中经记者 罗辑 北京报道 2026年1月9日，私募排排网发布2025年私募证券产品表现数据。 2025年，全市场有业绩记录的9934只私募证券产品中，8915只产品实现正收益，正收益占比近九成（达 89.74%），平均收益率为25.68%，中位数收益18.78%。 这其中，股票策略以绝对优势成为收益冠军。 该策略下，6298只产品中有5680只取得正收益，正收益占比90.19%，平均收益率高达29.99%，中位数 收益24.2%。 并且，在股票策略各子策略中，量化多头策略下的1360只产品正收益占比高达95.81%，平均收益率 39.51%，中位数收益42.04%，两项核心收益指标均位列子策略首位，成为股票策略中的领跑者。 （编辑：曹驰 审核：夏欣 校对：颜京宁） ...

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 ...

Group 1 - The core viewpoint of the article emphasizes that the "cross-year market" period is characterized by significant industry rotation and style switching rather than a straightforward market trend, with historical patterns indicating mixed performance across indices [2][4]. - Over the past decade, major broad-based indices have shown an average decline during the cross-year period, with the average returns for the CSI 500, CSI 1000, and National 2000 indices in January being -4.71%, -6.67%, and -6.68% respectively, indicating a win rate below 50% [2][4]. - The Shanghai Composite 50 and CSI 300 indices have shown average returns of -0.72% and -1.54% in January, with a win rate of 50% over the last ten years, suggesting a relatively stronger performance compared to smaller indices [2][4]. Group 2 - The article highlights that the characteristics of the cross-year market are not indicative of a general beta market trend, but rather a "defensive December and strong differentiation in January" structure, with defensive sectors performing better in December [7][12]. - In January, the banking sector has consistently outperformed other sectors, maintaining a position among the top five in terms of monthly returns, except for 2020 and 2023 [7][12]. - The average returns for most sectors in January have been negative, with many sectors showing win rates of only 30-40%, indicating a lack of broad-based gains and a tendency for performance differentiation [7][12]. Group 3 - Historical statistics suggest that the cross-year phase is not a favorable period for quantitative long strategies to achieve excess returns, but rather exposes differences in strategy concentration, drawdown control, and volatility adaptation [12]. - For investors holding quantitative long private equity funds, the focus during the cross-year period should be on assessing the ability of their products to maintain net value stability in a volatile and differentiated environment [12]. - From an asset allocation perspective, it is advisable to consider complementary configurations of styles and assets to smooth out portfolio volatility, particularly given the banking sector's relative strength in January [12].

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 average return of market-neutral strategies has been disappointing at 9.8% year-to-date, significantly lower than long/short strategies at 18.96% and enhanced index strategies at 38.76% [2][4] - The volatility of market-neutral products has increased to 158.62%, compared to 102.89% for the previous year, indicating a challenging environment for these strategies [2][4] Group 1: Performance Analysis - As of November 14, 689 market-neutral strategy products have shown an average return of only 9.8% this year, which is underwhelming compared to other strategies [2][4] - The volatility of these products has surged, with a standard deviation of returns exceeding 150%, leading to a poor investor experience [2][5] Group 2: Market Dynamics - The influx of capital into market-neutral strategies at the beginning of the year, driven by risk aversion, has led to increased strategy crowding [6][7] - A decline in margin financing has forced market-neutral strategies to rely solely on index futures for hedging, exacerbating basis volatility [6][7] Group 3: Investor Sentiment - Many investors have misinterpreted market-neutral strategies as substitutes for fixed-income products, leading to disappointment as these strategies have not performed as expected [7][10] - The perception of market-neutral strategies as "chicken ribs" reflects a growing dissatisfaction among investors, prompting some to redeem their investments [5][7] Group 4: Future Considerations - The industry is exploring multi-strategy or multi-asset products to better meet the stable return expectations of investors [9][10] - There is a need for clearer communication regarding the risk-return profiles of market-neutral strategies to align investor expectations with actual performance [10]

Core Insights - The A-share market is experiencing high volatility with a decline in the performance of technology growth stocks, leading to reduced profitability for individual stocks [1][2] - Quantitative long strategies are facing significant challenges, with performance divergence among leading institutions due to factor decay, rising costs, and stricter regulations [2][4] - The industry is evolving towards platformization, AI integration, and multi-strategy approaches to adapt to the increasingly complex market environment [1][7] Performance Challenges - The market has entered a phase of index volatility and stock differentiation, putting pressure on quantitative long strategies [2] - In October, quantitative long products achieved an average return of approximately 0.93% and an excess return of 1.5%, outperforming subjective long strategies [2] - Since the fourth quarter, there has been a noticeable divergence in excess returns among leading and mid-tier quantitative institutions [2][6] Strategy Adjustments - Some quantitative firms are shifting towards defensive strategies, focusing on risk management and reducing exposure to short-term market trends [3] - The challenges faced include declining factor effectiveness, rising trading costs, and the need for compliance with regulatory requirements [4] - Institutions are adopting multi-dimensional iterations to address these challenges, including improving algorithms and incorporating alternative data [4][5] Competitive Landscape - The quantitative industry is experiencing significant growth, with a nearly 90% increase in the number of private equity securities products registered this year, and quantitative products accounting for 44.30% of this growth [7] - The competition is shifting from single-point algorithm breakthroughs to comprehensive system engineering [7][8] - The application of AI and machine learning is becoming a standard practice in the industry, enhancing factor discovery and risk management [7][8] Future Outlook - The trend towards multi-strategy and multi-asset approaches is expected to continue, with a focus on improving capital efficiency and stabilizing net asset values [8] - There is an increasing concentration of resources towards leading institutions that demonstrate stable performance and robust product lines [8] - The industry consensus suggests that the framework and style of quantitative long strategies are now largely established, with future efforts focused on fine-tuning existing systems rather than radical changes [8]

Group 1: Trust Product Issuance - In October, the issuance of trust products decreased by 15.87% month-on-month, totaling 1,124 products [1] - Securities investment trusts accounted for 78.02% of the total issuance, with a slight increase of 0.24 percentage points from September [1] - The scale proportion of securities investment trusts rose from 36.43% in September to 42.37% in October [1] Group 2: Performance of Securities Investment Products - The stock market showed mixed results in October, with the STAR 50 Index down by 5.33% while the Shanghai Composite Index rose by 1.85% [2] - Bond-type trusts saw an average return of 1.91% over the first ten months of the year, while stock-type trusts had an average return of 17.71%, down from 18.58% in the previous nine months [3] Group 3: Strategy Performance - Macro strategies continued to perform best with an average return of 25.89% over the first ten months, while stock strategies had an average return of 20.51% [5] - In October, stock strategies had a negative average return of -0.8%, with quantitative long strategies showing the highest average return of 34.67% [5] Group 4: Trust Company Performance - BaiRui Trust's bond-type trusts had the highest average return over the first ten months, while National Trust and Jilin Trust ranked lower [9] - Huaxin Trust's bond-type trusts improved their ranking due to a 1.39% average return in October [9] Group 5: Regulatory Developments - The National Financial Supervision Administration released a draft for the Asset Management Trust Management Measures, emphasizing the positioning of asset management trusts as private asset management products [13] - The draft prohibits channel business, fund pool business, and rigid payment, aiming to enhance the regulatory framework of the trust industry [13] Group 6: Industry Penalties - Zhongcheng Trust was fined 6.6 million yuan for various violations, highlighting ongoing regulatory scrutiny in the trust industry [14] - The penalties reflect a continued high-pressure regulatory environment focusing on business violations and poor management [14] Group 7: Industry Growth - The total asset management scale of the trust industry reached 32.43 trillion yuan as of June, marking a 9.7% increase from the previous year [15] - This milestone positions the trust industry as the third largest in the asset management sector, following insurance and public funds [15]

Core Viewpoint - The A-share market has shown a strong upward trend in 2023, with significant internal style differentiation, particularly between small and large-cap stocks, leading to varying performances among quantitative long strategies [2][3]. Group 1: Market Performance - As of the end of October 2023, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by approximately 17.99%, 28.46%, and 48.84% respectively [2]. - In the first half of the year, small-cap stocks outperformed large-cap stocks, but a style switch occurred in late August, with the CSI 300 Index outperforming small-cap stocks in August and September [2]. Group 2: Quantitative Long Strategy Performance - Quantitative long strategy products faced negative excess returns in the months of August and September, marking the worst monthly performance of the year [2]. - However, since October, the excess returns of quantitative long strategies have begun to recover as institutional investors loosened their collective positions [2]. Group 3: Top Performing Private Equity Firms - For firms with over 10 billion in assets, the top three in terms of average excess returns for quantitative long products are Ming Shi Fund, Ping Fang He Investment, and Meng Xi Investment [3][4]. - Ming Shi Fund leads with four qualifying quantitative long products and a total product scale of approximately 5.62 billion, achieving an average excess return of ***% [4]. - Ping Fang He Investment and Meng Xi Investment follow, with their best-performing products achieving excess returns of ***% [5]. Group 4: Mid-Sized Private Equity Firms - In the 50-100 billion category, Bei Yang Quantitative topped the list with five qualifying products and an average excess return of ***% [7][8]. - The firm is noted for its AI-driven quantitative investment approach, led by a team with significant academic credentials [8][9]. Group 5: Smaller Private Equity Firms - In the 20-50 billion category, Han Rong Investment and Lu Xiu Investment ranked first and second, respectively, with average excess returns of ***% [10][11]. - Han Rong Investment focuses on short-cycle price-volume predictions, while Lu Xiu Investment employs a strategy of diversified holdings to achieve stable excess returns [11][12]. Group 6: Smallest Private Equity Firms - In the 0-20 billion category, Shanghai Zi Jie Private Equity ranked fourth, with three qualifying products and an average excess return of ***% [13][15]. - The firm primarily focuses on small-cap strategies, particularly targeting stocks that have experienced significant declines [15].

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]

Group 1 - The core viewpoint of the articles highlights the sustained enthusiasm for private equity institutions to register securities products, with October seeing 994 products registered, a significant increase from 325 products in the same month last year, reflecting a growth of over 200% [1][2] - Factors driving this trend include a favorable A-share market performance, strong investor demand for private equity products, and active promotion by third-party sales institutions, alongside steady inflows of northbound capital and a loose funding environment [1] - In terms of strategy distribution, stock strategy products dominated with 679 registrations, accounting for 68.31% of the total, indicating strong demand for equity asset allocation [1] Group 2 - Quantitative private equity products showed remarkable performance in October, with 432 out of 994 registered products being quantitative, representing over 40% of the market, highlighting the strong appeal of quantitative strategies [2] - Among the registered quantitative products, over 75% focused on stock strategies, with 241 products in the quantitative long strategy being particularly favored by investors due to their ability to generate stable excess returns and benefit from index rises [2] - The registration activity involved 622 private equity institutions, with the majority being small institutions managing under 500 million yuan, while larger institutions with over 10 billion yuan were more active, reflecting their stronger product issuance capabilities [2]