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 Viewpoint - The article discusses the significant performance of private equity funds in December 2025, highlighting a record number of funds achieving historical net value highs amidst a bullish market trend in major stock indices and commodities [2][3]. Group 1: Market Performance - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 2.06%, 4.17%, and 4.93% respectively in December 2025, although none reached new yearly highs [2]. - Commodity futures such as gold, silver, copper, aluminum, and lithium carbonate experienced strong upward trends in December [2]. Group 2: Private Equity Fund Performance - A total of 2,362 private equity products from 950 firms reached historical net value highs in December 2025, with 132 firms having all their products achieve this milestone, representing approximately 19% of the statistically relevant private equity firms [2]. - Among the 132 firms, 96 had at least three products with performance data displayed for 2025, meeting ranking criteria [2]. Group 3: Strategies and Investment Models - Of the 96 private equity firms that reached new highs, 46 focused on stock strategies, 25 on futures and derivatives, and 15 on multi-asset strategies, with a notable increase in the number of futures-focused firms due to strong commodity performance [3]. - The majority of these firms employed subjective investment strategies (42 firms), followed by quantitative strategies (34 firms), and a combination of both (20 firms) [4]. Group 4: Fund Size Categories - In the category of firms managing over 100 billion, 12 firms achieved historical net value highs, with 8 being quantitative and 8 focusing on stock strategies [5]. - For firms managing between 20-100 billion, 15 firms reached new highs, with 8 being subjective and 6 quantitative [10]. - Among firms managing between 5-20 billion, 31 firms achieved historical highs, with 17 focusing on stock strategies [13]. - In the category of firms managing below 5 billion, 38 firms reached new highs, with 15 focusing on stock strategies [19].