以下文章来源于公募排排网 ，作者排排产品研究中心 公募排排网 . 数据来源：iFinD，私募排排网；截止日期：2025年10月20日 与此同时，板块轮动速度亦处于高位（指标计算参考 《宽基表现不凡，指增基金成超额收益利器》 ）。近三年来A股行业切换速度明显加快， 2023年后虽从高点略有回落，但仍保持在高位区间。当前市场热点更替频繁、题材持续性弱，追风博弈难以获得稳定超额收益。 图2：行业轮动速度与主要宽基指数表现 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 一、行业轮动提速，交易分化明显 截至本周二收盘（10月21日），A股主要宽基指数连续两日上涨，但市场交易结构显著分化。 以新能源、电子半导体为主的科技成长概念表现居 前 ，传统价值板块银行与消费板块食品饮料等行业表现则相对较 弱。 我 们以申万一级行业为参考，将各行业在全A市场成交额占比与全A市值占比的权重之差定义为"行业交易活跃度"。据测算， 截至 2025年10月 20日，电子、电力设备、有色金属、计算机等行业交易热度显著居前，说明科技成长与周期板块交易活跃度显著高于市值 ...

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2025年10月22日，百亿私募数量突破至101家，较9月底的96家新增5家。 其中 上海新方程私募、望正资产、旌安投 资和赫富投资为再次回归百亿阵营的熟面孔，大道投资为首次新晋的百亿私募。 （ 领取百亿私募全名单 ） | 序号 | 公司简称 | 投资模式 | 核心策略 | 公司章记时间 | 公司网 控人 | 符合排 名产品 今年来业绩 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 散 | | 1 | 合晟资产 | 主观 | 债券策略 | 2014/3/17 | 胡远川 | | | 2 | 景林资产 | 主观 | 股票策略 | 2014/3/17 | 蒋锦志 | | | 3 | 重阳投资 | 主观 | 股票策略 | 2014/3/17 | 楽国根 | | | 4 | 东方港湾 | 主观 | 股票策略 | 2014/3/17 | 但斌 | 扫码宣看 | | 5 | 敦和资管 | 主观+量化 多资产策略 | | 2014/3/17 | 叶庆均 | 详细收 ...

Core Viewpoint - The article discusses the changing dynamics of the investment market, emphasizing the importance of understanding the underlying logic of investment amidst uncertainty and market fluctuations [2]. Group 1: Market Changes - The A-share market has shown significant structural differentiation this year, with growth sectors like new energy and semiconductors experiencing deep adjustments, while traditional consumer and high-dividend assets have rebounded [4]. - Factors contributing to these changes include the differentiated pace of global economic recovery, deepening domestic economic structural transformation, and fluctuating investor risk preferences [4]. - Despite these changes, the essence of the market remains unchanged, rewarding those who can discern the "unchanging amidst change" and adhere to core investment logic [4]. Group 2: Investment Philosophy - Lin Yuan's investment philosophy highlights that market sentiment and short-term trends are volatile, but the fundamental investment principles remain constant [6]. - Key principles include the belief that "monopoly is the essence of investment, while competition is its enemy," and the pursuit of certainty through monopolistic advantages and patience in waiting for value [6]. - Lin Yuan emphasizes that true investment wisdom lies in maintaining focus on unchanging business fundamentals amidst market noise [6]. Group 3: Upcoming Discussion - The upcoming discussion on October 23 will cover how to identify genuine opportunities from structural differentiation in the market and which industries are building long-term profit potential [7]. - It will also address the enduring investment logic related to sectors connected to aging populations and consumer habits, and how to use common sense to filter worthwhile companies [7]. - Additionally, the event will provide insights into Lin Yuan Investment's focus for the fourth quarter of 2025 and address recent market concerns, including the real situation regarding potential fund liquidation risks [8].

私募排排网数据显示，截至9月底，有业绩显示的基金经理共2729位，合计管理5405只私募基金产品(含重复项)，合计管理规模约为4870.52亿 元，今年来收益均值高达27.78%，显著跑赢同期大盘。 这2729位私募基金经理中，硕士学历占比近五成(48.92%)，共1335位；博士、博士后学历的基金经理分别有214位、7位。此外，从业经验在20 年以上的共有445位基金经理，占比为16.31%，从业经验上在30年以上仅有86人，占比3.15%。 从所在私募规模来看，10-20亿私募旗下有产品业绩显示的基金经理共322位，他们管理的664只产品今年来收益均值高达30.30%，整体表现较为 领先；百亿私募旗下有产品业绩显示的基金经理共138位，他们管理的660只产品，合计规模为1338.18亿元，今年来收益均值达29.43%。 | | | 不同规模具金经理今年来收益概 | | | | --- | --- | --- | --- | --- | | 私募排排网公众号 | Q | 数据来源: 私募管理人 (经托管复核) /托管人, 整理自私募排排网, 截至2025年9月底。 | | | | 公司规模 | 有业绩展示的 ...

Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, focusing on Shanghai Jinwang Private Fund Management Co., Ltd. as a case study for its unique investment strategies and strong performance in the quantitative investment space [3][4]. Company Overview - Shanghai Jinwang Private Fund Management Co., Ltd. was established in 2012 and specializes in secondary market securities investment, employing strategies such as quantitative stock selection, multi-asset strategies, and long-only stock strategies, emphasizing a balance between returns and risks [4]. - As of September 2025, Jinwang Fund ranks second in average returns among quantitative private funds with a management scale of 0-5 billion, showcasing strong performance in the Shanghai region [4]. Core Team - The core team consists of members with over ten years of quantitative investment experience, including a research team of 3-4 members and a subjective long-only team of 2-3 members, all from prestigious domestic universities with extensive practical strategy research and investment experience [8]. Representative Strategies and Products - **Quantitative Composite Long Strategy**: This strategy combines various approaches, including CTA, stock, and convertible bond strategies, aiming for high returns during market uptrends while minimizing losses during downturns [14][15]. - The strategy architecture allocates 40%-60% to stock strategies, 20%-30% to convertible bond strategies, and 20%-30% to CTA strategies, with a dynamic adjustment mechanism to optimize performance based on market conditions [15]. - **Representative Product**: Jinwang Nuo Cheng Jin Qu Fund, which is designed for investors optimistic about the long-term prospects of the Chinese capital market and can tolerate significant volatility [16][17]. Core Advantages - The quantitative strategies employed by Jinwang Fund demonstrate strong long-term sustainability and replicability, with a focus on achieving stable excess returns on top of market beta [20][21]. - The multi-strategy approach allows for high return elasticity and a diversified asset allocation, which helps in reducing the impact of strategy decay [22].

接下来，笔者将分别为大家盘点六大规模组（100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿）的主观私募2025年前三季度10强业 绩。 0 1 100 亿以上：百亿主观私募共 42 家！复胜、开思分夺冠亚军 私募排排网数据显示，截至2025年9月底，百亿主观私募共有42家。 其中，开思私募 9月新晋百亿私募，红筹投资、源峰基金重回百亿阵营。 排排网集团旗下融智投资FOF基金经理李春瑜表示，此次百亿私募数量扩容，主要得益于A股市场回暖带动权益类资产收益提升，私募产品业绩 与规模随之增长；同时，投资者对头部私募信任度提升，资金向业绩稳定、策略成熟的私募聚集，为部分私募突破规模门槛提供支撑。 在这42家百亿主观私募中，位列上海、北京的私募均超过10家，总数合计28家，占比过半。从员工人数来看，员工人数超50人的仅有9家私募， 其中高毅资产、淡水泉两家私募员工人数超100人。 此外，目前拥有香港 9号牌照的百亿主观私募共有淡水泉、景林资产、中欧瑞博等13家。 | 百亿主观私募最新全名单 (42家) | | | | | | | | | --- | --- | --- | --- | --- ...

Core Viewpoint - The private equity securities product registration market has significantly rebounded in the first three quarters of 2025, with a total of 8,935 products registered, representing a year-on-year increase of 89.38% [2]. Group 1: Factors Driving Growth - The growth in private equity securities product registrations is driven by three main factors: 1. Continuous improvement in market conditions, with strong performance in small-cap indices like the CSI 1000 and CSI 2000, enhancing investor willingness to allocate funds [2]. 2. Regulatory guidance that has improved industry transparency and credibility, attracting more capital [2]. 3. Active business expansion by private equity firms, with leading firms accelerating product line development and smaller firms seeking growth through new product registrations [2]. Group 2: Strategy Distribution - Among the registered products, equity strategies dominate with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [3]. - Multi-asset strategies follow with 1,278 registrations, representing 14.30% of the total and a year-on-year growth of 84.68% [5]. - Futures and derivatives strategies have 913 registrations, making up 10.22% of the total, with a year-on-year increase of 66.00% [5]. - Bond strategies and combination funds have similar registration numbers, with 363 and 362 products respectively, each around 4% of the total, and year-on-year increases of 75.36% and 79.21% [5]. Group 3: Quantitative Products - Quantitative private equity products have shown remarkable growth, with 3,958 registrations, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [6]. - The surge in quantitative product registrations is attributed to: 1. Superior performance of quantitative strategies compared to subjective strategies in the current market environment, attracting continuous capital inflow [6]. 2. Ongoing technological advancements, including the application of AI and machine learning in strategy development, enhancing model adaptability and profitability [6][7]. 3. Leading quantitative firms leveraging scale advantages to create a virtuous cycle of performance improvement and product registration growth [7]. Group 4: Concentration of Registrations - The number of private equity managers with registered products reached 2,322, with a significant concentration in the number of products registered, as 1,879 managers have 5 or fewer products [12]. - In terms of management scale, the largest group consists of managers with assets under management (AUM) of 0-5 billion, totaling 1,560 [12]. - Notably, among the 26 managers with at least 40 registered products, 23 are billion-dollar managers, indicating a strong concentration of registration among larger firms [14].

2025年前三季度已经落下帷幕，备受市场关注的"券商集合资管计划"（下称"券商资管产品"）交出了什么样的"成绩单"呢？ 根据Choice数据， 产品净值更新至 2025年9月底且有今年1-9月业绩显示的券商资管产品共有2669只，今年前三季度收益均值约为6.11%，收益 中位数为2.25% 。 券商资管产品 根据投资标的可以分为 股票型 、 债券型 、混合 型 、 FOF 、 QDII、货币市场型 、 另类投资 等。 分类型来看，债券型资管产 品数量最多，共有1913只，今年前三季度的收益均值为2.51%。FOF和混合型产品数量均在300只以上，今年前三季度的平均收益分别为 14.47%、15.49%。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） | 名 | 资管产品简称 | 前三季度 | 成立来 | | 投资经理 | 管理人 | | --- | --- | --- | --- | --- | --- | --- | | | | 累计收益 | 累计收益 | 基金成立日 | (现任) | | | | 中信证券智胜500 指数增强1号 | | | 2022-03-15 | 李荣 | 中信资管 ...

Core Insights - The article highlights the performance of billion-yuan private equity funds, indicating that they have established investment systems and research teams capable of achieving stable returns even in volatile markets [2] - As of September 30, the average and median returns for billion-yuan private equity products in the first three quarters of the year were 27.37% and 27.34%, respectively, ranking them second and first among six size groups of private equity [2] - The volatility of billion-yuan private equity products was reported at 17.27%, showing stability compared to other size groups [2] Performance by Strategy - Stock strategy products achieved the highest overall returns this year, with average and median returns of 30.47% and 28.58%, respectively, although they also exhibited a higher volatility of 16.89%, ranking second among five product strategies [4][5] - Multi-asset strategy products had average returns of 23.63% and median returns of 24.59%, with a volatility of 17.64% [5] - Futures and derivatives strategy products reported average returns of 6.68% and median returns of 4.59%, with a lower volatility of 9.86% [5] - Bond strategy products had average returns of 6.01% and median returns of 6.08%, with a volatility of 7.75% [5] - Combination funds achieved average returns of 27.76% and median returns of 27.25%, with the lowest volatility of 5.58% [5] Top Products in Each Strategy - The top products in the stock strategy category include "复胜正能量二号" managed by 复胜资产陆航, which led in returns for both the first three quarters and the last month [8] - The top products in the multi-asset strategy category include "黑翼优选成长1号A类份额" managed by 黑翼资产陈泽浩, which reported significant returns [14] - In the futures and derivatives strategy, "信弘CTA1号量化A类份额" managed by 信弘天禾章毅 achieved the highest returns [19] New Entrants - 新晋百亿私募开思私募's product "开思沪港深优选3号" ranked eighth among billion-yuan private equity products, managed by 倪飞, who has extensive experience in Hong Kong stock research and investment [10]

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 9·24一周年刚刚过去，在这一轮波澜壮阔的行情下，不少基金收益表现亮眼。而近期，随着特朗普新一轮的关税威胁，市场又开始波动起来。 但在这样的市场环境下，仍有不少公募基金净值创历史新高。据 公募排排网 数据统计，截至2024年10月13日， 有 230只基金净值仍在创历史 新高 （基金成立在半年以上、同只基金取A份额展示）。 | 序号 基金代码 | 基金名称 | 9月净值 今年以来 新高次数 收益(%) 基准(%) | | 今年以来 | 基金成材料/FV 以来收益及基准 | 基金经理 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (%) | | | :003624 创金合信资源主题精选股票A | | | 69.47 | 43.09 | 2016-11-02 280.51/87.23 | 李游、黄超 | | 2 020553 | 南方半导体产业股票A | | 68 ...