消息面上， 近期关于商业航天的利好消息比较密集 。11月25日，国家航天局发布《国家航天局推进商业航天高质量安全发展行动计划（2025— 2027 年）》，提出将商业航天纳入国家航天发展总体布局，加快形成航天新质生产力，实现航天发展效能整体提升，有力支撑航天强国建设。 标志着中国商业航天已从"培育期"迈入"高质量发展期"。 11月25日，新闻联播报道，我国"十五五"期间的太空探源科学卫星计划，将发射四颗卫星，直奔宇宙最深邃的奥秘，寻找第二颗地球。 11月29日消息，国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职监管机构，未来将持续推动 我国商业航天高质量发展。 12月3日，开展火箭一级回收验证的"朱雀三号"遥一运载火箭发射升空，按程序完成了飞行任务，火箭二级进入预定轨道。 01 星网建设迎来全球竞赛，我国卫星产业规模将达1500亿元！ 东吴证券指出，商业航天是以 市场为主导，由企业（包括私营和国家混合所有制企业）利用商业模式，进行投资、运营并承担风险的航天活 动，包括主体市场化、技术产品化、产业链全链条覆盖、创新驱动等核心特征， 内容覆盖航天技术研发、制造、发射和应用等 ...

0 1 环比激增近三成，创年内备案次高 私募排排网统计数据显示，截至2025年11月30日，11月私募市场共计有1285只私募证券产品完成备案（包含自主发行和担任投顾的产品），较 前一个月的994只相比， 环比大增29.28%，这一数据不仅延续了之前的火热势头，更创下了年内月度备案量的次高， 反映出私募机构在临近年 底时发行产品的强烈意愿，为年末市场注入了一剂"强心针"。 排排网集团旗下 融智投资 FOF基金经理李春瑜 表示，尽管11月A股市场出现调整，私募备案热情依然高涨，主要基于三方面积极因素：首先， 私募机构对后市预期乐观，认为当前权益资产估值已进入合理区间，加之经济呈现企稳态势、企业盈利底部的确认，正积极备案产品以捕捉下一 轮行情机遇。其次，市场无风险收益率持续下行，使得传统固收类产品吸引力减弱，推动投资者进行资产再配置，资金纷纷转向收益潜力更高的 私募证券产品。此外，今年以来私募证券产品整体业绩表现亮眼，尤其是量化策略产品表现更为突出，正收益产品占比超过九成，显著增强了渠 道与高净值客户的配置信心。 02 股票策略仍是备案绝对主力 11月备案的产品中，股票策略产品多达849只，占比高达66.07%， ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 当市场波动加剧时，如何检验量化私募超额收益的"含金量"？过去一年中，不同策略、不同规模的私募机构在市场变幻中展现了截然不同的适应 能力，而 "超额胜率"—即私募基金跑赢基准指数的频率 ， 正成为衡量量化策略稳定性的核心指标之一。 百亿量化私募凭借AI技术、算力、人才、风控等各方位优势，在量化模型的迭代上越发精进，维持了量化模型持续输出超额收益的能力。私募 排排网数据显示，百亿量化私募旗下产品，1-11月实现超额胜率均值为62.28%，显著领先于其他规模私募；此外50-100亿、20-50亿、10-20 亿、5-10亿、0-5亿的超额胜率呈现逐级递减的趋势。 在量化行业进入"精耕细作"时代的当下，不仅关注谁在市场中跑得更快，更关注谁跑的更稳；为此本文按不同规模私募，分别梳理了旗下产品超 额胜率均值位居前十的量化私募，供投资者参考。 (参与排名的量化私募需在私募排排网符合排名规则的产品在3只及以上，本文超额胜率以周 度为统计周期) 0 1 百亿量化：天演资本、超量子基金、蒙玺投资位居前三！ 私募排排网数据显示，截至11月底，百亿量化私募旗下396只符 ...

一、在经历市场出清和估值修复后， 二级市场吸引力显著增强 ，投资者信心回归。结构上从股权私募"一枝独秀"转变为 股权与证券私募"双轮 驱动" ，行业生态更加健康均衡。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 中基协最新数据显示，2025年10月末，私募基金管理规模首次突破22万亿元，刷新了2023年9月末20.81万亿元的历史峰值。其中，存续私募证 券投资基金规模达7.01万亿元，这是该类基金规模首次突破7万亿元。 排排网集团旗下 融智投资 FOF基金经理李春瑜表示，私募基金行业内在结构已经发生了深刻且积极的变化，主要体现在两个方面： 二、竞争格局头部效应持续加剧，尾部出清加速，行业集中度进一步提升。 无论是股权还是证券领域，资金和优质项目都越来越向那些具备强 大投研能力、成熟风控体系和品牌影响力的头部机构集中。 从"头部"私募产品 （本文指的是管理规模1亿以上的产品） 来看，截至2025年11月28日，私募排排网有业绩展示的产品共有5561只， 其中管理 规模在1亿元以上的产品有1119只，占比20.12%，今年来收益均值、中位数分别为32.31%、25.39%；而规模5亿以上的私募 ...

在选购私募基金的过程中，投资者常会接触到各类销售平台，但这些平台里，可能混着不少无资质的"李鬼"机构，稍有不慎就可能掉入投 资陷阱。今天我们就来科普，如何精准识别正规的第三方私募代销机构。 我们先搞懂"第三方私募基金 代销机构"是什么？ 简单说，这类机构是连接投资者和私募基金公司的"正规中介"，帮持牌私募管理人销售产品，但自身不发行私募。 那么到底怎么样才算是个 正规的私募代销机构呢？ 关键一：身份可查 第一查："公司营业执照" ——确认机构"身份合法" 营业执照是公司的"身份证"，先确认这家机构真实存在，且经营范围包含"基金销售"，这是最基础的门槛。 查询渠道 ：国家企业信用信息公示系统（官方唯一渠道，无广告，信息权威） 官网地址： http://www.gsxt.gov.cn/ 具体步骤 ： 1.打开浏览器，输入上述官网地址，注意认准"官方"标识，避免进入钓鱼网站； 2.在首页搜索框输入机构 完整全称 （比如"深圳市前海排排网基金销售有限责任公司"，别写简称），或输入机构的"统一社会信用代码"（如果有 的话，查询更精准）； 3.点击"查询"，找到与输入名称完全匹配的企业，点击进入企业详情页； 从行业惯例来 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在刚过去不久的11月，A股市场出现了量能萎缩、板块快速轮动、权重承压、题材起舞等现象。 三大股指均在11月收跌，其中，上证指数微跌 1.67%。深证成指、创业板指分别下跌了2.95%、4.23%。 在这样的市场背景下， 今年11月份，以股票策略为主的百亿私募旗下仍有389只私募产品 （产品成立满1年、在私募排排网有业绩展示） 的净值 逆势创下了历史新高，约占百亿私募产品总数的61%。 按产品类型来看，量化产品占324只，占比超8成；非量化产品仅占65只。 11月的A股市场属于震荡行情，缺乏持续性主线，不利于非量化产品 创新高。 在震荡市，量化产品相比非量化产品创新高相对容易。排排网旗下 融智投资 FOF基金经理李春瑜 认为，量化交易纪律性更强，能克服人性弱 点，严格执行交易策略，而且收益来源更广泛，因此收益稳定性更高。其次，量化交易持仓更为分散，通过多标的低仓位配置，能有效避免单一 风险，净值波动更加平滑。再次是量化策略能适合不同市场环境，持续获取阿尔法收益。 按照产品策略（一级策略）来看，股票策略产品最多，有312只（其中，量化多头占240只， ...

Core Viewpoint - The article highlights the rapid growth and performance of Zhengying Asset, a private equity firm that has successfully surpassed 10 billion in management scale by leveraging a combination of subjective and quantitative investment strategies, particularly in the T0 trading space [2][4][5]. Group 1: Company Growth and Performance - Zhengying Asset's management scale increased from 20-50 billion at the end of 2024 to over 100 billion by September 2025 [2]. - The product "Zhengying Qiji Index Enhanced No. 1" has achieved significant returns, ranking among the top ten in excess return rates for quantitative private equity firms [2]. - The firm has seen its stock T0 strategy grow from zero to 8 billion in just four years, with current product lines in stock neutral T0 and index enhancement T0 strategies each around 4 billion [5][7]. Group 2: Investment Strategy and Technology - Zhengying Asset employs a combination of subjective and quantitative strategies, focusing on market insights and risk management [4]. - The firm has invested heavily in technology, particularly in financial technology and artificial intelligence, to enhance its trading capabilities [4][5]. - The high-frequency trading team consists of members from prestigious universities and has extensive experience in quantitative trading, contributing to the firm's rapid rise in the stock high-frequency domain [5]. Group 3: Risk Management - The company prioritizes risk control, implementing a comprehensive risk management framework that includes preemptive measures, real-time monitoring, and post-analysis of strategies [13][14][15][16]. - The risk management process involves thorough research and analysis of market conditions, industry trends, and company fundamentals to ensure the feasibility of investment strategies [14]. - The firm maintains a robust monitoring system for real-time tracking of positions and performance, ensuring timely responses to market changes [15]. Group 4: Unique Product Offerings - Zhengying Asset's index enhancement products have shown strong performance, with the "Zhengying Qiji Index Enhanced No. 17" achieving notable excess returns since its inception [17][19]. - The firm's strategy focuses on full replication of index constituents for daily trading to achieve excess returns, demonstrating a stable historical performance compared to peers [20]. - The trading frequency of the index enhancement products is high, with an average annual turnover rate of 200-300 times, aiming for short-term gains through intra-day trading [23].

私募排排网数据显示，截至2025年11月底，近1年有业绩展示的量化多头产品有785只，产品规模合计约为603.93亿元， 近 1年平均收益达 38.48% ， 领先主观多头 35.16%的平均收益，并在私募二级策略中位居榜首 。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自去年"9.24行情"以来，A股市场持续震荡上扬，截至2025年11月底，近1年上证成指的涨幅为16.90%，深证成指和创业板指的涨幅分别约为 22.36%、37.26%，市场整体赚钱效应良好。在这样的市场环境下，与股市高度关联的股票多头私募基金今年来收益表现亮眼，其中，量化投资 依赖数据、模型和算法，规避因投资者情绪导致的非理性决策等优势，热度逐步攀升，且取得了较为不错的成绩。 | 排序 | 私募二级策略 | 近1年有业绩展示的产品 产品规模合计(亿元) | | 近1年收益均值 | | --- | --- | --- | --- | --- | | 1 | 曹샌옹杀 | 785 | 603.93 | 38.48% | | 2 | 主观多头 | 2094 | 1794.58 | 35.16% | | 3 | 其他衍生品策 ...

Group 1 - The A-share market experienced a decline in November, with the ChiNext index dropping over 4% due to multiple factors including the Federal Reserve's interest rate expectations and year-end settlement by institutional investors [2] - December is viewed as a critical month for the A-share market, serving as a window for funds to position themselves for the upcoming year [2] - Longjiang Securities suggests focusing on three main lines: technology growth sectors like AI hardware and applications, market hot spots such as robotics and innovative drugs, and chemical industries benefiting from policy optimization [2] Group 2 - According to招商证券, the market is likely to choose an upward direction in December, with a high probability of a year-end rally driven by increased capital inflow [3] - Dongwu Securities notes that the short-term interest rate cut expectations have risen to over 80%, creating a warmer overall market atmosphere [3] - As of December 3, 2025, 37 brokerages have disclosed their December stock recommendations, covering 230 A-share companies, with many companies being recommended by multiple brokerages [3][4] Group 3 - The electronics sector remains the most favored, with 47 companies included in the December stock recommendations, significantly higher than other sectors [6] - The food and beverage and media sectors have seen a notable increase in attention, with the number of recommended stocks rising by 8 and 5, respectively [6] - In contrast, the number of recommended stocks in the power equipment, non-ferrous metals, and automotive sectors has decreased by more than 5 [6] Group 4 - 中际旭创 is the most recommended stock, with 10 brokerages supporting it, highlighting its strong position as a leader in optical modules [9] - The stock has seen a remarkable increase of nearly 320% from January to November 2025, with significant holdings from public funds and northbound capital [9][11] - 美的集团 is also highlighted, with substantial holdings from public funds and northbound capital, and a year-to-date increase of over 12% [12] Group 5 - 23 stocks are jointly held by public funds and northbound capital, each exceeding 2 billion yuan in market value, indicating strong institutional interest [12][13] - Among these, 5 stocks have doubled in value this year, and 16 have increased by over 30% [12] - The stocks are primarily from the electronics and non-ferrous metals sectors, reflecting current market trends and investor sentiment [12]

Core Viewpoint - Hengyue Fund, established in 2017 in Shanghai with a registered capital of 230 million yuan, aims to become a differentiated and boutique public fund manager focusing on active management and stable long-term returns for investors [4][7]. Company Overview - Hengyue Fund was founded in 2017 and has a registered capital of 230 million yuan [4][7]. - The major shareholder, Li Shujun, has extensive experience in private equity, with his firm, Zhixin Capital, being a well-known private equity investment institution in the Asia-Pacific region [4]. - The company emphasizes active management, balancing active equity and unique "fixed income+" strategies [4]. Product Line - Hengyue Fund offers a variety of products, including: - Active equity funds such as Hengyue Advantage Select, Hengyue Growth Select, and Hengyue Blue Chip Select [11]. - Fixed income products like Hengyue Seasonal Joy and Hengyue Pure Bond [11]. - Thematic and value-oriented funds focusing on domestic demand and technology [11]. Performance - Over the past five years, Hengyue Fund's equity funds have performed well, ranking 10th out of 137 public fund companies in terms of absolute returns from July 1, 2020, to June 30, 2025 [12]. Investment Team - The investment team at Hengyue Fund is robust, with an average of nearly 9 years of experience in the securities industry among the 10 fund managers [16]. - The research team covers a wide range of industries, including essential and discretionary consumption, pharmaceuticals, technology, and finance [17]. Recognition - Hengyue Fund received the "Most Growing Fund Company Award" at the 19th Shanghai Securities Awards in 2022, highlighting its growth and performance in the industry [7].