引言 过去三年，A股传统消费板块经历了估值下杀、业绩下修、预期塌陷的三重冲击，主观公募与 私募基金整体表现承压，市场对"消费是否还能作为核心配置资产"产生了明显分歧。但进入 2025年四季度，中国宏观政策出现了明确而持续的方向性变化：11月CPI同比增长 0.7% ，与 今年1月通胀水平持平，在此前低通胀背景下释放出边际改善信号；中央经济工作会议多次强 调"把恢复和扩大消费摆在更加突出位置"；《求是》杂志发表习近平总书记重要文章《扩大 内需是战略之举》，将"扩大内需"上升为长期发展战略。在这一背景下，一个关键问题重新 摆在投资者面前： 2026年，消费板块及主观多头基金，是否正在进入"从左侧走向右侧"的阶 段？ 历史复盘：消费类基金在"好年份"是如何表现的？ 0 1 从A股历史看，消费板块（以食品饮料、可选消费、服务消费为主）并非每年都有超额收益，但在 特定宏观环境下，往往呈现出收益集中度高，持续时间较长，基金之间分化显著，换言之，消费 板块不是"均值回归类资产"，而是"环境驱动型资产"。 从历史经验（如2009-2010年、2016-2017年、2019-2020年）总结，消费类公募和私募在表现较好 的年份 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在私募投资领域， 主观与量化两种投资模式各有所长 。主观投资依托专业团队对宏观经济、行业趋势及企业基本面的深度研究，能够捕捉市场 非理性波动中的价值洼地，尤其在政策转向或行业拐点等关键节点，凭借经验判断快速调整仓位，捕捉超额收益机会。量化投资则通过大数据分 析和算法模型，对海量历史数据进行回测验证，构建纪律性交易策略，有效规避人为情绪干扰，实现风险分散与收益稳定性提升。 因此， 也有不少私募采用 "量化+主观"相结合的投资模式 。二者的结合可形成互补：量化模型为投资组合提供基础框架，优化风险收益比；主 观判断则通过动态调整策略权重，在市场风格切换时捕捉结构性机会。 这种投资模式既保留了人工决策的灵活性，又借助量化工具提升了投资 效率 ，尤其在复杂多变的市场环境中，能够通过多维度验证增强决策可靠性，力争最终实现严控风险下的收益最大化。 根据私募排排网数据，截至2025年11月底， 采用 "量化+主观"相结合这一投资模式的私募共有1266家，比量化私募数量（852家）还要多。其 中，至少有3只产品在私募排排网有今年来业绩展示的私募共有121家，今年来 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年12月，公募基金行业近年来最具深远意义的改革新规落地——投资范围、薪酬激励与业务限制的调整，被视为重塑行业生态的关键一 步。从3月初的意见征集到新规落地，一股暗流已悄然涌动。 Choice数据显示，截至2025年12月19日，年内已经有304位公募基金经理离职，包括鲍无可、张翼飞、周海栋、曹名长、翟相栋等多名绩优基金 经理或从业多年的老将卸任，其中多位基金经理传出"奔私"的消息。 回望过去三次"公奔私"大潮，它不仅是基金经理个人职业路径的再选择，更是基金行业生态重构与市场行情变迁的缩影： 2006年-2007年 上证指数从1000点涨至6124点，公募基金规模井喷，但激励机制相对匮乏。在此期间，初代明星基金经理离职"试水"私募，如嘉实基金的"王牌"赵 军创立淡水泉、工银瑞信的老将江晖创办星石投资； 2012年-2015年 随着创业板牛市和2014年的蓝筹"暴动"，明星基金经理再被推上风口浪尖。"公募一哥"王亚伟离职成立千合资本，南方基金的邱国鹭创办高毅资 产，后聚拢邓晓峰等基金经理形成"高毅系"； 2020—2022年 在新能源等赛道股 ...

引言 引言：2025年行至尾声，A股整体呈现出" 指数上行、结构活跃 "的典型特征。在科技、红利反复切换、市场主线频繁轮动的背景下， 私 募基金业绩分化显著，而量化私募则成为全年较为亮眼的策略类型之一。（点此查看 量化私募最新业绩出炉！幻方连续3月排名稳居前 2！ ） 尤其是在11月中旬以来市场波动加大的环境中，量化策略凭借模型纪律、分散持仓与高频调仓优势，展现出较强的适应能力，不少产品年 内收益持续抬升。 量化私募策略表现依然亮眼 0 1 | 排名 | 公司简称 | 核心策略 | 很合排名 | 今年来收益 | 产品规模 | 是否有 | 智控人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 和产品数 | 构值 | 司前 7 9号牌 | | | | (1) | 灵均投资 | 股票 | 3 | | 27701 | 15 | 蒸障良 | | 2) | 宁波幻方量化 | 股票 | 11 | T | 238343 | 是 | 梁文锋 | | 3 | 稳博投资 | 股票 | 7 | 应监管要求 查看私募业绩 | 39401 | 德 | 殷陶,郑耀 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 头部私募往往管理50亿甚至上百亿资金，相对于规模较小的私募对市场掌握了更高的"定价权"，而其背后的基金经理的一举一动更是备受市场关 注。私募排排网数据显示，截至2025年12月12日，头部私募的基金经理共有1280位，仅占所有基金经理总数的4.21%。 从业绩层面来看，所管的产品至少有3只近半年、1年、3年、5年符合排名规则的头部私募基金经理分别有135位、126位、82位、41位，平均收 益分别为16.6%、27.06%、53.97%、89.5%。那么，究竟有哪些私募基金经理近半年、1年、3年、5年业绩位居前列呢？ 0 1 近半年：何瑞琳、谢冬位居前5 近半年收益10强的头部私募基金经理"上榜门槛"为 *** %。其中，百亿私募基金经理和准百亿私募（规模为50-100亿）基金经理各占一半。从所 属公司的投资模式来看，主观、量化私募基金经理各占4位，混合型私募（"主观+量化"）的基金经理共2位。（ 点此查看收益 ） [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。] | 排名 | 姓名 | 经理 ...

Core Viewpoint - The article focuses on Hanrong Investment, a quantitative private equity firm that has achieved significant returns through advanced machine learning methodologies in investment strategies [5][6][8]. Company Overview - Hanrong Investment specializes in quantitative investment, utilizing mathematical statistics and machine learning to develop strategies aimed at consistently outperforming benchmark indices [6][8]. - The firm was established in December 2015 and has seen its management scale exceed 4 billion yuan by the end of November 2025 [9]. Investment Strategies - The core strategy of the company is based on an end-to-end machine learning methodology, focusing on short-cycle Alpha strategies with prediction horizons ranging from intraday to three days [11]. - The company has transitioned from a traditional multi-factor system to an end-to-end machine learning approach, enhancing the breadth and depth of Alpha sources [16]. Product Line - Hanrong Investment's product offerings include quantitative long/short, index enhancement, and market-neutral series, with a focus on maintaining full positions without timing signals [12]. - The representative products include "Hanrong Lion Quantitative Selected No. 1" and "Hanrong Libra Quantitative Hedge No. 3," both of which have shown strong performance metrics [14][15]. Research and Development - The company has developed a comprehensive end-to-end deep learning research and trading lifecycle management platform to ensure systematic and unified research processes [17]. - The investment research team has maintained a zero turnover rate since its formation in 2021, emphasizing stability and a clear incentive structure for employees [22]. Risk Control - Hanrong Investment employs a systematic risk control framework throughout the strategy development, trading execution, and daily operations, which has allowed it to navigate market volatility effectively [23]. - The firm utilizes the BARRA CNE5 risk model for controlling style exposures relative to benchmark indices, ensuring strict adherence to risk management protocols [18]. Future Outlook - The company aims to continue its technology-driven approach, focusing on the integration of artificial intelligence in quantitative investment, and enhancing its capabilities in data, computing power, and algorithms [25][26]. - By systematically planning and laying out its three core elements, Hanrong Investment seeks to maintain a competitive edge in the market and deliver consistent excess returns to investors [28].

Core Insights - The article discusses the performance of private equity funds in November, highlighting that 133 private equity firms achieved historical net value highs despite a declining A-share market, with the Shanghai Composite Index down by 1.67%, Shenzhen Component Index down by 2.95%, and ChiNext down by 4.23% [2] - Among the 635 private equity firms analyzed, approximately 20.94% reached new net value highs, with a significant number employing quantitative strategies, which are more adaptable to volatile market conditions [2] Group 1: Private Equity Firms Over 100 Billion - 24 private equity firms with assets over 100 billion yuan achieved historical net value highs in November, with 18 being quantitative and 4 subjective [4] - The top firms by average returns over the past year include Lingjun Investment, Ningbo Huansquare Quantitative, and Chengqi Private Equity [4][5] Group 2: Private Equity Firms Between 20-100 Billion - 33 private equity firms in the 20-100 billion range also reached historical net value highs, with 19 being quantitative and 12 subjective [7] - Leading firms by average returns include Qiantou Investment, Zhihua Asset Management, and Yidian Najin [7][9] Group 3: Private Equity Firms Between 5-20 Billion - 32 private equity firms in the 5-20 billion range achieved historical net value highs, with 16 being subjective and 10 quantitative [12] - Top firms by average returns include Haisheng Fund, Huacheng Private Equity, and Yuanwei Investment [12][13] Group 4: Private Equity Firms Below 5 Billion - 44 private equity firms with assets below 5 billion yuan reached historical net value highs, with 22 being subjective and 14 quantitative [16] - Leading firms by average returns include Yuanfang Investment, Sanhua Asset, and Jinxin Investment [16][17]

Group 1 - The core viewpoint of the article emphasizes the growing interest in index-enhanced products, particularly the CSI 1000 Index, which combines high growth and high elasticity characteristics, making it suitable for investors with a certain risk tolerance seeking potential excess returns [3][4]. - The CSI 1000 Index represents small and mid-cap stocks, covering companies ranked approximately 801 to 1800 in market capitalization, with a significant proportion in high-growth sectors such as electronics, electrical equipment, pharmaceuticals, and computers [4]. - Since 2021, the Chinese government has implemented policies to support "specialized, refined, distinctive, and innovative" small and medium-sized enterprises, resulting in over 10 billion yuan in subsidies by 2025, which enhances the growth logic for the CSI 1000 Index in the medium to long term [6]. Group 2 - The performance of private equity CSI 1000 index-enhanced strategies has shown a significant advantage in "Beta + Alpha" returns, with a strategy index return exceeding 36% over the past year compared to a 16% increase in the CSI 1000 Index [6]. - The article introduces two new metrics for selecting CSI 1000 index-enhanced products: non-regular investment annualized return and regular investment annualized return, which provide a more accurate reflection of the investor's actual holding experience [9][10]. - The non-regular annualized return reflects the product's ability to generate returns from a single investment point, while the regular annualized return measures the stability of performance over time with fixed frequency investments [11][12]. Group 3 - The article discusses the compounding effect of index-enhanced strategies, highlighting that consistent small excess returns can accumulate significantly over time, making long-term holding a more effective strategy [14]. - A table illustrates the potential excess returns over one and three years based on daily outperformance against the benchmark, showing that even small daily outperformance can lead to substantial cumulative excess returns [15].

Core Viewpoint - In November, A-shares experienced a downturn due to slowing domestic economic recovery, concerns over AI investment bubbles, and delayed expectations for Federal Reserve interest rate cuts, leading to a general decline in market risk appetite [2] Group 1: Market Performance - The three major indices recorded declines throughout November, with pure long strategies suffering significant losses [2] - In contrast, stock market neutral strategies, employing a "long stock + short index futures" approach, effectively hedged systemic risks and achieved a monthly positive return, with an average yield of 1.06% for 208 stock market neutral products [2] Group 2: Strategy Comparison - Year-to-date average returns for stock market neutral strategies stand at 9.34%, significantly lower than the 30%-40% gains of long stock strategies [3] - Despite the overall lower performance, there is notable performance differentiation among stock market neutral products, indicating that selecting high-performing products has become increasingly challenging [3] Group 3: Top Performers by Fund Size - For funds over 10 billion, the top three stock market neutral products are from Square and Investment, Evolutionary Asset, and Mingfeng Investment, with the leading product showing a yield exceeding a certain threshold [4] - In the 20-100 billion category, Zhongyou Yong'an Asset leads with a product yielding over a certain percentage, followed by Hanrong Investment and Liangkui Private Equity [7][8] - In the 5-20 billion category, Heqi Investment, Shanghai Daoyan Private Equity, and Anzhi Investment are the top three, with Heqi Investment's product achieving a yield above a certain percentage [10][11] - For funds under 5 billion, Jianlong Capital, Guangdong Jingcheng Private Equity, and Pangtuo Investment are the top performers, with Jianlong Capital's product yielding significantly [13][14]

Core Viewpoint - Hainan's upcoming full island closure on December 18 is attracting attention to local stocks and private equity funds, with several Hainan-based stocks experiencing significant price increases in recent months. The favorable policies for private equity funds in Hainan's free trade zone are expected to drive rapid growth in the local private equity industry [2][3]. Group 1: Hainan Private Equity Landscape - There are 314 private equity managers registered in Hainan, with 6 managing over 10 billion yuan, and 5 managing between 5 to 10 billion yuan. The majority of private equity firms are located in Sanya, with 234 registered there [3]. - The investment strategies of these private equity firms include 216 subjective strategies, 51 quantitative strategies, and 37 combined strategies. The predominant strategy is stock-focused, with 173 firms employing this approach [3][4]. - Hainan's private equity firms have collectively managed 224.80 billion yuan, with an average return of 36.41% from January to November [4][5]. Group 2: Performance of Leading Private Equity Firms - The top-performing private equity firms in Hainan for the year include Luyuan Private Equity, Sanhua Asset, and Beiheng Fund, with returns exceeding ***% [6][7]. - Luyuan Private Equity, established in November 2023, focuses on gold and military industries, with a significant increase in gold holdings recently [6][7]. - Evolutionary Asset, a leading firm with over 100 billion yuan in assets, has achieved notable returns and has received multiple industry awards for its innovative investment strategies [6][12]. Group 3: Top Products and Strategies - The top subjective long products in Hainan have an average return of 36.67%, with Beiheng Fund, Sanhua Asset, and Hainan Qianling leading the rankings [7][8]. - In the quantitative strategy category, the average return is 45.93%, with Dragon Roar, Shengguanda, and Evolutionary Asset among the top performers [10][11]. - The CTA strategy products from Hainan Wuliang Capital, Zhaohua (Sanya) Private Equity, and Hainan Fulai Private Equity have also shown strong performance, with Wuliang Capital leading the way [13][15].