一、在经历市场出清和估值修复后， 二级市场吸引力显著增强 ，投资者信心回归。结构上从股权私募"一枝独秀"转变为 股权与证券私募"双轮 驱动" ，行业生态更加健康均衡。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 中基协最新数据显示，2025年10月末，私募基金管理规模首次突破22万亿元，刷新了2023年9月末20.81万亿元的历史峰值。其中，存续私募证 券投资基金规模达7.01万亿元，这是该类基金规模首次突破7万亿元。 排排网集团旗下 融智投资 FOF基金经理李春瑜表示，私募基金行业内在结构已经发生了深刻且积极的变化，主要体现在两个方面： 二、竞争格局头部效应持续加剧，尾部出清加速，行业集中度进一步提升。 无论是股权还是证券领域，资金和优质项目都越来越向那些具备强 大投研能力、成熟风控体系和品牌影响力的头部机构集中。 从"头部"私募产品 （本文指的是管理规模1亿以上的产品） 来看，截至2025年11月28日，私募排排网有业绩展示的产品共有5561只， 其中管理 规模在1亿元以上的产品有1119只，占比20.12%，今年来收益均值、中位数分别为32.31%、25.39%；而规模5亿以上的私募 ...

Core Insights - The average return of 10,135 private equity securities products with performance records is 20.41% year-to-date, as of August 31, 2025 [1] - A total of 9,208 products achieved positive returns, resulting in a positive return rate of 90.85% [1] - The 5th percentile return reached 60.64%, indicating that some products delivered significantly high returns [1] - Equity strategies have shown outstanding performance among the various strategies [1]

Core Viewpoint - The year 2025 is expected to be favorable for private equity firms, with significant returns observed in private securities products and a resurgence of star stock private equity funds [1]. Group 1: Performance of Private Equity Products - As of August 31, 2025, 10,135 private securities products recorded an average return of 20.41%, with 9,208 products achieving positive returns, resulting in a positive return rate of 90.85%. The 5th percentile return reached 60.64% [3]. - Among 6,473 stock strategy products, 6,026 achieved positive returns, representing 93.09%, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market, with A-shares showing an upward trend and a focus on small and mid-cap stocks, as well as technology growth and resource cyclical stocks [3]. - Multi-asset strategies also performed well, with 1,279 products recording an average return of 15.61% and a positive return rate of 89.91%. The 5th percentile return for these products was 52.84% [3]. Group 2: Strategy Performance Breakdown - Combination fund strategies had the highest positive return rate, with 398 products showing 95.98% positive returns and an average return of 14.12%, while the 5th percentile return was 36.38% [4]. - Futures and derivatives (CTA) strategies underperformed, with 1,212 products achieving a 77.15% positive return rate and an average return of 8.55%. The 5th percentile return for these products was 37.61% [4]. - Bond strategies remained stable, with 773 products achieving a 92.50% positive return rate and an average return of 7.89%, while the 5th percentile return was 26.59% [4]. Group 3: Research Activities of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [5]. - The top private equity firms in terms of research frequency include Panjing Investment with 350 instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [5][6]. - Many large private equity firms have increased their overseas research efforts, with some focusing on long-term investments in non-ferrous enterprises and conducting multiple research trips to Africa to assess overseas mineral projects [7].