Core Viewpoint - The A-share market experienced a high-level fluctuation in November, continuing the trend from October, with all three major indices declining. The Shanghai Composite Index fell by 1.67%, while the Shenzhen Component and ChiNext Index dropped by 2.95% and 4.23%, respectively. Despite this, 2303 private equity products reached historical highs in net value, representing approximately 44.59% of private equity products established for over a year [2][3]. Summary by Category Private Equity Product Types - Among the private equity products, 1199 were non-quantitative and 1104 were quantitative. The majority were stock strategy products, with 1362 products (about 59.14%), followed by multi-asset strategy products (321), futures and derivatives strategy products (302), bond strategy products (233), and combination fund products (85) [2]. Company Scale - The largest number of products came from private equity firms with assets under management below 500 million, totaling 778 products (34%). There were 389 products from firms with over 10 billion in assets [3]. Long-Established Products - Among the private equity products that reached historical highs, 20 were established for over 10 years, with 16 of them achieving an annualized return exceeding 10%. The majority of these long-established products were subjective long positions (12), with macro strategies and CTA products each accounting for 3 [4]. Top Performing Products - The largest product by scale was "Kai Feng Macro Strategy No. 9" managed by Shenzhen Kai Feng Investment, established on July 29, 2015, with a scale of approximately *** billion and an annualized return close to ***% [6][7]. - The top-performing quantitative long products included 515 products, with the highest returns coming from firms like Jin Tong Investment and Jiu Ming Investment [8][9]. - In the subjective long strategy category, 331 products reached historical highs, with top performers from companies like Neng Jing Investment and Qian Tu Investment [11][15]. Futures and Derivatives Strategy - There were 169 products under the futures and derivatives strategy, with the top product being "Yi Zu Qing Gui Li Dong" managed by Yi Zu Investment, achieving significant returns [16][19]. Multi-Asset Strategy - A total of 207 products were categorized under multi-asset strategies, with the top product being "Xi Shi Run Gold Enhanced No. 1A" managed by Xi Shi Run Investment, which also achieved notable returns [20][23].

进入12月份，2025年的A股行情已进入尾声。总结来看，今年的A股市场呈现出鲜明的结构性牛市特征。 在政策托底经济、科技变革催化的双重 驱动下，指数进入上行趋势脱离底部区域。尤其引人注目的是，以科技成长股和资源类周期股为代表的板块轮番发力，推动中小盘风格持续主导 市场，为投资者带来丰厚的投资回报。根据私募排排网最新数据显示，截至2025年11月28日，排排网·股票策略指数今年以来收益达到 23.67% ，中证全指指数同期收益为 18.30% 。 然而，在这场私募基金业绩竞赛中，近些年主观多头私募策略整体表现跑输量化多头策略的现象在今年依然存在。具体来看，截至2025年11月 28日，排排网·量化多头策略指数和排排网·主观多头策略指数今年以来收益分别为 34.67% 和 22.75% 。值得注意的是，今年市场环境本应有利 于主观多头策略发挥，但量化策略却仍旧凭借系统化优势捕捉到了机会。 | 排名 | 公司简称 | | 投资模式 核心策略 实控人 | | | 符合排名规则的产品规模合计1-11月收益 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

AI 时代，聚宽的最新迭代与策略情况如何？我们就相关话题与聚宽展开了对话。 （ 点击查看完整直播回放 ） Q：我们关注到聚宽近期作为赞助商参与NeurIPS 2025，能分享下你们在这背后的考虑吗？ 量化的底层驱动力来自于顶尖人才。 聚宽近期入职的投研和技术同事，背景不少都是AI 方向。他们中有在前沿课题上取得过硬成果的研究者； 也不乏在ACM-ICPC等竞赛中取得好名次的"技术大拿"。 我们希望通过AI学术会议的赞助，直接触达全球顶尖的AI相关人才。 NeurIPS 是全球人工智能领域的顶级学术会议，一些十分前沿、或能决定 未来技术走向的AI突破可能会在这里发布， 本次聚宽作为赞助商参展收获颇多，未来我们也会考虑持续在此方面的参与。 Q：聚宽提出"探索 AI 自主驱动投研"，如何理解？ "探索 AI 自主驱动投研"是聚宽投研的聚焦方向， 我们希望从以下几个方面持续进行投入：一是持续吸引和团结全球顶尖AI人才，二是构建自 主可控的全生命周期投研等相关系统，三是进行持续、高强度的基础算力资源投入。 具体来讲，为了支持未来更深度的AI应用场景，聚宽构建了 全链路自主可控的技术新引擎 。以超40万核CPU和超200 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 进入12月，私募基金经理的年度收益排名也进入了最终冲刺阶段。 今年 1-11月，所管产品至少有3只符合排名规则的私募基金经理共有570位， 今年来收益均值和中位数分别为29.42%、23.89%。 其中，以股票策略为核心的基金经理共有 346位，占比60.7%，他们今年1-11月的收益均值和中位数分别为35.26%、31.1%，跑赢同期沪深300 指数17.94%的涨幅 。此外，以多资产策略和期货及衍生品策略为核心的基金经理也较多，分别有82位，65位。 从基金经理所属公司的投资模式来看，主观私募基金经理共有301位，占比过半；此外，量化私募基金经理分别有187位，混合型私募（"主观 +量化"）的基金经理有82位。 今年中小盘股整体表现占优，为量化私募的基金经理的发挥提供了有利环境；而 AI算力等板块的趋势性行情，也 为主观私募基金经理提供了机会。 为了给读者提供更多的信息，笔者将分别在以上六个规模区间的私募中，为大家盘点今年1-11月收益位列10强的私募基金经理。 0 1 100亿以上：陆航夺得季军！宁波幻方量化两位基金经理上榜 在百亿私募中， ...

以下内容转载自公众号：排排网研究院 2025年，DeepSeek的横空出世引爆科技股行情，A股市场在其带动下走出一轮强劲上涨，上证指数一度突破4000点，创下十年来新高。这 为私募证券基金提供了良好的市场环境，私募产品备案热度显著回升，吸引大量资金持续涌入。 据中基协截至今年10月末的数据，存续私 募证券投资基金规模已达7.01万亿元，较去年底大增1.8万亿元。 业绩方面同样表现亮眼， 私募排排网数据显示，截至10月底，今年以来共 有2753只有业绩展示的私募证券投资基金净值创出历史新高。 在此背景下，百亿私募阵营持续扩容，数量再度突破百家，行业格局加速变 化。 为深入探讨新环境下的机遇与趋势，持续助力行业高质量发展，由排排网集团主办，银河期货、方正证券、中辉期货、私募排排网、国联期 货协办的 "循光而行 星河万里"第二十届私募基金发展论坛，将于2026年1月8日在深圳盛大启幕。 论坛将汇聚来自券商、公募、期货、信 托、私募等金融机构的资深从业者，共同剖析宏观经济形势，探寻资产配置有效策略，共话未来投资机遇。 本次论坛丰富多元，亮点纷呈，不仅邀请在各自策略领域表现卓越的私募大咖发表主题演讲，分享实战经验与投资 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 四季度以来，在年底的政策预期博弈、海外流动性扰动与年底资金行为三大因素交织影响下， A股市场主要股指高位横盘，商业航天、海峡两 岸、AI算力、贵金属等板块快速轮动。在此背景下，融资余额却在近日创下历史新高。 融资融券（两融）是券商向客户出借资金（融资）或证券（融券），客户交保证金做担保，到期还本付息或还券，属于带杠杆的信用交易。 Choice数据显示，截至2025年12月10日，沪深北三市的融资融券余额达到25142.89亿元，创下历史新高； 其中，作为两融主体的融资余额连续 三个交易日增长，达到 24964.06亿元，也达到历史最高水平。 广发证券 表示，在流动性环境改善及风险偏好回升的背景下，市场换手率及两融占比均有望进一步上行突破，尤其是融资余额通常具备稳定 且"易升难降"的特征，预计两融余额仍有望维持上行通道。 华泰证券研究所所长张继强同样预计，两融资金明年仍有望跟随市场风险偏好呈现 温和扩张。 从行业（申万二级）来看，12月以来融资净买入额位列前5的板块为半导体、通信设备、电池、元件、消费电子，融资净买入额分别为701.86亿 元、56 ...

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，A股、港股、美股等股票市场均因关税问题出现了较大的波动，但在流动性宽松和AI技术不断取得突破的助力下， 主要股指在今年 1-11月均录得不同程度的上涨 。A股主要指数中，创业板指以超42%的涨幅领涨。港股的恒生指数、恒生科技指数涨幅均超25%。美股三大指数 中纳斯达克相对领涨，涨幅约为21%。 | 证券市场 | 指数名称 | 今年1-11月 涨跌幅 | 今年1-11月 最大涨幅 | 今年1-11月 最大回撤 | | --- | --- | --- | --- | --- | | | 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% | | A股 | 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% | -16.8 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，截至11月底，在全国7568家私募中，主观私募共有5319家，占比高达70.28%，依旧是行业中的一股最庞大力量。特别是 在今年的慢牛行情下，主观私募凭借精准选股，集中持仓等优势，在普涨行情中极具收益弹性，从而备受关注。 具体来看，975家有业绩显示的主观私募， 旗下 2591只产品今年1-11月收益均值为30.52%，同期沪深300指数涨幅为15.04%，显著跑赢大盘。 随着市场趋势性行情的上行，不少沉寂许久的主观私募，在今年的表现中崭露头角。 为了给读者提供一些参考，本文将按照公司规模分类（100亿元以上、50-100亿元、20-50亿元、10-20亿元、5-10亿元、5亿元以下），分别梳 理出了各规模组中今年1-11月收益居前10的主观私募 （旗下至少有3只产品在私募排排网有业绩展示）。 0 1 百亿主观达46家！远信投资、复胜资产居前二！ 私募排排网数据显示，截至2025年11月底，百亿主观私募共有46家。在这46家百亿主观私募中，办公城市位于上海的有17家、北京的有15家。 从员工人数来看，员工人数超50人的有10家 ...

Core Insights - The article emphasizes the importance of diversifying investment portfolios to reduce risk, showcasing a significant reduction in drawdown from 39.03% to 3.17% through a diversified fund strategy [1][4][7] Investment Strategy - The author utilized the "High-Level Analysis" feature on the private equity platform to create a diversified fund portfolio, selecting four different fund styles: stock strategy, index growth strategy, gold ETF, and bond strategy [2] - The optimal allocation determined by the risk parity model was as follows: stock strategy fund 12.06%, index growth strategy fund 14.37%, gold ETF 8.33%, and bond strategy fund 65.24% [2] Performance Comparison - A backtest was conducted comparing a single index growth strategy fund investment of 1 million yuan against the diversified portfolio, revealing that the single fund incurred a loss of 390,300 yuan with a maximum drawdown of 39.03% [4] - In contrast, the diversified portfolio only lost 31,700 yuan, resulting in a maximum drawdown of 3.17%, effectively preserving 35.86% of the principal [7][8] High-Level Analysis Features - The "High-Level Analysis" function aims to assist investors in creating scientifically sound investment portfolios and automatically calculating optimal fund allocations [10] - It offers four intelligent fund models, including risk parity, MV model, lower risk model, and higher return model, catering to different investor profiles and risk appetites [10][12][15][17] User Experience and Functionality - The platform allows for detailed tracking of trades, automatic calculation of holding costs, and the generation of review reports, enhancing the investment management experience [19][22]

Core Insights - Shanghai is a significant hub for asset management in China, hosting 2,020 private equity firms, accounting for 26.69% of the national total, with 53 firms managing over 10 billion yuan, representing 46.90% of the total [2] - In 2023, 12 private equity firms in Shanghai successfully surpassed the 10 billion yuan management scale, with 6 being quantitative firms and 9 located in the Pudong New Area [2] Summary by Region Pudong New Area - Pudong New Area has 1,188 private equity firms, with 68 managing over 5 billion yuan, including 30 firms with over 10 billion yuan [4] - The average return for 139 private equity firms in Pudong from January to November 2023 is 26.94%, with the top three performers being Haisheng Fund, Shanghai Yixin Private Equity, and Guiyuan Investment [5] Hongkou District - Hongkou District has 127 private equity firms, with 12 managing over 5 billion yuan, including notable firms like Mingyuan Investment and Mingxi Capital [9] - The top three performers in Hongkou for the same period are Mingxi Capital, Mingyuan Investment, and Guanghe Future Private Equity [9] Xuhui District - Xuhui District has 119 private equity firms, with 5 managing over 5 billion yuan, including Jin De Private Equity and Rui Tian Investment [12] - The top three performers are Shanghai Zijie Private Equity, Cai Xia Wan Investment, and Yanfu Investment [12] Huangpu District - Huangpu District has 124 private equity firms, with 5 managing over 5 billion yuan, including Zhengying Asset and Liwei Private Equity [15] - The top three performers are Quan Cheng Fund, Qingdao Hongyun Ruiheng Private Equity, and Shanghai Darin Asset [15] Other Districts - Other districts in Shanghai have a total of 474 private equity firms, with 7 managing over 5 billion yuan, including Shanghai Boke Private Equity and Hexie Huiyi Asset [18] - The top three performers in these districts are Shanghai Hengsui Asset, Jinwang Investment, and Liangli Private Equity [18]