本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资本市场，时间是检验策略的试金石 。由于资本市场环境变化较快，很多时候，某一种策略只在阶段内奏效，所以有了" 一年翻倍者众，三 年翻倍者寡 "的说法。要想持续获利，就需要持续地学习和进行策略迭代。 5年、10年对于资本市场而言，是一个漫长的时间，足以考验基金经理和投资策略的真实能力。为了给读者提供一些参考，笔者梳理出了 "长跑 型"私募产品，包括在近五年业绩表现突出的产品和成立超10年的"双十基金"产品 。 0 1 主观多头成 " 双十基金 " 主力军，梁宏旗下产品表现亮眼！ 截至2025年7月底，成立满10年且在私募排排网有业绩展示的私募产品共有61只， 其中成立来年化收益超 10%的"双十基金"共有32只，占比约 为52%。 其中14只"双十基金"在今年7月份创了历史新高。 按产品类型来看，主观多头产品占 25只 。 进化论资产、深圳易同投资、通和投资、中睿合银等4家私募各有2只产品在列。百亿私募中，进化论资产有2只产品在列，海南希瓦有1只产品 在列。 | 产品简称 | 二级策略 | 产品规模 | 今年来 成立以来 成立日期 年化收益 (万 ...

Core Viewpoint - The A-share market has shown a strong performance, with the Shanghai Composite Index reaching 3700 points, indicating a recovery from previous economic shocks. A trend of gradual growth has emerged since April 27, following the impact of U.S. tariffs, leading to a widening gap between stock strategies and other primary strategies [1]. Summary by Categories Market Performance - The A-share market has entered a four-month trend of gradual growth, with a noticeable recovery in the index [1]. - Quantitative long strategies and subjective long strategies have both performed well, with quantitative long strategies achieving a return of 25.02% and subjective long strategies averaging 5.86% in July [3][4]. Strategy Performance - Among various strategies, subjective long strategies have outperformed quantitative long strategies due to their concentrated positions and flexibility in trading [4]. - The average return for subjective long strategies across different scales of private equity funds has been significant, with the highest returns observed in the 10-20 billion category at 25.43% [18]. Fund Performance - The top-performing subjective long products in the 100 billion category include "和谐汇一医疗创新B类份额" managed by 施跃, achieving a return of ***% [7][5]. - In the 50-100 billion category, "同犇22期" managed by 童驯 led with a return of ***% [14]. - The 20-50 billion category saw "丹羿鹏程1号1期" managed by 王帅 achieving a return of ***% [17]. - In the 10-20 billion category, "能敬价值优选二号" managed by 孙杰 led with a return of ***% [21]. - The 5-10 billion category was topped by "优波三号A类份额" managed by 陈龙 with a return of ***% [24]. - The 0-5 billion category saw "子衿云杉" managed by 邹凯 achieving a return of ***% [28]. Investment Insights - Fund managers are focusing on sectors such as innovative pharmaceuticals and medical devices, indicating a re-evaluation of high-quality assets in China [8]. - The market is currently in a phase where investors are cautious about the sustainability of earnings for companies that have seen significant price increases [8].