10月10日，记者从私募排排网获悉，截至9月30日，9月共有1028只私募证券产品完成备案，较8月的1145只环比下降10.22%，但相比 2024年同期的379只，同比大幅增长171.24%。 | | 9月备案私募量化产品按策略统计 | | | | --- | --- | --- | --- | | 一级策略 | 二级策略 | 产品数量 | 品 | | | 复合策略 | 30 | 8.24% | | 多资产策略 | 套利策略 | 8 | 2. 20% | | | 宏观策略 | l | 0. 27% | | 股票策略 | 量化多头 | 166 | 45.60% | | | 股票市场中性 | 69 | 18.96% | | | 股票多空 | 22 | 6.04% | | 期货及衍生品策略 | 量化 CTA | 45 | 12.36% | | | 期权策略 | 3 | 0. 82% | | 债券策略 | 转债交易策略 | 9 | 2. 47% | | | 债券复合策略 | 2 | 0. 55% | | | 纯债策略 | l | 0. 27% | | 组合基金 | FOF | 8 | 2. 20% | | 总计 | ...

对于9月股票策略备案大增的情况，排排网集团旗下融智投资FOF基金经理李春瑜表示，随着"9.24"行情 后权益市场赚钱效应逐步显现，以及政策面对科技创新、高端制造等领域的持续支持，股票策略在把握 产业机遇方面的优势进一步凸显，投资者对权益类资产的配置意愿回升，共同推动该类策略备案数量保 持高位。 展望四季度行情，华金证券预计，四季度A股可能处于盈利结构性回升、信用继续修复的环境中，将延 续震荡偏强的"慢牛"趋势。从宏观环境来看，出口仍维持一定韧性，制造业和基建投资维持一定的增 速，消费可能自低位有所回升；美联储大概率继续降息。从市场主线来看，四季度可能受科技和周期等 盈利结构性回升，信用继续修复，历史经验上A股表现将震荡偏强。盈利结构性回升、信用可能继续修 复的情况下，大盘和中小盘风格占优，产业趋势上行和政策导向的行业表现相对占优，当前指向科技和 部分周期、消费。 国泰海通证券的观点称，展望2025年四季度，本轮上涨的基础有望持续：政策支持实体经济修复、流动 性维持宽松、机构持股水平稳步提升，多重因素共振下"慢牛"格局有望延续。上市公司盈利方面，从8 月经济数据来看，PPI已出现底部企稳迹象，"反内卷"政策成效 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年8月底，管理规模在20亿以下的私募管理人有7200余家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 文谛资产 。 Part.1 公司概况 文谛资产是一家专注于量化投资的专业资产管理公司，2016年在上海成立。文谛资产的投资领域覆盖了期货和股票，已构建了覆盖全市场、多品 种、多策略的量化资产管理体系，拥有CTA、股票两大策略库。文谛始终致力于为投资者提供不过度依赖单一收益来源的长期可持续收益。 Part.2 核心团队 公司团队深耕量化投资领域十五年，始终秉持"守正出奇、行稳致远"的投资理念，持续推进策略的迭代创新，确保旗下策略与市场的同步进化。 核心投研人员均拥有物理，数学，计算机及经济学专业背景，从事量化工作多年，具有丰富的量化研究经验与成熟先进的技术，团队成员稳定性 策略发展历史 代表策略及产品 文谛量化 ...

Quantitative Models and Construction Methods 1. Model Name: Barra Style Factors - **Model Construction Idea**: The model aims to capture the performance of various style factors in the equity market, such as momentum, size, and residual volatility[12][27] - **Model Construction Process**: The model calculates the returns of different style factors over a specified period. For example, the momentum factor return is calculated as: $$ \text{Momentum Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Momentum Scores})}{\sum \text{Momentum Scores}} $$ where the momentum scores are derived from the past performance of stocks[12][27] - **Model Evaluation**: The model effectively captures the performance of different style factors, providing insights into market trends and investor behavior[12][27] 2. Model Name: Excess Return Monitoring Model - **Model Construction Idea**: This model monitors the relative performance of small and mid-cap indices against a large-cap benchmark to capture market style rotation signals[86] - **Model Construction Process**: The model calculates the rolling 20-day excess returns of indices such as CSI 2000, CSI 1000, and CSI 500 relative to the CSI 300. For example: $$ \text{Excess Return} = \text{CSI 1000 Return} - \text{CSI 300 Return} $$ The model then tracks the percentile rank of these excess returns over a three-year period to identify significant deviations[86] - **Model Evaluation**: The model provides a systematic approach to detect market style rotations, aiding in strategic asset allocation decisions[86] Model Backtest Results - **Barra Style Factors**: - **Momentum Factor**: Weekly return 0.61%, monthly return 0.96%, annualized Sharpe ratio 2.20[12][27] - **Size Factor**: Weekly return 0.56%, monthly return 1.71%, annualized Sharpe ratio -1.78[12][27] - **Residual Volatility Factor**: Weekly return -0.48%, monthly return -0.77%, annualized Sharpe ratio -1.65[12][27] - **Excess Return Monitoring Model**: - **CSI 1000 vs. CSI 300**: 20-day rolling return -3.32%, 3-year percentile 17.0%[86] - **CSI 2000 vs. CSI 300**: 20-day rolling return -4.78%, 3-year percentile 15.1%[86] - **CSI 500 vs. CSI 300**: 20-day rolling return 1.21%, 3-year percentile 66.7%[86] Quantitative Factors and Construction Methods 1. Factor Name: Momentum - **Factor Construction Idea**: The momentum factor captures the tendency of stocks that have performed well in the past to continue performing well in the future[12][27] - **Factor Construction Process**: The momentum score for each stock is calculated based on its past returns over a specified period, typically 12 months. The factor return is then computed as: $$ \text{Momentum Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Momentum Scores})}{\sum \text{Momentum Scores}} $$ where the momentum scores are derived from the past performance of stocks[12][27] - **Factor Evaluation**: The momentum factor has shown consistent positive returns, indicating its effectiveness in capturing market trends[12][27] 2. Factor Name: Size - **Factor Construction Idea**: The size factor captures the performance difference between small-cap and large-cap stocks[12][27] - **Factor Construction Process**: The size score for each stock is calculated based on its market capitalization. The factor return is then computed as: $$ \text{Size Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Size Scores})}{\sum \text{Size Scores}} $$ where the size scores are derived from the market capitalization of stocks[12][27] - **Factor Evaluation**: The size factor has shown mixed performance, reflecting the varying investor preferences for small-cap versus large-cap stocks over time[12][27] Factor Backtest Results - **Momentum Factor**: Weekly return 0.61%, monthly return 0.96%, annualized Sharpe ratio 2.20[12][27] - **Size Factor**: Weekly return 0.56%, monthly return 1.71%, annualized Sharpe ratio -1.78[12][27] - **Residual Volatility Factor**: Weekly return -0.48%, monthly return -0.77%, annualized Sharpe ratio -1.65[12][27]

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]

Core Viewpoint - The article highlights the strong performance of the stock market and private equity funds in July, with significant increases in various indices and a surge in the number of private equity fund registrations, indicating renewed investor confidence [1]. Group 1: Market Performance - In July, the Shanghai Composite Index rose by 3.74%, surpassing 3600 points, while the Shenzhen Component Index increased by 5.20%, and the ChiNext Index saw an 8.14% rise [1]. - The Nanhua Commodity Index experienced a monthly increase of 3.80%, with industrial products up by 4.86% and black products rising by 8.52% [1]. Group 2: Private Equity Fund Trends - July marked a peak in private equity fund registrations, with the number of registered private equity securities funds reaching a 27-month high, primarily focusing on stock strategies, multi-asset strategies, and futures and derivatives strategies [1]. - As of July 2025, there were 4425 private equity products that met ranking criteria, with stock strategies (2737 products), futures and derivatives strategies (617 products), and multi-asset strategies (602 products) making up nearly 90% of the total [1]. Group 3: Performance of Private Equity Strategies - The average returns for various strategies as of July 2025 are as follows: - Stock strategies: 19.04% (year-to-date), 45.10% (1-year), 45.54% (3-year) - Futures and derivatives strategies: 7.45% (year-to-date), 18.01% (1-year), 38.92% (3-year) - Multi-asset strategies: 11.58% (year-to-date), 29.40% (1-year), 41.98% (3-year) - Overall average return for all products: 15.23% (year-to-date), 36.26% (1-year), 42.96% (3-year) [2]. Group 4: Top Private Equity Firms - The top three private equity firms in stock strategies based on year-to-date returns are: - Tongben Investment - Fusheng Asset - Wenbo Investment [3]. - For multi-asset strategies, the leading firms are: - Guoyuan Xinda - Junchen Asset - Yiying Asset [7]. - In the futures and derivatives strategies category, the top firms are: - Shenzhen Liangdao Investment - Hongxi Fund - Junchen Asset [11].

Group 1 - The core viewpoint of the articles highlights the outstanding performance of private equity funds in the A-share market, with an average return of 11.94% for 11,880 private securities products as of July, 86.97% of which achieved positive returns [1] - Stock strategies have shown particularly strong performance, with 7,760 stock strategy products averaging a return of 14.5%, leading among five major strategies, and 88.2% of these products achieving positive returns [1][2] - Top private equity firms have outperformed the industry average, with 55 billion-level private equity firms averaging a return of 16.6%, and 98.18% of them achieving positive returns [1] Group 2 - Multi-asset strategies follow closely behind stock strategies, with 1,364 multi-asset strategy products averaging a return of 9.59%, and 86.66% of these products achieving positive returns [2] - Combination funds have shown stable performance, with 405 combination funds averaging a return of 8.57%, and 92.10% of these products achieving positive returns [2] - In the bond strategy sector, 1,076 bond strategy products have averaged a return of 5.16%, with 91.54% achieving positive returns [3] Group 3 - The outlook for the market is optimistic, supported by reduced global trade uncertainties and the effectiveness of China's economic structural adjustments, with a focus on sectors like technology, innovative pharmaceuticals, and non-bank financials [3] - The company maintains a high position in its portfolio, particularly in sectors such as overseas AI, domestic computing power, and new consumption [3]

Group 1 - The private securities product registration market is experiencing unprecedented activity, with 1,298 products registered in July, a month-on-month increase of 18%, marking the highest level in nearly 27 months. This reflects a significant recovery in market confidence and a sustained demand for private product allocation [1] - The total number of registered products for the year has reached 6,759, representing a year-on-year increase of over 60%, indicating a clear recovery trend in the private issuance market [1] Group 2 - Quantitative private products have been particularly prominent in this registration wave, with 620 quantitative products registered in July, accounting for 47.77% of the total registered products for the month, and a month-on-month growth of nearly 20% [3] - Among the 13 private firms that registered more than 10 products in July, 11 were quantitative firms, with the top ten spots entirely occupied by quantitative institutions. Wide德 Private Fund led with 31 registered products, followed by Mingcong Investment with 26 [3] - Stock quantitative strategies dominate the quantitative product category, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products for the month, and a month-on-month increase of 26.79% [3] Group 3 - Stock strategies continue to play a leading role in private product registrations, with 887 stock strategy products registered in July, accounting for 68.34% of the total registered products, and a month-on-month growth of 24.58% [4] - Multi-asset strategies are emerging as a significant force, with 162 products registered in July, representing 12.48% of the total, and a month-on-month increase of 5.88% [4] - Futures and derivatives strategies, bond strategies, and combination fund strategies also show steady growth, with 125, 48, and 46 products registered respectively, indicating a diversification in investment options for investors [4] Group 4 - A total of 676 private institutions completed product registrations in July, including 48 billion-level private funds and 36 funds with 50 to 100 billion in scale, demonstrating active participation across different scales of private institutions [4]

Core Viewpoint - The A-share market has seen a revitalization through various themes such as artificial intelligence, robotics, innovative pharmaceuticals, and new consumption, leading to new opportunities for stock strategy private equity products [2] Summary by Categories Stock Strategy Products Performance - As of July 25, there are 2,758 stock strategy products with nearly one year of performance data, averaging a return of 49.04% and a dynamic drawdown of 13.23% [2][3] - Among the four secondary strategies, quantitative long and subjective long products have the highest average returns of 65.01% and 48.24%, respectively [2][3] - Quantitative long products exhibit a lower dynamic drawdown of 10.99% compared to subjective long products at 15.06% [2][3] - The stock market neutral products have the lowest dynamic drawdown at 5.54%, primarily due to their use of shorting to hedge beta risk [2] Top Performing Products - In the quantitative long category, the top three products are managed by Shengguanda, Hainan Shengfeng, and Liangchuang Investment [4][5] - Among 674 quantitative long products, 368 have a dynamic drawdown below the average of 10.99%, accounting for 54.6% [4] - The top products in the quantitative long category are primarily from private equity firms with assets under management between 20-50 billion [4] Subjective Long Products - In the subjective long category, 1,098 out of 1,810 products have a dynamic drawdown below the average of 15.06%, representing 60.66% [10] - The top three products are managed by Qinxing Fund, Beiheng Fund, and Youbo Capital [10][12] Stock Market Neutral Products - In the stock market neutral category, 136 out of 208 products have a dynamic drawdown below the average of 5.54%, which is 65.38% [15] - The top three products are managed by Jiaji Fund, Saisuo Fund, and Liangkui Private Equity [15][17] Stock Long-Short Products - In the stock long-short category, 36 out of 66 products have a dynamic drawdown below the average of 10.47%, accounting for 54.55% [18] - The top three products are managed by Yihua Yinghe Fund, Shengquan Hengyuan, and Beijing Jintai Fund [18][20]

Group 1 - The core viewpoint of the articles highlights that quantitative strategies and leading institutions have become the "core variables" reshaping the private equity industry landscape, with quantitative products accounting for nearly half of the new registrations in the first seven months of the year [1][3][4] - As of July 31, 2023, a total of 6,759 private equity securities products were registered, with 3,081 being quantitative products, representing 45.6% of the total [3][4][5] - The average number of registered products per billion-dollar private equity firm is significantly higher than that of smaller firms, with billion-dollar firms averaging 23.21 products compared to just 1.76 for firms with assets under 5 million [5][6] Group 2 - Among the billion-dollar firms, 38 quantitative private equity firms contributed over 80% of the total registration numbers, surpassing both subjective and combined strategies [2][7] - The registration numbers indicate that quantitative private equity firms, despite being fewer in number, have outperformed subjective firms in terms of product registrations, with an average of 8.06 products per quantitative firm compared to 2.12 for subjective firms [6][7] - Leading firms such as Kuande and Heiyi Asset have registered over 100 products each, showcasing the dominance of quantitative strategies in the billion-dollar private equity sector [2][7]