量化私募业绩大爆发！多个产品收益超60%，这一策略太火爆

Core Viewpoint - The private equity industry is expected to reach a peak in 2025, with the total industry scale surpassing 22 trillion yuan, and several private equity firms achieving over 10 billion yuan in scale, alongside many products reaching historical net value highs [1] Group 1: Performance of Private Equity - Despite fluctuations in the A-share market in November, many private equity firms still reported positive returns, significantly outperforming indices year-to-date [2] - As of November 2025, 73 private equity firms with over 10 billion yuan in assets showed an overall slight decline of 0.27% in November, with 42 firms achieving positive returns, representing 57.53% [3] - Year-to-date, these firms achieved an overall return of 29.44%, with 71 firms reporting positive returns, a rate of 97.26% [3] - Among the firms with positive returns, 7 had returns below 10%, 12 between 10% and 19.99%, 33 between 20% and 39.99%, and 19 exceeded 40% [3] - Quantitative private equity firms performed particularly well, with an average return of 33.28% year-to-date, compared to 24.05% for subjective private equity firms [3] Group 2: Strategies and Market Trends - The market has seen significant structural differentiation and rapid style rotation, with quantitative strategies proving more adaptable in volatile conditions, leading to substantial excess returns [4] - The performance of quantitative strategies has been particularly strong, with many top private equity firms achieving excess returns of up to 30%, especially in small-cap index strategies [5] - For instance, among 57 quantitative private equity products tracking the CSI 1000 index, 30 products exceeded 50% returns, while 9 out of 11 products tracking the CSI 2000 index surpassed 60% returns [6] - The CSI 2000 index has shown a year-to-date increase of 33.49%, outperforming other indices [6] Group 3: Future Outlook - Many private equity firms maintain a positive long-term outlook for the A-share market, citing the confirmation of a profit bottom and the end of three consecutive years of profit decline as foundational for a market recovery [8] - Investment focus areas include high-growth sectors such as artificial intelligence, innovative pharmaceuticals, and machinery, as well as industries with improving supply-demand relationships like transportation and real estate [8] - 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 of Chinese assets, potentially leading to a bullish market cycle [8]