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].

Core Insights - The number of domestic private equity firms with assets exceeding 10 billion yuan has reached a historic high of 113, marking an increase of 17 firms in October alone, with quantitative private equity leading the expansion [1][2] - The internal structure of the 10 billion private equity sector is changing, with quantitative firms now numbering 55, surpassing the 47 subjective firms, indicating a shift in market dynamics [2][3] Growth Factors - The concentration of industry resources towards leading firms is a consensus, with large private equity firms attracting more capital due to their comprehensive advantages in research and risk control [2][3] - The overall strong performance of the stock market, with major indices surpassing 4000 points, has led to increased capital inflow into the private equity sector, particularly favoring high-performing quantitative firms [3][4] - The private equity industry has shown impressive overall performance, with most firms achieving positive returns, further boosting investor confidence in allocating assets to private equity [3][4] - Enhanced regulatory environments have improved operational transparency for private equity firms, increasing investor trust and facilitating rapid expansion for leading firms [3][8] Performance Analysis - As of October 31, 2025, the average return for 74 billion private equity firms with performance records has reached 29.57%, with 97.30% of these firms reporting positive returns [4][5] - Among the 45 billion quantitative private equity firms, the average return is 32.88%, significantly outperforming the 25.12% average return of 23 subjective firms [5][6] Market Dynamics - The rise of quantitative private equity raises questions about the future of traditional subjective investing, with concerns about strategy capacity and market style shifts becoming prominent [7][9] - Despite the current dominance of quantitative strategies, subjective investing retains its core competitive advantages in understanding macro trends and long-term value extraction [7][9] - The future of the private equity industry is expected to be characterized by diversification, with different investment models coexisting and complementing each other [7][9]

Core Insights - The Shanghai Composite Index has notably surpassed the 4000-point mark for the first time in ten years, indicating a significant market rebound and attracting increased investment from private equity funds [1] - Private equity firms have shown strong confidence in the long-term value of A-shares and economic recovery, leading to higher allocation levels and a record high in private equity positions [1] - As of October 31, 2025, the stock private equity position index reached 80.16%, marking a 0.79% increase from the previous week and the first time it has crossed the 80% threshold this year [1] Private Equity Performance - The performance of private equity products has been outstanding this year, with an average return of 29.57% for 74 billion-yuan private equity firms as of October 31, 2025 [2] - A significant 97.30% of these firms reported positive returns, indicating strong investment capabilities and market adaptability [2] - Quantitative private equity firms have outperformed subjective firms, with average returns of 32.88% compared to 25.12% for subjective firms, highlighting the advantages of quantitative strategies [2][3] Growth in Private Equity Firms - The number of billion-yuan private equity firms surged to 113 by October 31, 2025, an increase of 17 firms from the previous month, showcasing the industry's vitality [4] - The growth is attributed to the concentration of resources among leading firms, which attract more capital due to their research capabilities and risk management systems [4] - Among the new entrants, 10 are quantitative private equity firms, emphasizing the dominance of quantitative strategies in the current market [4][6] Market Dynamics - As of October 31, 2025, quantitative private equity firms accounted for 55 out of 113 billion-yuan firms, representing 48.67% of the total, while subjective firms made up 41.59% [6] - The future of the private equity industry is expected to be diversified, with different investment models coexisting and complementing each other [6] - Quantitative firms are likely to maintain strong growth due to their market adaptability, while subjective firms will continue to provide value through in-depth research and macro trend analysis [6]

Core Insights - The number of private equity firms managing over 10 billion yuan has surged to 113 as of October 31, 2023, marking an increase of 17 firms since September 30, 2023 [1][3] - Among the 18 new entrants, 10 are first-time billion-yuan firms, while 8 have returned to the billion-yuan category [1][2] Group 1: New Billion-Yuan Private Equity Firms - The new entrants include firms such as Xiyue Investment, Shanghai Xinpu Private Equity, and Square and Investment, all of which are making their debut in the billion-yuan category [1][2] - The majority of new entrants are quantitative private equity firms, with 10 out of 18 being classified as such, highlighting their strong growth in the current market environment [2][3] Group 2: Market Dynamics - As of October 31, 2023, quantitative private equity firms account for 55 out of 113 billion-yuan firms, representing 48.67% of the total, while subjective firms make up 41.59% [3][4] - The growth in the number of billion-yuan private equity firms is attributed to several factors, including the concentration of industry resources towards leading firms and a strong performance in the stock market, which has boosted investor confidence [4] Group 3: Future Outlook - The private equity industry is expected to evolve into a more diversified landscape, with different investment models coexisting and complementing each other [4] - Quantitative private equity is anticipated to maintain its strong growth trajectory due to its market adaptability, while subjective private equity will continue to leverage in-depth research and macroeconomic insights [4]

Core Insights - The private equity industry has seen significant changes due to a recovering market, with the number of billion-yuan private equity firms surpassing 113 as of October 31, 2025 [1] - Among the 18 new entrants to the billion-yuan private equity category in October, 10 are first-time entrants, while 8 have returned [1] Group 1: Market Dynamics - Quantitative private equity firms have emerged as the dominant force among the new entrants, with 10 out of 18 new billion-yuan private equity firms being quantitative, highlighting their strong growth momentum in the current market environment [2] - As of October 31, 2025, there are 55 quantitative billion-yuan private equity firms, accounting for 48.67% of the total, while subjective firms number 47, making up 41.59% [2] Group 2: Performance and Growth Factors - The increase in the number of billion-yuan private equity firms is attributed to several factors, including the concentration of industry resources towards leading firms, strong stock market performance, and overall positive returns in the private equity sector [3] - As of October 31, 2025, the average return for 74 billion-yuan private equity firms this year is 29.57%, with 72 firms achieving positive returns, representing 97.30% [4] - Quantitative private equity firms have shown superior performance, with an average return of 32.88% compared to 25.12% for subjective firms and 21.79% for mixed strategy firms [4]

Core Insights - The private equity industry has seen significant changes due to a recovering market, with the number of billion-yuan private equity firms surpassing 113 as of October 31, 2025 [1] - Among the 18 new entrants to the billion-yuan private equity club in October, 10 are first-time entrants while 8 have returned [1] Group 1: Market Dynamics - Quantitative private equity firms have emerged as the dominant force among the new entrants, with 10 out of 18 new billion-yuan private equity firms being quantitative, highlighting their strong growth in the current market environment [2] - As of October 31, 2025, there are 55 quantitative billion-yuan private equity firms, accounting for 48.67% of the total, while subjective firms number 47, making up 41.59% [2] Group 2: Performance and Growth Factors - The increase in the number of billion-yuan private equity firms is attributed to several factors, including the concentration of industry resources towards leading firms, strong stock market performance, and overall positive returns in the private equity sector [3] - As of October 31, 2025, the average return for 74 billion-yuan private equity firms this year is 29.57%, with 72 firms achieving positive returns, representing 97.30% [4] - Quantitative private equity firms have shown superior performance, with an average return of 32.88% compared to 25.12% for subjective firms and 21.79% for mixed strategy firms [4]

Core Insights - The number of billion-yuan private equity firms in A-shares has increased to 108 as of October 28, marking a rise of 12 firms since the end of September [1] - Among the newly added 13 billion-yuan private equity firms, 8 are quantitative private equity firms [1] Investment Models - Out of the 108 billion-yuan private equity firms, 53 are quantitative, accounting for 49.07%, while 45 are subjective, making up 41.67%. There are 8 firms using a mixed approach, representing 7.41%, and 2 firms have not disclosed their investment models [1] Performance Metrics - As of October 24, 70 billion-yuan private equity firms with performance data have achieved an average return of 30.49% this year, with 69 firms (98.57%) reporting positive returns [1] - Among the firms with positive returns, 8 have returns within 10%, 22 have returns between 10%-29.99%, 35 have returns between 30%-49.99%, and 4 firms have returns exceeding 60% [1]

Core Insights - The number of billion-dollar private equity firms has increased to 108 as of October 28, up from 96 at the end of September, marking an addition of 12 firms [1] Group 1: New Entrants and Exits - Among the new entrants, 13 private equity firms have joined the billion-dollar club, with 8 being quantitative firms and 4 subjective firms, along with 1 mixed firm [1] - Notably, 6 firms, including Xiyue Investment and Square Harmony Investment, are making their debut in the billion-dollar category, while 7 firms, such as New Equation Private Equity and Wangzheng Asset, have returned to this elite group [1] Group 2: Investment Models - Currently, out of the 108 billion-dollar private equity firms, 53 are quantitative, accounting for 49.07%, while 45 are subjective, making up 41.67%. Additionally, 8 firms employ a mixed strategy, representing 7.41% [1] - There are also two billion-dollar private equity firms that have not disclosed their investment models [1]