Core Viewpoint - The private equity industry is experiencing a shift from "scale competition" to "capability competition," with a focus on smaller firms that can deliver stable long-term returns [3][9]. Group 1: Current Year Performance - As of October 2025, private equity firms managing between 0-5 billion yuan have a total of 6216 firms, accounting for 81.94% of the market, a decrease from 6534 firms in June 2025 and 6958 firms in August 2024 [3]. - The average return for private equity products under 0-5 billion yuan this year is 28.14%, with 94.05% of products showing positive returns [3][9]. - The top three performing small and beautiful private equity firms this year are Longhui Xiang Investment, Jingying Zhito, and Moku Asset [3][9]. Group 2: Three-Year Performance - Over the past three years, the average return for private equity firms managing 0-5 billion yuan is 72.66%, with 95.17% of products yielding positive returns [9]. - The top three firms in terms of three-year performance are Qinxing Fund, Xinjing Investment, and Mingshe Asset [9]. Group 3: Five-Year Performance - The average return for private equity firms managing 0-5 billion yuan over the last five years is 91.94%, with 95.50% of products showing positive returns [16]. - The top three firms for five-year performance are Longhui Xiang Investment, Tongwei Investment, and Qianhai Quark Asset [16].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 主观私募的价值创造，高度 依赖 于基金经理的个人研判 。 当市场单边上涨时，贝塔（Beta）收益往往掩盖了基金经理投资能力的差异；而在 近期的持续震荡与结构性行情中，阿尔法（Alpha）收益的稀缺性与珍贵性则凸显无疑。对强调主动管理的主观私募而言，这一时期的表现，或 更能真实反映基金经理创造超额收益的能力，而 作为业界 "顶流"之一的百亿主观私募，旗下基金经理业绩和动向更是市场关注焦点 。 根据私募排排网数据，截至2025年11月14日，主观私募共有5330家，在证券投资类私募中占比超七成，其中 百亿级主观私募仅有 47家，占主观 私募总量不到1%；这47家百亿主观私募旗下合计约有299位基金经理，有业绩展示的基金经理近半年平均收益为22.76%、近3年平均收益为 67.81% 。 为了给予读者更多参考，笔者盘点了百亿主观私募旗下从业年限在25年及以上的投资"老将"，并梳理出百亿主观私募旗下近半年、近3年收益前 10的基金经理名单。 0 1 32位百亿主观私募旗下投资"老将"！来自复旦、人大等知名院校！ 根据私募排排网数据， 百亿主观私募旗下从业 ...

Core Viewpoint - The article highlights the resurgence of small-cap stocks and micro-cap indices, driven by increased liquidity, favorable policies, and a shift in market focus towards high-value assets, particularly in sectors like AI and advanced manufacturing [2][12]. Group 1: Market Performance - In the past month, small-cap and micro-cap indices, such as the CSI 2000 and Wind Micro-Cap Index, have shown strong upward trends, becoming a prominent style direction in the market [2]. - The trading structure of the market is changing, with increased turnover rates and transaction proportions for micro-cap and small-cap stocks, indicating a shift of funds towards high-value assets [2]. Group 2: Quantitative Strategy Performance - Quantitative index-enhanced funds have shown significant recovery, with the CSI 1000 Index Enhanced Strategy Index rising by 6.56% and the CSI 500 Index Enhanced Strategy Index increasing by 6.3% in the past month [6]. - The effectiveness of quantitative stock selection factors has improved, with a notable recovery in excess returns as market conditions favor the return of style and fundamental factors [6][7]. Group 3: Characteristics of Recovery - The recovery in excess returns is broad-based, benefiting from the easing of previous constraints such as style reversals and liquidity segmentation [7]. - The sustainability of excess recovery has strengthened, with increased trading activity and volatility allowing for better differentiation among stocks [7]. - Leading institutions have demonstrated renewed flexibility in excess return capabilities, enhancing their models and risk control structures [7]. Group 4: Investment Insights - Investors are advised to seize opportunities presented by the strengthening small-cap style, particularly in micro-cap indices reaching new highs [12]. - Emphasis should be placed on the capabilities of models rather than short-term rankings, focusing on teams with rapid model iteration and mature risk control [12]. - Caution is recommended against products with high crowding, large scale, or rapid position changes, as the essence of index-enhanced strategies is to pursue low volatility and stable excess returns [12].

Core Viewpoint - Quantitative investment is a systematic investment approach based on mathematical models, algorithms, and computer technology, which does not rely on subjective judgment but rather on rigorous data analysis and model construction to identify market patterns and make investment decisions [2] Market Performance - Over the past three years (November 2022 to October 2025), major stock indices in A-shares, Hong Kong, and the US have shown impressive performance, with the Hong Kong and US markets being particularly strong [2] - A-shares transitioned from a bear market to a bull market around September 2024, with cumulative gains as follows: - Shanghai Composite Index: 36.68% - Shenzhen Component Index: 28.67% - ChiNext Index: 40.73% - CSI 300: 32.26% - CSI 500: 26.24% - CSI 1000: 19.29% - CSI 2000: 39.41% - Hang Seng Index: 76.39% - Hang Seng Tech Index: 107.11% - Dow Jones Industrial Average: 45.31% - Nasdaq: 115.91% - S&P 500: 76.66% [3] Quantitative Private Equity Performance - As of October 2025, there are 103 quantitative private equity firms with at least three products displayed on the platform, achieving an average return of approximately 59.52% and a median return of about 53.04%, outperforming major A-share indices [3][6] Top Performing Quantitative Private Equity Firms - The top three firms in the billion-dollar category are: - Maoyuan Quantitative - Tianyan Capital - Century Frontier - Maoyuan Quantitative has five products that reached historical highs in October 2025, with an average return exceeding ***% [5][11] - Ningbo Huanfang Quantitative, with 11 products, also achieved historical highs in October 2025, with an average return exceeding ***% [11][20] Performance by Firm Size - For firms with assets under management between 10 billion and 50 billion, the top five are: - Guangzhou Shouzheng Yongqi - Oak Asset Management - Zhixin Rongke - Yanhe Investment - Wuliang Capital [16][22] - For firms with assets between 50 billion and 100 billion, the top performers include: - Dayan Capital - Yunqi Quantitative - Anzi Fund [12][14] - For firms below 10 billion, the top five are: - Shanghai Zijie Private Equity - Quancheng Fund - Huacheng Private Equity [22][24]

Core Viewpoint - The article discusses the concept of risk appetite among investors, emphasizing its impact on asset allocation, investment strategies, and market price fluctuations in a complex economic environment. It highlights the importance of measuring risk appetite to make informed investment decisions, especially in light of uncertainties in economic growth and market volatility [2]. Group 1: Risk Appetite Measurement Methods - **Volatility Indicators**: Volatility is a direct reflection of market risk, with the VIX index serving as a contrarian indicator of market fear. High volatility indicates low risk appetite, while low volatility suggests a higher willingness to take risks. The implied volatility of the CSI 1000 index is currently low, indicating that investors do not foresee significant systemic risks in the near future [2]. - **Liquidity of Funds**: Fund liquidity is another key indicator of market risk appetite. A shift of funds from high-risk to low-risk assets, or vice versa, reflects changes in risk appetite. The financing balance in the A-share market, which represents investors' willingness to use leverage for stock purchases, has recently reached historical highs, although its growth rate has begun to slow [4][5]. - **Policy Expectations**: Market expectations regarding future government support measures, including fiscal and monetary policies, significantly influence risk appetite. For instance, after a significant market drop due to tariff escalations, government interventions helped stabilize the market, leading to a recovery [6]. Group 2: Market Trends and Implications - The article notes that by analyzing the driving factors of risk appetite, investors can assess whether asset prices are in a bullish or bearish environment. If asset prices show strong annualized returns but experience short-term volatility, and the factors driving the market are improving, it is advisable for investors to start positioning themselves [6]. - Conversely, if the risk appetite factors remain unchanged, it is recommended for investors to maintain their current asset allocations or strategies [6].

Core Viewpoint - The article emphasizes the safety of investor funds in the private equity industry, highlighting that funds are protected by a regulatory framework that includes independent custodians and strict oversight, ensuring that even if a third-party sales platform fails, investor funds remain secure [2][21]. Group 1: Fund Security Mechanisms - The first line of defense for fund security is the independent custody system, mandated by regulations that require private equity funds to be managed by qualified custodians, typically large banks or reputable securities firms [4][7]. - Custodians have three core responsibilities: safeguarding fund assets, reviewing fund manager's fund transfer instructions, and supervising the disclosure of net asset values and reports [7]. - The process of purchasing a private equity product involves several steps, ensuring that funds are directed to a dedicated account monitored by a supervisory bank, rather than the sales platform's own accounts [9][10][11]. Group 2: Regulatory Oversight - Third-party sales platforms must possess a license issued by the China Securities Regulatory Commission, ensuring that only qualified entities can engage in private equity sales [18]. - Continuous regulatory checks are conducted by the CSRC and the Asset Management Association of China to ensure compliance, with penalties for violations including fines and license revocation [19]. - The operational status of a sales platform does not affect the continuity of purchased products, as funds are managed by independent custodians and fund managers [21][22]. Group 3: Investor Rights and Options - Investors retain ownership of their fund assets, which are held by independent custodians, ensuring that even in the event of a platform's bankruptcy, their investments remain protected [22]. - If a sales platform encounters operational issues, investors can still access their fund information and perform transactions directly through the fund manager or custodian [23][24]. - The private equity industry has established a robust safety system through fund custody, licensing, and comprehensive regulatory oversight, significantly reducing the risk of fund misappropriation [25].

Core Insights - The rapid development of artificial intelligence technology has made quantitative trading an essential investment tool in major overseas capital markets, with over 70% of U.S. stock trading driven by algorithms, a figure that continues to rise [2] - Major global quantitative trading firms, such as Millennium, WorldQuant, Two Sigma, Citadel, D.E. Shaw, and Bridgewater, are expanding at an unprecedented pace, with their latest holdings in U.S. stocks for Q3 now disclosed [3][4] Group 1: Millennium - Millennium Management, founded in 1989, has achieved an impressive record of positive returns in 33 out of 34 years, with only one loss during the 2008 financial crisis [3][4] - The firm employs strict drawdown management, reducing allocated funds by half after a 5% drawdown and liquidating strategies after a cumulative 10% drawdown [3] - Millennium is recognized as a "Huangpu Military Academy" for Chinese quantitative private equity, with many prominent fund managers in China having previously worked there [4] Group 2: WorldQuant - WorldQuant, a major player in global quantitative hedge funds, was established in 2007 as a spin-off from Millennium, focusing on global quantitative analysis [7] - The firm has developed a central knowledge base containing 4 million "alphas" to industrialize the generation of excess returns [7][8] - Several notable Chinese fund managers, including the founders of Jiukun Investment, have previously worked at WorldQuant [8] Group 3: Two Sigma - Two Sigma, founded in 2001, is known for its application of data science and advanced technology in investment, managing assets between $50 billion and $100 billion [11] - The firm has established a wholly-owned subsidiary in Shanghai and has been instrumental in training numerous quantitative talents in China [11][12] - Two Sigma's Q3 holdings reached $67.17 billion, a growth of 18.95% from the previous quarter, with major positions in S&P 500 ETF, Financial ETF, and Consumer Discretionary ETF [13][14] Group 4: Citadel - Citadel, founded in 1990, has become the most profitable hedge fund globally, with cumulative net returns exceeding $65.9 billion [15] - The firm processes approximately $410 billion in trades daily, covering over 11,000 U.S. listed securities [15] - Citadel's Q3 holdings amounted to $657.15 billion, reflecting a 14.09% increase from the previous quarter, with significant positions in S&P 500 ETF and Nasdaq 100 ETF [17][21] Group 5: AQR Capital Management - AQR, established in 1998, integrates academic research with quantitative investment strategies, managing $159.2 billion [23][24] - The firm focuses on a diverse range of investment strategies, emphasizing systematic methods and diversification [23] - AQR's Q3 holdings reached $155.99 billion, a 29.05% increase from the previous quarter, with major investments in Nvidia, Microsoft, and Apple [24][28] Group 6: Renaissance Technologies - Renaissance, founded in 1982 by mathematician James Simons, is renowned for its quantitative trading success, managing over $65 billion [30][31] - The firm has consistently achieved high returns, including significant profits during market downturns [30] - Renaissance's Q3 holdings totaled $75.75 billion, with major positions in Palantir, Nvidia, and Roblox, and a notable increase in Google shares [31][35]

Core Viewpoint - The article emphasizes the significance of macro strategy private equity funds in the current investment landscape, highlighting their ability to dynamically balance multiple asset classes to manage risks and achieve returns in various market conditions [2][16]. Group 1: Characteristics of Macro Strategy Funds - Unlike single-market focused strategies, macro strategy funds operate like "multi-asset aircraft carriers," typically holding three to four core asset classes, including stocks, bonds, commodities, and currencies, with some managers extending to U.S. stocks, gold, overseas bonds, and futures [4][5]. - The underlying strategy involves systematic judgment on macroeconomic cycles, liquidity, inflation, and policy expectations, allowing for flexible asset allocation based on market conditions [5][6]. Group 2: Performance Analysis - The correlation analysis of the macro strategy index over the past three years reveals that its returns are primarily linked to risk assets, with a correlation of 0.71 with the A-share index, while showing low or negative correlations with commodities, bonds, and gold [9][12]. - The volatility contribution analysis indicates that stock indices contribute the most to the fund's volatility, while bonds and gold often help to stabilize overall risk during market fluctuations [12]. Group 3: Insights and Implications - The article concludes that volatility should not be viewed as risk but rather as an opportunity, as macro strategy funds can navigate through the asset volatility to seek returns [13][16]. - For investors, macro strategies serve as a long-term allocation tool that can act as a "stabilizer" and "volatility buffer," particularly in uncertain economic cycles, making them suitable as a core satellite investment [16].

Market Overview - In October, the A-share market is characterized by a "slow bull market" with indices fluctuating upwards, rapid sector rotation, and increasing trading volume [2] - The number of private equity firms with assets exceeding 10 billion reached 18 in October, setting a new monthly record for the year [2] Performance of Private Equity Firms - The average return of private equity products from January to October has shown significant changes in rankings among different investment modes [2] - Among private equity firms managing over 500 million, a list of the top 100 subjective and quantitative private equity firms based on returns has been compiled [2] Quantitative Private Equity Rankings - In the top 100 quantitative private equity firms, 36 firms have over 10 billion in assets, with 22 of them ranking in the top 50 [3] - The average return threshold for firms to be included in the top 100 was set at ***% [3][11] Subjective Private Equity Rankings - In the top 100 subjective private equity firms, the average return also surpassed that of the top quantitative firms [11] - The majority of subjective private equity firms are in the 500 million to 1 billion range, with Shenzhen having the highest number of firms [12] Small and Beautiful Private Equity Rankings - Among the "small and beautiful" private equity firms with assets between 0-2 billion, there are 457 firms that meet the ranking criteria [20] - The majority of these firms are subjective private equity, with significant representation from Shanghai and Shenzhen [20] Notable Firms and Strategies - Huacheng Private Equity achieved the highest average return among quantitative firms, focusing on derivatives trading [6] - Yongshu Investment, ranked 9th among subjective firms, emphasizes a balanced approach to risk and return, focusing on sectors like semiconductors and new energy [19][24]

Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, particularly focusing on Wuliang Capital, which has shown strong performance in quantitative investment strategies [3][6]. Part 1: Company Overview - Wuliang Capital, established in 2015, specializes in quantitative investment and is based in Shenzhen, with a current management scale of approximately 2 billion RMB [6]. - The company has expanded its focus from A-share quantitative investment to include macro quantitative and CTA quantitative strategies, aiming to develop a multi-asset, multi-strategy approach [6]. Part 2: Core Team - Wuliang Capital employs a team of 20, primarily consisting of research personnel with backgrounds in statistics, finance, mathematics, and computer science from prestigious universities [10]. - The team has accumulated extensive experience in quantitative and portfolio management across various asset classes, including stocks and futures [10]. Part 3: Core Strategies and Representative Products - The company has evolved its strategies from a focus on quantitative stock selection to a diversified macro quantitative multi-asset strategy since 2022 [20]. - The macro quantitative multi-strategy product aims to achieve stable long-term growth by diversifying investments across various asset classes while managing risks effectively [20]. - The product's design is inspired by Bridgewater's all-weather strategy, emphasizing risk parity and low correlation among assets [20]. Part 4: Core Advantages - Wuliang Capital's approach is data-driven, focusing on asset allocation and enhancement rather than relying on subjective predictions [22]. - The product's performance has been diversified, with returns coming from a broader range of assets compared to other macro products that may rely heavily on a few asset types [22]. - The company has achieved positive returns for three consecutive years, demonstrating strong risk-adjusted returns [22]. Part 5: Continuous Evolution Capability - The company plans to expand its strategy lines and enhance its quantitative trading and research systems to support steady growth in management scale [23]. - Wuliang Capital aims to strengthen its position in quantitative investment by investing in talent and optimizing its data-driven research model [23].