Core Viewpoint - Lin Yuan emphasizes the importance of long-term investment strategies and the distinction between development and profitability, particularly in the context of emerging technologies like AI [4][25][28]. Group 1: Investment Philosophy - Lin Yuan's investment approach is characterized by a "buy and hold" strategy, focusing on the intrinsic value of companies rather than short-term market fluctuations [8][11]. - The belief that stock market volatility is normal and that long-term holding is a sound strategy is reiterated, with no pressure felt from performance dips [11][32]. - The true risk in investing is identified as buying the wrong company, with risk management being established at the point of purchase [13][14]. Group 2: Market Outlook - Lin Yuan maintains that the A-share market is currently in an optimal environment for investment, with a bullish outlook starting from the 4300-point mark on the Shanghai Composite Index [4][39]. - The focus on sectors related to aging populations and health consumption is highlighted as a key area for future investment [20][24]. Group 3: Technology and Innovation - There is a cautious stance towards investing in AI and other emerging technologies, with the assertion that technological advancement does not guarantee investment returns [25][28]. - Lin Yuan points out that while technological innovations drive societal progress, they do not always translate into high profits for investors [25][27]. Group 4: Consumer Behavior and Market Trends - The concept of "addictive consumption" is discussed, with a belief that emotional value and human needs will remain constant despite technological changes [20][24]. - The notion of "no consumption downgrade" is presented, arguing that consumer behavior is rationalizing rather than declining, particularly in essential goods like pharmaceuticals [32][33]. Group 5: Sector-Specific Insights - The long-term value of traditional sectors such as liquor and pharmaceuticals is affirmed, with a focus on their stable demand despite market fluctuations [38][36]. - The potential for growth in China's innovative pharmaceutical sector is recognized, driven by a large population and capital investment [34][36].

| 排序 | 办公城市 | 符合排名的 | 符合排名 | 前三季度 | 前三季度 | | --- | --- | --- | --- | --- | --- | | | | 私募公司数 | 的产品数 | 收益均值 | 收益中位数 | | ך | 上海 | 195 | 947 | 26.37% | 22.04% | | 2 | 深圳 | 111 | 612 | 33.45% | 30.12% | | 3 | 北京 | 87 | 468 | 31.52% | 22.61% | | 4 | 杭州 | 47 | 231 | 37.52% | 28.87% | | 5 | - N | રૂટ | 179 | 38.82% | 29.03% | | б | 厦门 | 20 | ਰੇ4 | 25.88% | 22.38% | | 7 | 成都 | 17 | 79 | 31.78% | 29.99% | | 8 | 珠海 | 11 | ਦ4 | 28.74% | 27.62% | | 9 | 两安 | 9 | 37 | 28.80% | 23.72% | | 10 | 长沙 | g | 36 | 41.01% | 45.40 ...

Core Insights - The market has recovered from the impact of tariffs since April, providing opportunities for private equity stock strategy products, with significant performance differences between subjective long and quantitative long strategies [2] - From April to June, themes like AI computing power and humanoid robots gained traction, benefiting quantitative long products due to their advantages in diversified and programmatic trading [2] - From July to September, A-share indices reached new highs, leading to a notable recovery in the performance of subjective long products focusing on popular sectors [2] Performance Summary - As of October 17, 2025, there are 2,112 subjective long products and 862 quantitative long products with nearly six months of performance data, yielding average returns of 29.62% and 29.43% respectively [2] - In the category of private equity funds with assets over 5 billion, subjective long products outperformed quantitative long products [4] Top Performing Products - In the 50 billion and above category, the top subjective long products include those managed by Wang Aoye, Guan Xin, and Cai Zhijun, with average returns of 34.77% [5][6] - The top three products in the 10-50 billion category are managed by Shi Hao, Zhang Hui, and Tang Yunjie, with the average return for subjective long products at 29.8% [11][12] Quantitative Long Products - In the 10-50 billion category, the top three quantitative long products are managed by Jin Teng, Wang Xiao, and Yin Tao, with an average return of 31.89% [8][9] - The top performing quantitative long product in the 0-10 billion category is managed by Wu Yufeng, with significant recent gains attributed to investments in Bitcoin and AI leaders [20][21] Market Trends - The article highlights a shift towards AI and technology investments, with notable holdings in companies like Nvidia and Google by leading fund managers [7][24] - The "deep earth economy" concept is emerging, with potential market opportunities exceeding trillions [24]

Core Viewpoint - The current structural market trend in A-shares continues, with Goldman Sachs indicating that a "slow bull market in Chinese stocks is forming" [4] Group 1: Fund Manager Growth - As of October 22, 2025, 14 new fund managers have reached a management scale of over 10 billion yuan, primarily from 10 public fund institutions [4] - Notable growth includes Ren Jie from Yongying Fund, whose management scale surged from 1.166 billion yuan to 12.878 billion yuan, marking an increase of 1004% [4][5] - Other fund managers such as Gao Zhe and Li Xiaohua also achieved significant growth, with management scales doubling [4][5] Group 2: Performance of New Billionaire Fund Managers - The rapid growth in management scale is often accompanied by outstanding performance, with Ren Jie achieving a return of 192.05% this year [6] - Fund managers focusing on index products, such as Gao Zhe and Li Xiaohua, have also reported returns exceeding 50% over the past year [6] Group 3: Active vs. Index Funds - The article distinguishes between active equity funds and index funds, highlighting that index funds tend to perform well in a rising market due to their transparent holdings and high liquidity [9] - Active equity funds rely on the fund manager's stock selection and timing abilities, potentially offering greater returns in a market with sector rotations [9][10] Group 4: Top Performing Active Funds - Among active equity products, Yongying Technology Smart Mixed A Fund has achieved a return of 194.96% this year, significantly outperforming its benchmark of 38.05% [11] - Other notable funds include Huafu Yongxin Flexible Allocation Mixed A, which returned 81.82% against a benchmark of 9.04% [11] Group 5: Index Fund Performance - Index funds have also shown strong performance, particularly in sectors like gold and artificial intelligence, with the Gold Stock ETF returning 87.70% this year [13] - A total of 64 index funds have over 50% of their assets in stocks, with 6 funds achieving returns above 50% this year [13]

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股市场在政策托底、科技领域突破与资金风险偏好回升等多重利好因素的共同推动下，表现持续强劲。截至9月底，上证指数累计 上涨约15.84%；深证成指上涨近30%，创业板指更是大幅攀升51.20%，市场整体呈现出"慢牛"格局。在板块表现方面，创新药、人形机器人、 算力以及"反内卷"等主题轮番演绎，持续推动市场热度提升。 在这样的市场环境下，与股市高度相关的股票策略私募产品取得了相对不错的业绩。私募排排网数据显示，截至2025年9月底，有业绩展示的股 票策略产品有3166只，产品规模合计约为2710.97亿元，今年来平均收益达 35.70% ，跑赢市场整体平均收益28.72%，且 远领先其他私募一级 策略收益（多资产策略平均收益为 23.10%、组合基金16.79%、期货及衍生品策略13.96%、债券策略11.23%） 。 | 私募一级策略 | 有业绩展示的产品数 | 产品规模合计(亿元) | 今年来收益均值 | | --- | --- | --- | --- | | 股票策略 | 3166 | 2710.97 | 35.70% | | 多资 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近日，但斌执掌的东方港湾海外基金"Oriental Harbor Investment Fund"向美国证监会SEC提供了最新的13F文件，公布了其2025年三季度的美股 持仓数据。 0 1 美股三季度持仓近 92 亿，新进阿里巴巴、加仓加密货币！ 数据显示， 2025年三季度 末 东方港湾 共 持有 1 7 只美股 标的 ，持股市值合计 12.92 亿美元， 折合 人民币 约 92 亿元 ，相比2025年二季度末 约11.26亿美元的持股市值略有增长。 三季度，东方港湾新买入 5个美股标的。 其中，新买入中国互联网巨头阿里巴巴，三季度末持股市值接近3950万美元，是其前10大重仓股中唯 一的中概股，该股在三季度涨幅超57%。 阿里巴巴旗下有阿里云和通义千问 AI大模型，是中国的AI巨头公司，这或是坚定看多AI产业的但斌重 仓阿里巴巴的原因。 东方港湾的美股第一大重仓股仍为持有多个季度的英伟达 ，三季度末持股市值超2.36亿美元，占其持仓的比例超18%，该股在近期创了历史新 高，三季度涨幅超18%。 （ 点此领取持仓名单 ） | 菲席 | 证券代 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 中国量化私募高度集中于上海，其次是北京和深圳，但上海整体上占据了绝对优势。私募排排网数据显示，截至9月底国内量化私募共有851 家，其中335家的办公地址坐落于上海，占比高达39.37%，其中50亿以上量化私募高达40家。 量化私募纷纷聚集于上海是 "天时（国家金融中心定位）、地利（交易基础设施、资本聚集）、人和（优秀人才偏好）" 三者完美结合的必然结 果。 天时 ： 上海作为金融中心，良好的政策与监管环境提供了稳定发展的保障；上海市政府明确将资产管理行业作为重点发展产业，并在陆家嘴金融城、前 滩等区域提供了相应的政策扶持和优惠，包括税收、人才落户、办公补贴等。 地利 ： 上海拥有上海证券交易所、上海期货交易所、中国金融期货交易所（中金所）等核心交易场所。对于量化交易而言，物理距离的接近意味着更低 的交易延迟。对于高频策略而言，这种"近水楼台先得月"的区位优势是天然的。 人和 ： 量化私募是典型的人才密集型行业，极度依赖数学、计算机、物理等领域的优秀人才。上海及周边地区拥有复旦大学、上海交通大学、浙江大学 等一流高校，此外上海作为国际化大都市，也 ...

（点击↑↑ 上图查看详情 ） 如果一个炒股的人或者是一个做投资的人，连高低都不知道，我说他是个糊涂蛋。 Q：您曾提到"投资是5年、10年的事"，并预判"今年70%以上的人可能跑不赢沪深300"。在当今信息爆炸、市场节奏加快的环境下，长期持有策 略的有效性是否面临着前所未有的挑战？您为何依然对此充满信心？（ 点击进入直播间 ） 炒股——它是核心就是买公司 。实际上我们的核心就是投资公司，看看公司有没有长期持续盈利的这种基础。到目前为止，我捋了一下，我们 现在持有的组合收益尚且较好。就是在目前这种经济环境下都还是能打的。 除了这个其他我觉得都是次要。你再看看那些过去多少年，那些热点的炒的，我记得大概很多年前，在讨论一个叫乐视网的这个股票的时候，那 时候涨了很多倍，那些炒乐视网的人很兴奋，当时对我的刺激很大，那时候也是我的股票不涨他们的涨。甚至有一个人跟我说，干脆你把钱拿 来，我帮你炒，我笑了笑没理他。你看现在乐视网还在不在？如果我听了他的话，我把钱给他，那就麻烦了。 投资的底层逻辑，究竟什么在变？什么永恒？ 今天，我们特别邀请到中国资本市场具有代表性的投资人之一、林园投资创始人林园先生，这位 历经三十年牛熊周期的 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） A股自4月初见底以来，主要股指一路震荡上扬，截至9月底A股三大指数中的上证指数、深证成指、创业板指在前三季度的涨幅分别约为 15.84%、29.88%、51.20%，在全球主要股市涨幅的表现明显领先。 在这样的行情下，资管股票策略及多资产策略斩获亮眼业绩。私募排排网数据显示，截至9月底，有业绩展示的资管产品共有364只，今年前三 季度的收益均值约为9.66%。其中，股票策略资管产品的整体业绩相对领先，收益均值高达26.72%。其次多资产策略、期货及衍生品策略，今年 前三季度的收益均值分别为15.45%、9.89%。 | 一级策略 | 有业绩显示的 产品数 | 9月收益均值 | 前三季度收益均值 | 近1年收益均值 | | --- | --- | --- | --- | --- | | 股票策略 | 27 | 3.36% | 26.72% | 33.60% | | 期货及衍生品策略 | ବି୧ | 2.95% | 9.89% | 12.15% | | 多资产策略 | 38 | 3.38% | 15.45% | 18.79% | | 债券策略 | 1 ...

Core Insights - The article highlights the impressive performance of A-shares, Hong Kong stocks, and US stocks in the first three quarters of 2025, with significant increases in major indices, particularly in the third quarter [2] - The total scale of private securities investment funds in China has increased, with a total scale of 5.93 trillion yuan, up approximately 720 billion yuan from the end of 2024 [2] - A number of private equity firms have achieved substantial growth in management scale, attributed to improved product net values and increased investor trust [2] Private Fund Management Scale - As of the end of September 2025, 471 private equity firms have increased their management scale by at least one tier, with subjective private equity firms accounting for 237 of these [3] - 20 private equity firms have newly entered or returned to the 100 billion yuan management scale category, with 11 of them being quantitative private equity firms [4] - Four private equity firms, including Qianyan Private Equity and Microscopic Bo Yi, have achieved a two-tier increase in management scale, moving from 20-50 billion yuan to over 100 billion yuan [5] Performance Rankings - The top five private equity firms in terms of returns for the first three quarters of 2025 are Fusheng Asset, Wangzheng Asset, Kaishi Private Equity, Duration Investment, and Jukuang Investment, all of which are subjective private equity firms [6] - A total of 69 private equity firms have achieved at least a two-tier increase in management scale, with notable firms like Hanrong Investment and Hainan Shengfeng achieving a three-tier increase [13] Notable Private Equity Firms - Wangzheng Asset, a subjective private equity firm, has four products displayed on the private fund ranking platform, achieving an average return exceeding ***% in the first three quarters [12] - Hainan Shengfeng Private Equity, established in January 2022, has seen its scale increase from 5-10 billion yuan to 50-100 billion yuan, with an average return close to ***% [16] - The article also mentions that 32 private equity firms have entered the "head private equity" category (over 50 billion yuan) in the third quarter, with 17 being quantitative private equity firms [17] Long-term Performance - The article outlines the top private equity firms over the past three years, with Shanghai Zijie Private Equity leading the rankings, achieving significant returns [27] - In the five-year performance rankings, subjective private equity firms dominate, with Fusheng Asset, Duration Investment, and Wangzheng Asset among the top performers [30]