本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 量化投资近几年凭借亮眼业绩，吸引了无数投资者的目光，在近5年市场波动加剧，震荡下行的环境下，私募量化多头策略逆市实现96.15%的收 益； 尤其是在近 3年AI、大数据的加持下，私募量化多头策略在近1年、近2年、近3年的收益表现均位居首位。 私募排排网数据显示，今年来A股虽已走出趋势性行情， 但量化多头以 35.76%的收益领跑，而主观多头策略32.15%的收益，依旧略有落后。 | 私募二级策略 | 9月 | �年来 | 近一年 | 近两年 | 近三年 | 近五年 | | --- | --- | --- | --- | --- | --- | --- | | 喜《圣杀 | 2.55% | 35.76% | 46.90% | 55.99% | 72.94% | 96.15% | | 王观多头 | 4.21% | 32.15% | 36.76% | 48.75% | 52.78% | 58.09% | | 宏观策略 | 4.87% | 24.54% | 30.00% | 51.75% | 61.17% | 114.79% | | 复合策略 | 2.1 ...

Core Viewpoint - The article discusses the transition of quasi-billion private equity firms (with management scales between 5-10 billion) from "excellent" to "outstanding," highlighting this period as a critical phase for capturing future leading institutions and the "time dividend" associated with it [2]. Summary by Sections Current Status of Quasi-Billion Private Equity Firms - As of September 30, 2025, there are a total of 110 quasi-billion private equity firms, with 23 firms experiencing a scale increase in the third quarter [3]. - Among these, subjective private equity firms are the most numerous, totaling 59, while quantitative and mixed-type private equity firms account for 34 and 17, respectively [3]. - The majority of these firms are located in major cities like Shanghai (53), Beijing (25), and Shenzhen (14), which together represent 83.64% of the total [3]. Scale Changes in the Third Quarter - The quasi-billion private equity sector has expanded overall, with 23 firms moving from the 2-5 billion scale group to the 5-10 billion scale group [4]. - Among these, 13 are quantitative firms, 9 are subjective firms, and 1 is a mixed-type firm [4]. - Additionally, 2 former billion private equity firms have seen their management scales drop to the 5-10 billion range, while the remaining quasi-private equity firms maintained their scales [4]. Performance of Top Private Equity Firms - In the first three quarters of the year, the top-performing private equity firms include Tongxun Investment and Shengqi Asset, with the average yield for the top 10 firms being above a certain threshold [7]. - Tongxun Investment has consistently ranked first, focusing on value investment based on in-depth fundamental research and consumer trends [7]. - Shengqi Asset is noted for its consistent performance over multiple years, achieving high average yields [8]. Investment Strategies and Market Outlook - Shengqi Asset's management emphasizes the importance of gold as a stable investment, suggesting a long-term bullish outlook on gold due to macroeconomic factors [9]. - The article also highlights the shift in consumer investment logic from traditional consumption to rational consumption and emotional value, indicating a growing interest in new consumer investments [7]. Recent Trends and Future Prospects - The article notes that subjective private equity firms dominate the top rankings in terms of performance over the past year, with firms like Yuanxin Investment and Hainan Shengfeng Private Equity also performing well [10][11]. - The performance of private equity firms over the past three to five years shows a mix of subjective and quantitative firms leading the rankings, with firms like Dayan Capital and Guoyuan Xinda showing strong results [12][13][15].

Core Viewpoint - The A-share market has shown a "slow bull" trend in the first three quarters of this year, with significant contributions from the TMT (Technology, Media, and Telecommunications) sector, particularly in AI, robotics, and semiconductors. Active equity fund managers who actively position in new directions have performed well, but the volatility in popular sectors and events like the "tariff shock" in early April have impacted their ability to manage drawdowns, affecting investor experiences [4]. Summary by Category Overall Performance of Active Equity Fund Managers - In the first three quarters of this year, there are 1,698 active equity fund managers with an average return of 34.08% and a median return of 30.45%. The average drawdown is -13.93%, with a median of -13.05% [4][5]. - Fund managers managing over 100 billion yuan have the highest median returns at 36.79%, but also face larger drawdowns [5]. Performance by Management Scale - **Over 100 Billion Yuan**: 80 managers, median return 36.79%, median drawdown -14.13%. Top performers include Zhang Wei from Huatai-PineBridge and Ge Lan from China Europe Fund, both heavily invested in the pharmaceutical sector [6][7]. - **50-100 Billion Yuan**: 130 managers, median return 35.28%, median drawdown -13.28%. Top performers include Zheng Ning from Zhongyin Fund, with a return of 95.01% [9][10]. - **20-50 Billion Yuan**: 275 managers, median return 32.82%, median drawdown -13.08%. Top performers include Dan Lin from Yongying Fund, with a return of 97.40% [13][14]. - **Below 20 Billion Yuan**: 1,213 managers, median return 29.46%, median drawdown -12.95%. Top performers include Wang Chao from Fortune Fund, with a return of 93.31% [16]. Notable Fund Managers - **Zhang Wei**: Achieved a return of 69.62% with a maximum drawdown of -10.01%, managing six funds [7][8]. - **Zheng Ning**: Focused on innovative drugs, achieving a return of 95.01% with a maximum drawdown of -13.06% [10][12]. - **Dan Lin**: Achieved a return of 97.40% with a maximum drawdown of -12.88% [14]. - **Zhao Longlong**: Managed to achieve a return of 62.08% with the smallest drawdown of -9.51% among his peers [15]. Investment Focus - Fund managers are increasingly focusing on sectors such as innovative pharmaceuticals and high-end medical devices, with a notable emphasis on the potential of Chinese innovative drugs in international markets [8][10].

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股市场整体走势较为强劲，却呈现出显著结构性分化特征。Choice数据显示，前三季度有色、AI、算力、机器人等板块涨幅领先， 而申万一级行业煤炭、食品饮料等跌幅居前，商贸零售、家用电器、纺织服饰等传统行业也表现疲软。 在这一轮分化行情中，精准布局风口行业的私募机构业绩表现"吸睛"，而未能及时切换至市场主线的机构暂显落后。 由此可见， 在市场风格与题材主线轮动更迭下，想要精准把握每一轮行情节奏，难度极高 ，根据Choice数据，经笔者梳理， 2020-2024年以来 A股市场涨幅前三的行业都不尽相同 ，如2020年市场走强，涨幅居前的行业为社会服务、电力设备、食品饮料，而2023年市场处于熊市，涨幅 居前的行业为通信、传媒、计算机。 | | | 2020年来A股主要指数及行业涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 私募排排网公众号 | Q | | 数据来源: Choice, 整理自私募排排网, 截至2025年9月底 | | | | | स्टेसि | 上证指 ...

Group 1 - The article discusses the phenomenon of "TACO trading," highlighting the market's quick recovery from initial panic following Trump's announcement of potential tariffs on Chinese goods, indicating an increase in market resilience [4][8] - The market's response to external shocks has shifted from panic-driven trading to a more rational, hedging approach, with a notable reduction in the duration of volatility from two weeks in April to just 48 hours in the recent event [8][10] - The article emphasizes the importance of a "barbell strategy" for investors, combining high-growth technology sectors with stable dividend-paying assets to navigate market volatility effectively [10][12] Group 2 - China's exports in September showed an 8.3% year-on-year increase, reflecting the country's efforts to diversify its trade and reduce reliance on a single market, which enhances its position in the global supply chain [15] - The article suggests that the current market environment, characterized by high volatility and structural differentiation, favors a balanced investment approach that captures both growth and defensive characteristics [13][16] - The performance of the CPO sector and the rise of new emotional value industries are highlighted as long-term investment opportunities, despite short-term market fluctuations [16]

Group 1 - The article highlights that international gold prices reached a new historical high, driven by factors such as geopolitical tensions and expectations of interest rate cuts by the Federal Reserve, leading to increased demand for gold as a safe-haven asset [3][4]. - As of mid-October, global gold ETFs have seen net inflows for five consecutive weeks, indicating strong institutional and central bank buying activity [4]. - Multiple international investment banks have raised their gold price forecasts, suggesting that the gold bull market is not over, with predictions of prices reaching up to $4,600 per ounce by mid-2026 [7][8]. Group 2 - The article discusses the investment implications of the current gold market, suggesting that despite nominal prices being high, there is still investment potential due to the ongoing decline in real interest rates [9]. - It recommends three specific investment vehicles for participating in the gold market, including ETFs that track gold prices and funds that invest in gold-related companies [9]. - The article emphasizes that gold remains an essential defensive and hedging asset in investment portfolios, especially in the context of global monetary easing and persistent geopolitical uncertainties [9].

Core Viewpoint - The performance of private equity firms in China has improved significantly in the first three quarters of 2025, driven by a recovering A-share market and increased investor confidence in leading private equity firms [2][6]. Market Performance - The major indices in the A-share market showed substantial growth, with the Shanghai Composite Index rising by approximately 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by over 51% in the first three quarters of 2025 [3]. - The Hong Kong market also performed well, with the Hang Seng Index increasing by about 33.88% and the Hang Seng Technology Index by approximately 44.71% [3]. - In the U.S. market, the Dow Jones Industrial Average rose over 9%, the S&P 500 by nearly 14%, and the Nasdaq by over 17% [3]. Private Equity Firms Performance - As of September 2025, the number of billion-yuan private equity firms in China increased to 96, with five new additions [6][11]. - The top-performing private equity firms in terms of average returns for the first three quarters include Fusheng Asset, Lingjun Investment, and Kaishi Private Equity, with Fusheng Asset achieving the highest average return [12][16]. - The average return for Fusheng Asset's products exceeded ***%, marking it as a leader in the private equity sector [16]. Investment Strategies and Trends - Among the 96 billion-yuan private equity firms, 45 are quantitative, 42 are subjective, and 7 employ a combination of both strategies [7]. - The majority of these firms (74) focus on stock strategies, while 12 adopt multi-asset strategies, 6 focus on bonds, and 2 on futures and derivatives [7]. - The trend indicates a growing investor preference for firms with stable performance and mature strategies, leading to increased capital inflow into top private equity firms [6][11]. Notable Firms and Rankings - The newly added firm Zhengying Asset has shown significant growth, with five products reaching historical highs in performance [11]. - Lingjun Investment topped the one-year performance rankings, while Fusheng Asset led the three-quarter performance rankings [19][23]. - Notably, Dongfang Gangwan, led by Dan Bin, has a strong focus on AI giants in the U.S. market, contributing to its high performance [28].

Core Viewpoint - The article highlights the rapid growth of the private equity industry in China, particularly through the advancements in technology and the strategic positioning of the platform "Private Equity Ranking Network" as a key player in wealth management for high-net-worth individuals, achieving over 3.5 million registered users [2][5]. Industry Growth - The increase in high-net-worth users aligns with the overall acceleration of the private equity sector, with private securities investment funds reaching a scale of 5.93 trillion yuan by August 2025, showcasing continuous expansion and diversification of strategies [5]. - The average return rate for private securities products in the first three quarters of this year is 25.00%, significantly outperforming major market indices, with 90% of products yielding positive returns, making them attractive for high-net-worth investments [5]. Technological Empowerment - Technology is identified as a key driver for enhancing service efficiency and user experience in wealth management, with the platform focusing on technological innovation to meet the higher demands of high-net-worth investors for intelligent research, precise allocation, and compliance [6]. - Since its establishment in 2004, the platform has committed to a mission of "customer-centric, technology-enabled," providing comprehensive services including data services, research support, transaction execution, and risk management [6]. Service Diversification - The platform has developed a flexible and multi-layered service system to cater to the increasingly diverse needs of high-net-worth investors, focusing on the entire lifecycle of user needs [8]. - For individual investors, the platform offers an "Advanced Analysis" intelligent research platform and a "Direct Chat with Private Equity" service to enhance communication and decision-making efficiency [9]. - For institutional clients, a one-stop fund investment trading platform is available, integrating transaction execution, research support, and operational management [10]. - Customized services such as "FOF Fund Customization" are provided to create personalized investment portfolios based on users' return goals and risk preferences [11]. Collaboration and Ecosystem - The platform has established long-term partnerships with nearly 70% of the billion-yuan private equity managers in China, including well-known firms, contributing to a robust fundraising ecosystem [7]. - The platform has collaborated with over 2,000 roadshow institutions, hosting more than 8,000 live roadshows, serving over 3,000 users daily, thus becoming a vital link between high-net-worth investors and professional managers [12]. Conclusion - The platform is reinforcing its competitive position in high-net-worth wealth management through continuous innovation and professional development, supported by a strong foundation in data, technology, service, and compliance [13].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年9月底，管理规模在20亿以下的私募管理人有近7200家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 泽源基金 。 Part.1 公司概况 泽源基金团队来自于银行、信托、券商资管等金融机构，擅长通过量化工具提升传统基本面分析的广度与深度，能更加有效的寻找到投资机会。 核心成员 深圳泽源私募证券基金管理有限公司成立于2015年11月11日，2017年12月25日在中国证券投资基金业协会登记为私募证券基金管理人，登记编 码 P1066466。截至2025年9月，累计管理规模19亿元。 根据私募排排网数据显示，截至2025年8月底， 泽源基金旗下产品今年来收益均值达***%，在10-20亿规模私募中，位列"主观+量化"混合型私 募冠军！ （ 点此查看收益 ） Part.2 核心团队 杨光 总经理 硕士，超10年金融 ...

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股市场表现强劲，尤其进入七月之后，主要股指呈现加速上行态势。沪指、深成指、创业板指与科创50等指数均创下阶段性新高， 推动A股在三季度全球主要股指中表现突出。其中， 创业板指以 50.40%的涨幅牛冠全球 ，科创50与深证成指也分别录得49.02%和29.25%的亮 眼涨幅，位居第2、3。 | 私募排排网公众号 | 全球主要股指今年来市场表现 Q | 数据来源: Choice, 整理自私募排排网, 截至2025年9月底 | 在 看 话 | | --- | --- | --- | --- | | 排序 | 证券名称 | 今年来涨跌幅(%) | 三季度涨跌幅(%) | | 1 | 创业板指 | 51.20 | 50.40 | | 2 | 科创50 | 51.20 | 49.02 | | 3 | 深证成指 | 29.88 | 29.25 | | 4 | 恒生科技指数 | 44.71 | 21.93 | | 5 | 越南胡志明 | 31.18 | 20.76 | | б | 雅加达综指 | 13.79 | 16.29 | | 7 | 台湾加权 ...