks and cyclical sectors as market risk appetite stabilizes [5][7]. Group 3: Notable Companies - Zhongding shares were highlighted with a target price of 37.33 CNY, suggesting a 66.80% upside, following significant investment from a major private equity firm [8][10]. - Guizhou Moutai and Wuliangye were noted as top targets in the liquor sector, with target prices reflecting substantial growth potential [11][12]. Group 4: Market Outlook - Analysts predict a potential market consolidation phase due to high valuations and a lack of immediate positive catalysts [9][11]. - The overall sentiment remains cautiously optimistic, with expectations for a gradual recovery in the market driven by stable policy environments and economic growth targets [11][13].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 进入11月，A股三季度报已经披露完毕，券商重仓股也已经全部出炉。Choice数据显示，截至2025年三季度末，共有44家券商出现在320家A股 公司的前十大重仓股中，持股市值合计664.51亿元，相比一季度末上升17.39亿元。 从持仓变动来看，新进的公司有164家，持仓不变的公司共有26家，增持的公司共有69家，减持的公司有61家。 接下来，笔者将从持股市值、涨跌幅、持股机构数为大家盘点三季度末的券商重仓股。 （ 点此领取券商三季度末重仓股名单 ） 0 1 香农芯创等 35 股持股市值超 3 亿元 从持股市值来看，持股市值超1亿元的公司有114家，持股市值超2亿元的公司共有61家， 持股市值超 3亿元的公司共有35家。 在这35家公司中，持股不变的公司有6家，新进的公司有5家，增持的公司有13家，减持的公司有11家。行业方面，这35家公司所属的板块较为 分散。 从股价表现来看，三季度以来股价上涨的公司共有28家，其中涨超10%的公司共有18家，股价翻倍的公司仅有香农芯创1家。 （ 点此领取名单 ） 香农芯创最新持股市值约为 5.93亿元，持股数 ...

Core Insights - The article highlights the performance of top private equity founders in the past six months, showcasing their investment strategies and product performance [2][4]. Group 1: Performance Overview - As of October 24, 2025, 25 private equity founders had over 10 products each that met ranking criteria, with a total of 432 products and a combined scale of approximately 71.11 billion yuan, achieving an average return of 22.86% [2]. - The top 10 private equity founders based on performance include: Dan Bin from Dongfang Gangwan, Wang Wen from Rido Investment, Xie Xiaoyang from Tianyan Capital, Gao Simeng from Jukuan Investment, Liang Yong from Haiziyuan Investment, Zhu Xiaokang from Longqi Technology, Liang Hong from Hainan Xiwa, Zou Yitian from Heiyi Asset, Lin Ziyang from Hainan Shengfeng Private Equity, and Gao Kang from Yanfu Investment [2][3]. Group 2: Individual Founder Insights - **Dongfang Gangwan (Dan Bin)**: Managed 69 products with a total scale of approximately 10.02 billion yuan, achieving an average return of ***% in the past six months, leading the rankings [5][7]. - **Rido Investment (Wang Wen)**: Managed 18 products with a total scale of approximately 13.68 billion yuan, with most products achieving returns above ***%, ranking second [8][9]. - **Tianyan Capital (Xie Xiaoyang)**: Managed 12 products with a total scale of approximately 2.25 billion yuan, primarily focusing on quantitative stock selection, with returns above ***% [10]. - **Jukuan Investment (Gao Simeng)**: Managed 42 products with a total scale of approximately 3.38 billion yuan, achieving an average return of ***% [11]. - **Haiziyuan Investment (Liang Yong)**: Managed 11 products with a total scale of approximately 1.27 billion yuan, ranking fifth with an average return of ***% [13]. - **Longqi Technology (Zhu Xiaokang)**: Managed 16 products with a total scale of approximately 2.66 billion yuan, achieving an average return of ***% [16]. - **Hainan Xiwa (Liang Hong)**: Managed 23 products with a total scale of approximately 4.51 billion yuan, with most products achieving returns above ***% [18]. - **Heiyi Asset (Zou Yitian)**: Managed 19 products with a total scale of approximately 2.36 billion yuan, achieving an average return of ***% [20]. - **Hainan Shengfeng Private Equity (Lin Ziyang)**: Managed 12 products with a total scale of approximately 2.33 billion yuan, ranking ninth with an average return of ***% [24].

Core Viewpoint - The social security fund's latest holdings in A-shares reveal significant investment trends, with a total market value of approximately 552.72 billion yuan, reflecting an increase of about 49.81 billion yuan from the previous quarter [2][4]. Group 1: Holdings Overview - As of the end of Q3 2025, the social security fund was a top ten shareholder in 622 A-share companies, with a total holding value of approximately 552.72 billion yuan, up from 502.91 billion yuan at the end of Q2 [2][4]. - The fund initiated positions in 226 new stocks, increased holdings in 153 stocks, and reduced holdings in 135 stocks, while maintaining positions in 108 stocks [12][4]. - The banking sector accounted for the largest portion of the fund's holdings, with a market value of 270.06 billion yuan, followed by the non-bank financial sector at approximately 63.04 billion yuan [2][4]. Group 2: Performance of Key Stocks - Among the 622 companies, 133 had a market value exceeding 500 million yuan, and 55 had a market value exceeding 1 billion yuan, collectively accounting for 76.67% of the total holdings [4]. - The top five stocks with a market value exceeding 10 billion yuan were predominantly financial stocks, including Agricultural Bank of China, Industrial and Commercial Bank of China, China Pacific Insurance, and China Communications Bank [4][5]. - Agricultural Bank of China was the largest holding, valued at 156.89 billion yuan, with a strong performance of 38.23% increase since July [4][5]. Group 3: New Energy Sector Focus - The social security fund maintained a significant focus on the new energy sector, with 20 companies in this field having a market value exceeding 300 million yuan, averaging a 45.92% increase since July [9]. - Key stocks in the new energy sector, such as Yiwei Lithium Energy and Sanyuan Electric, saw increases exceeding 80% since July [9][10]. - The fund's investments in the new energy sector reflect a strategic allocation despite the majority of holdings being in the banking and non-bank financial sectors [9][10]. Group 4: Notable Increases in Holdings - The fund significantly increased its holdings in several traditional industry stocks, with notable increases exceeding 50% in companies like Three Trees and Oriental Yuhong [17]. - The largest increase was seen in Guangxin Co., with a 277.97% increase in holdings, reflecting a strategic shift towards agricultural chemicals [16][17]. - Other companies with substantial increases included New Strong Union and Guoen Co., with increases of 251.17% and 230.28%, respectively [17][16].