Core Viewpoint - The A-share market has shown significant performance in 2025, with major indices like the Shanghai Composite Index up over 16%, the Shenzhen Component Index up over 24%, and the ChiNext Index up over 42% as of November 2025. However, there is notable sector divergence, with strong performances in banking, electronics, telecommunications, non-ferrous metals, and power equipment, while sectors like liquor and real estate lag behind [2][3]. Group 1: Top Quantitative Private Equity - A total of 36 private equity firms with over 10 billion in assets made it to the top quantitative private equity list, with firms like Lingjun Investment, Ningbo Huanfang Quantitative, and Stable Investment ranking in the top 10 [3][5]. - The average yield for the top quantitative private equity firms from January to November 2025 is close to ***%, with 76 firms employing stock strategies, 11 using multi-asset strategies, 10 focusing on futures and derivatives, 2 on bonds, and 1 on combination funds [2][5]. - The top 10 private equity firms by yield include Huacheng Private Equity, Longyin Huxiao, and Tianhui (Shanghai) Private Equity, among others [3][5]. Group 2: Top Subjective Private Equity - The threshold for the top subjective private equity firms is higher than that of quantitative firms, with an average yield close to ***% for the top firms from January to November 2025 [9][11]. - 85 firms in the subjective strategy category dominated the top 20, with only 7 firms with over 10 billion in assets making the list, including Yuanxin Investment and Fusheng Asset [9][11]. - The top 10 subjective private equity firms by yield include Beijing Xiyue Private Equity, Luyuan Private Equity, and Qiantou Investment, among others [9][11]. Group 3: "Small but Beautiful" Private Equity - The "Small but Beautiful" category features 79 firms using stock strategies, with the average yield threshold exceeding ***% [13][15]. - The top three firms in this category are Longhuixiang Investment, Jingying Zhito, and Moku Asset [13][15]. - The top 10 firms in this category include Longhuixiang Investment, Moku Asset, and Jingying Zhito, among others [13][15].

Core Insights - The article highlights the significant growth and performance of quantitative private equity firms in 2025, with a notable increase in the number of top firms and their average returns outperforming major indices [2][3]. Group 1: Performance and Growth - As of November 2025, the number of top quantitative private equity firms (with assets over 5 billion) increased from 63 to 91, with 43 firms experiencing substantial growth in scale [3][4]. - The average return for 61 top quantitative private equity products was 31.71%, significantly exceeding the 17.94% increase of the CSI 300 index [2][5]. - Among the firms that achieved scale growth, 30 firms moved from below 5 billion to the top tier, while 13 firms advanced from 50-100 billion to over 100 billion [4][5]. Group 2: Licensing and Product Registration - By the end of November 2025, 30 top quantitative private equity firms held the Hong Kong 9 license, with most firms obtaining this license in the last nine years [9][10]. - Six new firms received licenses in 2025, contributing to the total of eight firms that went overseas this year [9][10]. Group 3: Product Registration and Performance Ranking - As of December 12, 2025, 70 top quantitative private equity firms had registered over 10 products, with 28 firms registering more than 50 products [16][18]. - The top five firms with the highest number of registered products included Mingpai Investment, Century Frontier, Blackwing Asset, and Wide De Private Equity, all exceeding 100 registered products [17][18]. - The top five firms based on performance among those with over 50 registered products were Chengqi Private Equity, Evolutionary Assets, Longqi Technology, Century Frontier, and Hainan Shengfeng Private Equity [18][19].

Core Viewpoint - The concentration of private equity firms reflects regional economic vitality and industrial upgrading potential, with significant clustering in coastal developed areas like Shanghai, Shenzhen, Beijing, Hangzhou, and Guangzhou, which together account for 74.88% of the total private equity firms with performance data [2]. Summary by Sections Private Equity Distribution - A total of 649 private equity firms have at least three products that meet performance criteria, with Shanghai, Shenzhen, Beijing, Hangzhou, and Guangzhou hosting 486 firms [2]. - Other strong economic cities like Xiamen, Chengdu, Zhuhai, Xi'an, Changsha, and Chongqing have at least five private equity firms each [2]. Performance Metrics - The average return for private equity firms in Shanghai is 27.54%, in Shenzhen is 31.97%, in Beijing is 31.14%, in Hangzhou is 37.63%, and in Guangzhou is 34.74% [3][4][6][8][16]. - The top private equity firms in Shanghai include Haisheng Fund, Shanghai Hengsui Asset, and Jiuge Investment, with the top 10 firms having a return threshold of ***% [4][5]. Shanghai Private Equity - Shanghai has 202 private equity firms with an average return of 27.54%, and 45 firms with assets over 5 billion [4]. - The top five firms in Shanghai are Haisheng Fund, Shanghai Hengsui Asset, Jiuge Investment, Longhang Asset, and Liangli Private Equity [5]. Beijing Private Equity - Beijing has 91 private equity firms with an average return of 31.14%, and 17 firms with assets over 5 billion [6]. - The top five firms in Beijing are Xiyue Private Equity, Beiheng Fund, Huacheng Private Equity, Lingjun Investment, and Yuanxin Investment [6]. Shenzhen Private Equity - Shenzhen has 112 private equity firms with an average return of 31.97%, and 18 firms with assets over 5 billion [8]. - The top five firms in Shenzhen are Qiantu Investment, Fuyuan Capital, Zhongying Investment, Rongshu Investment, and Nengjing Investment Holdings [8][11]. Hangzhou Private Equity - Hangzhou has 45 private equity firms with an average return of 37.63%, and 4 firms with assets over 5 billion [13]. - The top five firms in Hangzhou are Nongfu Private Equity, Haokun Shengfa Asset, Yunqi Quantitative, Ningbo Huansheng Quantitative, and Berkshire Investment [13][15]. Guangzhou Private Equity - Guangzhou has 36 private equity firms with an average return of 34.74%, and 2 firms with assets over 5 billion [16]. - The top five firms in Guangzhou are Jingyan Private Equity, Hainan Xiangyuan Private Equity, Sanhe Chuangying, Zeyuan Investment, and Guangzhou Shouzheng Yiqi [16][18]. Other Regions - In other regions, there are 163 private equity firms with an average return of 25.26%, with 20 firms having assets over 5 billion [19]. - The top five firms in other regions are Luyuan Private Equity, Zhihua Asset Management, Yidian Najin (Quanzhou) Private Equity, Longyin Huaxiao, and Juli Fund [19].

Core Viewpoint - The A-share market has shown a clear slow bull characteristic in 2023, with significant returns from sectors like technology growth and resource cycles, leading to an overall increase of over 15% in major indices from January to November, with the ChiNext Index leading at 42.54% [2][3]. Summary by Sections A-share Market Performance - The three major A-share indices have all risen over 15% from January to November, with the ChiNext Index achieving a remarkable 42.54% increase [2]. - A-share indices exhibit lower volatility compared to the Hang Seng Index and Nikkei Index, aligning with the characteristics of a slow bull market [2]. Index Data - The performance data for major indices from January to November is as follows: - CSI 300: 15.04% return, 15.69% annualized volatility, 127.80% turnover rate, 10.49% maximum drawdown - Shanghai Composite: 16.02% return, 14.09% annualized volatility, 245.70% turnover rate, 9.71% maximum drawdown - Shenzhen Component: 24.67% return, 21.71% annualized volatility, 394.74% turnover rate, 14.98% maximum drawdown - ChiNext Index: 42.54% return, 30.21% annualized volatility, 576.46% turnover rate, 20.79% maximum drawdown [3]. Fund Performance - The average return for 2049 subjective long-only products from January to November is 34.39%, significantly outperforming most A-share indices [3]. - Among the 197 subjective long-only products from billion-yuan private equity firms, the average return is 23.72%, with 94.42% of products showing positive returns [4]. Top Performing Funds - The top three subjective long-only products from billion-yuan private equity firms are: 1. Yuanxin Investment's "Yuanxin China Active Growth C" managed by Wang Aoye 2. Jiuku Investment's "Jiuku Value Selection No. 1" managed by Jiang Yunfei 3. Wangzheng Asset's "Wangzheng Win-Win No. 3" managed by Wang Penghui [4][5]. Sector Focus - The focus on gold investment is highlighted, with managers like Guan Xin from Xishirun Investment emphasizing a new "reflexive" cycle in gold prices, suggesting a strategic allocation towards gold as a long-term investment [11][12]. - The performance of funds in the 50-100 billion category shows an average return of 29.83%, with 95.49% of products yielding positive returns [8]. Emerging Trends - The report indicates a trend of adjusting portfolios to optimize returns, with managers actively seeking undervalued quality companies while maintaining a core and satellite investment strategy [7].

为了给予更多有价值的信息，笔者依据管理规模首次突破百亿这一里程碑的时点，将百亿级机构划分为三类：一是 规模首次跨越百亿已超过 5 年的"老牌百亿" ；二是 在近 1-5年间达成百亿目标的"百亿中生代" ；三是 近一年内新晋、仍处在规模与业绩高压磨合期的 "百亿新秀" ，并统 计出上述三类百亿私募名单及最新业绩情况。 01 "老牌百亿"：TOP10中量化私募独占8席！幻方、诚奇居前3！ 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 百亿私募作为私募行业的头部力量，一直备受市场关注。今年，私募业重回"百家百亿私募"的"双百时代"，其中有不少私募为今年首次突破百 亿，这些近1年首次突破百亿的"百亿新秀"业绩成色如何？跟"百亿中生代"、"老牌百亿"私募业绩相比，能否更胜一筹？ 截至2025年11月底， 管理规模首次突破百亿至今已超过 5年的"老牌百亿"私募 共有37家，平均花费7.3年进入百亿阵营，其中 盘京投资 、 源峰 基金 、 衍复投资等私募管理规模迅速突破百亿，用时 均 不足 3 年 。 | 菲高 | 公司简称 | 核心策 略 | 模式 | 公司投资 是否有 办公 9号牌 | 城市 | 实控 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年 1-11月，A股、港股、美股虽然在年内都一度出现过较大回撤，但最终累计涨幅均表现不俗 。其中，上证指数涨幅超16%，深证成指涨幅 超24%，创业板指涨幅超42%。港股的恒生指数、恒生科技涨幅分别超28%、25%；美股的道琼斯指数涨超12%，纳斯达克指数涨近21%。 | 证券市场 | 指数名称 | 今年1-11月 | 今年1-11月 | 今年1-11月 | | --- | --- | --- | --- | --- | | | | 涨跌幅 | 最大涨幅 | 最大回撤 | | A股 | 上证指数 | 16.02% | 30.13% | -9.71% | | | 深证成指 | 24.67% | 46.57% | -14.98% | | | 创业板指 | 42.54% | 83.95% | -20.79% | | | 沪深300 | 15.04% | 32.27% | -10.49% | | | 中证500 | 22.81% | 42.78% | -13.80% | | | 中证1000 | 23.10% | 39.15% | -16.87% | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 业绩方面来看，截至11月底，符合排名规则的量化产品数共1637只，合计规模约为1351.14亿元，今年1-11月的收益均值为27.29%，显著跑赢同 期大盘。其中，99位百亿私募量化基金经理管理的386只量化产品，今年来收益均值高达34.42%，收获14.04%的超额收益，明显表现更为优 秀。 | 公司规模 | 符合排名规则 的量化产品数 | 产品规模合计(亿元) | 今年来收益均值 | 今年来超额均值 | | --- | --- | --- | --- | --- | | 100亿以上 | 386 | 538.08 | 34.42% | 14.04% | | 50-100亿 | 165 | 174.88 | 25.23% | 10.31% | | 20-50亿 | 220 | 225.55 | 26.62% | 12.21% | | 10-20亿 | 176 | 125.97 | 25.37% | 10.10% | | 5-10亿 | 224 | 121.46 | 25.75% | 10.84% | | 0-5亿 | 466 | 165.21 ...

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。 （↑ ↑ ↑ 点击图片订阅专栏） 栏目介绍 「私募深观察」 聚焦于管理规模中等私募管理人，通过深度解析，致力于呈现其发展路径与投资内核，记录这些私募中坚力量在投研体 系、风控流程与团队建设上的特色与亮点，为读者提供多样的观察视角。 本期观察——双隆投资。 私募排排网数据显示，截至2025年10月底， 在管理规模20亿以上的私募中，双隆投资旗下11只产品平均收益达***%，位列期货及衍生 品收益榜第四。 （ 点此查看收益 ） 截至10月底，在20-50亿规模私募中， 双隆投资旗下产品"双隆-隆富6号A类份额"近5年收益达***%，位列私募CTA产品近5年收益榜 第二。 （ 点此查看收益 ） 截至10月底，在5-50亿规模私募中， 双隆投资旗下产品"双隆-隆云1号"今年来收益达***%，位列量化CTA产品收益榜第四。 （ 点此 查看收益 ） 截至10月底，在20亿以上规模私募中， 双隆投资张津鹏、李隽所管产品今年来收益分别为***%、***%，均位列期货及衍生品策略基 金经理榜十强。 （ 点 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，量化投资在多重机遇的交织下热度持续攀升。一方面，以DeepSeek为代表的人工智能前沿技术取得突破，为量化模型的迭代与策略 的创新注入了强劲动力；另一方面，A股市场震荡上行、结构性行情凸显，小微盘风格整体占优，为量化多头策略提供了施展空间。 根据私募排排网数据，截至2025年11月底， 符合排名规则且有业绩展示的量化多头产品有 715只，产品规模合计约为609.92亿元，近1年平均收 益达39.07%，领跑其他二级策略 。 | 排序 | 私募二级策略 | 符合排名规则的产品数 | 近1年收益均值 | 产品规模合计(亿元) | | --- | --- | --- | --- | --- | | 1 | 를化务杀 | 715 | 39.07% | 609.92 | | 2 | 主观多杀 | 2021 | 35.20% | 1817.49 | | 3 | 其他衍生品策略 | 15 | 29.36% | 17.98 | | 4 | 宏观策略 | 187 | 27.06% | 207.92 | | 5 | 复合策略 | 367 | 26.48% ...

Group 1 - The core viewpoint of the article emphasizes the increasing value of quantitative and CTA strategies in a volatile market environment, where traditional investment approaches may struggle to provide direction [2][3][15] Group 2 - Recent market fluctuations are attributed more to style switching rather than "quantitative crowding," indicating a shift in investor preferences from high-volatility growth stocks to stable cash flow and low-volatility investments [5][15] - The performance of various style factors shows that growth and volatility factors have been strong, while large-cap and liquidity factors have weakened, suggesting a broader market de-concentration and a response to macroeconomic variables [5][15] Group 3 - The rising expectations of interest rate hikes in Japan are identified as a significant driver of global market volatility, impacting carry trades and increasing risk premiums in Asian assets [6][15] - Quantitative strategies and CTA strategies are positioned to benefit structurally from these changes, as they can adapt quickly to rising funding costs and currency fluctuations [7][8][15] Group 4 - The article highlights the performance of private equity funds, noting that those with higher Sharpe ratios and lower drawdown characteristics are more suitable for core portfolio allocation during turbulent market conditions [15]