2025年，私募行业可谓是百花齐放，捷报频传。10月， 百亿私募数量突破100家，私募业重返百家百亿的"双百时代"。 11月底，全国七千余家 存续证券类私募中，超六百家规模实现年度跃升，近百家机构规模跃升两级及以上，中坚力量势头强劲。"小而美"私募也不遑多让，凭借差异化 策略与灵活性操作，深耕细分领域持续创造超额Alpha，为行业生态注入了蓬勃活力。 2025私募十大现 象级事件：AI布局加速、百亿格局巨变... 私 募 基 金 近 1 年 收 益 TOP20 揭 晓 ！ 主 观 多 头 上 榜 门 槛 竟 这 么 高 ！ 百亿私募最新业绩榜揭晓！复胜、幻方居前！东方港湾领先近3年！ 往期推 荐 RECOMMEND 行业规模与产品发行同步走高 ：10月末， 国内存续私募基金管理规模首破 22万亿元大关 ；11 月末进一步攀升至22.09万亿元。截至12月25 日，私募排排网数据显示， 年内新备案产品数量超 1.2万只， 产品种类日趋多元，发行热度持续高涨。 从业绩表现来看，行业整体收获颇丰。截至2025年11月底， 私募排排网 有业绩展示的5116只产品，近1年平均收益为***%；策略层面，量化多 头、主观多 ...

复合策略是指管理人同时使用两种甚至多种投资策略的组合进行投资，以期达到降低风险、平稳收益的目标。管理人从子策略角度出发，评估子策略的表 现、之间相关性、子策略占比等，力争使得复合策略获得1+1大于2的效果。与单一策略相比，复合策略在平滑波动、增强收益、扩大规模方面都有较显 著的优势。 私募排排网显示，截至2025年12月12日，有今年来业绩展示的复合策略产品共有428只，数量仅次于量化多头策略和主观多头策略。从业绩层面来看，在 16个二级策略中，复合策略今年来平均收益为26.52%，位列第5。 | 二级策略 | 有今年来业绩展示的产品数 | 今年来平均收益 | | --- | --- | --- | | 曹帆亲杀 | 913 | 39.07% | | 主观多头 | 2262 | 35.33% | | 主观CTA | 197 | 28.84% | | 其他衍生品策略 | 17 | 28.78% | | 复合策略 | 428 | 26.52% | | 宏观策略 | 254 | 24.74% | | 转债交易策略 | 129 | 19.61% | | 量化CTA | 413 | 19.50% | | FOF | 1 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网显示，截至2025年12月12日，有今年来业绩展示的复合策略产品共有428只，数量仅次于量化多头策略和主观多头策略。从业绩层面 来看，在16个二级策略中，复合策略今年来平均收益为26.52%，位列第5。 | 二级策略 | 有今年来业绩展示的产品数 | 今年来平均收益 | | --- | --- | --- | | 를化务杀 | 913 | 39.07% | | 主观多头 | 2262 | 35.33% | | 主观CTA | 197 | 28.84% | | 其他衍生品策略 | 17 | 28.78% | | 复合策略 | 428 | 26.52% | | 宏观策略 | 254 | 24.74% | | 转债交易策略 | 129 | 19.61% | | 量化CTA | 413 | 19.50% | | FOF | 153 | 18.10% | | 股票多空 | 84 | 14.45% | | 期权策略 | 114 | 13.77% | | 套利策略 | 100 | 10.01% | | 债券复合策略 | 75 | 9.92% | | ...

Core Insights - Multi-asset strategy private equity products have gained popularity in 2023, with 1,400 products registered from January to October, second only to stock strategy products [1] - The appeal of multi-asset strategies is attributed to significant global asset price fluctuations expected in 2024-2025, evolving investor demands for risk-return matching, and the search for absolute returns by long-term funds [1][8] Performance Overview - As of November 14, multi-asset strategy products have an average annual return of 20.37%, ranking just below stock strategies, with a slightly higher Sharpe ratio and lower volatility and drawdown [2][3] - The performance metrics for various strategies are as follows: - Stock Strategy: 29.54% average return, 93.14% positive return ratio, 35.96% volatility [3] - Multi-Asset Strategy: 20.37% average return, 91.73% positive return ratio, 25.84% volatility [3] - Composite Fund: 18.98% average return, 96.34% positive return ratio, 39.15% volatility [3] - Futures and Options: 13.79% average return, 82.49% positive return ratio, 48.73% volatility [3] - Bond Strategy: 8.46% average return, 92.10% positive return ratio, 11.76% volatility [3] Sub-strategy Performance - Among sub-strategies, macro strategies outperform in average return, positive return ratio, and Sharpe ratio [4] - Macro Strategy: 25.09% average return, 97% positive return ratio, 25.48% volatility [5] - Composite Strategy: 21.14% average return, 90.93% positive return ratio, 1.63 Sharpe ratio [7] - Arbitrage Strategy: 8.87% average return, 89.95% positive return ratio, lowest volatility and drawdown [7] Market Dynamics - The macro strategy focuses on dynamic allocation across major asset classes based on global macroeconomic analysis [6] - Bridgewater's "All Weather Strategy" exemplifies macro strategies, aiming for stable performance across different economic environments [6] - Local macro strategy firms like Honghu and Banxia are emerging as key players in the market [7] Challenges and Considerations - Successfully implementing multi-asset strategies requires more than just combining different assets; it necessitates creating a synergistic portfolio [8] - The complexity of the Chinese market, with significant differences in Sharpe ratios and economic cycles, demands experienced management and a tailored methodology [8] - A robust IT system covering research, trading, risk control, and operations is essential for distinguishing the capabilities of multi-asset strategy private equity firms [8]

Core Viewpoint - Shanghai Zhujin Investment's options team, led by Yu Bin, achieved the championship in the options category of a trading competition, despite facing a challenging market environment that negatively impacted their performance compared to the previous year [1] Group 1: Trading Strategy and Performance - Yu Bin initially developed a trading system based on technical analysis, achieving a win rate of 38% with a profit-loss ratio of 2.5:1, but faced a nearly 20% drawdown due to market volatility [2] - After a critical turning point in 2017, Yu Bin shifted focus to options, particularly the dual-selling strategy on the SSE 50 ETF options, which yielded an annual return of about 10% [3] - The introduction of a diversified strategy combining futures directional analysis with options volatility management improved the win rate to 70%, although the profit-loss ratio decreased to 1:1, resulting in a more stable "stair-step" profit curve [3] Group 2: Team Collaboration and Risk Management - The importance of team collaboration is emphasized, with each member playing a crucial role in strategy development, opportunity identification, planning, execution, and risk control [4] - A comprehensive risk management system was established, consisting of three lines of defense: logical risk control based on fundamental support, position risk control through diversification, and capital risk control with a warning mechanism for different product styles [5] Group 3: Personal Growth and Trading Philosophy - Yu Bin highlights the significance of self-awareness in a trader's growth, advocating for a balance between risk and return while recognizing personal trading styles [6] - The philosophy of trading as a marathon emphasizes the importance of maintaining a clear mind over excessive monitoring of the market, showcasing a sustainable path to success [6]