智通财经7月9日电，私募排排网数据显示，2025年上半年私募证券产品整体收益达8.32%，超八成产品 实现正收益。股票策略以10%平均收益领跑五大策略，其中量化多头表现亮眼（平均收益15.42%，正收 益占比93.32%），主观多头则凭借35.68%的5%分位数收益展现爆发力。期货策略中，主观CTA（平均 收益4.90%）优于量化CTA，期权策略正收益占比突出（77.11%）。债券策略稳定性居首，超九成货正 收益。组合基金、多资产策略收益均超6%。市场震荡环境下，量化与主观策略各显优势。（智通财经 记者 吴雨其） 上半年私募股票策略平均收益10%领跑五大策略 ...

期货研究报告 | 金融工程研究 私募周表现较好，后市对小市值敞口与 基差收敛风险保持谨慎 （ 2025年05月26日-2025年05月30日） ——招商期货私募策略跟踪周报 ·研究员-赵嘉瑜 ·联系电话：13686866941 ·联系人-卢星·联系电话：13120557519 2025年06月04日 核心观点 | | | 截至2025-05-30，本周3类私募指增策略为正收益，本周大约50%的股票中性策略基金收益率为正，周收益率75% | | --- | --- | --- | | | | 分位数为0.13%。本周2类周期标签维度中性策略收益率中位数为正，偏持有型Alpha中性表现较好，中位数收益率 | | 总体情况 | 策略概况 | 为0.15%；大约75%期权策略池基金收益率为正，偏卖权型策略收益率表现相对较好，在75%分位数收益率为 | | | | 0.58%。从细分策略月度表现来看，表现最好的三类细分策略为中证1000指增（+4.35%）、量化选股（+3.65%）、 | | | | 中证500指增（+3.21%）；表现最差的三类细分策略为全复制中性T（+0.23%）、偏套利型（+0.40%）、300中 ...

2025 年 05 月 16 日 证券研究报告 | 金融工程月报 关税风波引发权益市场下跌，量化策 略超额表现优异 策略指数跟踪月报(2025 年 5 月期) 分析师：程秉哲 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 销售服务电话： 021-20515355 益还能保持吗？—策略环境跟踪月报 (2025 年 4 月期)》2025-04-16 2、《小盘风格强势，为何公募指增超额较 少？—策略环境跟踪月报(2025 年 3 月 期)》2025-03-12 3、《当前是否是中性策略止盈的好时 机？—策略环境跟踪月报(2025 年 2 月 期)》2025-02-13 —策略环境跟踪月报（2025 年 1 月期）》 2025-01-15 5、《市场成交活跃，Alpha 策略收益修复 —策略环境跟踪月报》2024-12-10 投资要点 本月报统计时间为 2025.04.01 至 2025.04.3 ...

Group 1 - The private equity industry in China is experiencing accelerated head-to-head competition, with a significant "Matthew Effect" where top firms are consolidating their advantages, leading to a market characterized by a "20/80" distribution [2][24][26] - As of February 2025, there are 7,893 private equity managers and 86,708 products in the private securities investment fund sector, with a total management scale of 5.24 trillion yuan, reflecting a decline from historical peaks due to regulatory pressures and market challenges [20][24][26] - The top 1% of private equity firms manage over 100 billion yuan, while 84.91% of managers have a scale of less than 500 million yuan, indicating a significant disparity in the industry [24][26] Group 2 - The report categorizes private equity strategies into five main types: stock strategies, bond strategies, futures and derivatives strategies, multi-asset strategies, and combination funds, with a detailed breakdown into 16 secondary strategies [36][39] - Stock strategies dominate the private equity landscape, with subjective long positions and quantitative long positions accounting for approximately 60% of the market, while bond strategies have seen a significant decline due to low interest rates [39][40] - The subjective long strategy focuses on active management through in-depth research, while quantitative long strategies utilize mathematical modeling and algorithms to construct stock portfolios, highlighting a shift towards data-driven investment approaches [44][52] Group 3 - The report outlines the performance characteristics of various strategies, noting that subjective long strategies achieved an average return of 40.2% during the 2020 bull market, while quantitative long strategies have shown a consistent annualized excess return of 13.5% over the past five years [3][50][56] - The report emphasizes the importance of strategy innovation and compliance capabilities for survival in the competitive landscape, as smaller firms face increasing challenges in fundraising and differentiation [24][26][39] - A diversified strategy configuration is proposed, offering combinations from conservative to aggressive profiles, with the conservative portfolio achieving a 6.1% annualized return and a maximum drawdown of less than 3% [5][39]