1月30日，和讯投顾魏玉根表示，有色金属、金银铜、铝，在期货和股票市场今日均大幅下跌，究竟发 生了什么？这波行情是否就此结束，还会跌多少，是否会如商业航天等板块般跌幅巨大？我们来分析下 跌原因，主要有三点：其一，近期这些品种涨势过猛、过快，加速上涨后回调风险本就临近，且此前空 头被压制严重，如今下跌时便加大做空力度，加速了跌势。其二，期货市场量化机构众多，以做趋势为 主。上涨时，量化CTA大量跟多单推动快速上扬；下跌时又秒转空单，由于期货T+0且可双向交易，就 会出现期货市场一秒闪崩5个点的情况，昨晚的惊魂一跳主要就是量化市场操作所致。其三，昨晚美国 宣布1月不降息，3月大概率也不降，同时美国和日本出手管控汇率与债市，美元指数止跌回稳。综合这 些因素，黄金价格骤降，白银前期涨幅大也大幅下跌。铜和铝刚跟随黄金上涨，此次也随之下跌，目前 铜和铝的期货与现货价格基本回到两三天前起涨位置。黄金和白银等回调充分后才会止稳，蓄势寻找下 一波上攻机会，毕竟这波大宗商品行情是全球投资者共识，跌到位后仍会重新积聚力量上扬。铜和铝在 供需失衡下易涨难跌，求稳的话，可等其跌至前期低点筑底企稳后，再寻找上涨机会。黄金和白银前期 涨幅 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - In the context of global liquidity easing, the long - term allocation value of quantitative CTA strategies is optimistic. In 2026, it is expected that international varieties may lead domestic varieties into an upward cycle, and the market may continue the imbalance in volatility distribution in 2025. However, the short - term commodity supply - demand structure is difficult to reverse, and the CTA "bull market" still needs to be observed. Beta - type strategies can wait for the confirmation of the trend and then make a right - hand side layout. Focus on managers with alpha in sector/sub - strategy weight allocation and risk control [3] Group 3: Summary According to the Table of Contents 1. Commodity Market Performance Overview - **1.1 Commodity market shows significant structural differentiation, and multi - factors drive the phased evolution of the market**: Since the beginning of the year, commodity prices have been affected by multiple factors such as loose liquidity, policy expectations, geopolitical frictions, and weak reality. The precious metals and non - ferrous sectors are strong, while the energy - chemical and black sectors are weak. As of November 28, 2025, the Nanhua Commodity Index rose 2.24%, with different sector indices showing significant differences in performance [6]. - **1.2 Trading volume and open interest have moderately recovered, and tariffs and policies drive volatility differentiation**: As of November 28, the trading volume and open interest of active varieties are at relatively high historical levels, which is slightly beneficial to short - cycle CTA strategies. The market has two rapid volatility - increasing stages, and the cross - sectional volatility of each variety has been at a low level, but the long - term strength relationship between sectors is relatively stable, providing a favorable environment for cross - sectional momentum strategies [12][15][18] 2. Performance of Each CTA Strategy Line - **2.1 The phased evolution of the market drives strategy rotation, and the composite strategy has been dominant throughout the year**: In different market stages, different cycle and type strategies perform alternately. The composite strategy with medium - long cycle and multiple sub - strategies has achieved high returns [21][25]. - **2.2 The equity CTA has achieved positive returns periodically, and long - cycle strategies perform better than intraday strategies**: The equity CTA strategy has suffered losses in the low - volatility environment in the first half of the year and achieved positive returns when the equity volatility increased in August. Long - cycle strategies have stronger return offensiveness. Overall, the performance of the equity CTA strategy this year is worse than that of last year [28] 3. Performance of Mainstream CTA Factors - **3.1 Factors first decline and then rise, with continuous performance differentiation**: Throughout the year, different factors show significant differentiation. Long - cycle cross - sectional and long - cycle rule - based factors in price - volume factors perform well, while inventory factors in fundamental factors perform poorly [34][36]. - **3.2 Under the dynamic differentiation of different stages, the return contribution and wear - and - tear path of trend factors**: The core contributing varieties of trend factors are concentrated in coking coal, precious metals, and some energy - chemical varieties. After the "anti - involution" market, the return contribution of some varieties to trend factors has decreased [44] 4. Market Changes in CTA Strategies in 2025 - **4.1 Under the "imbalance" of volatility distribution, strategy allocation may be the key to success**: In 2025, the volatility of the Nanhua Commodity Index is low, but the volatility distribution of its components is imbalanced. The weight allocation of varieties in commodity CTA strategies is a key variable affecting strategy returns. The equity CTA strategy shows a pattern of periodic return outbreaks and long - term wear - and - tear [51][53]. - **4.2 The returns of long - cycle strategies have recovered, and the value of "beta" strategies has gradually emerged**: In 2025, the returns of medium - long - cycle CTA strategies have recovered, and beta - type strategies are better than cross - sectional and composite allocation strategies. The market environment of medium - long - cycle CTA strategies may shift from alpha - dominated to beta - dominated [57] 5. Outlook for CTA Strategies in 2026 - **5.1 Under global liquidity easing, overseas inflation may lead domestic inflation**: In 2026, the impact of tariffs on the economy is weakening. In the context of global liquidity easing, overseas demand may drive the recovery of domestic demand. The commodity market may continue the "imbalance" of volatility in 2025, and attention should be paid to the capabilities of managers [60]. - **5.2 The supply - demand situation is difficult to reverse in the short term, and the CTA "bull market" still needs to be observed**: In 2026, although the commodity market has inflation conditions, it is still different from the CTA "bull market" in 2020. The CTA "bull market" needs more fundamental data for verification, and beta - type strategies can be arranged after confirming the trend [61]

私募排排网数据显示，截至2025年11月14日， 在近5年成立的量化私募中，京盈智投符合排名产品共3只，近半年平均收益达***%，位列新锐量化 私募近半年收益榜第一。（ 点击查看收益 ） 截至2025年10月底， 在规模为5亿以下的量化私募中，京盈智投旗下产品今年来平均收益高达***%，以明显优势摘下第一。 （ 点击查看收益 ） 以下文章来源于排排私募汇 ，作者山枫 排排私募汇 . 私募排排网出品。专注深度对话私募管理人，直击私募核心策略。用客观数据说话，以专业视角解读。在这里，读懂私募，把握投资先机。 点击↑↑ 上图订阅专栏 编 者按 私募排排网数据显示，截至2025年10月底，管理规模在20亿以下的私募管理人有近7200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—— 京盈智投 。 点击 截至2025年10月底，在规模为0-20亿的"小而美"私募中， 京盈智投旗下3只产品今年来平均收益为***%，在"小而美 ...

Core Insights - The article discusses the performance of quantitative CTA strategies during recent market fluctuations, highlighting their ability to generate positive returns amid broader asset declines [1][2]. Group 1: Quantitative CTA Performance - Quantitative CTA strategies exhibited "crisis alpha" characteristics, with an average return of 0.43% during a recent downturn, making them one of the few strategies to show positive returns [1]. - In October, domestic A-shares and bond markets experienced volatility, while quantitative CTA strategies achieved an average return of 2.01%, leading among various strategies [1]. - Year-to-date, quantitative stock selection strategies have outperformed quantitative CTA strategies, with average returns of 42.71% compared to approximately 11% for CTA strategies [2]. Group 2: Market Conditions and Future Outlook - The article notes that the market is currently focused on potential interest rate cuts by the Federal Reserve in December and the upcoming Central Economic Work Conference in China [1]. - The current economic environment, characterized by rising inflation, may benefit commodity performance, with October CPI rising to 0.2% and core CPI increasing to 1.2% [6]. - The article suggests that the current market conditions may favor the allocation of quantitative CTA strategies, particularly in a high liquidity environment [7]. Group 3: Strategy Characteristics and Selection - The performance of CTA strategies is heavily influenced by volatility and trend-following characteristics, with a preference for annualized volatility above 15% [4]. - Investors are advised to consider a diversified approach by selecting multiple strategies or managers to mitigate risks associated with individual performance variations [8]. - The article emphasizes the importance of timing in investing in quantitative CTA strategies, recommending purchases during periods of lower volatility [7].

Group 1 - The 2025 Private Equity Fund High-Quality Development Conference was held in Shenzhen on October 15, themed "Solid Foundation, New Strength, Long Journey" [1] - The 16th Private Equity Golden Bull Award ceremony took place concurrently, recognizing outstanding private equity management companies [3] - Guangdong Hongxi Fund Management Co., Ltd. won the "Golden Bull Private Equity Management Company (Annual Managed Futures Strategy)" award [3] Group 2 - The Private Equity Golden Bull Award is recognized as an authoritative award in the domestic private equity industry, aimed at establishing a scientific evaluation system for private equity fund management institutions and investment managers [5] - The evaluation process adheres to principles of openness, fairness, and justice, combining quantitative and qualitative methods for professional assessment [5] Group 3 - Hongxi Fund emphasizes a business philosophy of "data speaks, performance speaks," committing to sustainable values and progress alongside peers and society [7] - Established in January 2015, Guangdong Hongxi Fund Management Co., Ltd. is a registered private fund manager in China, focusing on quantitative CTA hedge fund strategies [9] - The company was founded by Liu Xibin, who has over 10 years of experience in quantitative CTA strategy research, trading, and risk control [9] Group 4 - Hongxi Fund has developed its own intelligent trading system and a diverse quantitative strategy framework, achieving steady growth for over 10 years and receiving multiple industry awards [9] - The fund's product line includes options strategies, cross-sectional strategies, commodity index enhancement strategies, and traditional quantitative CTA strategies [10] - Looking ahead, Hongxi Fund aims to explore more diversified possibilities through the deep integration of quantitative technology and derivative markets [10]

Core Viewpoint - The article discusses the regulatory developments in quantitative trading in China's securities and futures markets, highlighting the growth and performance of quantitative CTA strategies in the private equity sector amidst market fluctuations [1][3]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) introduced the "Securities Market Algorithmic Trading Management Measures" in 2024, marking the beginning of standardized development for quantitative trading in the stock market [1]. - The new regulations for algorithmic trading in the futures market, which have been in trial since June, will officially take effect on October 9 [1]. Performance of Quantitative CTA Strategies - Quantitative CTA strategies have gained popularity among investors due to their low correlation with stocks and bonds, especially in volatile market conditions [1]. - From 2021 to the end of 2024, quantitative CTA strategies significantly outperformed subjective long and quantitative long strategies during a turbulent market [1]. Year-to-Date Performance Comparison - As of September 19, 2023, the average return for 399 quantitative CTA products was 10.84%, while subjective long strategies averaged 34.59% and quantitative long strategies averaged 37.05% [3]. - Among private equity firms managing over 5 billion, the average return for quantitative CTA products was 7.63%, with 87.10% showing positive returns [3]. Top Performing Quantitative CTA Products - The article lists the top-performing quantitative CTA products for the year, with the leading product managed by 信弘天禾 (Xinhong Tianhe) achieving a return of ***% [4][5]. - Other notable products include those managed by 宏锡基金 (Hongxi Fund) and 洛书投资 (Luoshu Investment), which also performed well [4][5]. Performance in Different Fund Sizes - For private equity firms with assets between 20-50 billion, the average return for quantitative CTA products was 6.42%, with a positive return rate of 93.94% [6]. - In the 10-20 billion category, the average return was 11.04%, with a positive return rate of 97.56% [9]. - For firms managing 5-10 billion, the average return was 7.45%, with 84.21% showing positive returns [11]. - In the smallest category (0-5 billion), the average return was 14.15%, with 83.05% of products achieving positive returns [13]. Conclusion on Market Trends - The article emphasizes the potential for growth in the quantitative trading market in China, suggesting that it is still in a phase of rapid development with significant future opportunities [5].

Group 1 - The private equity investment sector is witnessing a new trend with notable firms like Waying Investment, Shanhai Fund, and Shenhan Capital venturing into short drama production, specifically a financial-themed short drama titled "Rebirth in the Millennium: My Revenge Path through Futures" [1] - The plot of the drama revolves around a billionaire private equity mogul who faces a life-altering event in 2025 due to significant market fluctuations caused by Trump's tariff announcement, leading to a financial collapse and personal tragedy, followed by a time-travel twist back to the year 2000 [1] - Waying Investment has three products with performance displays, including the quantitative CTA product "Waying Heshun Hedging No. 1," which ranks highly among its peers, although specific return data is anonymized due to regulatory requirements [1] Group 2 - The volatility and uncertainty of the futures market deter many investors, yet some private equity firms have achieved notable success in this area [2] - In the current year, Feng Shengli from Fuhua Zixin Private Equity has excelled with the subjective CTA product "Fuhua Tunquan Jinqi," showcasing his extensive investment experience and asset management skills [2] - In the quantitative CTA category, Shuanglong Investment's "Shuanglong-Longyun No. 1" has also performed exceptionally well, ranking among the top products [2] Group 3 - A list of top-performing private equity products in the current year includes "Fuhua Tunquan Jinqi" by Fuhua Zixin, "Jingsheng Tunquan Private Enjoyment" by Jingsheng Investment, and "Ruiti Futures Miracle No. 1" by Ruirui, all of which are in the subjective CTA category [3] - In the top private equity segment, "Xinhong CTA No. 1 Quantitative A Class" managed by Zhang Yi has attracted significant investor interest due to its outstanding performance [3] Group 4 - Over the past year and three years, several private equity firms and products have emerged as top performers, including Hu Qing from Xuming Investment and Xie Dong from Luoshu Investment, who have excelled in the futures market with their subjective and quantitative CTA strategies [4] - Their success is attributed to a deep understanding of the market and a stable investment style [4] Group 5 - The performance data for the past year highlights "Xuming Jingjian B Class" by Xuming Investment and "Fuhua Tunquan Jinqi" by Fuhua Zixin as leading products in the subjective CTA category [5] - Other notable products include "Jingsheng Tunquan Private Enjoyment" and "Daiying Jincheng A Class" from various private equity firms, showcasing a diverse range of strategies and performances [5]

Group 1 - The article discusses a short drama produced by three private equity firms, which is a first in the industry, focusing on a financial theme related to futures trading [1] - The plot centers around a billionaire private equity boss who faces significant losses due to market volatility and personal tragedy, leading to a narrative of rebirth and redemption through futures trading [1] - The private equity firm Woying Investment has three products displayed on the platform, with an average return of ***% as of July 25, 2025 [1][2] Group 2 - As of July 25, 2025, there are 603 futures and derivatives strategy products with a total scale of approximately 343.31 billion, with an average return of 8.73% this year [5] - Among these, 339 quantitative CTA products have an average return of 8.31%, while 156 subjective CTA products have an average return of 12.15% [5] - The top three private equity products in the futures and derivatives strategy for this year are from Beijing Fuhua Zixin, Jing Sheng Investment, and Rui Zhen Investment [5] Group 3 - The article provides rankings of private equity products based on their performance over the past year and three years, highlighting the top performers in both quantitative and subjective strategies [9][13] - The average return for futures and derivatives strategy products over the past year is 20.66%, with 328 quantitative CTA products averaging 19.07% and 145 subjective CTA products averaging 28.76% [9] - Over the past three years, the average return for these products is 61.65%, with 212 quantitative CTA products averaging 30.18% and 80 subjective CTA products averaging 74.70% [13]

Core Viewpoint - The article discusses the emergence of private equity firms engaging in creative projects, specifically the production of a short drama centered around futures trading, highlighting the challenges and uncertainties in the futures investment landscape [1] Group 1: Short Drama Production - Three private equity firms, Waying Investment, Shanhai Fund, and Shenhan Capital, have produced a short drama titled "Rebirth in the Millennium: My Revenge Path through Futures" [1] - The drama features a billionaire private equity boss who faces significant losses due to market volatility and personal tragedy, ultimately leading to a second chance in the year 2000 [1] Group 2: Performance of Private Equity Products - As of July 25, 2025, there are 603 futures and derivatives strategy products with a total scale of approximately 34.33 billion, with an average return of 8.73% this year [3] - Among these, 339 quantitative CTA products have an average return of 8.31%, while 156 subjective CTA products have an average return of 12.15% [3] Group 3: Top Performing Products - The top three futures and derivatives strategy products for the year are led by Fuhua Zixin's product, with a return of ***% [9] - In the category of private equity firms with a scale below 5 billion, the top three products are from Fuhua Zixin, Jingsheng Investment, and Ruixin Investment [10] Group 4: Recent Performance Trends - Over the past year, 573 products have shown an average return of 20.66%, with quantitative CTA products averaging 19.07% and subjective CTA products averaging 28.76% [9] - The leading products in this category are managed by Xuming Investment and Fuhua Zixin [10] Group 5: Long-Term Performance - Over the past three years, 345 products have an average return of 61.65%, with quantitative CTA products averaging 30.18% and subjective CTA products averaging 74.70% [14] - The top three products in this category are from Fuying Investment, Xuming Investment, and Ruixin Tiansuan [15]

Core Viewpoint - The A-share market has stabilized and shown a recovery in risk appetite, leading to a surge in private equity product registrations, particularly in quantitative strategies [1][2]. Private Equity Product Registration Surge - As of May 31, 2025, a total of 4,361 private equity securities products have been registered this year, marking a significant increase of 45.03% compared to the same period last year [1]. - In May alone, 870 private equity products were registered, reflecting a year-on-year growth of 77.19% [2]. - Stock strategies dominate the registered products, with 2,749 stock strategy products accounting for 63.04% of the total [2]. Market Dynamics and Investor Sentiment - High-net-worth clients are increasingly willing to enter the market through private equity channels, with significant net subscriptions reported by several firms, including a total of nearly 3 billion yuan in subscriptions for one firm [2]. - The market sentiment is improving, with the overall stock market valuation at a low point and risk premiums at historically high levels [2]. Quantitative Private Equity Products - The majority of registered products this year are from large quantitative private equity firms, with 40 out of 66 firms registering more than 10 products being large firms, and 31 of those being large quantitative firms [4]. - Quantitative private equity products have become increasingly important, with 1,930 products registered since 2025, representing 44.26% of the total private equity securities products [5]. Strategy Concentration in Quantitative Products - Within the quantitative products, stock strategies are predominant, with 1,339 stock strategy products registered, making up 69.38% of the total [5]. - The main development directions for quantitative products are index enhancement and quantitative CTA strategies [5]. Market Environment and Future Outlook - The current market environment is more active and favorable compared to last year, with high trading volumes providing more opportunities for quantitative strategies [6]. - The demand for diversified investment options is increasing among investors, contributing to the surge in private equity registrations [6].