Core Viewpoint - The article analyzes the latest holdings of various institutional investors in the A-share market as of the end of Q3 2025, highlighting the significant presence of public funds, northbound funds, and the "national team" in the market, with a total holding value of approximately 10.84 trillion yuan. Public Funds - Public funds held approximately 3.79 trillion yuan in A-shares, with 3302 companies in their portfolio, and the top 30 holdings valued at over 1.67 trillion yuan [2][3] - The leading stock among public funds is Ningde Times, with a holding value of about 207.1 billion yuan, followed by Guizhou Moutai and Zhongji Xuchuang, each exceeding 100 billion yuan [3] - Among the top 30 holdings, 18 stocks increased by over 50% in the first three quarters, with 9 stocks doubling in value, led by Shenghong Technology, which surged by 581% [3] Northbound Funds - Northbound funds held approximately 2.58 trillion yuan across 3577 A-share companies, with the top 30 holdings valued at nearly 1.04 trillion yuan [6][7] - The top 30 stocks included 14 that increased by over 50%, with 7 stocks doubling, notably New Yisheng, which rose by 345% [6][7] QFII - QFII held nearly 1.237 trillion yuan in A-shares, with the top 30 holdings valued at over 77 billion yuan [9] - The top three holdings were Ningbo Bank, Shengyi Technology, and Shanghai Bank, with 9 stocks increasing by over 100% in the first three quarters [9] National Team - The "national team" held over 4.47 trillion yuan in A-shares, with the top 30 holdings valued at approximately 3.91 trillion yuan [12][13] - Major holdings included Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, with a combined holding value exceeding 3.16 trillion yuan [12] Social Security Fund - The social security fund held over 552.6 billion yuan in A-shares, with the top 30 holdings valued at nearly 394.4 billion yuan [15] - Major holdings included Agricultural Bank of China, Industrial and Commercial Bank of China, and China Pacific Insurance, with 11 stocks increasing by over 30% [15] Insurance Companies - Insurance companies held over 639.3 billion yuan in A-shares, with the top 30 holdings valued at over 441.5 billion yuan [20][21] - The top three holdings were Pudong Development Bank, Industrial Bank, and China Merchants Bank, with Dongshan Precision leading with a 145% increase [20]

Core Viewpoint - The article emphasizes the importance of the Sharpe ratio as a key metric for evaluating investment performance in the current A-share market, highlighting that higher Sharpe ratios indicate better risk-adjusted returns and investment efficiency [2]. Group 1: Performance of Private Equity Funds - In 2023, the average Sharpe ratio for 662 private equity funds with over 10 billion yuan in assets reached 2.5349, significantly outperforming smaller funds [3]. - The average return for these funds was 30.15%, with a total asset scale of approximately 12.24 billion yuan [3]. Group 2: Top Performing Funds - The top three subjective long funds with the highest Sharpe ratios were from Jihua Asset, Yuanxin Investment, and Duration Investment, with average returns of 26.88% and a Sharpe ratio of about 1.26 [4]. - The leading product was "Jihua Composite Strategy No. 1" managed by Wang Yiping, achieving a remarkable performance over ten years [5]. Group 3: Quantitative Long Funds - The average return for 286 quantitative long funds was 44.65%, with an average Sharpe ratio of approximately 3.54, indicating strong performance [7]. - The top three quantitative long funds were from Jihua Asset, Longqi Technology, and Kuande Private Equity [7]. Group 4: Market Neutral Funds - The average return for 53 market-neutral funds was 7.32%, with an average Sharpe ratio of about 1.86 [11]. - The leading product was "Mingxun Neutral No. 1 A Class" managed by Mingxun Investment, which has shown consistent upward performance since its inception [12]. Group 5: Multi-Asset Strategy Funds - The average return for 74 multi-asset strategy funds was 23.17%, with an average Sharpe ratio of approximately 2.43 [14]. - The top products in this category were managed by Mingxun Investment and Qianyan Private Equity [14]. Group 6: Quantitative CTA Strategies - The average return for 25 quantitative CTA products was 7.01%, with an average Sharpe ratio of about 1.08 [18]. - The leading product was "Heiyi CTA-T21 C Class" managed by Heiyi Asset, showcasing strong performance in the quantitative investment space [19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 编者按 通常，投资者在了解私募时，会关注公司团队水平、策略运作、中长期业绩、风险控制等内容，为此，私募排排网推出# 深 度揭秘100 家私 募 # 栏目，对这些内容进行详解。 本期揭秘的是 百亿主观私募日斗投资 ，日斗投资管理规模在2024年实现了20-50亿到100亿以上的跃迁，截至2025年10月，公司管理规模 接近300亿。这也意味着，公司规模在最近一年时间里增长近200亿元。 业绩方面， 日斗投资自2020年 来连续5年取得正收益，2020-2024年收益均值分别为***%、***%、***%、***%、***%（ 点此看收益 ） ，据了解，日斗投资是百亿级私募中少数能近5个完整年度均实现正收益的私募，尤其在2022年市场下行时期，A股三大指数均跌超15%的 环境下，日斗投资当年的收益均值高达***% （ 点此看收益 ） ，可见其对行业周期和行情的精准把握。 截至2025年9月底， 日斗投资在"百亿私募近五年收益榜"中排名第二 ，旗下产品近五年收益均值接近***% （ 点此看收益 ） 。今年以来也 同样取得了突出的业绩，旗下产品今年前三季 ...

Core Viewpoint - The private equity product registration in October demonstrated strong resilience, with a year-on-year increase of 205.85%, indicating a continued hot trend in the market [2][3]. Group 1: Private Equity Product Registration - In October, 994 private equity securities products were registered, showing a slight month-on-month decrease of 4.24% from September's 1,038 products, but a significant year-on-year increase from 325 products in October of the previous year [2]. - The increase in registration is attributed to multiple factors, including the Shanghai Composite Index surpassing 4,000 points, strong performance of private equity products, and active marketing efforts by third-party sales institutions [3]. Group 2: Strategy Distribution - Stock strategies remained the dominant category, with 679 products registered, accounting for 68.31% of the total, reflecting strong investor demand for equity assets [4]. - Multi-asset strategies emerged as a notable trend, with 122 products registered, representing 12.27% of the total, indicating a diversification in strategy to manage market volatility [7]. - Futures and derivatives strategies accounted for 84 products, or 8.45%, showing continued interest in derivative tools among private equity institutions [7]. Group 3: Quantitative Products - Quantitative products showed a remarkable performance, with 432 products registered, making up 43.46% of the total private equity products, highlighting their growing popularity among investors [8]. - Among the quantitative products, stock strategy quant products dominated with 333 registrations, representing 77.08%, particularly benefiting from favorable market conditions [10]. Group 4: Scale of Private Equity Institutions - A total of 622 private equity institutions contributed to the 994 registered products, with small-scale institutions (0-5 billion) accounting for 35.92% of the total, while large-scale institutions (over 100 billion) registered 272 products, or 27.36% [11]. - The average registration per large-scale institution was approximately 4.6 products, significantly higher than smaller institutions, indicating a stronger product issuance capability [11]. Group 5: Leading Private Equity Firms - The top private equity firm, Maoyuan Quantitative, registered 23 products, all of which were stock quantitative long strategies, aligning with current market demands [13]. - Other notable firms included Shiji Qianyan with 21 products and Mingfa Investment with 14 products, reflecting a competitive landscape among leading quantitative private equity firms [13].

Core Viewpoint - The A-share market continues a "slow bull" trend in October 2025, characterized by significant structural differentiation and fluctuations, with the Shanghai Composite Index reaching a new 10-year high of 4000 points before closing up 1.85% for the month, marking six consecutive monthly gains [2] Group 1: Market Performance - In October, the Shenzhen Component Index and ChiNext Index both fell over 1%, ending their previous five-month upward streak [2] - The average increase for the 657 companies surveyed in October was 50.6%, with a notable rise in private equity interest, as 1176 private equity firms participated in 6412 surveys, a 130% increase from September [2] Group 2: Companies Under Survey - A total of 222 A-share companies were surveyed more than 10 times, with 100 companies surveyed over 20 times, and 22 companies surveyed over 40 times [3] - Among the 22 companies surveyed over 40 times, 12 saw a price increase in October, with the semiconductor sector having the highest representation [3] Group 3: Notable Companies - Jinpan Technology was the most surveyed company with 88 surveys, achieving a 29.45% increase in October and a 67.93% increase year-to-date [5][7] - Other notable companies include Zhaoyi Innovation, which saw a 3.14% increase in October and a 106.57% increase year-to-date, and Union Medical, which experienced a 7.68% decrease in October but a 10.86% increase year-to-date [5] Group 4: Investment Trends - The top-performing sectors in October included energy storage, quantum technology, and new materials, with 15 companies seeing price increases over 30% [9] - The global quantum computing market is projected to grow from $5 billion to over $800 billion between 2024 and 2035, with a compound annual growth rate (CAGR) exceeding 55% [12] Group 5: Private Equity Insights - High Yi Asset was the most active private equity firm, conducting 59 surveys across 57 companies, with a focus on medical devices and chemical pharmaceuticals [13][21] - Yuanxin Investment focused on medical devices, surveying 20 companies, while Fusheng Asset concentrated on semiconductors and consumer electronics, surveying 18 companies [17][22]

Core Insights - The article discusses the performance of various private equity strategies, particularly focusing on CTA (Commodity Trading Advisor) strategies, which have shown resilience in the current market environment compared to traditional equity strategies [2][3]. Performance Overview - As of October 2025, the A-share market indices exhibited mixed performance, with subjective long-only private equity products showing an average return of -1.33% over the past month, while quantitative long products achieved an average return of 0.94% [2]. - In contrast, subjective CTA and quantitative CTA products reported average returns of 2.84% and 1.77% respectively over the same period, highlighting their strong performance within the private equity secondary strategies [2]. Private Equity Strategy Breakdown - The article provides a detailed breakdown of various private equity strategies, including: - Subjective Long: 2200 products, total scale of approximately 184.25 billion CNY, with a 1-month return of -1.33% and a 6-month return of 31.01% [3]. - Quantitative Long: 400 products, total scale of approximately 20.65 billion CNY, with a 1-month return of 1.77% and a 6-month return of 10.74% [3]. - Subjective CTA: 185 products, total scale of approximately 1.08 billion CNY, with a 1-month return of 2.84% and a 6-month return of 14.92% [3]. - Other strategies such as macro strategies, FOF, and arbitrage strategies also showed varying performance metrics [3]. Top Performing Private Equity Firms - The article identifies top-performing private equity firms based on their CTA product performance: - For firms with assets over 2 billion CNY, 洛书投资 (Luoshu Investment) ranked first with a 6-month return of ***% [4][5]. - In the 5-20 billion CNY category, 华澄私募 (Huacheng Private Equity) led with a 6-month return of ***% [6][7]. - For firms with assets under 5 billion CNY, 系综（上海）私募 (Xizong Shanghai Private Equity) topped the list with a 6-month return of ***% [8][9]. Investment Strategy Insights - The article emphasizes the importance of understanding the differences in strategy logic and risk control among various private equity managers, which can lead to significant performance disparities [4][5]. - It highlights that while CTA strategies theoretically offer superior performance, actual results can vary widely based on the management approach and execution [4].

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 | ...

Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

Company Overview - Shanghai Jinhesheng Private Fund Management Co., Ltd. was established on August 26, 2020, and completed its registration relocation and name change in July 2025. The company currently manages assets between 1-2 billion and has 32 existing products [4]. - The company adheres to the core value concept of "Integrity, Trust, Kindness, and Virtue," focusing on integrity and professional service, which has led to market recognition and multiple awards [5]. Core Team - The management team is led by Executive Director Sun Tiangang and General Manager Wang Peng, with a focus on various strategy-specific fund managers. The team includes experienced fund managers and researchers with backgrounds in securities and financial institutions [8][9]. - The company has optimized its organizational structure and capability building through capital expansion and talent strategy [9]. Representative Strategy - All-Weather Enhanced Strategy - The All-Weather Enhanced Strategy follows a diversified asset allocation philosophy, aiming for a high risk-return ratio. It invests in stocks, bonds, commodities, and derivatives in both the US and China [11]. - The strategy consists of 65% Beta, which relies on a global portfolio for long-term asset allocation, and 35% Alpha enhancement, achieved through various models and strategies [15]. Core Advantages - The company has a clear equity structure and a stable core research team, ensuring consistent strategy execution. The core research personnel have an average of over 10 years of relevant work experience [16]. - The All-Weather Strategy has a large capacity, allowing for significant scale under the premise of matching team research and management capabilities [17]. - The strategy offers good liquidity, supporting daily subscriptions and redemptions [18]. - It has a low correlation with mainstream stock long strategies, providing valuable low-correlation allocation [19]. - The strategy aims for absolute returns, achieving sustainable long-term returns independent of macroeconomic changes [21]. Continuous Evolution Capability - The company fosters a positive corporate culture and efficient working atmosphere through competitive compensation and reasonable equity incentives, ensuring talent stability and long-term sustainable development [22]. - The All-Weather Strategy model is continuously optimized, with core factors validated through rigorous historical data backtesting, demonstrating long-term stability and effectiveness [22].

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].