今年市场中性策略集体“哑火”？平方和、中邮永安、量魁、建隆“逆风局”突围！

Core Viewpoint - In November, A-shares experienced a downturn due to slowing domestic economic recovery, concerns over AI investment bubbles, and delayed expectations for Federal Reserve interest rate cuts, leading to a general decline in market risk appetite [2] Group 1: Market Performance - The three major indices recorded declines throughout November, with pure long strategies suffering significant losses [2] - In contrast, stock market neutral strategies, employing a "long stock + short index futures" approach, effectively hedged systemic risks and achieved a monthly positive return, with an average yield of 1.06% for 208 stock market neutral products [2] Group 2: Strategy Comparison - Year-to-date average returns for stock market neutral strategies stand at 9.34%, significantly lower than the 30%-40% gains of long stock strategies [3] - Despite the overall lower performance, there is notable performance differentiation among stock market neutral products, indicating that selecting high-performing products has become increasingly challenging [3] Group 3: Top Performers by Fund Size - For funds over 10 billion, the top three stock market neutral products are from Square and Investment, Evolutionary Asset, and Mingfeng Investment, with the leading product showing a yield exceeding a certain threshold [4] - In the 20-100 billion category, Zhongyou Yong'an Asset leads with a product yielding over a certain percentage, followed by Hanrong Investment and Liangkui Private Equity [7][8] - In the 5-20 billion category, Heqi Investment, Shanghai Daoyan Private Equity, and Anzhi Investment are the top three, with Heqi Investment's product achieving a yield above a certain percentage [10][11] - For funds under 5 billion, Jianlong Capital, Guangdong Jingcheng Private Equity, and Pangtuo Investment are the top performers, with Jianlong Capital's product yielding significantly [13][14]