年内私募业绩大丰收 量化产品领跑 中小市值策略火爆

Core Viewpoint - Despite recent fluctuations in the A-share market, many private equity funds have still delivered positive returns in November, significantly outperforming major indices year-to-date [1][2]. Group 1: Performance of Private Equity Funds - In November, 73 billion private equity funds showed an overall slight decline of 0.27%, with 42 funds achieving positive returns, representing 57.53% [2]. - Year-to-date, billion private equity funds have an overall return of 29.44%, with 71 funds (97.26%) reporting positive returns; 33 funds are in the 20% to 39.99% range, and 19 funds exceed 40% [2]. - Subjective private equity funds have an average return of 24.05% this year, while quantitative private equity funds have an average return of 33.28% [2]. Group 2: Quantitative Strategies - Quantitative private equity funds have shown remarkable performance, particularly in small-cap index strategies, with 30 out of 57 products exceeding 50% returns for the CSI 1000 index [4]. - For the CSI 2000 index, 9 out of 11 products have returns exceeding 60%, with 2 products surpassing 70% [4]. - Overall, among 45 billion quantitative private equity funds, only 5 have returns below 20%, while 26 funds are in the 20% to 39.99% range, and 14 funds exceed 40% [4]. Group 3: Market Outlook - Several billion private equity firms maintain a positive long-term outlook for the A-share market, citing the confirmation of a profit bottom in Q3 and the end of three consecutive years of profit decline [6][7]. - The market is expected to rise further, driven by improving supply-demand relationships in traditional sectors and a technology-driven upward trend in industries [7]. - The appreciation of the RMB against the USD and the gradual stabilization of the domestic real estate market are seen as factors that could enhance the valuation advantage of Chinese assets [7].