本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年11月，A股三大指数集体回调，其中上证指数曾创十年新高，但随后震荡回落，全月累计下跌1.67%，终结月线六连阳；创业板指、深成 指也分别下跌4.23%、2.95%。板块上，热点持续轮动，海南自贸港、新能源、商业航天等板块出现局部行情。 | 二级策略 | 今年来待合排名 | 交生来源: | रो से के ग्रे | 近1月平均收益 | 近1月平均超额 | | --- | --- | --- | --- | --- | --- | | | 规则的产品数 | 收益 | 超额 | | | | 喜你会杀 | 923 | 39.70% | 16.73% | 0.16% | 2.80% | | 主观念杀 | 2258 | 34.04% | 16.43% | -1.85% | 1.1 1 % | | 其他衍生品策略 | 17 | 27.67% | 25.08% | -0.39% | -0.65% | | 复合策略 | 425 | 24.85% | 8.39% | -0.17% | 2.83% | | 主观CTA | 194 | 24.47% | ...

Core Viewpoint - The A-share market experienced its first significant adjustment after a slow bull run in November, with various brokerages providing research reports that serve as important guides for understanding company values and predicting future trends [2][9]. Group 1: Key Insights from Citic Securities - Citic Securities believes the market adjustment may present a good opportunity for building positions, with a focus on structural selection amid macroeconomic challenges [2][3]. - In November, Citic Securities covered 186 listed companies, with the highest target price increase for Great Wall Motors at 73.52%, indicating significant upside potential [3][5]. Group 2: High Target Price Companies from Huatai Securities - Huatai Securities identified seven major investment themes for 2026, with 27 companies having target price increases exceeding 50%, including SAIC Motor and China State Construction [7][8]. - Notably, Huatai Securities adjusted the target price for SMIC from 238 yuan to 196 yuan, still reflecting a 72.54% upside potential [7]. Group 3: Insights from Guotai Junan - Guotai Junan sees a favorable window for policy and liquidity in late 2025 to early 2026, with 23 companies having target price increases over 50%, led by Beijing Human Resources with a target price of 35.6 yuan [9][10]. - The company has seen a decline of 5.68% this year despite the bullish outlook [9]. Group 4: Focus on Baijiu Stocks from Huachuang Securities - Huachuang Securities maintains an optimistic long-term outlook, particularly for liquor stocks, with 10 companies having target price increases over 50%, including Kweichow Moutai with a target price of 2600 yuan [11][13]. - Kweichow Moutai has repurchased over 6 billion yuan worth of shares this year, indicating strong confidence in its future performance [11]. Group 5: Insights from Guotou Securities - Guotou Securities highlighted a structural shift in the A-share market, with 2 companies having target price increases over 50%, including Yunda Co. with a target price of 27.94 yuan [15][16]. - The firm anticipates significant profit recovery in wind turbine manufacturing due to rising prices [15]. Group 6: Insights from Dongfang Securities - Dongfang Securities covered 74 companies in November, with 3 having target price increases over 50%, including Aikodi with a target price of 30.5 yuan [17][21]. - The company is expected to expand its robot parts product matrix, projecting significant profit growth in the coming years [17].

Core Viewpoint - The article discusses the recent developments in AI applications, particularly focusing on ByteDance's announcement regarding its AI assistant "Doubao" and its collaboration with ZTE, which has led to significant stock price increases in related companies [2][5][6]. Group 1: AI Application and Market Impact - The AI application sector continues to rise, with stocks like Yunzhong Technology nearly doubling and Daoming Optics increasing over 40% in the past week [2]. - ZTE's stock surged to the top of the A-share market with a trading volume exceeding 200 billion, indicating strong market interest in AI-related technologies [2]. - ByteDance confirmed its collaboration with multiple smartphone manufacturers, enhancing its AI capabilities without directly producing hardware [2][5]. Group 2: Doubao AI Assistant Features - The Doubao AI assistant integrates with various apps, allowing users to perform tasks like ticket booking and price comparison seamlessly through voice commands [5][6]. - The assistant is designed to operate at the system level, providing a more advanced user experience compared to traditional app-based assistants [7]. - The development of Doubao is led by ByteDance's Ocean team, which has experience in various hardware sectors, indicating a strategic focus on AI hardware integration [6]. Group 3: Industry Trends and Future Outlook - The integration of AI in smartphones is expected to accelerate, with predictions that by 2025, around 30% of smartphone shipments will feature generative AI capabilities [10][11]. - The competitive landscape among smartphone manufacturers is intensifying, with companies like Samsung and Honor also integrating AI models into their devices [10]. - The shift towards edge AI processing in smartphones is anticipated to drive innovation and enhance user privacy while improving response times [8].

私募排排网数据显示，截至2025年11月14日， 在近5年成立的量化私募中，京盈智投符合排名产品共3只，近半年平均收益达***%，位列新锐量化 私募近半年收益榜第一。（ 点击查看收益 ） 截至2025年10月底， 在规模为5亿以下的量化私募中，京盈智投旗下产品今年来平均收益高达***%，以明显优势摘下第一。 （ 点击查看收益 ） 以下文章来源于排排私募汇 ，作者山枫 排排私募汇 . 私募排排网出品。专注深度对话私募管理人，直击私募核心策略。用客观数据说话，以专业视角解读。在这里，读懂私募，把握投资先机。 点击↑↑ 上图订阅专栏 编 者按 私募排排网数据显示，截至2025年10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—— 京盈智投 。 点击 截至2025年10月底，在规模为0-20亿的"小而美"私募中， 京盈智投旗下3只产品今年来平均收益为***%，在"小而美 ...

近期， 算力之争已从地面扩展至太空，算力真的要上天了。 11月27日， 北京拟在700-800公里晨昏轨道建设运营超过千兆瓦（GW）功率的集 中式大型数据中心系统，以实现 将大规模 AI算力搬上太空 。在此刺激下，周一通宇通讯、航天发展等一字涨停，卫星互联网、商业航天、时空 大数据等相继迎来爆发。 （ 点此领取产业链名单 ） 下一场 AI算力的竞赛，或在太空苍穹，海外巨头以及国内科技巨头均已加速布局： 11月2日，美国初创公司Starcloud成功发射了Starcloud-1卫星，首次将英伟达H100GPU送入地球轨道。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 谷歌在11月5日宣布启动"太阳捕手计划" (ProjectSuncatcher)，计划在2027年初发射两颗搭载TPU芯片的原型卫星，将AI算力直接部署到太空。 马斯克此前表示："只需扩大StarlinkV3卫星规模即可实现在太空建造大型数据中心， 并预言五年内，太空中的 AI计算会比地面便宜。" 0 1 太空算力是什么？ 太空算力是指将计算资源(服务器、AI芯片、存储设备)部署在近地轨道、地球同步轨道等太空环境，构建"太空数据 ...

Core Viewpoint - In November, the A-share market performed poorly with all three major indices declining, while private equity investors actively researched multiple listed companies to identify potential investment opportunities [2][6]. Group 1: Market Performance - The A-share market showed a lackluster performance in November, with a decrease in trading volume and poor profit-making effects [2]. - Private equity's subjective long positions yielded an average return of 23.72% year-to-date, outperforming the Shanghai Composite Index (14.41%) and the Shenzhen Component Index (20.39%) [2]. Group 2: Industry Research Focus - In November, a total of 707 A-share companies were researched by institutions, with 360 companies specifically targeted by private equity firms [2][3]. - The four industries most researched by private equity were electronics, machinery, electric power equipment, and biomedicine, each attracting hundreds of participating private equity firms [3][4]. Group 3: Company-Specific Research - The most researched company in November was Luxshare Precision, which was investigated by 472 institutions [6]. - Other notable companies included Huichuan Technology and Anji Technology, which were also heavily researched by private equity firms [6][10]. - Among the AI computing power concept stocks, 16 were researched by private equity, with 9 stocks doubling in value this year [12]. Group 4: Notable Private Equity Firms - Leading private equity firms such as Yuanxin Investment and Fusheng Asset conducted extensive research on multiple A-share companies in November [14][16]. - The top-performing non-quantitative private equity firms in terms of returns included Yuanxin Investment and Fusheng Asset, both of which actively researched A-share companies [16][19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募指数增强策略是以跟踪某一特定指数（如沪深300、中证500、中证1000等）为目标，在严控误差的前提下，通过量化方式调整投资组合， 力求获取超越标的指数一种投资策略。 指数增强 策略的重点也就在于它的 "强"，强过对应指数，也就是跑出正超额收益。 然而在近五年的A股行情中，经历了地缘政治、疫情、关税冲击等一系列不确定性的冲击下，市场跌宕起伏。以沪深300指数为例，2021年-2023 年涨跌幅分别为-5.20%、-21.63%、-11.38%、2024年涨幅为14.68%，今年来延续涨势。 在这种行情下，私募指数增强策略想要跑出自己的 "强"实属不易，而在这近五年行情中，能够连续五年跑出超额收益更是凤毛麟角，为了给予 更有价值的信息，本文按不同指增策略，分别梳理出连续五年跑出正超额收益的产品，供投资者参考。 0 1 沪深300指增：幻方、龙旗、明汯领衔！白鹭资管上榜！ 沪深300指数在2021年-2024年的涨跌幅分别为-5.20%、-21.63%、-11.38%、14.68%，此外，截至11月21日，今年来的涨幅为14.75%；私募排 排网 ...

Core Viewpoint - The recent IPO of Moer Thread, dubbed the "first domestic GPU stock," has garnered significant market attention, achieving the fastest review record on the Sci-Tech Innovation Board in just 88 days and setting a new high for A-share IPO prices since 2025 at 114.28 yuan per share [2] Group 1: IPO Details - Moer Thread's IPO was met with enthusiastic participation from both retail and institutional investors, reflecting high expectations for the domestic GPU sector and recognition of the company's technological capabilities and growth potential [2] - The online subscription saw 4.8266 million retail investors participating, with a low winning rate of 0.03635054%, indicating that only about 4 out of every 10,000 participants would receive shares [2] - The offline subscription attracted 267 institutional investors, with a total subscription amount exceeding 700 billion shares, resulting in an impressive 1572 times oversubscription [2] Group 2: Institutional Participation - A total of 113 private equity firms participated in the offline subscription, collectively acquiring 50.17 million shares, amounting to approximately 57.34 million yuan, with 49 firms managing over 10 billion yuan [3] - Quantitative private equity firms dominated the participation, with 51 firms involved, while notable subjective firms like Lin Yuan Investment also took part, showcasing a diverse investment strategy [3][4] - The top three private equity firms by allocation were Ningbo Huafang Quantitative, Yanfeng Investment, and Jiukun Investment, with allocations of approximately 61,305 shares, 60,043 shares, and 39,696 shares respectively [3] Group 3: Public Fund Involvement - Public funds were the primary players in the subscription, with 94 public funds participating and acquiring a total of 22.74 million shares, amounting to approximately 2.599 billion yuan [14] - The top public funds included E Fund, Southern Fund, and ICBC Credit Suisse Fund, with allocations of 439.04 million yuan, 401.49 million yuan, and 347.68 million yuan respectively [14][15] - The most allocated single public fund product was the Dongfanghong Configuration Selection, managed by Kong Lingchao, which received 15,505 shares [14]

Group 1 - The core viewpoint of the article highlights that while the technology sector is experiencing a strong rally, CTA (Commodity Trading Advisor) strategies are quietly achieving a "slow bull" market, maintaining low to moderate positive returns year-to-date [2][4] - The article presents data on various private equity strategies, indicating that subjective long positions have the highest number of products and total scale, while quantitative CTA strategies show a notable average return of 1.77% over the past month [3] - The CTA strategies have shown a steady upward trend in net value, continuously reaching new highs, which suggests they may hold greater allocation value in the current high-volatility market environment [4] Group 2 - The article identifies several underlying reasons for the stable performance of CTA strategies, including increased global macro volatility and clearer trend signals due to uncertain Federal Reserve policies and imbalances in commodity supply and demand [9] - CTA strategies are characterized by multi-asset diversification, providing a natural ability to withstand market shocks, and the evolution of quantitative models that adapt to reversal markets, significantly reducing drawdowns [10][11] - The article emphasizes the configuration value of CTA strategies, which utilize futures and derivatives for both long and short positions, allowing them to capture opportunities in both rising and falling markets [12] Group 3 - The article discusses the importance of focusing on private equity managers with strong long-term performance and stability, suggesting a personalized allocation based on different strategy characteristics [18] - Specific managers are highlighted, such as Manager A (Fuying Investment), whose CTA strategy has low correlation with stock assets, and Manager B (Guanli Fund), whose products have outperformed stock strategy indices this year [19][20] - The article concludes that in the current macroeconomic uncertainty and ongoing fluctuations in the A-share market, CTA strategies are positioned as a key allocation opportunity, with their independent return curves and low correlation making them attractive for both institutional and individual investors [22]

Core Viewpoint - The article emphasizes the importance of selecting legitimate fund sales platforms for investors, highlighting the necessity of verifying the qualifications of these platforms to avoid potential financial losses due to fraudulent entities [2][7]. Group 1: Understanding Fund Sales License - Fund sales refer to activities such as opening fund trading accounts, promoting funds, and handling transactions, which require a "Fund Sales License" similar to a "Drug Operating License" for pharmacies [2]. - According to the regulations established by the China Securities Regulatory Commission (CSRC) in August 2020, various financial institutions must apply for a fund sales business qualification and obtain a "Securities and Futures Business License" to engage in fund sales [3][4]. Group 2: Methods to Verify Fund Sales Institutions - Investors can use two primary methods to verify the legitimacy of fund sales institutions: 1. **Method One**: Check the official website of the China Securities Investment Fund Industry Association, which provides a public directory for fund sales institutions [8][9]. 2. **Method Two**: Access the CSRC's official website to find the list of licensed fund sales institutions by navigating through the relevant sections [11][14]. Group 3: Case Study of a Fund Sales Institution - Shenzhen Qianhai Paipai Fund Sales Co., Ltd. was established in September 2015 and obtained its fund sales qualification in 2016. It focuses on public and private fund sales and has built stable partnerships with over 300,000 high-end investors [17].