Core Insights - The article discusses the performance of private equity funds in November, highlighting that 133 private equity firms achieved historical net value highs despite a declining A-share market, with the Shanghai Composite Index down by 1.67%, Shenzhen Component Index down by 2.95%, and ChiNext down by 4.23% [2] - Among the 635 private equity firms analyzed, approximately 20.94% reached new net value highs, with a significant number employing quantitative strategies, which are more adaptable to volatile market conditions [2] Group 1: Private Equity Firms Over 100 Billion - 24 private equity firms with assets over 100 billion yuan achieved historical net value highs in November, with 18 being quantitative and 4 subjective [4] - The top firms by average returns over the past year include Lingjun Investment, Ningbo Huansquare Quantitative, and Chengqi Private Equity [4][5] Group 2: Private Equity Firms Between 20-100 Billion - 33 private equity firms in the 20-100 billion range also reached historical net value highs, with 19 being quantitative and 12 subjective [7] - Leading firms by average returns include Qiantou Investment, Zhihua Asset Management, and Yidian Najin [7][9] Group 3: Private Equity Firms Between 5-20 Billion - 32 private equity firms in the 5-20 billion range achieved historical net value highs, with 16 being subjective and 10 quantitative [12] - Top firms by average returns include Haisheng Fund, Huacheng Private Equity, and Yuanwei Investment [12][13] Group 4: Private Equity Firms Below 5 Billion - 44 private equity firms with assets below 5 billion yuan reached historical net value highs, with 22 being subjective and 14 quantitative [16] - Leading firms by average returns include Yuanfang Investment, Sanhua Asset, and Jinxin Investment [16][17]

（原标题：百亿私募业绩揭晓，量化与主观长期业绩谁更胜一筹?） 事实上，从去年年底到今年11月底，量化私募在百亿私募阵营中的占比持续提升，数量由33家大幅增加 至55家，在同期百亿私募总数中的占比由37.08%大幅上升至48.67%。 今年7月百亿量化私募总数历史上首次超越百亿主观私募总数，此后，两者数量差距在进一步扩大。 21世纪经济报道记者李域 实习生陈丽华 2025年行至年末，百亿私募的年度业绩排名基本落定。在市场结构性机会频繁切换、风格快速轮动的背 景下，量化策略凭借对波动与轮动的高适应性，成为今年私募行业最为亮眼的存在。 私募排排网数据显示，百亿私募旗下符合该网站相关排名规则的产品共668只，今年1-11月的收益均值 为29.44%。其中，409只量化产品1-11月收益均值高达34.42%，远高于259只非量化产品1-11月的收益均 值21.63%。这意味着百亿量化私募今年以来整体收益超过主观私募。 不过拉长时间来看，近三年，百亿主观私募久期投资、东方港湾、君之健投资、复胜资产等表现更为突 出，业绩高于阿巴马投资、幻方量化、诚奇私募等百亿量化私募。近五年的业绩中，复胜资产、日斗投 资、久期投资等主观私 ...

【导读】私募分红同比激增超两倍，股票策略产品成主力 私募"分红潮"重塑行业生态 在资本市场结构性行情与私募行业专业化发展的共同作用下，2025年私募分红迎来爆发式增长。截至 2025年11月30日，有业绩展示的私募产品年内合计分红金额达173.38亿元，同比大增236.59%，其中， 股票策略和中大规模私募为分红主力，主观与量化私募分红积极性分化显著。 私募分红同比大增236.59% 私募排排网不完全统计数据显示，截至11月30日，有业绩展示的私募产品今年以来实施分红1658次，合 计分红金额突破170亿元大关，达173.38亿元，与去年同期的51.51亿元相比，大增236.59%。 从策略维度看，不同策略私募产品的分红表现呈显著差异，其中，股票策略产品分红984次，合计分红 金额达132.19亿元，金额占比高达76.24%。从管理规模来看，29家年内分红金额不低于1亿元的私募管 理人中，14家管理规模在50亿元以上，占比接近一半，其中，日斗投资、九坤投资、聚宽投资、天演资 本、世纪前沿分红金额较为突出。 格上基金研究员托合江表示，私募基金的分红方式包括现金分红、再投资分红、组合分红等。最常见、 最直接的方式 ...

【导读】私募分红同比激增超两倍，股票策略产品成主力 中国基金报记者 任子青 在资本市场结构性行情与私募行业专业化发展的共同作用下，2025年私募分红迎来爆发式增 长。截至2025年11月30日，有业绩展示的私募产品年内合计分红金额达173.38亿元，同比 大增236.59%，其中，股票策略和中大规模私募为分红主力，主观与量化私募分红积极性分 化显著。 私募分红同比大增236.59% 私募排排网不完全统计数据显示，截至11月30日，有业绩展示的私募产品今年以来实施分红 1658次，合计分红金额突破170亿元大关，达173.38亿元，与去年同期的51.51亿元相比， 大增236.59%。 从策略维度看，不同策略私募产品的分红表现呈显著差异，其中，股票策略产品分红984次， 合计分红金额达132.19亿元，金额占比高达76.24%。从管理规模来看，29家年内分红金额 不低于1亿元的私募管理人中，14家管理规模在50亿元以上，占比接近一半，其中，日斗投 资、九坤投资、聚宽投资、天演资本、世纪前沿分红金额较为突出。 格上基金研究员托合江表示，私募基金的分红方式包括现金分红、再投资分红、组合分红 等。最常见、最直接的方式 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 进入12月，私募基金经理的年度收益排名也进入了最终冲刺阶段。 今年 1-11月，所管产品至少有3只符合排名规则的私募基金经理共有570位， 今年来收益均值和中位数分别为29.42%、23.89%。 其中，以股票策略为核心的基金经理共有 346位，占比60.7%，他们今年1-11月的收益均值和中位数分别为35.26%、31.1%，跑赢同期沪深300 指数17.94%的涨幅 。此外，以多资产策略和期货及衍生品策略为核心的基金经理也较多，分别有82位，65位。 从基金经理所属公司的投资模式来看，主观私募基金经理共有301位，占比过半；此外，量化私募基金经理分别有187位，混合型私募（"主观 +量化"）的基金经理有82位。 今年中小盘股整体表现占优，为量化私募的基金经理的发挥提供了有利环境；而 AI算力等板块的趋势性行情，也 为主观私募基金经理提供了机会。 为了给读者提供更多的信息，笔者将分别在以上六个规模区间的私募中，为大家盘点今年1-11月收益位列10强的私募基金经理。 0 1 100亿以上：陆航夺得季军！宁波幻方量化两位基金经理上榜 在百亿私募中， ...

12月3日，由方正证券（601901）主办、证券时报提供媒体支持的"方华正茂 砺行致远"方正证券私募基 金大会在上海举行，超200家私募参会，大会旨在搭建专业交流平台，促进私募行业生态良性互动，推 动私募机构与资本市场的高效对接。 作为拥有37年历史的大型综合券商，方正证券执行委员会主任、总裁姜志军在致辞时表示，该公司正坚 定向财富管理特色鲜明的大型综合券商转型，聚焦"大财富、大投交、大资管、大机构"四大业务板块。 未来，将重点在资金、交易和研究体系三方面发力私募业务。 作为媒体支持方，证券时报社党委委员、副总编辑汤泳在致辞中表示，今年私募基金行业呈现两大显著 新变化：一是量化私募强势回归，百亿量化私募数量首次超过主观策略；二是随着市场风格平稳，凭借 扎实投研的老牌主观私募业绩回暖。 在主题演讲环节，方正证券首席经济学家燕翔、毕盛投资首席投资官王康宁、蒙玺投资总经理李骧分别 就各自研究领域进行了主题演讲。 此外，大会期间还举办了第三届"方华杯"私募成长计划优秀管理人颁奖仪式，表彰表现卓越的私募机 构。同时，创新推出的"方华好友荟"交流展，为私募管理人与机构投资者搭建了直接交流的平台。 方正证券将三方面发展私募 ...

人民财讯12月3日电，12月3日，在方正证券主办、证券时报提供媒体支持的"方华正茂砺行致远"方正证 券私募基金大会上，证券时报社党委委员、副总编辑汤泳在致辞中援引中国证券投资基金业协会数据指 出，截至2025年10月底，国内存续私募基金管理人达19367家，管理基金规模为22.05万亿元。其中，私 募证券投资基金管理人7592家，存续规模7.01万亿元。行业集中度持续提升，前不久百亿私募机构数量 已突破100家。 汤泳表示，中国私募业自诞生以来便与资本市场发展同频共振，已成为服务实体经济、激发市场活力的 重要力量。今年私募基金行业伴随市场稳中有进而呈现两大显著新变化：一是量化私募强势回归。在结 构性行情与充裕流动性双重加持下，指数增强策略成为核心引擎，AI赋能推动行业效率升级，百亿量 化私募数量首次超过主观策略。二是老牌主观私募业绩回暖。随着市场风格趋于平稳、产业逻辑清晰， 一批深耕细分领域的老牌机构凭借扎实投研重新赢得认可。 他表示，未来，证券时报将继续深耕行业研究、强化专业服务，为私募基金行业搭建更多优质的交流合 作平台。 ...

私募基金经理是私募产品的"掌舵人"，是投资者在挑选私募产品时的重要参考因素。2025年以来的A股、港股、美股，黄金、白银等期货市场均有不俗表 现，那么，今年来，有哪些基金经理脱颖而出呢？ 根据私募排排网数据，截至2025年10月底，"在私募排排网至少有3只私募产品有今年1-10月业绩展示"的基金经理共有565位（其中股票策略基金经理占 345位），今年1-10月收益中位数约为24.32%，跑赢同期的上证指数（18%）。 经统计，今年1-10月收益在***%以上的基金经理有16位，在***%以上的基金经理有81位。为了给投资者提供一些参考，笔者按照所任职公司的管理规模 （100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿），分别梳理出了各规模组中今年1-10月收益居前10强的基金经理。 [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代。] 经梳理发现，除百亿私募规模组外，其余规模组10强基金经理多来自主观私募，与前2年量化私募基金经理频繁霸榜截然不同。这或是因为今年来A股市 场表现较好，算力、机器人、游戏、创新药、新能源等多个赛道都有亮眼表现，看对赛道或者踩准市场 ...

Core Insights - The number of private equity funds in China with over 10 billion yuan in assets has significantly increased, reaching 113 by October 31, 2025, up from 96 at the end of September, marking a net increase of 17 funds in just one month [1][2] - This growth is attributed to multiple factors, including a strong stock market performance, impressive overall returns from private equity funds, and a more regulated industry environment [1][2][3] Group 1: Market Dynamics - The private equity market has seen heightened activity, with the number of billion-yuan private equity firms growing for five consecutive months, indicating an acceleration in the expansion of the "billion-yuan club" [2] - The overall performance of the stock market, with the Shanghai Composite Index surpassing 4000 points, has boosted investor confidence and led to increased capital inflow into private equity [2][3] - The average return for 45 billion-yuan quantitative private equity funds has reached 32.88%, significantly higher than the 25.12% average return for 23 subjective funds [6] Group 2: Regulatory Environment - The regulatory environment has become more stringent, enhancing transparency and trust in private equity products, which supports the rapid expansion of leading firms [3][4] - Recent regulatory measures have aimed at promoting high-quality development within the private equity sector, establishing a unified regulatory framework and prohibiting practices like multi-layered nesting and off-market financing [3][8] Group 3: Fund Composition - Among the new entrants to the billion-yuan club, quantitative private equity funds dominate, with 10 out of 18 new members being quantitative, reflecting a shift in the composition of the private equity landscape [5][6] - As of October 31, 2025, quantitative private equity funds account for 48.67% of the billion-yuan club, while subjective funds make up 41.59% [5] Group 4: Future Trends - The future of the private equity industry is expected to be characterized by diversification, with quantitative funds likely to maintain strong growth due to their market adaptability and efficient trading execution [7] - The mixed strategy of combining subjective and quantitative approaches is anticipated to gain traction, enhancing decision-making and asset allocation effectiveness [7]

Core Viewpoint - Subjective private equity funds rely on human judgment for investment decisions, contrasting with quantitative funds that depend on models. This approach allows for early positioning in potential growth areas and the identification of undervalued quality assets [2]. Group 1: Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a nearly 10-year high and a year-to-date increase of approximately 18%, while the ChiNext Index has risen nearly 49% [2]. - Various sectors such as AI computing, robotics, semiconductors, new energy, non-ferrous metals, and gaming have performed well in this market environment [2]. Group 2: Subjective Private Equity Overview - As of October 2025, there are 5,339 subjective private equity firms, accounting for over 70% of the securities investment category. Among these, 350 firms have at least three products displayed on the private equity performance platform [2]. - The average return for 350 subjective private equity firms from January to October this year is higher than that of quantitative funds [3]. Group 3: Top Performing Firms - The top three firms in the 100 billion yuan category are Yuanxin, Fusheng, and Wangzheng, with a notable mention of Dan Bin's commentary on the AI bubble [4]. - In the 50-100 billion yuan category, the top firms include Tongben Investment, Ruiyang Investment, and Shengqi Asset [12]. - The top firms in the 20-50 billion yuan category are Beijing Xiyue Private Equity, Qiantu Investment, and Luyuan Private Equity [17]. Group 4: Notable Strategies and Insights - Yuanxin Investment, established in September 2014, focuses on growth logic and has a management team with an average of over 20 years of experience [11]. - Dongfang Port Bay, led by Dan Bin, has 80 products displayed, with a significant increase in returns in October, emphasizing a bullish stance on AI stocks [11]. - Shengqi Asset, founded by Zeng Wenkai, emphasizes value investing and has a strong focus on gold and copper investments due to macroeconomic conditions [15][16]. Group 5: Emerging Trends - The trend of subjective private equity funds focusing on technology and innovation continues, with firms like Jingyan Private Equity maintaining a strong emphasis on this direction [24]. - The long-term bullish outlook on gold is highlighted by firms like Luyuan Private Equity, which has been actively investing in this sector [20].