本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募基金的江湖，从来都是风起云涌。 在这个以业绩为王的领域中，基金经理的投资哲学与操作策略，往往深植于其独特的从业背景之中。 有 人出身公募，秉承严谨的投研体系与风控传统；有人来自期货市场，擅长衍生工具与波动博弈；还有人源自券商，深谙宏观趋势与资源整合等， 这些由背景衍生出的方法论差异，直接影响了其产品的业绩表现与风险特征。 私募排排网数据显示，截至2025年9月19日，今年来有业绩展示的私募基金经理共2669位，旗下符合排名规则的产品合计5270只，今年来收益均 值为25.57%； 分从业背景来看，公募、期货、民间、券商从业背景的基金经理业绩位居前列。 今年来"公募派"基金经理旗下328只符合排名规则产品收益均值为31.26%，险胜"期货派"基金经理业绩，期货从业背景基金经理旗下72只符合 排名规则产品的收益均值为31.21%。 另外，"券商派"基金经理旗下936只符合排名规则产品今年来收益均值为27.66%，不敌"期货派"、"民间派"基金经理业绩。 | 从业背景 | 符合排名的产品数 | 产品规模合计(万元) | 今年来收益均值 | | -- ...

(2) 港股的投资者比较现实。 文 | 银行螺丝钉 （转载请注明出处） A股小盘股还是经常会有牛市行情。 例如2025年A股的中证2000涨幅就较高， 主要由量化私募带来了增量资金流入，推 动小盘股上涨比较多。 港股就比较少有这类行情。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 港股指数的涨跌，大多数都是业绩驱动。 估值不高，有业绩，那就上涨;估值高, 没业绩，可能跌的也很惨。 以港股科技指数为例，2021年-2022年， 港股科技指数下跌近70%，就是因为出现 了「估值降低」+「盈利下降」的双杀熊市 行情。 到了2023年,港股科技股业绩逐渐企稳, 没有继续大幅下降，不过市场还是不太景 气，在底部震荡了一年多。 ...

近期以"小登股"为代表的AI、算力、半导体、机器人、通信等热门板块领涨，而"老登股"白酒、地产、 煤炭等板块表现平平。其背后反映的是这轮行情的极致分化——科技成为目前市场最受青睐的方向。 跑输沪深300 截至9月29日，沪深300年内累计涨幅为17.4%，林园旗下19只产品均未跑过同期沪深300，其中6只产品 年内亏损。 私募排排网数据显示，截至9月26日，"林园投资205号"单位净值为1.0581元，今年以来收益仅 4.64%；"林园投资218号"单位净值1.1144元，年内收益8.38%。而同期沪深300指数年内累计涨幅已达 15.6%，两大产品分别跑输指数10.96个百分点和7.22个百分点。 更值得关注的是，部分产品今年以来陷入亏损境地。"林园投资173号"、"林园投资21号"、"林园投资36 号"等6只产品年内亏损，其中173号和21号产品年内跌幅近4%。 以2020年10月成立的"林园投资173号"为例，该产品仅在成立后的3个月内暴涨，随后就一路下跌，截至 9月26日，该产品跌幅达24%，而同期沪深300跌幅仅为5.35%。 今年以来的牛市行情也并未带来业绩的好转，"林园投资173号"今年以来不涨 ...

随着事态失控，这场斗争变得抽象起来。 范思奇称唐靖人看不懂代码，自己创立的公司被搞成"犯罪窝点"，结果反被踢了出去。唐靖人称，靖奇只是走了一个Quant，并祝范思奇早日恢复健康。 更不可思议的是，唐靖人向笔者表示，收到了不明人士寄来的三双寿鞋。 两者纠纷不断升级，从抢夺公众号的麦克风，到小红书开小号揭老底，这场男人之间狂野的键盘肉搏持续了三个月，很难想象此前亲密无间的二人走到这 番境地。 三年前，唐靖人回忆，2008 年金融危机后，家庭负债 12 亿，"范思奇是当时没有抛弃他的朋友之一，能和好朋友一起创业是非常幸运的事[1]。"在普遍从 古代典籍中寻找命名灵感的量化行业，以创始人姓名"靖"、"奇"命名足矣证明两人的感情。 唐靖人说，"两人虽然偶有争执，但吵完架还是照样吃饭。因为年龄相仿，认错也不存在障碍[1]。"不过这次争执之后，他们再也回不到一张桌子上吃饭 了。 量化基金赚钱靠的是模型，但作为合伙企业而言，私募的商业根基是人与人之间的相互信任和认可，再理想一些，是相互的欣赏与分享。最顶级的量化模 型或许能应对金融市场的系统性风险，却永远预测不了法人的行为，而后者的一句疯话足以毁掉一切。 封面来源：shotd ...

■私募新观察 量化行业再现"私奔私" 备受市场关注的是，华耀私募的实控人曾是原百亿级私募的"得力干将"。 据中基协公示信息，李光持有华耀私募70%股份，上海诚远投企业管理合伙企业（有限合伙）则持有剩 余的30%股份，前者为公司实控人。 公开资料显示，2022年11月至2025年5月，李光就职于磐松资产。在就职于磐松资产期间，李光曾通过 持股平台上海大柏树企业管理中心（有限合伙）间接持有磐松资产的股份。 量化人员流动性加大 今年以来，多位量化私募人才选择"私奔私"。 团队稳定性成为"成长的烦恼" ◎记者 马嘉悦 量化行业又见"私奔私"。中国证券投资基金业协会（下称"中基协"）公示信息显示，近日上海华耀私募 基金管理有限公司（下称"华耀私募"）完成私募管理人登记，其实控人李光曾在知名量化私募磐松资产 担任重要角色。 值得注意的是，今年以来多位曾任职于量化私募的投研人才，选择自立门户，"私奔私"情况频现。在业 内人士看来，量化私募快速发展必然伴随着人才流动的加速，因此，近年来量化管理人普遍面临团队稳 定性难题，未来量化私募亟须在激励机制、人才晋升等方面不断优化，加强人才队伍这一核心竞争力。 原百亿级私募人才"自立门 ...

近日，华耀私募在中国证券投资基金业协会完成登记，实控人李光背景引发关注。资料显示，其曾在知 名量化私募磐松资产担任重要角色。事实上，此前新登记的私募中，有不少核心人物都与知名私募有 关，尤其是量化私募中，"私奔私"情况频现。 业内人士认为，在近几年量化发展迅猛的背景下，选择自己创业的人士也越来越多，激励机制与利益分 配问题或是许多私募基金经理选择离开老东家，创办新公司的主要原因。 核心员工辞职单干 9月12日，一家名为"上海华耀私募基金管理有限公司"的证券私募在中国证券投资基金业协会完成私募 管理人登记，公司成立于2025年3月，注册资本1000万元人民币。公司现有全职员工5人，管理规模处于 0–5亿元区间，暂无在管基金产品。 华耀私募股权结构为李光持有70%股份，上海诚远投企业管理合伙企业（有限合伙）持有30%股份。穿 透来看，李光持有71%股份，为公司实控人。 实控人李光的背景引发了市场关注。资料显示，自2022年11月至2025年5月，李光一直就职于知名量化 私募磐松资产，其中2022年11月至2025年1月任公司副总经理兼投资总监，2025年1月至2025年5月任公 司基金经理，均属于核心岗位。 企查 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股继续迎来强劲的上涨，其中沪指创下近十年新高；创业板指年内最新涨幅达到约45%，领衔A股三大主要股指。板块方面，近 日，以算力为核心的新科技板块，俨然成为撬动指数上涨的主引擎。在此基础上，不少近5年才成立的新锐私募崭露头角，成为私募市场上一股 重要的力量。 （注：本文业绩数据截至2025年9月12日，近5年成立的新锐私募即2020年9月12日后成立的私募） 0 1 私募公司：北京禧悦夺冠！量化私募巨量均衡进入 从私募公司的角度看，近5年成立的新锐私募共有1056家，其中今年来至少有3只产品符合排名规则的私募共有60家，收益20强的公司的上榜"门 槛"为 *** %。（ 点此查看收益 ） [应监管要求，私募基金不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫描图中二维码或点击文末阅读原文，查看收益数据。] 在这20家私募中，主观私募共有12家，量化私募、混合型（"主观+量化"）私募各有4家。从公司规模来看，这20家私募的管理规模均不足50 亿。 10 强 | 排名 | 公司简称 | 实控人 | | 公司规模 投资模式 核心 ...

Core Viewpoint - The article discusses the performance of subjective, quantitative, and mixed private equity funds, highlighting that mixed funds have shown competitive returns despite the rising popularity of quantitative funds this year [1]. Summary by Sections Performance Overview - As of August 2025, quantitative private equity funds have 353 firms with 1,277 products, yielding an average return of 20.76% this year. In contrast, mixed private equity funds have 328 firms with 783 products, achieving an average return of 22.17%, outperforming quantitative funds [1][2]. Performance by Fund Size - For funds over 100 billion, quantitative funds have an average return of 28.07%, while mixed funds yield 18.08%. In the 50-100 billion category, quantitative funds return 24.92% compared to 13.83% for mixed funds. In the 20-50 billion range, quantitative funds yield 19.05% against 18.63% for mixed funds. For 10-20 billion, mixed funds return 20.44% while quantitative funds yield 23.50%. In the 5-10 billion category, mixed funds achieve 23.50% compared to 16.51% for quantitative funds. Lastly, in the 0-5 billion category, mixed funds yield 22.82% against 19.40% for quantitative funds [2]. Top Performing Mixed Funds - The article lists the top 10 mixed private equity funds by size, with specific firms highlighted for their performance. For funds over 50 billion, the top three are Xuan Yuan Investment, Shi Feng Asset, and Changdu Kaifeng Investment. For 20-50 billion, the leaders are Lu Xiu Investment, Qi Yuan Asset, and Tong Xiao Investment. In the 10-20 billion category, Shenzhen Zeyuan, Liang Li Private Equity, and Liu Miao Xing (Beijing) Private Equity lead. For 5-10 billion, the top three are Zhong Min Hui Jin, De Yuan Investment, and Hong Qiao Fund. Lastly, in the 0-5 billion category, Jin Ta Ke Asset, Jia Xin Rong Cheng, and Zhe Yun Private Equity are the top performers [3][4][7][11][15][19]. Notable Firms and Strategies - Xuan Yuan Investment, established in 2015, focuses on a dual strategy of subjective and quantitative investments, achieving significant returns through a balanced quantitative strategy that integrates fundamental analysis with quantitative factors [5][6]. Lu Xiu Investment, also established in 2015, specializes in technology growth stocks and quantitative selection strategies, achieving notable returns this year [9]. Shenzhen Zeyuan, founded in 2015, has a strong focus on the North Exchange, leveraging its growth potential for investment [11]. Jin Ta Ke Asset, established in 2017, employs AI technology in its investment strategies, covering various approaches including quantitative hedging and long positions in stocks [19].

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

Core Viewpoint - The article discusses the recent recovery of quantitative private equity and raises questions about its sustainability, governance, and role in the capital market, suggesting a need for rational reference for industry regulation and sustainable development [1] Group 1: Performance and Market Trends - In the first half of the year, quantitative strategies showed significant excess returns, with over 40 private equity firms managing over 10 billion yuan, and the average new issuance scale exceeding 3 billion yuan [2][5] - However, by August, the performance of quantitative private equity began to decline, with only 19.9% of index-enhanced private equity products achieving positive excess returns [3][4] - The market style switch and the concentration of funds in small-cap stocks contributed to the negative excess returns observed in quantitative strategies [4][3] Group 2: Industry Adjustments and Strategies - Following the lessons from 2024, quantitative private equity firms are reducing leverage and limiting style exposure to avoid repeating past mistakes [2][7] - Many firms are enhancing their risk management systems, implementing multi-dimensional restrictions to ensure proper risk thresholds and real-time monitoring of market conditions [8] - The industry is increasingly focusing on long-term strategy stability, with a shift towards AI and machine learning to improve the efficiency of alpha factor extraction and optimize trading execution [10][11] Group 3: Future Outlook - The ongoing active trading volume in the market is seen as a crucial support for the current recovery of quantitative private equity, with expectations that liquidity shocks will not reoccur [9] - Firms are diversifying their strategies and assets to enhance portfolio stability, exploring multi-strategy approaches and utilizing derivatives to ensure steady asset appreciation [11] - The competition in the quantitative space is expected to shift from short-term performance to long-term adaptability of strategies, emphasizing patience and thoroughness [11]