Core Viewpoint - The article discusses the recent market volatility influenced by external liquidity pressures, rising US dollar index, and mixed signals from the AI sector, leading to cautious investor sentiment in the A-share market [2]. Market Performance - The US dollar index strengthened above the 100 mark, causing significant pullbacks in the technology sector and related ETFs, with the Nasdaq experiencing its largest intraday reversal since April [2]. - A-share investors showed a cautious risk appetite, with the ChiNext Index declining by 6.15% over the week, and only about 200 stocks achieving positive returns on Friday [2]. - All 31 first-level industries in the Shenwan classification experienced declines, although the banking sector supported the Shanghai Composite Index, with state-owned large banks rising for three consecutive weeks [2]. Investment Strategies - Despite significant net value drawdowns in several index-enhanced products, the excess return performance remained relatively resilient [2]. - The average return and excess return for CSI 300 index-enhanced products were -3.75% and 0.02%, respectively, with about half of the products showing negative excess returns [5]. - The average return and excess return for CSI 500 index-enhanced products were -5.97% and -0.20%, while for CSI 1000 index-enhanced products, they were -6.08% and -0.30% [5]. Market Style Shifts - A-shares experienced a style shift post-National Day, with a notable focus on high-quality stocks amid concerns over AI sector capital expenditures and revenue performance [9]. - The market saw a preference for lower valuation stocks with strong earnings visibility and low debt ratios, as evidenced by the significant reversal in the scale factor [9]. - The overall drawdown for managers was manageable, indicating a balanced holding style rather than a concentration in micro-cap stocks [11]. Future Market Outlook - The global stock market, including China's, is increasingly correlated due to historical tariff threats and the AI narrative, with technology stocks being a major theme [13]. - Investors are advised to increase allocations to defensive sectors, particularly banking and other low-volatility, reasonably valued high-quality companies [13]. - The potential for US market support policies could positively influence A-share sentiment, making index-enhanced products, especially those focused on innovation and small-cap stocks, attractive in the future [13].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在全球资本市场联动日益紧密的当下，香港作为国际金融枢纽，其监管牌照成为内地私募"出海"的通行证。 香港9号牌照由香港证券及期货事务监察委员会（SFC）颁发，是从事资产管理业务的法定准入许可。持牌机构可以全权委托形式为客户管理证 券或期货合约投资组合，包括设立和管理基金、提供投资组合管理、财富规划、投资顾问等服务。 私募排排网数据显示，截至 2025年11月26日，年内已有10家私募获得香港9号牌照，持有该牌照的私募数量增加至107家。 其中，主观私募、量 化私募和混合型（"主观+量化"）私募分别有69家、28家和10家。 ( 点此领取持有香港9号牌照的107家私募全名单 ） 那么，年内斩获9号牌照的10家私募都有谁？持有香港9号牌照的私募最新业绩又如何？ 0 1 5家头部量化私募今年获批牌照！盛麒、幻方业绩领跑！ 在头部私募（规模50亿以上）中，持有香港9号牌照的私募共有54家，其中年内获得9号牌照的私募共有5家，且均为量化私募，分别为 优美利投 资、平方和投资、致诚卓远、前海博普资产、黑翼资产 。 在这54家私募中，百亿私募数量较多，共有35家 ...

Core Viewpoint - The article discusses the performance of various fund managers in the context of a complex global economic environment, highlighting those who have achieved consistent positive returns over multiple years despite market fluctuations [2][4]. Market Performance Summary - As of November 21, 2025, major stock indices in A-shares, Hong Kong, and the US have shown growth in 2024 and 2025, while all three markets experienced declines in 2022. The performance in 2023 and 2021 was more varied [2][3]. - Specific performance metrics include: - Shanghai Composite Index: 14.41% increase in 2025, 12.67% in 2024, -3.70% in 2022 [3]. - ChiNext Index: 36.35% increase in 2025, 13.23% in 2024, -19.41% in 2022 [3]. - Hang Seng Index: 25.72% increase in 2025, 17.67% in 2024, -13.82% in 2022 [3]. - Dow Jones Industrial Average: 8.70% increase in 2025, 12.88% in 2024, -8.78% in 2022 [3]. - Nasdaq: 15.34% increase in 2025, 28.64% in 2024, -33.10% in 2022 [3]. - S&P 500: 12.26% increase in 2025, 23.31% in 2024, -19.44% in 2022 [3]. Fund Manager Performance Summary - In 2023, 190 fund managers achieved consecutive positive returns, with 21 among them ranking in the top for the year [5][6]. - The top-performing fund managers include: - Chu Fan from Moku Asset Management, ranked 1st [7]. - Wu Tianzeng from Zhongying Investment, ranked 2nd [9]. - He Yuqing from Yidian Najin (Quanzhou) Private Fund, ranked 3rd [5]. - The majority of top fund managers are from subjective private equity firms, with 12 out of 21 [5]. Long-term Performance Summary - From 2021 to 2024, 30 fund managers achieved consecutive positive returns, with 9 from top private equity firms (over 50 billion) [11][12]. - The top fund managers in this category include: - Guan Xin from Xishirun Investment, ranked 1st [11]. - Li Jing from Hangjingxinghe Asset, ranked 2nd [15]. - Shen Longji from Xinchili Asset, ranked 3rd [11]. Historical Performance Summary - From 2019 to 2024, only 6 fund managers achieved consecutive positive returns, with an equal split between top private equity firms and those below 50 billion [16]. - Guan Xin from Xishirun Investment leads this group with significant average returns [18].

Core Insights - The article highlights the strong performance of Google-related stocks in the A-share market, particularly those linked to Google's TPU chip supply chain and AI applications, with several stocks reaching historical highs [2] - Google's parent company, Alphabet, recently launched its new AI models, Gemini3 and NanoBananaPro, which are expected to significantly impact various industries [6][9] - Berkshire Hathaway, led by Warren Buffett, has acquired approximately 17.85 million shares of Alphabet, indicating confidence in the company's future [3] Group 1: Google AI Models and Market Impact - Google officially released the Gemini3 model, which includes advanced capabilities across multiple data types and significantly outperforms competitors in benchmark tests [6][7] - The Gemini3 model can handle long contexts of up to one million tokens, enhancing its ability to process complex information [6] - The NanoBananaPro model, built on Gemini3, is set to elevate AI image generation and editing, pushing applications into professional design fields [9] Group 2: TPU Chip Developments - Google has introduced its seventh-generation TPU chip, Ironwood, which boasts a performance increase of approximately four times compared to its predecessor [14] - The integration of Optical Circuit Switching (OCS) technology in TPU architecture is expected to alleviate data bottlenecks during AI model training and inference [17] - The market for OCS technology is projected to grow at a compound annual growth rate (CAGR) of 28% from 2024 to 2029, driven by demand from major tech companies [18] Group 3: Financial Performance and Projections - Alphabet's revenue surpassed $100 billion in Q3 2025, marking a 16% year-over-year increase, with AI contributing significantly to this growth [23] - The company is expected to double its AI computing power every six months, aiming for a thousandfold increase in the next four to five years to meet rising demand [22] - The total shipment of AISC chips is projected to reach approximately 5.7 million units by 2026, with Google expected to account for over half of the market share [21] Group 4: Beneficiaries of Google's AI Ecosystem - Companies within Google's hardware and software supply chain are likely to benefit from the growth of its AI ecosystem, including those providing servers, OCS, and other related technologies [24] - The article lists several companies that have seen significant stock price increases due to their association with Google's AI initiatives, highlighting the potential for continued growth in this sector [24][25]

根据私募排排网数据，截至2025年11月21日， 在私募排排网有近 1年业绩展示的女性私募基金经理共有195位 。其中， 来自主观私募的居多， 占 116位 ；来自量化私募、"主观+量化"混合型私募的分别有40位、38位；另有1位所属私募未公布投资模式。 从公司规模看，来自5亿以下规模私募的女性基金经理最多，占94位； 来自 20亿以上规模私募的女性基金经理有39位，其中有11位来自头部私 募 （公司规模在50亿以上，下同），分别是： 半夏投资李蓓、恒基浦业钱博文、广东德汇投资刘晓芳、念空私募王丽、子午投资谢兰、前海博 普资产何瑞琳、玖鹏资产林雪、半鞅私募基金王芹、悦海盈和基金王江宁、千惠资产丁怡、承壹私募贾一鸣 。 其中， 半夏投资李蓓是为数不多的准百亿私募女性掌舵人，也是国内知名的宏观对冲私募基金经理 ，在今年10月下旬的一次采访中，李蓓表 示：没有对科技、细分医药和消费进行研究并主动放弃，错过了结构性牛市，并不会影响个人长期投资收益率。在她看来， 守住自己的能力圈 更为重要，一个人如果在自己能力圈之外进行投资，短期内或许能追逐到一些动量和收益，但长期来看很难赚到超出认知范围的钱。 另外，来自5-10亿规 ...

Core Insights - The private equity industry in China has evolved over the past two decades, transitioning from rapid growth to regulated development, with many firms achieving significant scale and impressive performance across various time frames [2] - As of November 14, 2025, there are 158 established private equity firms over 10 years old, representing 66.38% of top private equity firms and 3.79% of all established firms [2] - The average returns for top private equity firms with at least three products displayed performance over the last year, three years, and five years are 33.8%, 58.77%, and 76.28% respectively [2] Performance Rankings Last Year - In the past year, the top 10 private equity firms had a performance threshold of ***% for inclusion [3] - Among the top 10, subjective private equity firms slightly outnumbered quantitative firms, with 6 subjective and 4 quantitative [3] - Shanghai leads in the number of private equity firms, with 6 firms in the top rankings [3] Last Three Years - The top 10 private equity firms over the last three years also had a performance threshold of ***% [6] - Subjective private equity firms dominated the rankings, with 6 out of the top 10 being subjective [6] - Shanghai firms accounted for a significant portion of the top performers [6] Last Five Years - The top 10 private equity firms over the last five years had a performance threshold of ***% [12] - Subjective private equity firms made up the majority of the top rankings, with 4 subjective, 4 quantitative, and 1 mixed [12] - Both Shanghai and Shenzhen had a strong representation in the top rankings [12] Notable Firms - Ruiyang Investment ranked 5th in the last year, with a focus on industry allocation and stock selection to achieve stable returns [5] - Kaishi Private Equity ranked 2nd in the last three years, emphasizing value investment in Hong Kong stocks [9] - Bopu Technology secured the 2nd position in the last five years, leveraging advanced technology for competitive advantage [14]

Core Viewpoint - The article highlights the significant presence of small to medium-sized private fund managers in the industry, with a focus on "Holding Win Private Fund" as a standout performer in the CTA product category, showcasing impressive returns and innovative strategies [3][4]. Group 1: Company Overview - Nanjing Holding Win Private Fund Management Co., Ltd. was established in 2007 and specializes in the futures market, emphasizing rational investment and risk control [9][10]. - The company has a management scale of approximately 9 billion and operates under a subjective CTA investment model [10]. Group 2: Performance Highlights - As of October 2025, the "Holding Win Jingcheng Suozhi A Class" fund managed by Qian Jun achieved a remarkable return of ***% from January to October, ranking first among CTA products [3]. - The "Holding Win Chizhi Yiheng A Class" fund has also shown outstanding performance, with a cumulative return of ***% in 2023, leading the non-debt private fund products [3][4]. Group 3: Investment Philosophy & Strategies - The core investment philosophy focuses on risk control, advocating for timely stop-loss measures and maintaining light positions to manage risks effectively [15][16]. - The representative strategy, "Holding Win Subjective CTA Trend Tracking Strategy," aims to capture complete trends while managing risks through gradual position adjustments [19]. Group 4: Core Advantages - The company boasts over 20 years of practical experience in the futures market, with a proven track record of effective strategies that have been validated through various market cycles [22]. - A robust risk control system ensures that all completed products have positive returns since inception, demonstrating a commitment to safeguarding investor capital [23]. - The investment approach emphasizes both offense and defense, prioritizing the safety of new capital while locking in profits from existing investments [25]. Group 5: Management Insights - The management maintains a bullish long-term outlook on gold, believing that geopolitical dynamics will continue to support its price increase, with expectations for new highs by the end of the year or early next year [27].

Core Viewpoint - Quantitative products are systematic investment methods based on mathematical models, algorithms, and computer technology, with the ability to generate excess returns being a key indicator of their effectiveness [2] Group 1: Quantitative Excess Rate - The quantitative excess rate is defined as the frequency or probability of a quantitative strategy outperforming a benchmark index over a certain period, calculated as the number of times it beats the benchmark divided by the total observation periods [2] - A higher quantitative excess rate indicates that the strategy can maintain positive excess returns most of the time, reducing the risk of significant drawdowns or prolonged underperformance [2] Group 2: Performance of Billion-Level Quantitative Private Equity - In 2023, 388 quantitative products from billion-level private equity firms achieved an average return of 34.26%, with an excess return of 10.87% and an average excess rate of 61.33%, significantly leading among various scales of private equity [3] - The average performance metrics for different scales of private equity are as follows: - 100 billion and above: 34.26% return, 10.87% excess, 61.33% excess rate - 50-100 billion: 25.20% return, 8.14% excess, 56.48% excess rate - 20-50 billion: 27.19% return, 10.77% excess, 55.91% excess rate - 10-20 billion: 26.56% return, 8.95% excess, 54.63% excess rate - 5-10 billion: 26.05% return, 8.99% excess, 53.59% excess rate - 0-5 billion: 24.37% return, 10.11% excess, 52.63% excess rate - Total: 27.64% return, 9.90% excess, 55.86% excess rate [3] Group 3: Top Performers in Quantitative Strategies - The top three products with the highest excess rates in the CSI 300 index enhancement category are from Minghuo Investment, Ningbo Huanfang Quantitative, and Kuande Private Equity, with the average excess rate for billion-level private equity in this category being 64.59% [4] - In the CSI 500 index enhancement category, the top three products are from Wanyan Asset, Pansong Asset, and Tianyan Capital, with an average excess rate of 67.28% for billion-level private equity [10] - In the CSI 1000 index enhancement category, the top three products are from Microbo Yi, Mengxi Investment, and Yanfeng Investment, with an average excess rate of 76.17% for billion-level private equity [10] Group 4: Quantitative Stock Selection - The average return for quantitative stock selection products in 2023 is 40.45%, with an excess return of 16.55% and an average excess rate of 58.26%, while billion-level private equity in this category has an average excess rate of 65.97% [13] - The top three products in this category are from Jiukun Investment, Tianyan Capital, and Longqi Technology [13]

Core Viewpoint - The article emphasizes the importance of controlling drawdowns in investment, especially in the context of recent market fluctuations, highlighting that achieving low drawdowns alongside high returns is a challenging goal for investors [2]. A-share Market Performance - As of October 2025, the A-share market has experienced varying levels of drawdown, with the Shanghai Composite Index showing the smallest drawdown of nearly 10%, while the ChiNext Index faced a maximum drawdown of approximately 21% [2]. - The performance of major A-share indices from January to October 2025 is as follows: - Shanghai Composite Index: +17.99% with a maximum drawdown of 9.71% - Shenzhen Component Index: +28.46% with a maximum drawdown of 14.98% - ChiNext Index: +48.84% with a maximum drawdown of 20.79% [3]. Private Fund Performance - In the "quantitative long" category, 27 products ranked in the top 30% for both returns and drawdown control, with a total of 825 products analyzed [4]. - The top five performing products in the quantitative long category for the year are from Jiuming Investment, Shengguanda, Evolutionary Asset, Beijing Guanghua Private Equity, and Qianhai Xuhui Asset [4]. - In the "subjective long" category, 29 products ranked in the top 20% for returns and drawdown control, out of 2156 products analyzed [9]. - The top five performing products in the subjective long category are from Junzhou Private Equity, Liangli Private Equity, Shanghai Ruixin Investment, Meigang Capital, and Fengyu Investment [9]. CTA Strategy Performance - In the CTA (Commodity Trading Advisor) category, 22 products ranked in the top 30% for returns and drawdown control, from a total of 557 products analyzed [13]. - The top five performing products in the CTA category are from Hangjingxinghe Asset, Yidao Asset, Zhixin Rongke, Fubeng Investment, and Alpha Private Equity [13]. Multi-Asset Strategy Performance - In the multi-asset strategy category, 29 products ranked in the top 20% for returns and drawdown control, from a total of 710 products analyzed [16]. - The top five performing products in the multi-asset category are from Guoyuan Xinda, Yiqiao Asset, Xiamen Zhendao Private Equity, Shanghai Congrong Investment, and Qianming Asset [16].

Group 1 - The article introduces Huafu Fund Management Co., Ltd., established in 2004 in Shanghai, emphasizing its commitment to integrity, stability, professionalism, and progress in asset management [4][9]. - Huafu Fund has a diverse product matrix covering cash management, pure debt, fixed income+, active equity, index, and FOF, catering to various risk-return profiles of clients [14][15]. - The company has a total asset management scale of 1,033.74 billion, with 645.52 billion in monetary scale and 388.22 billion in non-monetary scale as of September 30, 2025 [13]. Group 2 - The active equity team focuses on deep research to identify companies with strong management, core competitiveness, and significant market potential [19]. - The fixed income team has nearly 20 years of experience and has established a comprehensive credit rating system, ensuring robust risk control mechanisms [20][21]. - The index investment team is dedicated to innovation, having launched several unique products, including the first AI-themed ETF and the first customized regional bond index fund [22]. Group 3 - Huafu Fund has actively engaged in social responsibility, contributing to disaster relief efforts and supporting healthcare workers during the pandemic [26][27]. - The company signed a public welfare cooperation agreement in 2024 with Huatai Securities Public Welfare Foundation to further its commitment to social responsibility [26].