据私募排排网最新统计数据，截至2026年1月26日，管理规模为100亿元以上的私募证券投资基金管理人 总数已攀升至118家，较2025年末净增5家。这一增长并非简单的数量叠加，而是伴随着"百亿元级私募 阵营"内部的动态调整——1月份共有9家私募机构新晋或重返"百亿元梯队"，另有4家机构暂时退出这一 行列。与此同时，百亿元级"险资系"私募机构数量增至3家，百亿元级外资私募机构增至2家。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜对《证券日报》记者表示："百亿元级 私募机构数量持续增长主要得益于四方面因素共同推动。一是A股市场整体回暖，为私募基金行业创造 了有利的业绩环境，不少机构旗下产品净值回升；二是技术赋能，人工智能等技术的深入应用，正从量 化策略优化、风险控制、交易执行等多维度提升私募机构的投资效率与管理规模承载能力；三是资金持 续向策略成熟、品牌效应突出的头部私募机构集中，'强者恒强'的行业格局进一步深化；四是政策面与 资金面的双重支持，当前适度宽松的货币政策与'十五五'规划建议带来的产业机遇，激发了市场对权益 资产的配置热情。" 在2026年1月份新增的9家百亿元级私募机构中，上海汐泰投 ...

李春瑜认为，险资加速布局私募证券行业，本质是在低利率时代下，寻求能匹配其长久期、低波动偏好 的收益增强工具和风险分散手段。政策环境的持续优化与私募证券行业自身在策略成熟度与可预期性方 面的进步，共同推动了这一配置趋势的深化。 此外，百亿私募阵营中，外资私募再添新员，随着外资私募腾胜投资一举突破百亿大关，目前百亿外资 私募数量增至2家，另一家百亿外资私募则是桥水(中国)投资。资料显示，腾胜投资成立于2018年11月 11日，并于2019年09月11日完成备案登记，是一家以量化多头和宏观策略为核心策略的"主观+量化"混 合私募。 从策略类型来看，量化策略在百亿私募中占据主流。数据显示，当前118家百亿私募中，量化私募数量 最多，达到55家，占比46.61%；主观策略私募有48家，占比40.68%；主观与量化混合策略私募有12 家，占比10.17%；另有3家险资私募尚未披露投资模式。 1月以来新增的9家百亿私募中，主观私募数量最多达4家，分别是汐泰投资、遂玖私募、姚泾河私募和 国源信达，另外量化私募有2家，分别是洛书投资和倍漾量化，混合私募有2家，分别是仅腾胜投资和展 弘投资，恒毅持盈(深圳)私募暂未披露投资模式。 ...

百亿私募阵营迎来"洗牌"。 1月20日，记者从私募排排网获悉，截至2026年1月19日，百亿私募数量已达114家，较2025年末增 加1家。尽管总量小幅扩容，阵营内部却有明显调整：2家机构退出百亿梯队，3家机构新晋或重返该行 列。 在2026年1月新晋或回归的3家私募中，遂玖私募早在2021年就已进入过百亿梯队，此次为时隔多年 重返。另外，国源信达和恒毅持盈（深圳）私募则为首次跻身百亿私募行列。从投资模式来看，其中2 家为主观策略私募，另有1家尚未公布投资模式。 值得关注的是，恒毅持盈（深圳）私募成立于2025年5月，并于同年8月完成备案。截至2025年底， 其管理规模仅为0至5亿元，而在2026年1月规模迅速攀升，一举突破百亿元。资料显示，该私募具有险 资背景，实际控制人为平安资产管理有限责任公司。目前，具有险资背景的私募共有3家，除恒毅持盈 外，还包括国丰兴华（北京）私募和太保致远（上海）私募。 从策略类型来看，量化策略在百亿私募中占据主流。数据显示，当前114家百亿私募中，量化私募 数量最多，达到55家，占比48.25%；主观策略私募有46家，占比40.35%；主观与量化混合策略私募有 10家，占比8. ...

根据私募排排网数据，截至2026年1月19日，百亿私募数量已达114家，较2025年末增加1 家。但在此期间，百亿私募阵营内部出现变化：其中2家退出了百亿行列，另有3家新进或重 返百亿阵营。 【导读】开年1月份，就有3家私募新进或重返百亿阵营 中国基金报记者 江右 2025年5月底成立的恒毅持盈（深圳）私募，2025年底管理规模为0至5亿元，在2026年1月 开年后，规模迅速攀升，一举突破百亿元。 3家私募新进或重返百亿阵营 险资积极入市 3家新进或重返百亿阵营的私募分别为恒毅持盈（深圳）私募、国源信达和遂玖私募。其中， 恒毅持盈（深圳）私募成立于2025年5月底，并于同年8月完成备案。截至2025年底，恒毅 持盈（深圳）私募管理规模仅为0至5亿元。2026年1月规模迅速攀升，一举突破百亿元。 资料显示，该私募具有险资背景，实际控制人为中国平安保险集团旗下的平安资产管理有限 责任公司。近年来，多家险资设立私募证券基金，其中3家规模突破百亿，除恒毅持盈外，还 包括国丰兴华（北京）私募和太保致远（上海）私募。 此外，国源信达首次跻身百亿私募行列，该公司长期业绩表现突出，近年来规模快速上升， 在2024年11月发布 ...

此外，百亿级私募的国际化布局步伐也在持续提速。在114家百亿级私募中，已有38家斩获香港9号牌 照，占百亿级私募总数的33.33%，同时占所有持有该牌照私募总量的28.57%，已然成为推动国内私募 行业国际化发展的核心力量。 值得注意的是，公开资料显示，恒毅持盈（深圳）私募成立于2025年5月，同年8月完成备案，成立时间 相对较短。截至2025年底，其管理规模仍处于0-5亿元区间，而仅过一个月，2026年1月规模便实现跨越 式增长，一举突破百亿元关口。值得注意的是，该私募具备鲜明的险资背景，实际控制人为平安资产管 理有限责任公司。目前国内具备险资背景的私募共有3家，除恒毅持盈外，还包括国丰兴华（北京）私 募与太保致远（上海）私募。 针对险资加速布局私募证券行业的现象，排排网集团旗下融智投资FOF基金经理李春瑜分析表示，这一 趋势的本质的是低利率环境下，险资为匹配自身长久期、低波动的配置偏好，寻求收益增强与风险分散 的有效途径。而政策环境的持续优化，叠加私募证券行业自身在策略成熟度、收益可预期性上的稳步提 升，共同推动这一配置趋势不断深化。 策略类型分布上，量化策略仍是百亿级私募的主流选择。私募排排网数据显示， ...

Core Insights - The average return of billion-level private equity funds in 2025 reached 32.77%, with quantitative funds performing particularly well at over 37% [1][2] - The private equity issuance market remains active, with a significant increase in new registrations, indicating a strong market sentiment [3] Performance Summary - In 2025, 75 billion-level private equity funds reported an average return of 32.77%, with 74 funds achieving positive returns, representing 98.67% [2] - Quantitative private equity funds had an impressive average return of 37.61%, with all funds reporting positive returns. Specifically, 7 funds exceeded 50% returns, while 34 funds had returns between 20% and 49.99% [2] - In contrast, subjective strategy private equity funds had an average return of 25.8%, with 22 funds achieving positive returns, which is 95.65% of the total [2] Issuance Trends - The private equity issuance market is thriving, with 12,645 new private equity securities investment funds registered in 2025, a 99.54% increase from 6,337 in 2024 [3] - Stock strategy funds dominated the issuance market, accounting for 8,328 new registrations, or 65.86% of total products [3] - Multi-asset strategies and futures/derivatives strategies followed, with 1,806 and 1,274 new registrations, representing 14.28% and 10.08% respectively [3] Market Outlook - The market sentiment is expected to remain positive into 2026, with expectations of continued profit-making effects due to economic recovery and technological advancements [5] - The focus on quantitative long strategies remains high, particularly in market-neutral strategies that aim to reduce volatility and pursue absolute returns [4][5] - Factors supporting the performance of quantitative strategies include improved market risk appetite and ongoing technological and strategic iterations within the industry [5]

Group 1 - The private equity market in China is experiencing a "good start" in 2026, with significant interest in quality subjective strategies and continued popularity of quantitative strategies [1][3] - Shanghai Fusheng Asset's actively managed stock private equity product raised 1 billion yuan in a single day, becoming the first "daylight" private equity hit of the year, reportedly selling out in seconds [1][3] - There is a structural characteristic in the current market recovery, with long-term performance-validated quality subjective managers regaining attention while quantitative strategies remain mainstream [3][4] Group 2 - The private equity issuance market has shown a "structured good start" trend, primarily driven by quantitative blue-chip institutions and some outstanding subjective private equity products [3][4] - As of January 9, 2026, 238 private equity securities products have been registered this year, with quantitative products accounting for 47.48% [4] - The sales pace of private equity products has accelerated compared to last year, driven by market policies and increased capital activity, leading to a higher demand for allocations [6][7] Group 3 - Existing clients remain the main source of funding, with new client entry being relatively slow but showing a growth trend [9] - High-net-worth individual clients, especially ultra-high-net-worth clients, are significantly increasing their allocation intentions [9] - Investment strategies are focusing on high-growth sectors, with companies like Shen Nong Investment and Tong Ben Investment targeting AI applications and new consumption as key areas for 2026 [11][12]

Core Viewpoint - The private equity market in China is experiencing a "good start" in 2026, with a notable increase in demand for quality subjective strategies and sustained interest in quantitative strategies [1][3]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 4100 points, leading to a surge in private equity fundraising, exemplified by Shanghai Fusheng Asset's 10 billion yuan product that sold out in seconds [1]. - The current private equity issuance and sales show a "structured good start," with quantitative strategies maintaining high popularity and some outstanding subjective strategy products also experiencing "instant sell-out" phenomena [1][3]. - Compared to last year, the pace of private equity sales has accelerated, with investors showing increased demand for equity assets and quicker decision-making [1][7]. Group 2: Investor Behavior - Existing clients remain the primary source of funding, with new client entry being relatively slow but showing a growth trend [8][9]. - High-net-worth individuals continue to dominate subscription activities, with a notable increase in the willingness of ultra-high-net-worth clients to increase their allocations [8][9]. Group 3: Strategy Focus - Institutions are focusing on high-growth sectors, with a dual investment strategy that includes waiting for results in the innovative drug sector and embracing explosive growth opportunities in AI applications [11]. - The innovative drug sector is expected to capture 20% to 30% of the global market share in the next decade, indicating a significant growth potential [11]. - New consumption and the AI industry chain are identified as key focus areas for investment, driven by long-term growth logic and short-term performance support [12].

Core Insights - In 2025, the overall performance of billion-yuan private equity funds was impressive, with an average return of 32.77% among 75 funds that reported performance, and 98.67% of these funds achieved positive returns [1][2]. Group 1: Performance Overview - Among the 75 billion-yuan private equity funds, 18 funds had returns within 20%, 45 funds had returns between 20% and 50%, and 11 funds exceeded 50% [1]. - Notable performers included Yuanshin Investment, Fusheng Asset, and Wangzheng Asset [1]. Group 2: Investment Strategies - Quantitative private equity funds stood out, with 45 funds achieving an average return of 37.61%, all reporting positive returns, significantly higher than the overall average [2]. - In the quantitative category, 4 funds had returns within 20%, 34 funds had returns between 20% and 49.99%, and 7 funds exceeded 50% [2]. - The quantitative strategy was identified as the main driver of performance growth for billion-yuan private equity funds in 2025, with firms like Ningbo Huansheng Quantitative and Xinhong Tianhe showing strong results [2]. Group 3: Comparison with Subjective Strategies - In contrast, subjective strategy private equity funds had an average return of 25.80%, with 95.65% achieving positive returns [3]. - Among the subjective funds, 12 had returns within 20%, 6 had returns between 20% and 49.99%, and 4 exceeded 50% [3]. - The mixed strategy funds, combining subjective and quantitative approaches, had an average return of 24.59%, with all funds reporting positive returns [3]. Group 4: Market Conditions and Strategy Adaptation - The significant outperformance of quantitative private equity funds is attributed to their adaptability to market conditions, characterized by rapid rotations and active small-cap stocks [3]. - Quantitative strategies leverage AI and computational upgrades to quickly adjust portfolios and capture short-term opportunities, while subjective strategies face limitations due to slower decision-making processes and liquidity pressures [3].

Group 1 - The overall performance of the A-share market in 2025 was strong, with 75 billion private equity firms achieving an average return of 32.77%, and 98.67% of them reporting positive returns [1] - Among the billion quantitative private equity firms, the average return reached 37.61%, significantly higher than the overall level of billion private equity firms, with all firms reporting positive returns [1] - The performance of subjective strategy private equity firms was relatively weaker, with an average return of 25.80%, and 95.65% of them achieving positive returns [1] Group 2 - Seven mixed strategy private equity firms achieved an average return of 24.59%, with all firms reporting positive returns [2] - The A-share market showed a rapid rotation trend, with major indices such as the Shanghai Composite Index and Shenzhen Component Index rising by 18.41% and 29.87% respectively [2] - The strong performance of the A-share market created a favorable environment for private equity performance, with expectations of approximately 3 trillion yuan in incremental funds in 2026, primarily from public offerings, insurance funds, and bank wealth management [2] Group 3 - The spring market rally is expected to continue, with a focus on the support of fundamental data and the impact of policy expectations on market confidence [3] - The market may experience increased volatility in the short term as it reaches new highs, emphasizing the need for structural investment opportunities [3]