本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近1年以来，A股和港股市场均迎来了一轮波澜壮阔的"924"行情，私募基金经理旗下多只股票策略产品迎来反攻，主观、量化与混合型私募基金 经理在这轮行情中"各显神通"。 其中，量化私募基金经理通过小盘股的流动性行情，获取亮眼的超额收益；主观私募基金经理通过精准把握算力、新消费、创新药等主题方向， 斩获显著的绝对收益；混合型私募基金经理则结合量化模型的效率优势和个人丰富经验进行决策，同样获得出色的业绩。 在这22位基金经理中，头部私募（管理规模50亿以上）共有10位，管理规模50亿以下的基金经理共有12位。从排名分布来看，管理规模50亿以 下的基金经理"进攻性"更强，大多排在前10名。 其中，翰荣投资的聂守华和贺杰并列第 1，上海紫杰私募曾书良、量盈投资丁鹏、云起量化施恩、杨湜资产郑彬位列2-5名。 量化私募基金经理近1年股票策略收益TOP20 私募排排网公众号 数据来源:私募管理人(经托管复核)/托管人,整理自私募排排网, 截至2025 年8月底。参与排名基金经理在私募排排网展示业绩目符合排名规则的产品数 量在3只及以上。 | 排名 | 姓名 | 经 ...

Core Viewpoint - The discussion at the forum highlighted the evolving landscape of the private equity industry in China, emphasizing the importance of both quantitative and subjective investment strategies in navigating market cycles and identifying investment opportunities [1][2][5]. Group 1: Market Cycles and Investment Strategies - The capital market operates under various cycles, including not only bull and bear markets but also style rotation cycles [2][8]. - Quantitative investment can help stabilize volatility and discover value, while subjective investment allows for deeper industry insights [6][9]. - The current A-share market is characterized by friendly policies, ample liquidity, and reasonable valuations, suggesting that the bull market is progressing well [16]. Group 2: Value of Private Equity - The private equity industry plays a crucial role in enriching the financial market ecosystem and promoting long-term investment philosophies [4][5]. - Private equity is seen as a pioneer in product innovation within China's asset management sector, effectively meeting diverse investment needs [6]. - The industry attracts high-quality talent, which can lead to technological and service innovations, indicating a bright future for private equity [6]. Group 3: Investment Recommendations - Investors are advised to shift their mindset from bear to bull market thinking and avoid chasing past performance when selecting funds [14][15]. - Diversification across various asset classes is recommended to mitigate risks, and professional management should be sought for investment decisions [16]. - The importance of understanding market adjustments within a bull market is emphasized, suggesting that investors should be prepared for periodic corrections [15][16].

Core Viewpoint - The A-share market showed strong performance in August, with major indices rising significantly, while the bond market faced pressure due to the "stock-bond seesaw" effect [2][3]. Market Performance - The Shanghai Composite Index rose 7.97% in August, surpassing 3800 points, marking a nearly 10-year high. The Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged over 24% [2]. - In the bond market, the China Bond Index fell by 0.61%, and the China Government Bond Index decreased by 0.58% [2]. - The commodity market exhibited mixed results, with the Nanhua Commodity Index down 0.62% and the Industrial Products Index down 2.17%. However, the precious metals index rose by 2.85% due to increased expectations of interest rate cuts by the Federal Reserve [2]. Private Equity Performance - Data from Private Equity 排排网 indicates that among 4936 products with performance data, the average return from January to August was approximately 23.28%. The proportion of products with positive returns increased to 94.43%, up from 91.20% in the previous month [3][4]. - Among various strategies, long equity strategies (both subjective and quantitative) led the returns, with average returns of 35.67% and 30.08% respectively for the first eight months of the year [3]. Strategy Breakdown - The performance of different private equity strategies varied significantly, with the following average returns for the first eight months: - Long Equity: 35.67% (subjective), 30.08% (quantitative) - Composite Strategy: 20.80% - Macro Strategy: 18.68% - Convertible Bond Trading Strategy: 17.16% - Fund of Funds (FOF): 14.20% - Other Derivative Strategies: 14.16% - Market Neutral Equity: 7.81% [3]. Top Private Equity Firms - The top 10 subjective private equity firms by average return this year include: 1. 富延资本 (Fuyuan Capital) 2. 北京禧悦私募 (Beijing Xiyue Private Equity) 3. 同犇投资 (Tongben Investment) 4. 一久私募基金 (Yijiu Private Fund) 5. 能敬投资控股 (Nengjing Investment Holdings) 6. 玖歌投资 (Jiuge Investment) 7. 龙航资产 (Longhang Asset) 8. 榕树投资 (Rongshu Investment) 9. 路远私募 (Luyuan Private Equity) 10. 晨耀私募 (Chenyao Private Equity) [4][6]. Quantitative Private Equity - The average return for the top 100 quantitative private equity firms was 26.69%, with a total of 676 products and a combined scale of approximately 804.91 billion [12][14]. - The top 10 quantitative private equity firms by average return include: 1. 翰荣投资 (Hanrong Investment) 2. 云起量化 (Yunqi Quantitative) 3. 稳博投资 (Wenbo Investment) 4. 橡木资产 (Xiangmu Asset) 5. 阿巴马投资 (Abama Investment) [12][14]. Mixed Strategy Private Equity - The average return for the top 100 mixed strategy private equity firms was 20.78%, with a total of 449 products and a combined scale of approximately 284.03 billion [24][26]. - The top 10 mixed strategy private equity firms by average return include: 1. 深圳泽源 (Shenzhen Zeyuan) 2. 量利私募 (Liangli Private Equity) 3. 中闽汇金 (Zhongmin Huijin) 4. 金塔克资产 (Jintake Asset) 5. 嘉信融成 (Jiaxin Rongcheng) [24][26].

与A股关联度较大的港股，在近一年也表现更为亮眼，恒生科技指数涨幅超59%。美股三大指数由于位置较高，表现相对落后，纳斯达克指数以 21.12%的涨幅相对领先。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近一年来（2024年9月初-2025年8月底），A股先是爆发了一波气势如虹的"924行情"，然后高位横盘震荡数月后，在今年6月开始继续向上突 破，沪指在8月份创下近10年新高。最终， 近一年来 A股主要指数，均有亮眼表现 。其中领涨的创业板指涨幅接近83%，上证指数涨幅接近 36%，深证成指涨幅超52%。 | | | A股、港股、美股主要指数近一年的表现 | | 码 | | --- | --- | --- | --- | --- | | 私募排排网公众号 | 0 | 数据来源: Choice, 近一年: 2024.09.01-2025.08.31 | | | | 证券市场 | 指数名称 | 近一年 | 近一年 | 沂一年 | | | | 涨跌幅 | 最大涨幅 | 最大回撤 | | | 上证指数 | 35.74% | 43.62% | -11.27% | | | 深证成指 | 52.08% ...

Core Viewpoint - The article discusses the recent trends and developments in the investment banking sector, highlighting the impact of market conditions on deal-making activities and revenue generation [1] Group 1: Market Trends - Investment banking revenues have shown a significant decline, with a reported drop of 30% year-over-year in Q1 2023 [1] - The overall number of mergers and acquisitions (M&A) has decreased by 25% compared to the previous year, indicating a slowdown in market activity [1] - Increased interest rates and economic uncertainty are cited as primary factors contributing to the decline in investment banking activities [1] Group 2: Company Performance - Major investment banks have reported mixed earnings, with some firms experiencing a 15% increase in advisory fees while others face a 20% drop in trading revenues [1] - The article notes that firms are adapting by focusing on cost-cutting measures and diversifying their service offerings to maintain profitability [1] - There is a growing emphasis on technology and digital transformation within investment banks to enhance operational efficiency and client engagement [1]

Core Viewpoint - The A-share market has experienced significant fluctuations over the past five years, with a notable decline in risk appetite due to multiple factors such as the Russia-Ukraine conflict, global interest rate hikes, and recurring pandemic issues. However, a recent policy initiative on September 24 has led to a surge in market liquidity and a series of active themes, resulting in major stock indices reaching new highs recently [2]. Group 1: Private Fund Performance - Among private fund managers, only a small portion have successfully navigated the market fluctuations over the past five years, with 121 managers achieving top rankings across 1, 3, and 5-year periods, yielding average returns of 38.65%, 42.11%, and 70.27% respectively [2][3]. - In the top-tier private fund category (over 5 billion), mid-tier (10-50 billion), and small-tier (0-10 billion), 29 managers ranked in the top 50% across all periods, accounting for 23.97% of the total [2][3]. Group 2: Top Managers in Tiered Private Funds - In the top-tier private funds, 8 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, representing 20.51% of the group [4][5]. - All 8 top-tier managers belong to firms with over 10 billion in assets, with subjective private fund managers dominating the top three positions [5][8]. Group 3: Mid-Tier Private Fund Managers - In mid-tier private funds, 7 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, making up 29.17% of this category [9][12]. - The majority of these managers are from firms with 20-50 billion in assets, with subjective private fund managers being the most prevalent [9][12]. Group 4: Small-Tier Private Fund Managers - In small-tier private funds, 14 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, accounting for 24.14% of this group [13][15]. - Most of these managers are from firms with 0-5 billion in assets, with subjective private fund managers dominating the rankings [13][15].

Core Viewpoint - The A-share market has shown a significant upward trend in July, leading to considerable gains for domestic private equity funds with over 100 billion yuan in assets under management, as evidenced by a 5.10% average return for 532 products, with a 93.23% positive return rate [1][2]. Group 1: Changes in Private Equity Landscape - As of the end of July, there are 90 private equity firms managing over 100 billion yuan, an increase from 88 at the end of June, with 4 quantitative firms rising to this level and 3 subjective firms dropping out [1][2]. - The ratio of quantitative to subjective private equity firms has reached 44:39, indicating a shift in the industry dynamics [1][2]. - In just six months, the number of quantitative private equity firms has equaled that of subjective firms, marking a significant turnaround from previous years [2]. Group 2: Performance of Private Equity Firms - For the first seven months of the year, quantitative private equity firms have outperformed subjective ones, with an average return of 21.58% compared to 10.60% for subjective firms [7][8]. - All quantitative private equity firms achieved positive returns in the first seven months, with the top three performers being稳博投资, 阿巴马投资, and 天演资本 [8][9]. - The top quantitative firm, 稳博投资, has a total of 8 products with an average return of ***% for the first seven months [11]. Group 3: Emerging Private Equity Firms - The number of quasi-100 billion private equity firms has increased to 108, with 11 new firms added since June, predominantly in the quantitative category [5][17]. - The top three quasi-100 billion quantitative firms for the first seven months are 天算量化, 鸣熙资产, and 嘉石大岩, showcasing strong performance in the sector [18][20]. Group 4: Subjective Private Equity Performance - The top three subjective private equity firms for the first seven months are 复胜资产, 日斗投资, and 久期投资, indicating a recovery in their performance [12][15]. - 复胜资产 has a total of 6 products with an average return of ***% for the first seven months, benefiting from the surge in new consumption [15][16].

| | | 2025年1-7月不同类型百亿私募整体收益统计 | | | | --- | --- | --- | --- | --- | | 类型 | 数量(家) | 平均收益率 | 正收益数量(家) | 占比 | | 量化 | 36 | 18.92% | 36 | 100.00% | | 主观 | 16 | 13.59% | 15 | 93.75% | | 主观+量化 | 3 | 4.75% | 3 | 100.00% | | 总计 | રેર | 16.60% | 54 | 98.18% | | | | 数据来源:私募排排网,截至2025年7月底 | | | 本报（chinatimes.net.cn）记者张玫 北京报道 7月份，百亿私募阵营经历调整。其中，3家主观策略私募退出百亿阵营，包括深圳红筹投资（股票策 略）、杭州遂玖私募（多资产策略）、上海合远基金（股票策略）。 近年来，量化私募发展一路高歌猛进，百亿量化私募数量持续攀升，不仅在数量上实现与百亿主观私募 齐头并进，且势头有不断上升趋势。私募排排网数据显示，截至7月底，百亿私募总数达90家，其中百 亿量化私募为44家，占比48.49%。 在市场表现方面 ...

Core Viewpoint - The private equity market in China is experiencing a mixed trend, with some firms closing new subscriptions while others continue to attract significant investments, indicating a disparity in performance among different private equity firms [1][5]. Group 1: Private Equity Firms' Actions - Quantitative private equity firm Ruanfu Investment announced plans to close new subscriptions for its products related to the CSI 500, CSI 1000, and Wind small-cap indices starting July 1, citing strategic business development and investor interest considerations [1][2]. - Another quantitative private equity firm, Kuande Investment, is set to close all channels for new subscriptions on June 30, reflecting a similar trend in the industry [2]. - Subjective private equity firm Ruijun Asset also announced a suspension of new client subscriptions for products managed by its star fund manager, Dong Chengfei, effective June 8 [4]. Group 2: Performance and Market Trends - Ruanfu Investment has seen rapid growth, reaching a management scale of over 70 billion yuan, with an average return of over 27% in the past year [2][4]. - In contrast, the overall private equity market remains uneven, with only a few top-performing firms experiencing significant fundraising success, while many others struggle to attract capital [5][6]. - Quantitative private equity firms are currently outperforming subjective firms in terms of fundraising capabilities, with some popular products selling out quickly upon launch [6]. Group 3: Fundraising Dynamics - The fundraising environment for subjective private equity firms has improved slightly, with some firms like Ruijun Asset and Chongyang Investment managing to raise substantial amounts earlier in the year [4][6]. - However, the overall sentiment in the market indicates that many private equity firms are facing challenges, with some admitting to a "lying flat" approach due to previous underperformance [6].

Core Viewpoint - The A-share market has shown a significant upward trend since the U.S. tariff impact on April 7, with the Shanghai Composite Index reaching above 3600, indicating a favorable environment for subjective investment strategies to outperform the market [1] Group 1: Performance of Subjective vs. Quantitative Funds - As of July 25, 2023, the average return for 1,231 quantitative private equity products was 4.74%, while 2,303 subjective private equity products achieved an average return of 5.74% over the same period [1] - The average return for subjective long-only products from private equity managers with assets over 5 billion reached 11.91%, with 96.30% of products showing positive returns [1][2] Group 2: Top Performing Fund Managers - The top three subjective private equity fund managers for the year include Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset, with their respective products achieving significant returns [1][3] - Tong Xun manages three products with a total scale of approximately 302 million yuan, while Lu Hang oversees five products totaling about 1.109 billion yuan [3] Group 3: Performance by Fund Size Categories - For funds sized 20-50 billion, the average return was 15.32%, with 91.16% of products showing positive returns, led by Xu Hongbing from Shenzhen Dream Factory Investment [5][6] - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns, led by Sun Jie from Nengjing Investment [7][8] - The 5-10 billion category saw an average return of 22.88%, with Liu Xianglong from Fuyuan Capital leading the performance [10][11] - For the smallest category (0-5 billion), the average return was 18.36%, with Yao Yong from Qinxing Fund achieving the highest performance [13][14] Group 4: Investment Strategies and Focus Areas - Tong Xun and Lu Hang have successfully captured the "new consumption" trend, focusing on sectors that are expected to benefit from economic stabilization and differentiation [3][4] - Xu Hongbing emphasizes traditional business logic in investment, while Chen Yu from Shennong Investment focuses on innovative pharmaceuticals, which have seen significant market interest [7][9] - The investment philosophy of Yao Yong from Qinxing Fund is rooted in extensive company research, leveraging over 20 years of experience in the field [15]