普通投资者："我看不懂呀"、"不敢买"。 分析黄金的确是个技术活，因为在市场这个大舞台里，它扮演着三个角色： 商品、 货币 、投资 。 以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 如果要给今年各资产的表现颁个奖， 黄金无疑是"最强王者" 。 从年初不到2800，狂飙到现在的4300+，年内涨幅达50%以上！ 作为 实物 商品 时 ，黄金价格的基础逻辑是 「 供给与需求 」 。 当全球央行（央妈）持续购金，或首饰消费旺盛，需求大于供给，便会推动金价上涨。 因此美元越弱，黄金越贵。 作为 投资品 时 ，黄金会和其他大 投资品类 的收益 「 作比较 」 。 钱可以放在很多地方，如果我们把钱换成黄金，就不能再放银行拿利息，或者买国债了。 所以，作为一个投资品类的时候，黄金能带来的收益，会不断和其他资产的潜在收益作比对，也 叫持有黄金的 "机会成本"。 作为 货币 时 ，黄金 价格 通常与美元 指数 走势 「 反着来 」 。 这是因为，黄金是用美元来标价和交易的。 同样是买一盎司黄金，当美元贬值时，买同样的黄金就需要更多的美元，即金价上涨。 当其 ...

Group 1: Global Asset Performance and Strategy Evolution in 2025 - In 2025, global financial markets exhibited a "high volatility, high return" structural characteristic, driven by the Federal Reserve's preventive interest rate cuts and a shift towards loose monetary policy globally [2][11] - A-shares and H-shares were at historical low valuations, leading to excellent risk-adjusted returns in equity assets, with AH shares achieving steady returns amidst relatively low volatility [2][11] - The US dollar index fell by 8.5% in the first three quarters, marking the largest decline since 2018, which boosted the revaluation of non-US assets and led to record inflows into emerging market equity funds, totaling $52 billion [2][11] - Gold and other safe-haven assets performed exceptionally well due to geopolitical tensions, trade frictions, and dollar depreciation, becoming important hedging and value-adding tools in portfolios [2][11] - Fixed income assets showed a mixed pattern, with US Treasury yields remaining high and attractive for allocation, while the Chinese bond market experienced significant volatility with limited yield contribution [2][11] Group 2: Asset Management Industry Trends in 2025 - The iteration of quantitative strategies accelerated, driven by AI, with end-to-end models achieving scalable application, demonstrating stronger generalization and adaptability [13][14] - Competition in the quantitative space intensified, leading to product innovation as managers optimized terms and introduced new product forms to enhance client experience [13][14] - Subjective long-only managers faced redemption pressures despite positive returns, with trust in subjective strategies not fully restored, highlighting the need for transparency and long-term performance validation [13][14] - All-weather strategies entered a rapid development phase, with the "stock + gold" allocation further enhancing their effectiveness, showing lower drawdowns and higher Sharpe ratios compared to traditional single-asset strategies [13][14] Group 3: Building Differentiated Competitive Advantages - The company has focused on a "small steps, continuous evolution" development path, building a compounding capability flywheel [5][17] - A subjective manager selection capability has been established, focusing on genuine Alpha creation ability rather than manager history or size [5][17] - A deep evaluation system for quantitative managers has been developed to identify those with differentiated data, computational power, or strategic advantages [6][15] - The company actively covers over 2,000 private equity managers, employing a "broad net, deep digging" approach to capture emerging forces with non-consensus but correct characteristics [7][16] - The company embraces product and tool innovation, maintaining an open attitude towards derivatives, structured design, and risk control mechanisms to enhance client experience [8][17]

量化多头策略是利用数学模型和计算机算法，基于大量历史数据筛选出预期收益高的股票进行做多的一种投资策略。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募产品业绩在某一阶段内表现突出，并非难事，但要想在多个区间内都领先，则非常考验基金经理的投研水平和策略的持续迭代能力。因为资 本市场的变化非常快，以A股为例，无论是市场风格还是领涨赛道，都是阶段性的轮动。 2023年以来，全球资本市场面临的环境是非常复杂的，股市、债市、商品期货等均有较大的波动。A股自2023年以来走出了熊转牛行情。在这样 的市场背景下，能做到自2023年以来每年收益都排名居前，就显得难能可贵。 为了给读者提供一些参考，笔者根据私募排排网数据，分策略（主观多头、量化多头、CTA、多资产）梳理出了在 "2023年、2024年、2025年 1-11月"收益排名都居上游 的私募产品。 （公司规模在5亿元以上； 同一基金经理管理多只相同策略产品的，仅选2023年以来累计收益最高的产 品参与排名 ） 0 1 量化多头： 16 只产品排名持续居上游，明汯、茂源、翰荣均有份！ 截至2025年11月底，5亿以上规模私募中，在私募排排网有今年1 ...

据私募排排网统计显示，百亿私募阵营中共有13只产品跻身"双十"名单，从策略偏好来看，主观多头策略占据了绝对主 流，在13只产品中拿下11席，显示了基金经理主动选股、深度挖掘价值的持久生命力；另外2只则为宏观策略产品，通过对 经济周期的把握获取收益。 年内私募投资波澜迭起，能穿越牛熊、为投资者创造长期丰厚回报的产品备受关注。私募排排网近期发布的私募基金"长跑 英雄榜"，聚焦成立满十年、近十年年化收益超10%的"双十"百亿私募产品。 风险提示：基金有风险，投资需谨慎。 | | 百亿私募"双十"产品一 | | | | | --- | --- | --- | --- | --- | | 产品简称 | 公司简称 | 产品策略 | 近10年 | 近10年 | | | | | 年化收益 | 累计收益 | | 希瓦小牛1号 | 海南布瓦 | 主观多头 | 22.71% | 674.31% | | 希瓦小牛5号 | 海南布瓦 | 主观多头 | 21.20% | 583.89% | | 进化论复合策略一号 | 进化论资产 | 主观多头 | 20.75% | 559.10% | | 泓湖稳健宏观对冲A类份额 | 泓湖私募 | 宏观 ...

Core Viewpoint - The A-share market has shown a clear slow bull characteristic in 2023, with significant returns from sectors like technology growth and resource cycles, leading to an overall increase of over 15% in major indices from January to November, with the ChiNext Index leading at 42.54% [2][3]. Summary by Sections A-share Market Performance - The three major A-share indices have all risen over 15% from January to November, with the ChiNext Index achieving a remarkable 42.54% increase [2]. - A-share indices exhibit lower volatility compared to the Hang Seng Index and Nikkei Index, aligning with the characteristics of a slow bull market [2]. Index Data - The performance data for major indices from January to November is as follows: - CSI 300: 15.04% return, 15.69% annualized volatility, 127.80% turnover rate, 10.49% maximum drawdown - Shanghai Composite: 16.02% return, 14.09% annualized volatility, 245.70% turnover rate, 9.71% maximum drawdown - Shenzhen Component: 24.67% return, 21.71% annualized volatility, 394.74% turnover rate, 14.98% maximum drawdown - ChiNext Index: 42.54% return, 30.21% annualized volatility, 576.46% turnover rate, 20.79% maximum drawdown [3]. Fund Performance - The average return for 2049 subjective long-only products from January to November is 34.39%, significantly outperforming most A-share indices [3]. - Among the 197 subjective long-only products from billion-yuan private equity firms, the average return is 23.72%, with 94.42% of products showing positive returns [4]. Top Performing Funds - The top three subjective long-only products from billion-yuan private equity firms are: 1. Yuanxin Investment's "Yuanxin China Active Growth C" managed by Wang Aoye 2. Jiuku Investment's "Jiuku Value Selection No. 1" managed by Jiang Yunfei 3. Wangzheng Asset's "Wangzheng Win-Win No. 3" managed by Wang Penghui [4][5]. Sector Focus - The focus on gold investment is highlighted, with managers like Guan Xin from Xishirun Investment emphasizing a new "reflexive" cycle in gold prices, suggesting a strategic allocation towards gold as a long-term investment [11][12]. - The performance of funds in the 50-100 billion category shows an average return of 29.83%, with 95.49% of products yielding positive returns [8]. Emerging Trends - The report indicates a trend of adjusting portfolios to optimize returns, with managers actively seeking undervalued quality companies while maintaining a core and satellite investment strategy [7].

Core Viewpoint - The A-share market in 2025 has shown distinct characteristics of a structural bull market, driven by policy support for the economy and technological transformation, leading to an upward trend in indices and significant returns for investors [2] Group 1: Market Performance - As of November 28, 2025, the private equity stock strategy index has achieved a return of 23.67%, while the CSI All Share Index has returned 18.30% during the same period [2] - The quantitative long strategy index has outperformed the subjective long strategy index, with returns of 34.67% and 22.75% respectively [2] Group 2: Strategy Analysis - The market environment this year was expected to favor subjective long strategies, yet quantitative strategies have leveraged their systematic advantages to capture opportunities [2] - The average performance of subjective long strategies has not matched that of quantitative strategies, attributed to the internal dispersion of returns and decreased effectiveness of timing strategies [12][18] Group 3: Future Outlook - The current environment for subjective long strategies is expected to improve compared to 2022-2024, with enhanced liquidity and a shift in market risk appetite [18] - Investors are encouraged to focus on subjective long managers who emphasize shareholder returns and sectors with high growth potential, such as AI and related industries [18]

Core Insights - The article highlights the journey of Fusheng Asset over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan, driven by a philosophy of performance-driven investment and risk management through a "weakness mindset" [4][5][6]. Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management increasing from zero to over 10 billion yuan [4]. - The name "Fusheng" signifies "compounding success," reflecting the company's commitment to integrity and performance in investment [4]. - The core investment team, consisting of three key fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure [4]. Investment Philosophy - The company adheres to a clear "performance-driven investment" philosophy, focusing on companies with projected revenue and profit growth exceeding 20% over three years [6][7]. - A distinction is made between growth stocks and value stocks, with a cautious approach to companies in the "gray area" of growth rates between 13% and 18% [7]. - The investment strategy emphasizes the importance of adapting to market conditions and maintaining discipline in position management [5][6]. Challenges and Adaptation - The most significant challenge faced by Fusheng Asset was in the first quarter of 2020, where the company's product net value fell nearly 20%, lagging behind competitors by approximately 40 percentage points [5]. - In response to this crisis, the team refocused on performance-driven investment, successfully identifying high-performing sectors such as new energy and medical protection [5][6]. Future Vision - Looking ahead, the company aims to establish itself as a competitive player in the private equity sector, attracting top talent from public fund backgrounds [8]. - The focus remains on achieving superior and stable performance, with growth in scale being a natural outcome of this commitment [8][9]. - The company emphasizes the principle of "consistency" in its investment approach, aligning the interests of the management team with those of its clients [9]. Conclusion - Fusheng Asset's story illustrates a commitment to long-term compounding success through focused investment strategies, adaptability to market changes, and a principled approach to management [9].

Core Viewpoint - Since 2025, global gold assets have maintained a strong market driven by three main factors: a phase of declining real interest rates, persistent geopolitical risks and uncertainty in U.S. domestic policies, and continued buying by global central banks, particularly from emerging economies [2][3]. Group 1: Market Dynamics - The decline in global real interest rates is influenced by the U.S. fiscal deficit and long-term debt structure, making it difficult for real rates to rise further, while persistent inflation enhances long-term demand for gold [2]. - Geopolitical risks, including conflicts in the Middle East and deteriorating security in Europe, along with uncertainties following the Trump administration's policies, have structurally increased demand for safe-haven assets like gold [2]. - Central banks remain the largest buyers of gold, with emerging market central banks continuing to purchase gold, providing long-term support for gold prices [3]. Group 2: Policy Impact - Recent tax policy adjustments in China regarding gold transactions mark a significant structural change in the gold market, effective from November 1, 2025, to December 31, 2027, affecting standard gold transactions [5][6]. - The new tax policies aim to clarify the tax burden and usage of gold, impacting costs for off-exchange gold, price differentials, retail premiums, and the structure of futures and ETFs, rather than directly altering domestic gold prices [6]. - Gold ETFs are expected to be the most affected by the new policies, as the attractiveness of physical gold for secondary sales diminishes, while virtual gold instruments like paper gold and ETFs remain unaffected by the VAT adjustments [10]. Group 3: Investment Strategies - The high beta sensitivity of gold assets to macroeconomic trends makes them a preferred choice for quantitative CTA, multi-asset strategies, and discretionary long strategies [5]. - The stricter regulations on gold withdrawal and usage declarations may lead to a decrease in arbitrage scale in futures, potentially increasing price volatility and enhancing the correlation of futures with international gold prices during trending markets [10].

Core Insights - The A-share market has shown a slow upward trend this year, with 91.33% of private equity funds achieving positive returns and an average return rate of 24.32% as of the end of October [1] - Stock strategies lead the performance among five major strategies with an average return of 29.52%, and 92.73% of products reporting positive returns [1] - Multi-asset strategies have an average return of 19.71% and a positive return rate of 91.61%, effectively capturing market gains while diversifying risks [1] Group 1: Private Equity Fund Performance - As of October, 10,969 private equity funds were tracked, with 91.33% achieving positive returns and an average return rate of 24.32% [1] - The top 5% of funds achieved a remarkable return of 72.03%, indicating a strong performance in high-yield products [1] - Stock strategies outperformed with an average return of 29.52%, and 92.73% of products in this category reported positive returns [1] Group 2: Strategy Analysis - Multi-asset strategies ranked second with an average return of 19.71% and a positive return rate of 91.61%, benefiting from timely stock asset allocation [1] - Bond strategies showed a conservative approach with an average return of 8.77%, but 90.09% of products achieved positive returns, highlighting their risk defense capability [2] - Quantitative long strategies excelled with an average return of 36.76% and a positive return rate of 96.52%, outperforming subjective long strategies by 7.04 percentage points [2]

Core Insights - Since 2025, private equity securities products have shown significant profitability, with an average return of 20.41%, and stock strategy products achieving an impressive average return of 15.38% [1] - As of August 31, there are 10,135 private equity securities products with performance records, of which 9,208 have generated positive returns, resulting in a high positive return ratio of 90.85% [1] - Among various strategies, stock strategies have outperformed, benefiting from the structural market trends in A-shares, with 6,473 stock strategy products recording an average return of 25.38% and a positive return ratio of 93.09% [1] Stock Strategy Analysis - Within stock strategies, quantitative long strategies have excelled in the mid and small-cap market, with 1,303 products showing a positive return ratio of 96.24% and an average return of 31.84% [2] - In contrast, subjective long strategies have a positive return ratio of 92.68% but a lower average return of 25.62%, indicating a significant performance gap compared to quantitative strategies [2] - Multi-asset strategies follow closely with an average return of 15.61%, primarily due to timely allocation to stock assets, with 1,279 products showing a positive return ratio of 89.91% [2] Market Outlook - The rise in the A-share market is attributed to multiple factors, including policy adjustments, improved liquidity, and enhanced economic fundamentals, as analyzed by Fidelity International's economist Liu Peiqian [2] - Upcoming tourism expenditure data and weekly real estate transaction data are expected to serve as important indicators for observing the pace of economic recovery [2] - Looking ahead, the market is anticipated to continue a trend of oscillating upward, with a gradual shift towards large-cap growth stocks, focusing on sectors with low penetration rates such as AI computing power, semiconductor autonomy, solid-state batteries, humanoid robots, satellites, controllable nuclear fusion, and innovative pharmaceuticals [2]