Core Viewpoint - Major international institutions, including JPMorgan, Morgan Stanley, and UBS, express confidence in the outlook for China's economy and capital markets in 2026, highlighting the increasing medium- to long-term investment value of the Chinese stock market [2][9]. Group 1: JPMorgan's Insights - JPMorgan raises its rating for A-shares to "overweight," predicting a significant probability of market growth in 2026, with the MSCI China Index target price set at 100 points and the CSI 300 Index potentially reaching 5200 points (optimistically up to 6000 points) [2]. - Four key investment themes identified by JPMorgan include: 1. Acceleration of "anti-involution" policies, with significant room for improvement in net profit margins and ROE in the MSCI China Index [2]. 2. Opportunities arising from the expansion of AI infrastructure, benefiting domestic supply chain companies and those focused on domestic substitution and AI commercialization [3]. 3. Recovery of the global macro environment supporting external demand growth, aided by easing fiscal and monetary policies in major economies [4]. 4. A "K-shaped recovery" in consumption, where food and beverage and luxury goods sectors continue to benefit, while mid-tier consumption faces pressure [5]. Group 2: UBS's Perspective - UBS anticipates a positive turning point for A-shares, with earnings growth accelerating from 6% this year to 8% next year, driven by faster nominal GDP growth and a narrowing decline in PPI [9]. - The firm emphasizes the potential for significant valuation recovery in A-shares, suggesting that recent market pullbacks present a good opportunity for mid-term positioning [9]. - Key investment themes recommended by UBS include technological independence, consumption recovery, sectors benefiting from "anti-involution" (such as photovoltaics, lithium batteries, and chemicals), and Chinese companies expanding overseas [9]. Group 3: Morgan Stanley and Goldman Sachs - Morgan Stanley highlights that the Chinese stock market has completed a decisive valuation repair, with the MSCI China Index's P/E ratio recovering from 9 times to over 13 times, suggesting limited room for further valuation expansion in 2026 [12]. - Goldman Sachs notes that recent policies boosting consumption and technological innovation enhance the attractiveness of the Chinese market, emphasizing the importance of stock selection to achieve sustainable profit growth [12]. Group 4: Target Price Adjustments - JPMorgan has adjusted ratings for 34 A-share companies since October, maintaining "overweight" ratings for 17, "underweight" for 3, and "neutral" for 12, with notable target price increases for companies like OmniVision Technologies, which has a target price of 186 CNY per share, indicating over 55% upside potential from its recent closing price [6][8]. - UBS has also adjusted ratings for 196 A-share companies, maintaining "buy" ratings for 131 and upgrading 4 to "buy," with a target price for Aibo Medical set at 118 CNY per share, suggesting over 90% upside potential from its recent closing price [10].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 12月8日，A股的AI算力概念股大涨。 当日市场成交额超100亿元的个股有11只，其中AI算力概念股占7只，成交额前6均是AI算力概念股，呈现 霸榜之势，光模块三杰"易中天"再次占据成交额前3强，足见资金的追捧程度。中际旭创、天孚通信均创下历史新高。东田微、汇绿生态、宏和 科技、景旺电子、光库科技等多只AI算力概念股涨停或大涨。 展望2026年，AI算力板块依然是很多机构看好的方向。 经过最近2-3个月的震荡盘整之后，资金再次聚集AI算力板块，或是部分机构在布局 2026年的行情。 AI算力板块走强背后主要是机构资金在推动 。为了给读者提供一些参考，笔者梳理出了公募基金、北向资金重仓以及机构最近调研过的AI算力 概念股。 （ 点此查看名单 ） 01 公募基金重仓中际旭创、新易盛均达千亿元！ 公募基金是 A股的主要机构投资者之一，也是史上多个赛道板块的主力资金之一 。根据Choice数据 统计，2025年三季度末， 有 38只AI算力概 念股被基金持股均超10亿元 ，其中，光模块公司中际旭创、新易盛均被基金持股超1100亿元，寒武纪、天孚通信等11 ...

Core Viewpoint - The article emphasizes the importance of considering both risk and return in investment, particularly in a volatile and uncertain market environment [2]. Group 1: Sharpe Ratio and Its Importance - The Sharpe Ratio is defined as the ratio of the excess return of an investment portfolio over the risk-free rate to the standard deviation of the portfolio's returns, serving as a measure of risk-adjusted return [3]. - The increasing focus on the Sharpe Ratio among investors highlights its role as a "cost-performance" indicator for risk and return [4]. - Data from "Private Equity排排网" shows that the average Sharpe Ratios for private equity products over the past year, three years, and five years are 1.69, 0.9, and 0.65, respectively, with products over 1 billion yuan showing higher averages [4]. Group 2: Top Performing Private Equity Products - In the past year, nine out of ten top-performing private equity products based on the Sharpe Ratio are quantitative long products, with "稳博小盘激进择时指增1号" leading the list [6][9]. - "幻方量化500指数专享65号1期" ranks third among the top products, utilizing AI for investment and achieving significant returns [9]. - For the past three years, "平方和财赢平衡1号B类份额" ranks first with a Sharpe Ratio exceeding *** [10][12]. Group 3: Trends in Investment Strategies - The article notes a trend towards quantitative strategies, with firms like 宁波幻方量化 and 君之健投资 leading in performance [9][10]. - The use of AI and advanced models in investment strategies is highlighted as a key factor for success, particularly in the context of deep learning and risk management [12]. - The article also mentions the increasing number of private equity firms obtaining licenses, indicating a growing market for private equity investments [16].

私募排排网最新数据显示，截至2025年11月21日，蒙玺投资旗下今年以来有业绩展示且符合排名规则的产品共有10只，均由李骧管理，今年 来平均收益为***%。其中，有8只为量化多头产品，它们今年来的平均超额收益为***%。（ 点击查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，在市场流动性改善以及友好的策略环境下，多家量化私募凭借着其投研、风控、策略优势，进入百亿私募阵营。蒙玺投资就是其中一 家新晋的百亿量化私募。 蒙玺投资成立于2016年，是国内量化行业先行者之一。 依托强大的数据挖掘、统计分析和软件开发能力， 公司构建了覆盖多市场、多品种、 全频段的量化资产管理平台 。公司自主研发的低延迟交易策略和系统，经长期实践检验，形成一定技术壁垒，业绩表现获得了市场广泛认可。 蒙玺投资的投研团队有60余人，具备世界顶级高校的物理、数学、金融等多元学科背景。另外，公司在数据方面资源储备充足，除常用的量 价、基本面数据外，每年额外有千万级别另类数据购买成本，构建来自全球200+的 ...

Core Viewpoint - The private equity industry in China has reached a new milestone with the total management scale exceeding 22 trillion yuan, driven by significant growth in securities investment funds, which increased by 1.8 trillion yuan, marking a growth rate of over 34% [2][3]. Group 1: Market Performance - As of the end of November, major stock indices in A-shares, Hong Kong, and the US have shown varying degrees of increase, with the Shanghai Composite Index rising approximately 16.02%, the Shenzhen Component Index by 24.67%, and the ChiNext Index by 42.54% [2]. - The Hang Seng Index and the Hang Seng Tech Index both recorded gains exceeding 25%, while the Nasdaq Index increased by about 21% and the S&P 500 Index by 16.45% [2]. Group 2: Private Equity Growth - By the end of October 2025, the number of existing securities investment private equity firms in China reached 7,569, with only 673 firms experiencing a scale increase, representing less than 11% of the total [3][4]. - The number of private equity firms with management scales exceeding 50 billion yuan has expanded to 237, with over 100 firms in both the 100 billion yuan and 50-100 billion yuan categories [4][5]. Group 3: Scale Changes - The management scale of private equity firms has seen significant changes, with the number of firms in the 100 billion yuan category increasing by 28.41%, and those in the 50-100 billion category rising by 34.78% [5]. - The number of small private equity firms (0-5 billion yuan) decreased from 6,375 at the end of 2024 to 6,161 by the end of November 2025, a decline of 3.36% [5]. Group 4: Investment Strategies - Among the 673 private equity firms that achieved scale increases, 368 are subjective investment firms and 159 are quantitative firms, with the scale increase rates being 6.97% and 18.73% respectively, indicating a stronger market recognition for quantitative investment [6][7]. - A total of 20 private equity firms have seen their management scale increase by at least three levels, with 19 firms increasing by three levels and one firm by four levels [6][7]. Group 5: Top Performers - The top three private equity firms that achieved a scale increase of at least three levels are Luyuan Private Equity, Haokun Shengfa Asset, and Hanrong Investment, with Luyuan Private Equity leading in performance [8][9]. - Luyuan Private Equity, established in 2023, has seen its management scale rise from 0-5 billion yuan to the 20-50 billion yuan range, showcasing a remarkable growth trajectory [8][9]. Group 6: Performance Metrics - The threshold for the top 10 performing private equity firms this year was set at a return of over ***%, with Luyuan Private Equity achieving the highest return [8][9]. - Haokun Shengfa Asset and Hanrong Investment also performed well, with their respective products showing significant returns, contributing to their scale increases [9][10].

Core Viewpoint - The article highlights the rapid growth and development of China's commercial aerospace sector, driven by recent government initiatives and technological advancements, marking a transition from the cultivation phase to a high-quality development phase [2][3]. Group 1: Market Dynamics - On December 5, 2023, commercial aerospace stocks in the A-share market surged, with notable performances from companies like Aerospace Development, which achieved a 10-day consecutive rise in stock price over 16 days [2]. - The National Space Administration of China released an action plan for the high-quality and safe development of commercial aerospace from 2025 to 2027, integrating commercial aerospace into the national development framework [2][3]. Group 2: Satellite Industry Growth - The global aerospace industry is projected to reach approximately $415 billion in 2024, with the satellite industry contributing around $293 billion [10]. - China's satellite internet market is expected to grow to 648 million yuan in 2024, with a compound annual growth rate exceeding double digits, potentially reaching 151.2 billion yuan by 2030 [10]. Group 3: Technological Advancements - The development of reusable rockets is anticipated to revolutionize China's commercial aerospace sector by significantly reducing launch costs and increasing launch capacity [14]. - The article emphasizes the importance of establishing a stable and continuous satellite constellation network for the sustainable operation of satellite IoT, highlighting the need for multiple orbital planes and large-scale constellations [6]. Group 4: Competitive Landscape - Various countries are launching satellite communication network plans, with notable examples including the Starlink project by SpaceX, which has already deployed over 10,000 satellites out of a planned 42,000 [7][9]. - China has three major satellite constellation plans, including the China Star Network, which aims to deploy a total of 12,920 satellites, but currently has only 116 operational satellites, indicating a significant gap to meet its goals [9]. Group 5: Company Involvement - Several A-share companies are actively involved in the commercial aerospace sector, such as Aerospace Development, which is working on the Tianmu-1 satellite constellation for atmospheric data collection [15][16]. - Companies like Aerospace Electromechanical and others are developing key components and systems for satellite communication and rocket technology, contributing to the overall growth of the industry [16][17].

0 1 环比激增近三成，创年内备案次高 私募排排网统计数据显示，截至2025年11月30日，11月私募市场共计有1285只私募证券产品完成备案（包含自主发行和担任投顾的产品），较 前一个月的994只相比， 环比大增29.28%，这一数据不仅延续了之前的火热势头，更创下了年内月度备案量的次高， 反映出私募机构在临近年 底时发行产品的强烈意愿，为年末市场注入了一剂"强心针"。 排排网集团旗下 融智投资 FOF基金经理李春瑜 表示，尽管11月A股市场出现调整，私募备案热情依然高涨，主要基于三方面积极因素：首先， 私募机构对后市预期乐观，认为当前权益资产估值已进入合理区间，加之经济呈现企稳态势、企业盈利底部的确认，正积极备案产品以捕捉下一 轮行情机遇。其次，市场无风险收益率持续下行，使得传统固收类产品吸引力减弱，推动投资者进行资产再配置，资金纷纷转向收益潜力更高的 私募证券产品。此外，今年以来私募证券产品整体业绩表现亮眼，尤其是量化策略产品表现更为突出，正收益产品占比超过九成，显著增强了渠 道与高净值客户的配置信心。 02 股票策略仍是备案绝对主力 11月备案的产品中，股票策略产品多达849只，占比高达66.07%， ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 当市场波动加剧时，如何检验量化私募超额收益的"含金量"？过去一年中，不同策略、不同规模的私募机构在市场变幻中展现了截然不同的适应 能力，而 "超额胜率"—即私募基金跑赢基准指数的频率 ， 正成为衡量量化策略稳定性的核心指标之一。 百亿量化私募凭借AI技术、算力、人才、风控等各方位优势，在量化模型的迭代上越发精进，维持了量化模型持续输出超额收益的能力。私募 排排网数据显示，百亿量化私募旗下产品，1-11月实现超额胜率均值为62.28%，显著领先于其他规模私募；此外50-100亿、20-50亿、10-20 亿、5-10亿、0-5亿的超额胜率呈现逐级递减的趋势。 在量化行业进入"精耕细作"时代的当下，不仅关注谁在市场中跑得更快，更关注谁跑的更稳；为此本文按不同规模私募，分别梳理了旗下产品超 额胜率均值位居前十的量化私募，供投资者参考。 (参与排名的量化私募需在私募排排网符合排名规则的产品在3只及以上，本文超额胜率以周 度为统计周期) 0 1 百亿量化：天演资本、超量子基金、蒙玺投资位居前三！ 私募排排网数据显示，截至11月底，百亿量化私募旗下396只符 ...

Core Viewpoint - The private equity fund industry in China has undergone significant structural changes, with a notable increase in the total management scale, which is expected to exceed 22 trillion yuan by the end of October 2025, up from 20.81 trillion yuan in September 2023 [2][3]. Group 1: Industry Overview - The total management scale of private equity funds is projected to surpass 22 trillion yuan by October 2025, marking a historical peak [2]. - The scale of existing private securities investment funds has reached 7.01 trillion yuan, the first time this category has exceeded 7 trillion yuan [2]. - The industry has shifted from a focus on equity private equity to a dual-driven model of equity and securities private equity, leading to a healthier and more balanced ecosystem [3]. Group 2: Competitive Landscape - The competitive landscape is increasingly characterized by a head effect, with funds and quality projects concentrating in top-tier institutions that possess strong research capabilities, mature risk control systems, and brand influence [3]. - As of November 28, 2025, there are 5,561 private equity products with performance displays, of which 1,119 products have a management scale of over 100 million yuan, accounting for 20.12% [3]. - The average and median returns for products with a management scale of over 100 million yuan are 32.31% and 25.39%, respectively [4]. Group 3: Performance of Top Products - In the category of private equity products with a management scale of over 500 million yuan, the top-performing products have an entry threshold for returns [6]. - The top five products in this category are managed by leading fund managers, showcasing significant returns [5][8]. - The best-performing product in the 3-5 billion yuan category is managed by Wang Aoye from Yuanxin Investment, with a notable return [9][13]. Group 4: Detailed Product Performance - The top product in the 1-3 billion yuan category is managed by Shen Longji from Xinchili Asset, demonstrating strong performance [15][17]. - The performance of products in the 1-3 billion yuan category shows a high entry threshold for returns, indicating competitive performance among these funds [14].

在选购私募基金的过程中，投资者常会接触到各类销售平台，但这些平台里，可能混着不少无资质的"李鬼"机构，稍有不慎就可能掉入投 资陷阱。今天我们就来科普，如何精准识别正规的第三方私募代销机构。 我们先搞懂"第三方私募基金 代销机构"是什么？ 简单说，这类机构是连接投资者和私募基金公司的"正规中介"，帮持牌私募管理人销售产品，但自身不发行私募。 那么到底怎么样才算是个 正规的私募代销机构呢？ 关键一：身份可查 第一查："公司营业执照" ——确认机构"身份合法" 营业执照是公司的"身份证"，先确认这家机构真实存在，且经营范围包含"基金销售"，这是最基础的门槛。 查询渠道 ：国家企业信用信息公示系统（官方唯一渠道，无广告，信息权威） 官网地址： http://www.gsxt.gov.cn/ 具体步骤 ： 1.打开浏览器，输入上述官网地址，注意认准"官方"标识，避免进入钓鱼网站； 2.在首页搜索框输入机构 完整全称 （比如"深圳市前海排排网基金销售有限责任公司"，别写简称），或输入机构的"统一社会信用代码"（如果有 的话，查询更精准）； 3.点击"查询"，找到与输入名称完全匹配的企业，点击进入企业详情页； 从行业惯例来 ...