编者按 2025年中国私募行业迎来技术与规则双重变革：AI赋能量化崛起，私募规模突破22万亿，私募出海加速，行业迈向多元化新格局。那在人才济济的私募 行业工作是一种什么体验？私募排排网特别开启2026年 #闪闪发光的金融人 # 第二季 特辑。 本期我们收到了来自 百亿私募玄元投资 的量化研究员——Z女士投稿，一起走近这位 北大数学奥数金牌选手的玄元量化探索之旅。 我叫Z女士，曾是北京大学数学科学学院统计系的学生，也有幸拿下过中国数学奥林匹克的金牌，跻身国家集训队的行列。如今，我在数字与模 型的海洋里深耕，更习惯别人称我为"量化研究者"。从奥数竞赛的领奖台到量化投资的交易台前，这段转型之路常被人问及，趁着今天的契机， 分享那些藏在数字背后的成长与思考。（可参考： 玄元投资2026年度策略会：解读主观和量化的策略迭代 ） 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 点击↓↓下图卡片可查看路演 早期探索 ——"数据炼金术"的启蒙之旅 Part 01 我的量化之路 始于"广撒网"式探索 。入行时，四大出身的mentor告诫我：在量化领域早期，不要过早地局限自己，要像海绵一样吸收各种知识 和方法。— ...

Core Viewpoint - In December 2025, a record high of 2,362 private equity products achieved new net asset values, with non-quantitative products accounting for 1,209 and quantitative products for 1,153 [3]. Product Types Summary - Among the products, stock strategy products were the most prevalent, totaling 1,154, representing approximately 49% of the total. Following this, futures and derivatives strategy products accounted for 494, multi-asset strategy products for 447, bond strategy products for 169, and combination fund products for 98 [3]. High-Performing Products Summary - The article highlights the top 20 private equity products by strategy for 2025, focusing on stock strategy (both subjective long and quantitative long), futures and derivatives strategy, and multi-asset strategy, specifically for products with a company size of over 500 million [3]. - Among the high-performing private equity products, 26 have been established for over 10 years, with 22 of these achieving an annualized return exceeding 10% since inception [4]. Quantitative Products Summary - The threshold for the top 20 quantitative long products in 2025 was close to ***%, with companies like Jintong Investment and Hanrong Investment having products in the top 5. Notably, companies such as Longqi Technology, Square and Investment, Evolutionary Asset, Mengxi Investment, and Mingyun Investment had products listed among the top in the billion-dollar private equity category [7][9]. Subjective Long Products Summary - The threshold for the top 20 subjective long products in 2025 was also close to ***%, with Beijing Xiyue Private Equity having products in the top 5. The largest product among the top 20 was "Qiantang Tangxuanjia" from Qiantang Investment, exceeding *** billion in size [10][12]. Futures and Derivatives Strategy Summary - In the top 20 futures and derivatives strategy products for 2025, Yizu Investment led the rankings, with products from Huying Private Equity and Huacheng Private Equity also in the top 5. For multi-asset strategy products, Xishirun Investment had products in the top 5 [14][18].

Core Viewpoint - The A-share market continued its strong performance in 2025, with the Shanghai Composite Index returning to 4000 points after ten years and the ChiNext Index rising approximately 50% throughout the year. This growth was driven by breakthroughs in the technology sector, liquidity easing, and policy support, but also experienced significant market differentiation and volatility [3]. Group 1: Private Fund Performance - As of December 31, 2025, there were 3,270 stock strategy products with reported returns and Sharpe ratios, achieving an average return of 37.36% and an average Sharpe ratio of 1.67. Products from funds with over 10 billion in assets had a higher average Sharpe ratio of 2.18 [3]. - The high returns of private equity products are often accompanied by high risks, with the Sharpe ratio serving as a key indicator for assessing the risk-adjusted performance of investment portfolios [3]. Group 2: Top Products by Fund Size - In the category of funds over 100 billion, there were 499 products with an average return of 34.7% and an average Sharpe ratio of 2.18. The top three products were managed by Wang Yiping from Evolutionary Asset, Zhu Xiaokang from Longqi Technology, and Xu Jikan from Mingshi Fund [5][6]. - For funds between 50-100 billion, 204 products reported an average return of 36.93% and an average Sharpe ratio of 2.11, with the top three managed by Shi En from Yunqi Quantitative, Liang Tao from Liangkui Private Fund, and Lin Ziyang from Hainan Shengfeng Private Fund [8][10]. - In the 20-50 billion category, 351 products had an average return of 39.76% and an average Sharpe ratio of 1.76, with the top three managed by Zhong Yinhui from Xiangmu Asset and Liu Xuhui from Hainan Zhengren Quantitative Private Fund [12][13]. - For funds in the 10-20 billion range, 409 products achieved an average return of 45.27% and an average Sharpe ratio of 1.66, with the top three managed by Zheng Bin and Zou Qixiang from Yangshi Asset [15][17]. - In the 5-10 billion category, 477 products had an average return of 38.71% and an average Sharpe ratio of 1.54, with the top three managed by Liu Li and Zhu Chaona from Qiheju Asset [19][20]. - For funds under 5 billion, 1,330 products reported an average return of 34.88% and an average Sharpe ratio of 1.43, with the top three managed by Wu Ziqiang and Ding Xu from Duwi Fund [21][22].

Market Overview - On January 27, the market rebounded after a dip, with all three major indices turning positive; the Shanghai Composite Index rose by 0.18%, the Shenzhen Component Index by 0.09%, and the ChiNext Index by 0.71% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.92 trillion yuan, a decrease of 359.2 billion yuan compared to the previous trading day [1] - Over 3,400 stocks in the market experienced declines [1] Sector Performance - The chip industry chain continued to rise, with notable performances from companies like Huada Technology and Hanhua Technology, which saw significant gains [1] - Precious metals maintained strong momentum, with China Gold achieving three consecutive trading limit increases and Hunan Gold two consecutive increases [1] - The CPO concept showed active performance, with Yuanjie Technology rising over 10% to reach a historical high [1] - The coal and battery sectors faced the largest declines, with battery-related stocks like Tianji Co. and Huasheng Lithium falling over 6% [1] Chip Sector Highlights - Chip stocks led the market rally, with Huada Technology hitting the trading limit and Huahong Semiconductor rising over 8% during the day, reaching a market capitalization of over 200 billion yuan [1] - Dongxin Co. and Shengke Communication both hit the trading limit, while several other stocks in the sector saw gains exceeding 12% [1][2] External Influences - The surge in stock prices of South Korean memory chip giant SK Hynix, which rose nearly 8% to reach a historical high, was identified as a factor driving the strength of related A-share concept stocks [4] - Samsung Electronics announced a price increase of over 100% for NAND flash memory supply in Q1, significantly exceeding market expectations [4] - Micron Technology plans to invest an additional $24 billion in Singapore over the next decade to expand capacity in response to the AI-driven demand for memory chips [4] Solar and Aerospace Sectors - The space photovoltaic concept saw a rebound, with companies like Laplace and Zhonglai Co. experiencing significant gains [4] - Elon Musk's announcement regarding the deployment of data centers and satellites through Starship over the next 4-5 years is expected to support the growth of the space photovoltaic sector [4] - The commercial aerospace sector also saw short-term gains, with companies like Shenglu Communication hitting the trading limit and others rising over 10% [5] Aviation Sector Developments - The large aircraft sector continued to rise, with companies like AVIC Control and AVIC Technology hitting the trading limit, and others like Tunan Co. and AVIC Power seeing gains over 10% [6] - Individual stock BoHui Innovation experienced a sudden surge, rising over 10% within 10 minutes, following the announcement of its self-developed Nipah virus nucleic acid testing kit [6]

Core Viewpoint - In 2025, commodities such as gold, silver, copper, and aluminum performed well, leading to strong performance in private CTA (Commodity Trading Advisor) strategies, with many private funds capitalizing on opportunities in gold and silver [3]. Group 1: CTA Strategy Overview - The core feature of CTA strategies is the use of derivatives like futures and options for investment, rather than direct investments in stocks or bonds. These strategies can go long or short and aim for absolute returns, seeking profit opportunities regardless of market conditions [3]. - According to data from Private Placement Network, there were 551 CTA products displayed in 2025, with an average return of 24.79% and a median return of 13.22%. Among these, quantitative CTA products accounted for 375, with an average return of 20.21%, while subjective CTA products numbered 176, achieving an average return of 34.55% [3]. Group 2: Performance Rankings - For private funds with over 1 billion in assets, the top three quantitative CTA products in 2025 were from companies including Gongqingcheng Guangju Xinghe Private Fund, Shuanglong Investment, and Zhixin Rongke [8]. - In the category of private funds with less than 1 billion in assets, Jingying Zhito and Huacheng Private Fund had the top two quantitative CTA products, while Fanxu Asset and Farmer Private Fund led in subjective CTA products [9].

Core Viewpoint - The recent failures of two rocket launches in China have cast a shadow over the commercial aerospace sector, raising concerns among investors and market participants about the stability and maturity of the technology involved [1][3][12]. Group 1: Launch Failures - On January 17, China experienced two significant launch failures within hours: the Long March 3B rocket carrying the Shijian-32 satellite and the private company Starry Sky's Gushenxing-2 rocket, both of which encountered flight anomalies [3][14]. - The Long March 3B rocket had a historical success rate of 110 out of 115 launches, making this failure particularly notable as it breaks a streak of successful launches [3][14]. - The Gushenxing-2 rocket was designed for the small satellite constellation market and its failure represents a significant setback for Starry Sky, which had previously achieved a high success rate with its Gushenxing-1 rocket [5][19]. Group 2: Impact on Starry Sky - Starry Sky is currently in a critical phase as it approaches its IPO, having completed a 2.4 billion yuan Series D financing round in September 2025, with a valuation of 15 billion yuan [7][19]. - The company had successfully launched four satellites just a day before the failure, which had set a positive tone for its upcoming IPO process [19]. - The recent failure may undermine investor confidence and regulatory perceptions regarding the company's technological maturity and operational stability, especially in the context of recent volatility in the A-share commercial aerospace sector [8][19]. Group 3: Industry Context - The global failure rate for new rocket launches is estimated to be between 30% and 50%, with established companies like SpaceX and Rocket Lab having experienced similar setbacks [10][21]. - The aerospace industry is characterized by high risks, and the ability to learn from failures is crucial for future success [10][21]. - China plans to advance multiple reusable rocket launches in 2026, indicating ongoing efforts to develop a reliable and cost-effective space transportation system [10][21].

Market Strategy - Market activity remains sluggish, with the market continuing to experience low-volume fluctuations [7] - The overall A-share index increased by 0.01%, while the Shanghai Composite Index decreased by 0.06% [7] - The ChiNext Index and the STAR 50 Index showed positive performance, increasing by 1.01% and 1.36% respectively [7] Industry Dynamics - In November, China's energy storage projects saw a total bid scale of nearly 20GWh for battery cells, with leading companies like Yiwei Lithium Energy and CATL capturing 24.1% and 22.8% of the market share respectively [28] - The Ministry of Agriculture and Rural Affairs has initiated a special governance action for internet pesticide operations to regulate the market and ensure compliance [30][36] - The Three Gorges Group's Jiangsu Dafeng 800 MW offshore wind power project has successfully connected its 13.6 MW wind turbine to the grid, marking a significant achievement in offshore wind energy capacity [37] Company Tracking - Daikin Heavy Industries has partnered with Germany's Briese Schiffahrts to establish an international offshore wind power industry hub [39] - Sailun Tire plans to invest $15.2 million in the second phase of its project in Cambodia, focusing on the development of a comprehensive economic zone for rubber-related industries [41][43] - Kweichow Moutai emphasizes high-quality development and sustainable value creation, focusing on maintaining quality, market transformation, and corporate social responsibility [44][46] - Jiyuan Group is expanding its business model to include nutritional raw materials and personalized nutrition, targeting growth in the health and wellness sector [47]