2025年，私募证券产品掀起备案热潮。 引人注意的是，2025年量化产品备案表现尤为亮眼。 私募排排网数据显示，截至2025年12月31日，全年共计备案私募证券产品12645只（包含自主发行和担 任投顾的产品），较2024年的6337只环比增幅99.54%。 2025年量化私募备案产品共计5617只，较2024年的2621只增幅114.31%，另外2025年备案量化产品占到 总量的44.42%，较2024年的41.68%，亦有大幅提升。其中股票策略量化产品以4077只的数量占据主 导，占量化产品总数量的72.58%，彰显了量化股票策略的市场认可度。 分类型来看，股票策略依然是私募机构的首选方向。2025年备案股票策略私募产品8328只，占全部备案 产品的65.86%，占据绝对主导地位。 在量化股票策略的细分领域，量化多头策略表现最为突出，备案数量达2746只，占量化产品总数量的 48.89%，成为股票量化产品的核心发力点。股票市场中性策略备案1114只，占比19.83%，作为对冲市 场风险的重要工具，其较为稳定的收益特征受到求稳投资者的青睐；股票多空策略备案217只，占比 3.86%，虽然数量相对较少，但体现 ...

Core Viewpoint - In 2025, China's private securities asset management scale is expected to exceed 7 trillion yuan, marking a significant milestone for the industry, driven by market stability and strategic innovation [2][4][5]. Group 1: Industry Growth and Trends - The private equity industry has shown robust vitality, with the number of billion-yuan private equity firms steadily increasing and product registrations significantly rising [4][5]. - The future of the private equity industry is anticipated to be more diverse and mature, with a focus on sustainable growth as market conditions improve and the industry evolves [5][6]. Group 2: Forum Highlights - The 20th Private Fund Development Forum will take place on January 8, 2026, in Shenzhen, focusing on AI-enabled investment paradigms, equity market opportunities, and the value of CTA strategy allocation [2][5]. - Key speakers at the forum include industry leaders who will discuss trends in quantitative investment and the integration of AI in investment strategies [5][6]. Group 3: Investment Opportunities - In 2026, there is optimism for continued growth in stocks and gold, with expectations of further monetary policy easing and a potential bull market in A-shares [6][10]. - The forum will feature discussions on the performance of quantitative strategies, the impact of AI on investment, and the importance of CTA strategies in asset allocation [12][14]. Group 4: Collaborative Ecosystem - The forum includes a "Capital Connection Fair" to facilitate efficient resource matching between institutional investors and quality private equity firms, enhancing industry collaboration [14][16]. - The organizing company, 排排网集团, aims to strengthen communication between private fund managers, investors, and related institutions, contributing to the development of the private fund industry ecosystem [16][19].

Group 1 - The overall performance of A-share industries in 2025 is strong, with only two industries experiencing declines. The non-ferrous metals and telecommunications sectors lead with returns of 94.73% and 84.75%, respectively, while coal and food & beverage sectors decline by 5.27% and 9.69%, resulting in a performance gap of 104.43% between the best and worst performing sectors. The industry dispersion is at 23.4, the highest in the past five years, indicating a concentration of market funds in a few sectors like technology and precious metals [7][8][12] - The difficulty of stock selection at the individual level is significant, with the telecommunications sector showing a high dispersion of 90.66, double that of 2024, indicating a challenging environment for investors [12][13] - The public fund market shows a steady growth, with total fund size reaching nearly 37 trillion yuan. The proportion of equity funds has increased significantly, with alternative investment funds, QDII, FOF, and public REITs also experiencing growth. Notably, alternative investment funds focused on gold assets have more than doubled in size [16][20] Group 2 - In 2025, the ETF market reached a new historical high, with total assets surpassing 6 trillion yuan, an increase of 61.29% from the previous year. The number of ETFs also grew to 1,402, reflecting a significant transformation in investment methods and financial ecology [21][24] - The performance of various types of ETFs varied significantly, with all types recording average positive returns. The stock-type ETFs showed a performance gap of 163.61% between the best and worst performers, indicating a need for higher professional capabilities among investors [26][27] - The cross-border ETF market saw a doubling in size, growing from 4,242.26 billion yuan to 9,319.24 billion yuan, with industry theme funds receiving the majority of net inflows, highlighting the importance of thematic investments in the current market environment [42][43] Group 3 - The index-enhanced funds demonstrated significant excess returns, with an average net value growth rate of 32.5%, outperforming the CSI 300 index by 12.72 percentage points. The proportion of funds achieving positive excess returns is 77.3%, indicating a favorable performance compared to previous years [48][49]

2025年，私募证券产品掀起备案热潮。私募排排网数据显示，2025年共计备案私募证券产品12645只 （包含自主发行和担任投顾的产品），同比增长99.54%。 在量化股票策略的细分领域，量化多头策略表现最为突出，备案数量达2746只，占量化产品总数量的 48.89%，成为股票量化产品的核心发力点。股票市场中性策略备案1114只，占比19.83%，作为对冲市 场风险的重要工具，其较为稳定的收益特征受到求稳投资者的青睐。 期货及衍生品量化策略备案773只，占到备案产品总量的13.76%，其中量化CTA 策略以726只的备案数 量成为核心细分赛道，量化产品总数量的12.93%，期权策略和其他衍生品策略则分别备案40只和7只， 占比0.71%和0.12%，反映出量化衍生品策略仍以CTA为主，其他细分领域尚处于稳步发展阶段。 2025年私募产品备案呈现明显的头部集中特征，备案数量不少于50只的私募机构中，百亿私募机构成为 绝对主力。备案产品数量不少于50只的29家私募机构中，百亿私募有26家，其中明汯投资以157只的备 案数量领跑，世纪前沿、黑翼资产、宽德私募分别以147只、138只、127只紧随其后。 从投资模式来看 ...

旅游景区&商超百货公司符合量化投资审美的特点 旅游景区&商超百货公司的一些特殊特点，该行认为是符合量化投资的审美，包括：①重置成本高，资 产具备较高实际价值，②股价单价较低，③机构持仓较少，④政策持续促进的方向。这些使得旅游景区 &商超百货公司的股票，时常会体现出较大的弹性，而其总盈利容量与交易量也较大，可以容纳各种不 同的策略。 并非只有利润表是"基本面" "基本面"通常被认为是"利润表的改善或提升空间"，但实际上，旅游景区&商超百货公司，其资产是有 实际的重估价值的，这个重估价值并不能体现在利润表里，但确实也是公司资产的基本面，而这个资产 重估的实际价值，在过去时常以实际股权交易案例体现出来，如三江购物，永辉超市等股权交易。 智通财经APP获悉，东吴证券发布研报称，关注旅游景区&商超百货的四大边际变化方向——股权&管 理层&牌照&新经济模式变化，自上而下政策对于消费促进的方向，叠加符合量化投资审美的特点，旅 游景区与商超百货公司，其潜在投资价值被激活的空间较大。 东吴证券主要观点如下： 旅游景区&商超百货公司的资产特殊性 旅游景区&商超百货公司，其资产较重，重置成本较高，但其利润表表现相应没那么强，同时满 ...

Core Insights - The report emphasizes the unique characteristics of tourism and retail companies, highlighting their high asset replacement costs and low profitability, which makes them attractive for quantitative investment strategies [5][10][14] - It identifies the significant role of government policies in promoting consumer spending, particularly in the tourism and retail sectors, as a key driver for investment opportunities [5][21][22] - The report suggests that the potential investment value of tourism and retail companies is being activated by changes in equity, management, licenses, and new economic models [5][6] Group 1: Characteristics of Tourism and Retail Companies - Tourism and retail companies are primarily state-owned, with 45 out of 92 companies being local state-owned enterprises, which provides a strong safety margin for investments [11][12] - These companies generally have replacement costs that exceed their market value, indicating substantial underlying asset value that is not reflected in their financial statements [14][15] - The average stock price of these companies is relatively low, with 12 companies priced below 5 yuan and 49 below 10 yuan, making them appealing for quantitative investors [17][18] Group 2: Policy Support and Economic Models - Since 2023, numerous policies have been introduced to stimulate consumption, reflecting a high-level commitment to boosting the consumer sector [21][22] - The concept of "first-release economy" is highlighted as a direct application of these policies, with examples including supermarket adjustments and the promotion of winter sports and low-altitude economies [5][21] - The report notes that the low institutional ownership in these companies, with 67 having less than 5% institutional holdings, aligns with the aesthetic preferences of quantitative investors [24][25] Group 3: Investment Recommendations - The report recommends focusing on four key areas of change: equity, management, licenses, and new economic models, which are expected to enhance the investment potential of tourism and retail companies [5][6] - Specific companies to watch include Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, with additional attention on Sanxia Tourism and Tianfu Culture and Tourism [5][6]

导读：刚刚过去的2025年，是中国公募基金行业高质量发展的元年。作为主动权益基金，超额收益被放到了最重要的位置。即，只有长期能战 胜业绩基准的主动权益基金，才是真正有价值的。否则，持有人更应该买低费率、更透明灵活的ETF指数基金。 | 年份 | 华安事件驱动混合A | 沪深300 | 万得偏股基金指数 | | --- | --- | --- | --- | | 2020年 | 59.19% | 27.21% | 55.91% | | 2021年 | 30.84% | -5.20% | 7.68% | | 2022年 | -17.86% | -21.63% | -21.03% | | 2023年 | -8.63% | -11.38% | -13.52% | | 2024年 | 21.82% | 14.68% | 3.45% | | 2025年 | 38.06% | 17.66% | 33.19% | 数据来源：Wind；数据区间：2020年1月1日—2025年12月31日 跑赢市场一年不难，但是要连续六年跑赢有多难呢？ 根据Wind的统计，在2919只主动权益基金中，能够连续6年战胜沪深300和万得偏股基金 指 ...

导读：刚刚过去的2025年，是中国公募基金行业高质量发展的元年。作为主动权益基金，超额收益被放到了最重要的 位置。即，只有长期能战胜业绩基准的主动权益基金，才是真正有价值的。否则，持有人更应该买低费率、更透明灵活 的ETF指数基金。 但我们都知道，超额收益是一种零和博弈。有人跑赢指数，就意味着有人会跑输。而衡量一个基金经理真正能力的，是 其战胜市场的稳定性和可持续性。这就像在足球比赛中，真正实力强的球队每年都是稳定的争冠者（比如说英超的曼 城、西甲的巴萨皇马、德甲的拜仁慕尼黑等）。在A股市场，要稳定战胜市场是一个极其困难的目标。这是因为，在不 同阶段主导市场的风格完全不同，基金经理必须要足够全面。 华安基金的张序， 自从2020年5月18日管理华安事件驱动量化混合以来，已经连续6年战胜沪深300和万得偏股基金指 数（885001）。 要知道，在这六年的时间中，主动权益占优的年份只有一半（2020、2021、2025）。在投资风格 上，成长、价值、大盘、小盘等全部都轮过一遍。 张序呈现了非常稀缺的超额收益稳定性，无论市场什么风格，他都 能稳定跑赢沪深300和万得偏股基金指数。 | 年份 | 华安事件驱动混合A ...

2025年，中国私募基金行业规模与质量双升，同时，量化成为百亿级私募主导力量 经过数轮激烈的竞争与细致的遴选，这份荣誉的归属终于尘埃落定。最终上海明汯投资管理有限公司解环宇脱颖而出，摘得"2025基金业领军人物"奖项。 投资时间网、标点财经研究员 田文会 作为私募基金行业重要代表和量化投资四巨头之一，明汯投资在2025年表现突出。作为明汯投资合伙人和投资总监，解环宇带领团队取得不俗的成绩。明 汯投资当年备案的新基金数量在百亿级量化私募中排名第一，显示了强劲的业务扩张能力和行业领先地位。截至2025年11月，明汯投资业绩在百亿级私募 中排名前列。同时，明汯投资保持了较高的市场关注度和认可度，在2025年11月的私募公司全国人气榜中位列第一。 解环宇曾任职于全球顶尖量化对冲基金Citadel，擅长统计套利，并将机器学习、深度学习等人工智能技术与传统量化相结合，带领团队开发了现有投研体 系和自动化交易策略，是推动明汯投资成为行业头部机构的核心人物之一。 2025年，中国私募基金行业管理规模创历史新高，百亿级机构阵营快速扩容，其中量化私募成为占多数的主导力量。中国私募基金行业在规模扩张、生态 净化和格局重塑中迈向了更 ...

都说，冠军最危险的时刻，是拿到冠军之后。 而 2023 年的冠军基金华夏北交所创新，虽然之后没再夺冠，但连续三年较基金业绩基准获得超 30% 的超 额收益。 据 Choice 数据统计，截至 2025 年 12 月 28 日，近三年收益 270.61% ，在主动权益基金中业绩排名第 一，少有地回怼了"冠军魔咒"。 对这只基金而言，超额不是"冠军"的那一年，而是长期可持续的开始。 因为，冠军可能会失手，但冠军基金背后那套成熟的建立在客户体验之上的系统不会。 被动产品方面，沪深 300 、中证 500 、中证 A500 等核心宽基增强领域，均跑出了超额收益，实现真正 的"增强"。 经历了 2019 、 2020 年的核心资产牛市，以及 2023 年以来市场的持续低迷期后，虽然 2024 年" 9 · 24 "之后指数回升并在 2025 年持续突破阶段性高点，但因市场主题轮动加剧，投资者获利的体感并不 好。 如今的持有人更在意的是， 能不能反复赢、拿得住。 华夏基金总经理李一梅曾谈到，"让基民赚钱，这是一道没有简单答案的综合题。 但公募基金高质量发展的核心要义是要提升投资者的获得感，可以从两大方面去理解： 一是投资 ...