新华财经上海1月9日电（记者魏雨田）2025年境内私募证券投资产品交出亮眼成绩单。私募排排网最新 统计数据显示，全市场有业绩记录的9934只私募证券产品中，8915只产品实现正收益，正收益占比达 89.74%；产品整体平均收益率达25.68%，收益中位数亦录得18.78%，展现出优异的整体盈利水平。 对于这一亮眼表现，排排网集团旗下融智投资FOF基金经理李春瑜表示，2025年私募证券产品的突出表 现，主要得益于宏观环境、资金面与投资策略三大核心因素的共振。其一，宏观环境与市场走势形成正 向联动。国际货币体系重塑推动全球资金向非美元资产倾斜，国内人工智能、新能源等核心领域的产业 创新突破，则实现了科技投资叙事的反转。在此背景下，A股市场全年整体呈现震荡上行态势，为以股 票策略为主的私募产品创造了坚实的收益基础。其二，资金面为市场提供有力支撑。在政策引导下，中 长期资金持续稳步入市，居民储蓄向资本市场迁移的趋势进一步强化，市场流动性得到显著提升，有力 助推权益类资产走强。其三，投资策略与市场结构高度适配。股票策略精准把握股市上涨机遇，多资产 策略与组合基金则分别通过跨资产配置、分散投资的方式有效平滑波动，各类策略 ...

2025年，私募证券产品掀起备案热潮。 引人注意的是，2025年量化产品备案表现尤为亮眼。 私募排排网数据显示，截至2025年12月31日，全年共计备案私募证券产品12645只（包含自主发行和担 任投顾的产品），较2024年的6337只环比增幅99.54%。 2025年量化私募备案产品共计5617只，较2024年的2621只增幅114.31%，另外2025年备案量化产品占到 总量的44.42%，较2024年的41.68%，亦有大幅提升。其中股票策略量化产品以4077只的数量占据主 导，占量化产品总数量的72.58%，彰显了量化股票策略的市场认可度。 分类型来看，股票策略依然是私募机构的首选方向。2025年备案股票策略私募产品8328只，占全部备案 产品的65.86%，占据绝对主导地位。 在量化股票策略的细分领域，量化多头策略表现最为突出，备案数量达2746只，占量化产品总数量的 48.89%，成为股票量化产品的核心发力点。股票市场中性策略备案1114只，占比19.83%，作为对冲市 场风险的重要工具，其较为稳定的收益特征受到求稳投资者的青睐；股票多空策略备案217只，占比 3.86%，虽然数量相对较少，但体现 ...

Core Insights - The A-share market in November faced a downturn, with major indices declining, yet quantitative private equity funds achieved remarkable performance, with over 300 funds reaching historical net value highs and an average annual return of 67.39% for some funds [1][2] Group 1: Performance of Quantitative Private Equity - In November, 389 products from billion-level private equity funds reached historical net value highs, accounting for approximately 61% of the total products [2] - Among these, over 80% were quantitative products, totaling 324, with 18 billion-level quantitative private equity firms having all their products reach new highs [2] - Leading quantitative firms like Lingjun Investment and Ningbo Huansheng Quantitative achieved annual average returns of 67.39% and 52.55%, respectively, with multiple products hitting new net value records [2][3] Group 2: Distribution and Dividend Trends - The total number of private equity products registered in November reached 1,285, marking a 29.28% increase from October, with quantitative products accounting for 43.97% of the total [5] - Since 2025, private equity products have implemented dividends 1,658 times, totaling over 173.38 billion yuan, a significant increase of 236.59% compared to the same period in 2024 [3][4] - Stock strategies have been the primary driver of dividends, with 984 distributions amounting to 132.19 billion yuan, representing 76.24% of the total [3] Group 3: Market Outlook and Investor Sentiment - The increase in product issuance is driven by optimistic market expectations, with 885 private equity firms conducting research on 439 stocks in November [6] - Analysts suggest that the market is transitioning from a single growth style to a balanced approach, focusing on high-prosperity sectors for future rebounds [6] - The anticipated policy support in 2026 is expected to enhance market sentiment and activity, with a slow bull market trend likely to continue [6]

Core Viewpoint - The private equity sector in the A-share market has experienced explosive growth in dividends since 2025, with a total of 1,658 dividend distributions amounting to 17.34 billion yuan, a 236.59% increase compared to the previous year [1] Summary by Category Dividend Performance - In 2025, private equity products implemented dividends 1,658 times, totaling 17.34 billion yuan, compared to 5.15 billion yuan in the same period last year [1] - Stock strategy private equity products dominated the dividend distribution with 984 distributions, amounting to 13.22 billion yuan, representing 76.24% of the total [1] - Multi-asset strategies showed flexibility with 232 distributions totaling 1.50 billion yuan, accounting for 8.66% of the total [1] Strategy Analysis - Futures and derivatives strategies benefited from the commodity market's trends, with 204 distributions totaling 1.21 billion yuan, making up 6.97% of the total [2] - Bond strategies maintained stability with 171 distributions totaling 1.05 billion yuan, representing 6.06% [2] - Fund of funds had a smaller scale with 67 distributions totaling 0.36 billion yuan, accounting for 2.06% [2] Management Mode - There is a notable divergence in dividend performance between subjective and quantitative private equity products, with non-quantitative products achieving 1,101 distributions totaling 11.47 billion yuan, which is 66.15% of the total [2] - Quantitative products, despite strong performance, only distributed 5.87 billion yuan, accounting for 33.85% [2] Scale of Private Equity Institutions - Large-scale private equity (over 5 billion yuan) had 233 distributions totaling 7.18 billion yuan, representing 41.41% [3] - Small-scale private equity (0-1 billion yuan) had the highest number of distributions at 1,059, totaling 6.47 billion yuan, accounting for 37.31% [3] - Medium-scale private equity (1-5 billion yuan) had 366 distributions totaling 3.69 billion yuan, representing 21.29% [3] Market Insights - The explosive growth in private equity dividends is attributed to structural opportunities in the capital market and the professional development of the private equity industry [3] - The A-share market has been supported by policy dividends and industrial upgrades, leading to significant structural opportunities in core sectors and quality stocks [3]

Core Insights - Despite the ongoing fluctuations in the A-share market since November, the enthusiasm for private equity product registration remains high, with a significant increase in the number of registered products [1][3] Group 1: Private Equity Product Registration - A total of 1,285 private equity securities products were registered in November, marking a 29.28% increase from 994 products in the previous month [1] - The stock strategy continues to dominate, with 849 products registered, accounting for 66.07% of the total [1] - Multi-asset strategies saw 193 products registered, representing 15.02% of the total, while futures and derivatives strategies accounted for 121 products, or 9.42% [1] Group 2: Quantitative Private Equity Products - Quantitative private equity products performed exceptionally well, with 565 products registered in November, making up 43.97% of the total [2] - Within quantitative strategies, stock strategies led with 402 products, while futures and derivatives strategies had 80 products registered [2] - The quantitative long strategy was particularly notable, with 310 products registered, representing 54.87% of quantitative products [2] Group 3: Market Sentiment and Factors - The high registration enthusiasm is driven by optimistic market expectations, as private equity institutions believe equity asset valuations are now reasonable, and economic stabilization is underway [3] - The continuous decline in risk-free interest rates has diminished the appeal of traditional fixed-income products, prompting investors to reallocate assets towards higher-yielding private equity securities [3] - The overall performance of private equity securities products has been strong this year, especially in quantitative strategies, with over 90% of products showing positive returns, boosting confidence among channels and high-net-worth clients [3]

Group 1 - The private equity market in China is experiencing a surge in product registrations, with November seeing a 29.28% increase compared to the previous month, totaling 1,285 registered private equity securities products, marking the second-highest monthly registration this year [1] - Equity strategies remain the dominant focus for private equity firms, with 849 equity strategy products registered in November, accounting for 66.07% of total registrations, indicating strong investor interest despite recent adjustments in the A-share market [1] - Multi-asset strategies and futures and derivatives strategies are also maintaining high levels of activity, with 193 multi-asset strategy products registered, representing 15.02% of the total [1] Group 2 - Quantitative private equity products are particularly noteworthy, with 565 products registered in November, making up 43.97% of total registrations; equity strategies dominate this category as well, with 402 products registered [2] - A total of 719 private equity firms registered products in November, with 49 firms registering five or more products, highlighting a strong enthusiasm for product registration, especially among leading quantitative firms [2] - Century Frontier leads in product registrations with 20 products, followed by Starstone Investment with 15, and Mingchao Investment, Shanghai Xiaoyong Private Equity, and Tiansuan Quantitative each with 12 products [2] Group 3 - The A-share market has seen fluctuations around the 3,900-point mark, but long-term trends remain positive according to DWSQ, which believes that current adjustments do not alter the medium to long-term bullish outlook for A-shares [3] - Support for market risk appetite is expected from policy and liquidity environments, with expectations of the Federal Reserve entering a rate-cutting phase and overall liquidity in the A-share market remaining ample [3] - Corporate earnings are showing signs of stabilization, with the technology and advanced manufacturing sectors expected to contribute positively to market opportunities due to external demand and technological upgrades [3]

Core Insights - The A-share market has shown a slow upward trend this year, supported by policy measures in the bond market, which has seen a recovery in the latter half of the year. The commodity futures market has displayed significant differentiation, with stock index futures and precious metals performing particularly well [1] Summary by Category Private Fund Performance - As of the end of October, 91.33% of the 10,969 private funds achieved positive returns, with an average return rate of 24.32%. The top 5% of funds recorded an impressive return rate of 72.03% [1] Strategy Types - Equity strategies led the five major strategies with an average return rate of 29.52%, and 92.73% of these products generated positive returns. Among 6,931 products, 6,427 were profitable, with the top 5% achieving a return of 82.48%, significantly higher than other strategies [1] - Multi-asset strategies ranked second with an average return rate of 19.71% and a positive return product ratio of 91.61%. This strategy effectively captured the equity market's upward momentum while diversifying risks through bonds and commodities [1] - Combination funds demonstrated strong profitability stability, with 96.85% of products yielding positive returns. Out of 476 products, only 15 reported losses, although the average return rate of 17.86% was slightly lower than that of multi-asset strategies [1]

Core Insights - The private equity fund distribution scale has significantly increased this year, with a total distribution amount exceeding 15.158 billion yuan, marking a year-on-year increase of 263.76% compared to 4.167 billion yuan last year [1][2] Distribution Overview - As of October 31, 2025, out of 5,558 private equity products with performance displays, 1,135 products have implemented distributions, accounting for 20.42% of the total [1] - The total number of distributions reached 1,443 times, with the distribution amount surpassing 15.158 billion yuan [1][2] Strategy Analysis - Stock strategy products are the main contributors to distributions, with 848 distributions totaling 11.586 billion yuan, representing 76.43% of the total distribution amount [2][3] - Multi-asset strategies had 209 distributions amounting to 1.376 billion yuan, accounting for 9.08% [2][3] - Futures and derivatives strategies and bond strategies had similar distribution amounts of approximately 936 million yuan and 937 million yuan, each accounting for 6.18% [2][3] - Combination funds had a smaller distribution scale, with 65 distributions totaling 323 million yuan, representing 2.13% [2][3] Performance Drivers - The significant increase in distribution scale is attributed to three main factors: strong overall performance of private equity funds, with an average return of 24% this year, and over 90% of products achieving positive returns [2][4] - Stock strategies performed particularly well, with average returns close to 30%, providing a solid foundation for distributions [2][4] - Distributions help investors convert paper profits into actual gains, enhancing confidence in holding and trust in fund managers [2][4] Management Approach - Subjective private equity funds have shown a higher distribution frequency, with 943 distributions totaling 10.042 billion yuan, accounting for 66.25% of the total [3][4] - Quantitative private equity funds, despite strong performance, had a distribution amount of only 5.116 billion yuan, representing 33.75% [3][4] - The distribution strategy differs, with subjective funds focusing on long-term value investment and quantitative funds being more conservative in distribution frequency and amount [4] Scale Impact - Private equity funds with over 10 billion yuan in assets have a dominant position in distributions, with 152 distributions totaling 5.479 billion yuan, accounting for 36.14% of the total distribution amount [4]

Core Insights - The A-share market has shown a slow upward trend this year, with 91.33% of private equity funds achieving positive returns and an average return rate of 24.32% as of the end of October [1] - Stock strategies lead the performance among five major strategies with an average return of 29.52%, and 92.73% of products reporting positive returns [1] - Multi-asset strategies have an average return of 19.71% and a positive return rate of 91.61%, effectively capturing market gains while diversifying risks [1] Group 1: Private Equity Fund Performance - As of October, 10,969 private equity funds were tracked, with 91.33% achieving positive returns and an average return rate of 24.32% [1] - The top 5% of funds achieved a remarkable return of 72.03%, indicating a strong performance in high-yield products [1] - Stock strategies outperformed with an average return of 29.52%, and 92.73% of products in this category reported positive returns [1] Group 2: Strategy Analysis - Multi-asset strategies ranked second with an average return of 19.71% and a positive return rate of 91.61%, benefiting from timely stock asset allocation [1] - Bond strategies showed a conservative approach with an average return of 8.77%, but 90.09% of products achieved positive returns, highlighting their risk defense capability [2] - Quantitative long strategies excelled with an average return of 36.76% and a positive return rate of 96.52%, outperforming subjective long strategies by 7.04 percentage points [2]

Core Viewpoint - The private equity fund distribution scale has significantly increased in 2025, with a total distribution amount exceeding 15.158 billion yuan, marking a year-on-year increase of 263.76% compared to 4.167 billion yuan in the same period last year [2][3]. Group 1: Distribution Performance - A total of 1,135 private equity products have distributed dividends this year, accounting for 20.42% of the 5,558 products with performance displays [2]. - The average return of private equity funds this year has reached 24%, with over 90% of products achieving positive returns, particularly stock strategies with an average return close to 30% [3]. - Stock strategy products have become the main force in dividend distribution, with 848 distributions totaling 11.586 billion yuan, representing 76.43% of the total distribution amount [4][10]. Group 2: Distribution by Strategy - Multi-asset strategies have distributed dividends 209 times, amounting to 1.376 billion yuan, accounting for 9.08% of the total [6]. - Futures and derivatives strategies and bond strategies have similar distribution amounts, approximately 936 million yuan and 937 million yuan respectively, each accounting for about 6.18% [6]. - Combination funds have a relatively small distribution scale, with 65 distributions totaling 323 million yuan, representing 2.13% [6][10]. Group 3: Management Mode - Subjective private equity funds have shown more active distribution, with 943 distributions totaling 10.042 billion yuan, accounting for 66.25% of the total, while quantitative private equity funds have distributed only 5.116 billion yuan, representing 33.75% [7][8]. - Subjective private equity focuses on long-term value investment and tends to distribute dividends after achieving expected profits, while quantitative private equity is more conservative in distribution decisions [7][8]. Group 4: Distribution by Fund Size - Private equity funds with a scale of over 10 billion yuan have dominated the distribution amount, with 152 distributions totaling 5.479 billion yuan, accounting for 36.14% [9]. - Smaller private equity funds (0-5 billion yuan) have the highest number of distributions at 713 times, but their total distribution amount is only 2.86 billion yuan, accounting for 18.87% [9]. - The 50-100 billion yuan scale private equity funds have shown fewer distributions with a total of 49 times and 1.122 billion yuan, representing 7.40% [9].