Core Viewpoint - The article highlights the impressive growth and performance of Zhengying Asset, a private equity firm, which has successfully increased its management scale from 20-50 billion yuan at the end of 2024 to over 160 billion yuan by January 2026, with all five products showcased achieving historical highs in December 2025 [2][4]. Group 1: Company Overview - Zhengying Asset was established in 2015 and employs a combination of subjective and quantitative investment strategies to better understand the market and manage risks [4]. - The firm is one of the early participants in the on-site options market and has significant expertise in options volatility trading [4]. - In 2021, Zhengying Asset began to invest in stock business and introduced a high-frequency trading team, focusing on machine learning and deep learning [4]. Group 2: Team Expertise - The high-frequency strategy team consists of members from prestigious universities such as Shanghai Jiao Tong University and Peking University, with extensive experience in quantitative trading [4]. - Key team members have over five years of overseas futures high-frequency trading experience, managing over 1 billion USD at their peak [4][5]. Group 3: Investment Strategy - Zhengying Asset's index enhancement strategy combines artificial intelligence and machine learning for factor extraction, optimizing factors based on Sharpe's optimal standard [9]. - The strategy is based on a multi-factor model framework, utilizing quantitative statistical tools and AI algorithms to identify effective factors for combination and backtesting [9]. Group 4: Product Performance - The "Zhengying Smart Selection No. 1" product, launched in September 2022, has shown remarkable performance since adopting the index enhancement strategy in July 2024, with annualized excess returns significantly outperforming the market average [7][19]. - The index enhancement products are designed to provide both index fund characteristics and active management benefits, with returns derived from both market average returns and excess returns from active management [19]. Group 5: Competitive Advantages - Zhengying Asset's rapid rise in the high-frequency trading sector is attributed to four main factors: strong computing power, integration of software and hardware, low-latency systems, and meticulous management [14][15][16][17]. - The firm emphasizes risk control, ensuring that strategies undergo extensive pre-launch testing and real-time performance monitoring post-launch [18][19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年，A股走出了过去几年的低迷后，继续震荡攀升，走出少见的"慢牛"行情。值得注意的是，多位私募"大V"于此阶段频频发声，他们中不 乏公司创始人、实控人或董事长，其观点通过社交媒体广泛传播，深度搅动着市场情绪与散户动向。从业绩维度审视，这些市场焦点人物的表现 也呈现出分化图景：有人成功收复失地，实现逆袭；有人敏锐把握新趋势，乘风而上；亦有人仍坚守原有阵地，静待风起。 根据私募排排网的不完全统计，截至 2025年12月31日，私募大V共有82位。 其中，头部私募（规模50亿以上）的基金经理共有但斌、王文、林 园、梁宏、李蓓等16位，且多数都为老牌私募大佬。从投资模式来看，主观私募基金经理占多数，共63位，占比约77%；从核心策略来看，股票 策略的基金经理占多数，有50位。从核心账号的关注度来看，全网粉丝破百万的有但斌、吴悦风、曾文凯、许琼娜等。 （ 点此查看最新名单 ） | 排序 大V姓名 | | 大V核心账号ID | 更新平台 | 核心账号粉丝丝 | 关联私募 | 私募规模 | | --- | --- | --- | --- | --- | ...

引言 过去一年，A股市场经历了一轮幅度可观的牛市行情，风险偏好明显修复，指数层面的上涨 一度成为市场共识。 随着行情逐步由普涨走向分化，投资决策的重心也开始从"追逐收益"转 向"筛选长期可配置的核心资产"。 在这一阶段，资金的真实流向往往比短期涨幅更具参考意 义。 自2024年9月首只中证A500场内ETF上市以来，A500相关ETF及联接产品规模持续扩张，目 前已超过1600亿元；尤其是在2025年12月，市场整体趋于震荡的背景下，A500ETF却迎来 了大规模机构资金净申购，显示出显著的配置属性。与此同时，中基协备案信息显示，2025 年以来A500指数增强私募产品数量明显增加，量化机构加速布局该赛道。多类资金在同一时 间指向A500，释放出值得重视的配置信号。 规模与资金行为：A500ETF已被机构"用真金白银投票" 0 1 自2024年9月20日首只中证A500场内ETF发行上市以来，A500ETF在不到一年半的时间内，完成了 从"新指数"到"核心宽基"的快速跃迁。截至目前，A500相关ETF及联接产品总规模已超过1600亿 元，成为近十年来增长最快的权益宽基指数之一。 数据来源：聚宽Joinquan ...

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，"小而美"（公司规模20亿以下）私募旗下1876只产品，在刚过去的2025年实现31.86%的收益均值，其中75只产品收益在 100%以上(占比4.00%)，收益在50%以上的产品共338只(占比18.12%)，跑赢年度沪深300指数的产品有1087只(占比57.94%)。 具体到二级策略来看，2025年"小而美"私募的量化多头策略收益表现领先，符合排名规则的174只量化多头产品2025年收益均值高达38.97%，其 次958只主观多头收益为36.48%，同样表现不俗；另外83只主观CTA2025年收益均值为29.40%，较为亮眼。 | 二级策略 | 符合排名规则 的产品数 | 2025年收益均值 正收益产品数 | | 正收益占比 | | --- | --- | --- | --- | --- | | 主观多头 | 958 | 36.48% | 894 | 93.32% | | 量化多杀 | 174 | 38.97% | 169 | 97.13% | | 量化CTA | 152 | 23.08% | 135 | 88.82% ...

2025年，在海外宏观预期变化、产业 变革 与地缘政治等因素交织影响下，国内商品市场呈现出显著的结构性分化行情 。从指数表现来看，南华 商品指数全年小幅上涨但波动较为明显。 贵金属指数成为领涨板块， 全年涨超 81%， 有色金属指数同样表现突出， 上涨幅度超 18%， 其中 铜、锡因供需错配延续趋势性上涨 。相比之下，黑色系受国内政策及需求预期影响，呈现宽幅震荡格局；能化板块则整体走势疲软。（可参 考： 黄金、白银走牛，CTA策略又火了！一文详解CTA策略！ ） 在此环境下， 部分管理 CTA产品的基金经理通过多品种布局、多周期配置及复合策略运用，能够灵活调整在不同板块上的风险暴露，从而有效 应对结构性行情 。根据私募排排网统计， 2025年有业绩展示的551只CTA产品全年平均收益约24.79% 。为能更清晰了解私募基金经理CTA策 略收益情况，笔者按照所属私募规模分类（20亿以上、20亿以下），分别梳理出在CTA策略上做的比较突出的私募基金经理，供读者参考。 （统计样本：在私募排排网上至少有3只CTA产品展示业绩且符合排名规则的私募基金经理。） 0 1 20亿以上：双隆投资李隽、洛书投资谢冬、宏锡刘锡斌位 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近日，公募基金2025年四季度报告已经披露完毕，基金重仓股也随之浮出水面。 公募基金作为 A股市场主要的机构投资者之一，其持股动向备 受市场关注 。（按照基金披露规则，公募基金季报只会披露前10大重仓股数据，中报和年报才会披露全部的持仓数据。） 根据公募基金四季报中披露的前10大重仓股数据（本文仅统计公募基金的A股持仓数据）统计发现， 2025年末， 公募基金共重仓持有 2976家 A 股公司，持股总市值约为 33572 亿元， 相比三季度末减少约 4292亿元 。 （ 点此领取公募基金最新持仓名单 ） 从基金2025年末的重仓股所属行业分布来看， 持股总市值最高的行业是电子行业，持股总市值约为 6897亿元，远高于其他行业； 但相比三季 度末持股市值减少了1000多亿元。 电力设备（新能源为主）、通信2个行业，基金持股市值也分别超3700亿元、3400亿元。此外，公募基金对有色金属、非银金融、食品饮料、医 药生物等4个行业的持股也均超2000亿元。 相比三季度， 基金对通信、有色金属、银行、非银金融等 4个行业的持股市值均增加了逾100亿元 ； ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 随着 2025年 的收官， 作为市场 的 "聪明钱"与风向标， 9 大外资公募的 年度重仓股也随之揭晓 。纵观全年， 以 AI为核心的科技板块，从一季 度的重点布局，到二季度的大幅加仓，再到三季度的集中持有 ， 无疑是外资公募坚定、持久的共识。 0 1 摩根大通基金持仓市值超800亿！减持宁德时代，大幅加仓有色金属！ 截至2025年四季度末，摩根大通基金资产规模高达2405.72亿元，三季度末为2132.19亿元。根据基金2025年报，旗下基金在四季度末持有215只 标的，持有的股票市值约为847.31亿元。 摩根大通基金在四季度末的重仓股中，持股市值最多的20家公司，均在2亿以上。受益于2025年市场行情的回暖，仅1只个股出现微跌，其余19 只个股的均出现不同程度的涨幅，年度涨幅在100%以上的个股有10只。 第一大重仓股是宁德时代 ，摩根大通基金旗下43只基金合计持有848.05万股，持有市值高达31.15亿元，但相比三季度末减仓63.17万股。 其次 第二、第三大重仓股均为当时市场火热的 CPO龙头中际旭创和新易盛，2025年涨幅分别高达3 ...

Core Viewpoint - The article emphasizes the shift in private equity firms from focusing solely on high returns to refining the risk-return ratio, with the Sharpe ratio being highlighted as a key indicator of risk-adjusted returns [3][4]. Summary by Sections Private Equity Performance - In 2025, private equity firms with over 10 billion in assets under management (AUM) showed a significant advantage in Sharpe ratios, with a mean Sharpe ratio of 2.27 for 657 products, compared to lower ratios for smaller firms [4]. - The average return for all private equity products in 2025 was 32.26%, with the highest returns coming from firms managing over 100 billion [4]. Top Performing Products - The top three subjective long products in terms of Sharpe ratio were from Yuanxin Investment, Jiuqi Investment, and Evolutionary Asset, with average returns of 21.43% and a Sharpe ratio of approximately 0.86 for 189 products [5][6]. - The leading subjective long product was "Yuanxin Steady Value B Class" managed by Yuanxin Investment, achieving a high Sharpe ratio [6]. Quantitative Long Products - Quantitative long products had an impressive average return of 51.28% and a Sharpe ratio of about 3.31 for 258 products in 2025 [8]. - The top two quantitative long products were from Evolutionary Asset and Longqi Technology, showcasing the effectiveness of systematic approaches in achieving stable returns [9][12]. Market Neutral Products - The average return for market-neutral products was 8.85%, with a Sharpe ratio of approximately 1.79 for 53 products [14]. - The leading market-neutral product was "Mingyuan Neutral 1A Class" managed by Mingyuan Investment, which maintained a consistent upward trend since its inception [15]. Multi-Asset Strategies - Multi-asset strategy products achieved an average return of 31.66% and a Sharpe ratio of about 2.43 for 78 products [18]. - The top product in this category was "Mingyuan Multi-Strategy Hedge 1C" managed by Mingyuan Investment, which has shown strong performance since its launch [20]. Quantitative CTA Strategies - Quantitative CTA strategies had an average return of 8.84% and a Sharpe ratio of approximately 1.62 for 26 products [21]. - The leading product was "Turing Linhai 6" managed by Turing Investment, which marked the firm's first entry into the 100 billion AUM category [23].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在私募行业中，主观多头策略始终是国内私募领域的核心主线，它既是基金经理认知深度与决策魄力的试金石，也是投资者穿越周期、追寻阿尔 法收益的重要倚仗。在刚过去的2025年，A股、港股、美股主要指数均录得不同程度的涨幅，私募主观多头产品整体也取得了不错的业绩。 私募排排网数据显示，截至2025年底，2048只符合排名规则的主观多头产品， 2025年收益均值高达37.78%，其中1923只产品年内实现正收 益，正收益占比高达93.90%。 收益分位统计来看，124只主观多头产品2025年收益在100%以上(占比6.05%)、491只主观多头产品2025年收益在50%以上(占比23.97%)、跑赢 年度沪深300指数的主观多头产品共1324只(占比64.65%)。 | 公司规模 | 符合排名规则 的产品数 | 2025年收益均值 | 正收益产品数 | 正收益占比 | | --- | --- | --- | --- | --- | | 100亿以上 | 184 | 21.61% | 172 | 93.48% | | 50-100亿 | 114 | 34.52 ...

Core Insights - 2025 is a landmark year for quantitative investment, marked by the emergence of DeepSeek, which injects disruptive AI momentum into the field [3] - The A-share market has shown a significant upward trend, with small and mid-cap stocks outperforming, as evidenced by the over 36% and 80% increases in the CSI 2000 and micro-cap indices respectively [3] - The average return for quantitative private equity products in 2025 reached 30.28%, with a geometric excess return of 10.83% [3] Quantitative Strategy Performance - The top-performing quantitative long strategy products, totaling 806, achieved returns of 44.74% and geometric excess returns of 16.46% in 2025, leading among private equity secondary strategies [4] - Other strategies such as quantitative CTA and stock market neutral also performed well, with average returns of 20.21% and 9.58% respectively [4][5] Quantitative Stock Selection - The average return for quantitative stock selection products was 42.28% in 2025, with an average excess return of 17.70% [6] - The top three products in this category were from Hainan Gaia Qingke Private Equity, Water Mill Asset, and Hanrong Investment [6] Notable Products and Managers - Hainan Gaia Qingke's product "Gaia Qingke Cattail Progress A" achieved outstanding performance, with returns exceeding ***% [7] - Hanrong Investment's "Hanrong Ansheng Progress No. 1 B" also performed well, with returns exceeding ***% [8] - Longqi Technology's "Longqi Technology Innovation Selected No. 1 C" led the quantitative stock selection products with returns exceeding ***% [9] CSI 500 Index Enhancement - The average return for CSI 500 index enhancement products was 46.32% in 2025, with an average excess return of 12.22% [10] - The top three products in this category were from Guobiao Asset, Zhaoxin Private Equity Fund, and Zhaoyue Private Equity [10] CSI 1000 Index Enhancement - The average return for CSI 1000 index enhancement products was 49.68% in 2025, with an average excess return of 17.41% [14] - The top three products were from Jintong Investment, Luxiu Investment, and Mengxi Investment [14] Other Index Enhancements - The average return for other index enhancement products was 46.76% in 2025, with an average excess return of 19.95% [23] - The top three products in this category were from Jing Shang Jia Wan, Zhongmin Huijin, and Yang Shi Asset [24]