幻方、明汯、诚奇等96家私募业绩创历史新高！期货类私募异军突起，金银大涨贡献？

Core Insights - The Shanghai Composite Index has shown a strong upward trend since mid-December 2025, achieving a record 16 consecutive days of gains by January 9, 2026 [1][15] - In December 2025, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increased by 2.06%, 4.17%, and 4.93% respectively, although none reached new yearly highs [15] - Commodity futures such as gold, silver, copper, aluminum, and lithium carbonate experienced significant price increases in December 2025 [15] - A total of 2,362 private equity products from 950 firms reached historical net value highs in December 2025, with 132 firms achieving this across all their products [15] Private Equity Performance - Among the 132 firms with all products reaching historical highs, 96 firms had at least three products displayed on the private equity performance platform for 2025 [15][16] - The breakdown of the 96 firms by core strategy shows 46 focused on stock strategies, 25 on futures and derivatives, and 15 on multi-asset strategies [2][15] - The investment modes of these firms include 42 subjective, 34 quantitative, and 20 mixed strategies [3][15] Billion-Level Private Equity - 12 private equity firms with over 10 billion yuan in assets achieved historical highs in December 2025, with eight being quantitative firms and eight focusing on stock strategies [4][16] - The top firms by average returns for 2025 include Lingjun Investment, Ningbo Huanfang Quantitative, and Chengqi Private Equity [4][19] 20-100 Billion Private Equity - 15 private equity firms in the 20-100 billion yuan range also reached historical highs, with eight being subjective and six quantitative [7][20] - Leading firms by average returns include Zhihua Asset Management, Hengbang Zhaofeng, and Yunqi Quantitative [7][21] 5-20 Billion Private Equity - 31 private equity firms in the 5-20 billion yuan range achieved historical highs, with 15 being subjective and 10 quantitative [9][23] - Top firms by average returns include Shanghai Hengsui Asset, Sapphire Fund, and Huacheng Private Equity [9][24] Below 5 Billion Private Equity - 38 private equity firms with assets below 5 billion yuan reached historical highs, with 18 being subjective and 10 quantitative [12][26] - Leading firms by average returns include Jingying Zhito, Fanxu Asset, and Sanhua Asset [12][27]