本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 站在 2026 年的投资节点回望，不难发现市场早已告别了单一资产"躺赢"的黄金时代。曾经被投资者奉为经典的传统资产配置策略，以及波动剧烈 的单一投资赛道，在极端市场环境下，都让投资者尝尽了"全军覆没"的苦涩滋味。 在这样的市场背景下，一种名为"量化宏观"的投资策略如一匹黑马，异军突起。它不依赖对单一市场方向的盲目押注，也不迷信专家的主观直 觉，而是凭借一套精密如"仪表盘"的系统，在充满不确定性的市场迷雾中，努力探寻确定性的投资航路。 一、进化的逻辑： 从"分篮装蛋"到"正交共生" 宏观策略的演变历程，本质上反映了人类对风险认知的不断升级。 1.0时代：朴素的分散理念 这一阶段的核心思想是"不把鸡蛋放在一个篮子里"，通过分散投资于不同资产来降低风险。然而，现实往往不尽如人意。当金融危机爆发、流动性枯竭等"黑 天鹅"事件来袭时，各类资产之间的相关性可能会瞬间趋近于1，所有资产如同置于同一篮子中，一同遭受重创。 2.0时代：量化融入中国特色 此时，投资者开始意识到经济运行是"无形之手"（市场规律）与"有形之手"（政策干预）相互博弈的结果。通过建立数学模 ...

当基金管理者亦为公司实际控制人，其利益便与投资者深度绑定。这样的双重角色，意味着管理人的每一次决策都同时接受三重检验——对自身 财富的责任、对公司声誉的守护，以及对客户信任的珍视。截至2025年末，在私募排排网上近3年至少有3只产品展示业绩且符合排名规则的 头 部主观 私募 实控人 共13位，业绩方面来看， 近 3 年 平均回报率为 55.01 % 。 （头部私募指管理规模在50亿以上的私募，下同） 近3年收益均值位居前十的头部主观私募实控人 （以下简称"十佳主观私募实控人"） 依次是： 久期投资姜云飞、东方港湾但斌、复胜资产陆 航、华安合鑫袁巍、新思哲投资韩广斌、喜世润投资关歆、宁水资本邓飞、睿璞投资蔡海洪、万方资产钱伟、海南希瓦及上海希瓦梁宏 。头部 主观私募实控人近3年收益前十强的上榜"门槛"为 *** %。（ 点此查看收益 ） 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） [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 | 剪图人 | 基金经理核心策略 近3年收益均值 | | 公司简称 | 公司规模 | | --- ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2026年1月，A股走势延续2025年的强势行情，主要指数均录得正收益，其中上证指数、深证成指、创业板指分别累涨3.76%、5.03%、4.47%， 其中有2个交易日的单日成交额突破3万亿元。 月初， A股在宽松流动性与积极预期驱动下持续走高，以商业航天、AI应用为代表的科技方向引 领市场上涨；随着月中政策预期收敛，市场进入震荡，但整体维持平稳格局，有色金属板块加速攀升。 外资作为市场中重要的机构投资者，本月也聚焦多只A股。 Choice数据显示，2026年1月参与A股调研的外资机构共有212家，相比2025年12月 的118家大增79.66%。从被调研的个股来看，共有153家A股公司被外资机构调研，调研次数合计498次。 接下来，笔者将为大家盘点被外资调研次数居前的A股公司，并且为大家介绍调研较为"勤奋"的知名外资机构以及他们关注的A股公司。 （ 点此 查看名单 ） 0 1 22家公司被至少10家外资机构关注！华明装备领衔 从调研的外资机构家数来看，至少被10家机构调研的A股公司共有22家，其中半导体、自动化设备板块的公司数量较多，各有3家。从 ...

Core Insights - The article highlights the active engagement of private equity firms in A-share company research in January 2026, indicating a positive market outlook and strategic long-term investments in sectors like AI, semiconductors, and hard technology [5][6]. Group 1: Private Equity Research Activity - In January 2026, a total of 743 private equity firms conducted 2028 research activities on A-share companies, focusing on hard technology sectors such as computers, machinery, electronics, and biomedicine [2][5]. - The research activities signal a proactive approach by private equity firms to identify long-term investment opportunities, particularly in AI and semiconductor sectors, reflecting their confidence in the growth potential of these industries [5][6]. Group 2: Notable Companies Under Research - The company with the highest number of private equity firm visits in January was Dajin Heavy Industry, which was researched by 54 firms, with an expected net profit growth of 121.58% to 153.23% for 2025 [9]. - Chaojie Co., which was visited by 8 major private equity firms, is expanding into the aerospace sector, benefiting from the high demand in aerospace manufacturing [10]. - The stock with the highest increase among the researched companies was Dike Co., which saw an 82.91% rise in January, driven by the space photovoltaic concept [10]. Group 3: Focus of Major Private Equity Firms - Notable private equity firms such as DWS, Gao Yi Asset, and others were highly active in January, with DWS researching 27 companies, achieving an average stock increase of 13.39% among those researched [11][18]. - Gao Yi Asset's research included 24 companies, with the top three performing stocks being Wangsu Technology (61.56%), Su Da Weige (50.19%), and Aike Optical (42.31%) [15][16]. Group 4: Sector Performance and Trends - The AI application sector saw significant interest, with companies like Liou Co. and Yiwan Yi Chuang experiencing stock increases of 65.25% and 50.79%, respectively, due to their advancements in AI technology [22]. - The mechanical equipment sector also showed strong performance, with companies like Aike Optical and Woerde achieving substantial stock price increases [19][22].

以下文章来源于排排私募汇 ，作者山枫 排排私募汇 . 私募排排网出品。专注深度对话私募管理人，直击私募核心策略。用客观数据说话，以专业视角解读。在这里，读懂私募，把握投资先机。 点击↑↑ 上图查看详情 2025年是量化私募"吸金又吸睛"的一年。从市场环境来看， A股呈现"小微强、大盘稳"的结构性行情，成交活跃、日内波动放大为量化交易提 供了充裕的Alpha空间。此外DeepSeek-R1大模型的发布点燃了"AI+量化"赛道，头部量化私募随即开启AI大模型军备竞赛与人才争夺战。 在此 背景下，行业从策略、规模到业绩，整体迈上了一个新台阶。 那么，这些身在局中的量化私募怎么看待2025年的行业变化呢？它们进行了哪些布局？2026年，量化私募的发展趋势又是怎么样的呢？为此， 笔者采访了鸣石基金、蒙玺投资、世纪前沿、九坤投资、远和资产、半鞅私募基金、量创投资、海南无量资本、前海国恩资本、双隆投资、波粒 二象私募、上海思达星汇私募12家具有代表性的量化私募机构。（ 点击查看完整原文 ） 策略格局： 传统高频价量策略的Alpha空间被宏观波动挤压，而能够融合地缘政治、产业周期、政策预期等宏观因子的量化模型， 表现出了更强 ...

Core Viewpoint - Goldman Sachs projects that the global bull market is expected to continue, supported by earnings and economic growth, despite a potential slowdown in stock price increases in 2026 compared to 2025 [2] Group 1: Economic Outlook - China's real GDP is expected to grow by 4.8% in 2026, surpassing the market consensus of 4.5% [2] - The real estate market has not yet shown signs of bottoming out, with high housing inventory and challenging financing conditions for major developers [2] Group 2: Artificial Intelligence and Market Dynamics - There is strong market interest in artificial intelligence stocks, but significant bubbles are not evident. The valuation disparity between the largest companies in the S&P 500 and the remaining stocks is much smaller than during previous cycles, such as the tech bubble in 2000 [2] - Goldman Sachs emphasizes two major structural shifts in the current market: the demand for higher-speed AI server specifications and the significant increase in AI server demand leading to larger scale effects [3] Group 3: Stock Ratings and Predictions - Since 2026, Goldman Sachs has issued ratings for 55 A-share companies, including 32 "buy," 14 "neutral," and 9 "sell" recommendations [3] - For Shenghong Technology, Goldman Sachs has set a target price of 550 CNY per share, indicating an implied upside of over 105% from the closing price of 265.25 CNY on February 3 [3]

Core Viewpoint - The A-share market is expected to maintain a fluctuating upward trend in February, with a focus on "technology + resources" as the main theme, driven by various sectors such as commercial aerospace, AI applications, and non-ferrous metals [2][3]. Group 1: Market Outlook - Long-term strategies suggest focusing on three main lines: technology (including optical modules, storage, semiconductor equipment, and energy storage), non-ferrous metals (with attention to industrial metals and chemicals), and hot topics like robotics and AI model iterations [2]. - The market is anticipated to experience reduced activity before the Spring Festival due to a lack of clear catalysts, but better performance is expected post-holiday as policy catalysts emerge [3]. Group 2: Sector Focus - The mechanical equipment, media, and transportation sectors have seen a notable increase in attention, with respective gold stock counts rising by 6, 4, and 4 [7]. - The electronic industry remains the most recommended sector, with 46 companies included in the February gold stock list, consistent with the previous month [8]. Group 3: Individual Stock Recommendations - A total of 38 brokerages have disclosed their February gold stock combinations, covering 246 A-share companies, with several companies being recommended by multiple brokerages [3]. - Zhongji Xuchuang, a leader in optical modules, has been recommended by 8 brokerages, indicating strong institutional interest, with significant holdings from public funds and northbound capital [10][12]. - Guizhou Moutai has regained attention from 6 brokerages, attributed to its channel optimization and stable pricing strategies ahead of the Spring Festival [10]. Group 4: Investment Trends - 31 stocks have been identified as having over 3 billion yuan in holdings from both public funds and northbound capital, with significant representation from the electronics and non-ferrous metals sectors [12]. - The space photovoltaic sector has gained traction, with 10 stocks included in the February gold stock list, reflecting a growing interest in this area following recent announcements from major companies like SpaceX [15].

以下文章来源于中欧瑞博 ，作者吴伟志 中欧瑞博 . 中欧瑞博，百亿老牌金牛私募，专注于证券二级市场投资，投资理念：坚持与伟大企业共同成长，尊重趋势 策略适配。在这里，读懂股市的春夏秋冬！ 全文字数 | 4538字 阅读时长 | 11分钟 2026年开年仅一个月，全球政经、地缘政治、大宗商品、资本市场便不断上演大戏，很多都是史无前例的，让人目不暇接。面对国际新旧秩序的转换，许 多人迷茫纠结。资本市场历来都有一月预言的说法，其含义就是每一年的第一个月资本市场的表现，往往对这一年有着预示效应。 开年的第一个月，最吸引眼球的是大宗商品，尤其是有色金属出现了暴涨 + 暴跌的行情。 承接2025年强劲的走势，一开年，银、金、铜、铝、 锂等有色金属价格持续走强，多方势如破竹，几乎一路单边上涨，到1月29日最高价，银、金、铜、铝、锂几种商品涨幅分别为69.95%、 29.65%、16.25%、11.9%、55.43%。有色金属的价格上涨速度之快、幅度之大，极为罕见。 北京时间1月31日凌晨，纽约期银主力合约在周四创出121.785美元历史新高后转头向下，最低跌至74美元，日内跌幅35%，现货白银跌破74.6美 元，日内跌幅达 ...

Core Viewpoint - The recent decline in international gold and silver prices indicates a significant cooling of the previously strong precious metals market, revealing challenges faced by macro strategies and concentrated trading structures in the context of changing interest rate expectations [2] Group 1: Market Performance - Since last Friday, international gold and silver prices have experienced a notable pullback, leading to substantial adjustments in related resource stocks [2] - The main contract for silver (AG2604) saw a dramatic fluctuation with a 15% swing, closing at a limit down price on Monday, while gold (AU2604) also faced significant declines, albeit with some support towards the end of the trading day [4][6] - Affected stocks in the A-share market, particularly in the non-ferrous and precious metals sectors, have seen cumulative declines exceeding 15% over two trading days, with broad indices also experiencing over 2% daily pullbacks [6] Group 2: Causes of Price Decline - The rapid decline in precious metals is attributed to a shift in market expectations following U.S. President Trump's indication of appointing a more hawkish Federal Reserve chair, which led to a reassessment of future monetary policy and interest rates [8] - The concentrated positioning of bullish investors in precious metals, combined with a consensus on supply-demand fundamentals, contributed to the severity of the pullback, which is characterized as a correction rather than a fundamental reversal [8] Group 3: Strategy Observations - The recent adjustment in precious metals prices reflects a correction of the previous high volatility and trend environment, with differences in risk management and position control among various strategies becoming apparent during this period [10] - Many private equity firms had anticipated the volatility and managed their positions accordingly, resulting in controlled net value fluctuations of around 10% to 15% for concentrated products during the recent downturn [10] - The rapid correction may not adversely affect long-term strategies; instead, it could enhance the medium to long-term investment appeal of precious metals and related assets, especially for managers with dynamic adjustment capabilities [11]

Core Viewpoint - The A-share market is expected to enter a slow bull phase in 2025, with major indices significantly rising. As the annual report preview window approaches in early 2026, institutional investors are likely to focus on stocks with long-term growth potential and valuation revaluation space [2][3]. Group 1: Target Price Insights from Citic Securities - Citic Securities has identified 12 stocks with a target price increase of over 50%, indicating a recovery in market confidence. The focus is on sectors that can articulate a logical recovery narrative, particularly in consumer and real estate chains [2][3]. - Among the stocks covered, the highest target price increase is for Baili Tianheng, with a target price of 1322 CNY compared to a closing price of 269.69 CNY, representing a potential upside of 390.19% [3][4]. Group 2: Target Price Insights from Huatai Securities - Huatai Securities has identified 15 stocks with a target price increase of over 50%, focusing on sectors with sustainable recovery capabilities, particularly in price increase chains, high-end manufacturing, and AI [5][6]. - The highest target price increase is for Tianci Materials, with a target price of 80.5 CNY compared to a closing price of 40.04 CNY, indicating a potential upside of 101.05% [6]. Group 3: Target Price Insights from Guotai Junan - Guotai Junan has identified 13 stocks with a target price increase of over 50%, with China Railway leading at a target price of 9.07 CNY against a closing price of 5.37 CNY, representing a potential upside of 68.90% [8][9]. - The firm emphasizes the long-term potential of the "transformation bull" market, supported by improved regulatory governance and economic transformation [8]. Group 4: Target Price Insights from GF Securities - GF Securities has identified three stocks with significant target price increases, including Pudong Development Bank with a target price of 15.65 CNY compared to a closing price of 10.06 CNY, indicating a potential upside of 55.57% [10][11]. - The firm anticipates a strong seasonal market effect during the spring, particularly around the Chinese New Year [10]. Group 5: Target Price Insights from Guotai Securities - Guotai Securities has identified three stocks with target price increases over 50%, including Betta Pharmaceuticals with a target price of 71.95 CNY against a closing price of 45.70 CNY, representing a potential upside of 57.44% [13][15]. - The firm highlights the importance of technology and overseas expansion as key drivers for future growth [13]. Group 6: Target Price Insights from Dongwu Securities - Dongwu Securities has identified three stocks with the highest target price increases, including Tianci Materials with a target price of 79.20 CNY compared to a closing price of 40.40 CNY, indicating a potential upside of 97.80% [19][20]. - The firm expects a strong performance in the market as it transitions towards technology and cyclical sectors [19]. Group 7: Target Price Insights from Guojin Securities - Guojin Securities has identified China Pacific Insurance as the only stock with a target price increase over 50%, with a target price of 73.18 CNY against a closing price of 44.36 CNY, representing a potential upside of 64.97% [16][18]. - The firm believes that the insurance sector is entering a new cycle of growth driven by both volume and price increases [16].