Core Viewpoint - The private equity market has seen a significant increase in the number of registered products, with a year-on-year growth of over 82% in 2025 compared to 2024, indicating a strong recovery and investor interest in private equity securities products [2]. Group 1: Growth in Private Equity Products - A total of 7,907 private equity securities products have been registered in 2025, compared to 4,340 in the same period of 2024, marking an increase of 82.19% [2]. - Monthly registration data shows a notable recovery since March 2025, with monthly registrations exceeding 1,100 products for three consecutive months from June to August [2]. - Factors contributing to this growth include a steady recovery in the A-share market, the rise of strategic emerging industries like artificial intelligence, improved regulatory frameworks, and the strong performance of private equity products [2]. Group 2: Dominance of Stock Strategies - Stock strategy products have become the mainstay of the registered private equity market, with 5,173 products accounting for 65.42% of the total, reflecting a 91.31% increase from 2,704 products in 2024 [3]. Group 3: Diverse Strategy Growth - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 and 841 products registered respectively, representing increases of 76.58% and 66.87% compared to 2024 [6]. Group 4: Rise of Quantitative Products - Quantitative products have seen a significant rise, with 3,584 products registered, making up 45.33% of the total, and a year-on-year growth of 100.34% from 1,789 products in 2024 [8]. - Within quantitative strategies, stock strategies dominate, with 2,601 products registered, accounting for 72.57% of quantitative products [8]. Group 5: Leading Private Equity Managers - A total of 2,154 private equity managers have registered products this year, with 1,436 managers (66.7%) registering 2,690 products, while 76 billion-level managers accounted for 1,936 products [10]. - The top three billion-level quantitative private equity managers by registered products are KuanDe with 118 products, HeiYi with 112 products, and MingHeng with 101 products [12][14].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 8月，A股市场整体单边震荡上行，沪指站上3800点创下近10年新高，单日成交额最高突破3万亿，市场交投持续火爆，部分基金（公募、私募） 净值也随之创出历史新高。 然而，回顾上一轮结构性牛市，沪指由2019年初低点上涨至2021年2月3731.69的高点，却在随后近1年里于高点附近盘整，并自2022年初起震荡 下跌，迎来了将近3年的熊市行情。 其中， 有不少权益类公募基金和股票多头私募基金正是在 2021年高位时成立的，如今沪指早已"越过"2021年高位的3700多点，那些2021年成 立的基金产品至今收益如何？ 私募排排网数据显示， 截至 2025年8月29日，2021年成立的股票多头私募基金共433只，成立至今实现正收益的 404只，占比93.3% ；根据公募排排网数据，截至2025年8月27日， 2021年成立的权益类公募基金且有业绩展示的（剔除ETF）达1644只，成立 以来正收益产品526只，正收益占比仅32%，相较之下私募基金业绩更为强势 。 那么，有哪些股票多头私募基金收益表现更胜一筹呢？为了给予更多有价值的信息，笔者将筛选出 截至 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月初以来，A股开启了长达五个月的"慢牛"行情，上证指数一度从最低3040点，涨到现在3800点，创出近十年新高。在牛市行情下， 踏空、 跑输大盘带来的痛苦程度往往比熊市里亏钱更甚， 毕竟熊市里大家都在亏，而牛市大家都在盈利自己却踏空，所带来的失败感与挫败感十分强 烈。 那么，在4月3日-8月底的近5个月的"慢牛"行情中，有哪些私募跑赢大盘，用实力拒绝踏空呢？ 私募排排网数据统计，股票策略私募旗下 2911 只产品，在这轮"慢牛"行情下实现20.35%的收益均值(同期大盘涨15.76%)。符合排名规则的产品在3只及以上的股票策略私募共366家，其中 227家的收益均值跑赢大盘，跑赢占比高达75.68%，其中有32家百亿私募跑赢大盘。 (本文"慢牛"行情统计区间为：4月3日-8月底，仅统计纯股票策略私募，本文大盘指的是沪深300指数，4月3日-8月底区间涨幅为15.76%，参与 排名的私募：需满足4月3日-8月底区间和近1年业绩区间，在私募排排网符合排名规则的产品数均在3只及以上。) 0 1 100 亿以上：超 8 成跑赢大盘！东方港湾、复胜资产 ...

Core Viewpoint - The A-share market has shown strong momentum in 2023, with the Shanghai Composite Index breaking through key levels, leading to increased optimism about reaching 4000 points by year-end [3][4]. Fund Performance Overview - As of August 27, 2025, the average return for equity funds established in 2021 is -6.89% since inception, with only 32% of these funds showing positive returns [4][6]. - Among the 1644 equity funds launched in 2021, 62 funds have achieved returns exceeding 50% since inception [4][6]. Specific Fund Highlights - Three funds have doubled their returns since inception, all focusing on companies listed on the Beijing Stock Exchange [6][9]. - The top-performing fund, 华夏北交所创新中小企业精选两年定开, has achieved a return of 166.03% since its establishment, significantly outperforming its benchmark [8][9]. - 汇添富北交所创新精选两年定开A has also performed well, with a return of 121.81% since inception [10]. Investment Strategies and Market Outlook - Fund managers are focusing on three main investment themes: technological innovation, high-end manufacturing upgrades, and emerging consumer trends [11]. - The funds are strategically increasing holdings in sectors like AI, advanced manufacturing, and new consumer markets, indicating a proactive approach to market volatility [12].

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 —— 橡木资产 。 私募排排网数据显示，截至7月底，橡木资产旗下产品平均收益为***%， 在20-50亿规模量化私募1-7月收益榜中居第2；位列20-50亿规模私募 1-7月股票策略收益榜Top10。 （ 点此查看收益 ） 截至7月底，在5亿规模以上私募中 ， 橡木资产旗下"橡木望江二号"位列1-7月中证1000指增超额收益榜第1；"橡木永富"位列1-7月中证500指增 超额收益榜第2。 （ 点此查看收益 ） Part.0 1 公司概况 打卡100家小而美私募 杭州橡木私募基金管理有限公司（以下简称"橡木资产"）成立于2018年3月，是中国证券投资基金业协会登记备案的私募基金管理人（登记编 号：P1068698），为符合提供投资建议条件的第三方机构。 目前 ， 橡木资产共13人，核心岗位团队主要成员已在行业从业多年、合作多年，均为成熟在职人 ...

Core Viewpoint - The A-share market showed strong performance in August, with the Shanghai Composite Index reaching a nearly 10-year high, and trading volumes maintaining historical highs. However, there are concerns about potential market fluctuations in September due to the anticipated interest rate cuts by the Federal Reserve [1][2]. Market Outlook - The key driving force for the market's upward movement is the accumulation of profit effects leading to continuous inflows of incremental capital. There is still significant potential for retail investors to enter the market, suggesting further upward space for the index [1][2]. - The market is expected to continue focusing on low penetration sectors, with AI computing, solid-state batteries, commercial aerospace, controllable nuclear fusion, and innovative pharmaceuticals being the main battlegrounds [1][2]. Sector Analysis - The electronics sector remains the most favored, with 52 companies included in the September stock recommendations from various brokerages, marking a continuous increase over the past three months [5][6]. - Other sectors such as pharmaceuticals, machinery, computers, automobiles, communications, and power equipment also have over 20 companies included in the recommendations [6][7]. - Notably, the communication sector saw a significant increase in attention, with 23 stocks recommended, up by 11 from the previous month [6][7]. Stock Recommendations - A total of 366 stocks were included in the September recommendations from 40 brokerages, with many stocks being jointly recommended by multiple brokerages [2][3]. - The most recommended stocks include ZTE Corporation and Kaiying Network, each endorsed by five brokerages. ZTE Corporation has seen a price increase of over 30% in August due to domestic computing logic drivers [9][11]. - There are 22 stocks that have been jointly favored by three or more brokerages, indicating strong market confidence in these selections [9][10]. Institutional Holdings - There are 34 stocks in the September recommendations that have a market value held by public funds and northbound funds exceeding 2 billion yuan, with the electronics sector leading this group [14][15]. - New Yi Sheng, a light module manufacturer, has seen a remarkable increase of over 330% this year, with significant holdings from both public and northbound funds [14][15]. Shareholder Concentration - There are 17 stocks in the September recommendations that have seen a reduction in shareholder accounts by over 20%, indicating increased concentration of shares, which is favorable for price increases [16][18]. - Among these, Zhongji Xuchuang has been highlighted by two brokerages, with a year-to-date increase of nearly 190% [16][18].

点击↑↑上面卡片参考更多 2025年是中国资本市场直面外部冲击与内部转型的关键之年。在中美贸易摩擦升级、科技产业变革深化、政策托底信号强化的三重交织下，A 股市场经历了从指数下跌到修复再到快牛的剧烈波动。 在此环境中，主观多头策略管理人通过灵活调整仓位与主线布局，展现出对市场节奏的 敏锐把握。 年初国债利率在宽松货币政策表态下达到历史新低，A股核心指数价格震荡向下。在此背景下，主观多头私募管理人仍以中高仓位运作为主， 股票仓位分布于六成至满仓范围，多数基金维持八至九成仓位，现金仓位较低，大多低于5%，强调进攻性策略。其中A股仓位占股票总仓位的 50-90%，多数管理人超配，港股仓位占比为10-40%，聚焦互联网和消费板块，美股仅少数全球化基金配置。 行业配置高度集中于科技（AI、 半导体）、消费、周期品及高端制造等，其中科技占比整体约为20-40%，管理人普遍增持AI应用端和国产算力链，不同管理人持有子行业有所 不同， 例如信息技术、电子、计算机；消费（含互联网）占比15-30%，主要分为持电力设备、汽车为主和持医药生物为主的管理人，主要布局 内需复苏预期；周期板块（有色/能源）占比约10-20%，出于防御性 ...

Core Viewpoint - The A-share market experienced a significant upward trend in August, with major indices showing substantial gains, particularly in the technology growth sector, leading to a divergence in the performance of private equity firms [2][6]. Group 1: Market Performance - In August, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose approximately 8%, 15%, and 24% respectively [2]. - The private equity industry showed mixed performance, with firms heavily invested in technology sectors, particularly those focused on computing power, achieving explosive growth [2][6]. Group 2: Popular Private Equity Firms - Longqi Technology maintained its position as the most popular private equity firm, followed by Rido Investment and Shanghai Xiaoyong Private Equity [2][6]. - Notable increases in popularity among private equity firms included Rido Investment, Mingcong Investment, Century Frontier, and Honghu Private Equity [2][6]. Group 3: Popular Fund Managers - The top four private equity fund managers remained consistent, with Dan Bin, Lin Yuan, Wu Yuefeng, and Li Bei leading the rankings [7][12]. - Significant rises in popularity were noted for fund managers such as Wu Zhou from Deyuan Investment and Han Guangbin from New Thinking Investment [7][12]. Group 4: Popular Private Equity Products - The top two popular products were both quantitative long products managed by Mingcong Investment and Dayan Capital [14][22]. - In terms of performance this year, subjective long products dominated the top three positions among the twenty listed products [14][22].

Core Viewpoint - The article highlights the rapid advancements and commercialization of humanoid robots, driven by significant policy support and technological breakthroughs, indicating a promising investment landscape in the robotics industry [3][4][5]. Group 1: Industry Developments - The 2025 World Humanoid Robot Games showcased advancements in robot technology, with China's "Tiangong" winning the 100m autonomous running event in 21.50 seconds, reflecting significant progress in environmental recognition and motion control [3]. - Countries are engaged in a competitive race to develop robot technology, with companies like Tesla, UBTECH, and Xiaomi accelerating their commercialization efforts in various sectors including automotive and logistics [3][4]. - The robotics industry has seen a cumulative increase of 22.13% as of August 15, 2023, driven by favorable policies and market conditions [3]. Group 2: Policy Support - A series of supportive policies, including the establishment of a national artificial intelligence fund exceeding 100 billion yuan, aim to double the density of manufacturing robots in major cities within two years, with subsidies of up to 500,000 yuan per unit [4]. - China is leading the development of international standards for elder care robots, while the EU's AI Act opens up overseas opportunities for compliant companies, providing both financial support and market access for domestic enterprises [4]. Group 3: Technological Advancements - The domestic production rate of key components like harmonic reducers and six-dimensional force sensors is rapidly increasing, with costs dropping by 30-40% compared to imported products [5]. - The success rate of embodied intelligence systems has surpassed 95%, indicating a significant leap in software capabilities [5][6]. - Successful commercial applications, such as welding robots in BYD factories achieving a three-year return on investment, demonstrate the industry's transition from experimental phases to tangible financial returns [6]. Group 4: Market Expansion - The impending mass production of Tesla's Optimus is expected to drive down the price of humanoid robots to around 200,000 yuan, enhancing market accessibility [7]. - Chinese companies are expanding into international markets through technology exports and production partnerships, particularly in Southeast Asia, capitalizing on global trends like aging populations and infrastructure upgrades [7]. Group 5: Investment Opportunities - The growing certainty of industry growth is attracting increased attention in the secondary market for related themes [8]. - The Zhonghang Trend Leading Mixed A Fund has shown a net value growth rate of 157.39% over the past year, significantly outperforming its benchmark [9]. - The fund maintains a high allocation to manufacturing sectors, focusing on key areas such as precision transmission and industrial control, which are directly benefiting from advancements in robotics and smart manufacturing [9][10].

Group 1 - The core viewpoint of the article emphasizes the investment philosophy and performance of Shenzhen Zhong'an Huifu Private Securities Fund Management Co., Ltd, highlighting its macro perspective and focus on beta opportunities driven by asset fundamentals [3][10][11] - Zhong'an Huifu was established in October 2015 and has been operational for nearly 8 years, with its first public product, Lianhua Mountain Macro Hedge No. 3, launched in April 2018, achieving an annualized return of approximately ***% [3][9] - The company aims to optimize resource allocation by ensuring that suitable assets are priced appropriately, which is central to its investment strategy [3][10] Group 2 - The core team consists of 7 members, primarily self-trained post-90s individuals, with Dai Chunping as the key figure, who has 25 years of investment management experience [9][10] - The investment research methodology is characterized by a stable core that continuously iterates, focusing on economic and industrial trends, and ensuring that asset selection aligns with different fundamental conditions [11][12] - The company has received several awards, including the Best Private Fund Product Award and the Most Trusted Private Fund Manager Award, reflecting its recognition in the industry [16][17] Group 3 - The main product, Lianhua Mountain Macro Hedge No. 3, has shown a relatively controlled drawdown while pursuing sharp net value curves, with its performance metrics indicating significant returns since inception [10][13] - The company’s investment strategy is designed to be adaptable to various market conditions, with a focus on minimizing reliance on single market trends [10][11] - The firm emphasizes a strong correlation with diverse asset classes, which contributes to its ability to manage risks effectively [10][11]