私募基金经理是私募产品的"掌舵人"，是投资者在挑选私募产品时的重要参考因素。2025年以来的A股、港股、美股，黄金、白银等期货市场均有不俗表 现，那么，今年来，有哪些基金经理脱颖而出呢？ 根据私募排排网数据，截至2025年10月底，"在私募排排网至少有3只私募产品有今年1-10月业绩展示"的基金经理共有565位（其中股票策略基金经理占 345位），今年1-10月收益中位数约为24.32%，跑赢同期的上证指数（18%）。 经统计，今年1-10月收益在***%以上的基金经理有16位，在***%以上的基金经理有81位。为了给投资者提供一些参考，笔者按照所任职公司的管理规模 （100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿），分别梳理出了各规模组中今年1-10月收益居前10强的基金经理。 [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代。] 经梳理发现，除百亿私募规模组外，其余规模组10强基金经理多来自主观私募，与前2年量化私募基金经理频繁霸榜截然不同。这或是因为今年来A股市 场表现较好，算力、机器人、游戏、创新药、新能源等多个赛道都有亮眼表现，看对赛道或者踩准市场 ...

Core Insights - The private equity industry is undergoing a new round of capability restructuring, driven by intensified market differentiation and accelerated technological empowerment [2] - Talent acquisition and technological layout have become core competitive advantages for private equity firms, essential for navigating market cycles [2] Talent Recruitment Strategies - The number of recruits in 2025 is significantly higher than in previous years, focusing on strategy, model, and IT positions, indicating a systematic enhancement of capabilities rather than mere personnel expansion [5][6] - Companies are increasingly prioritizing the recruitment of top-tier talent globally, with initiatives like campus recruitment and AI-related positions to strengthen existing quantitative strategies and foster innovation [6][7] - The emphasis is on quality over quantity in recruitment, with a focus on candidates with strong backgrounds in AI, big data, and foundational system architecture [10][11] IT and Data Investment - Investment in IT and data infrastructure is seen as a strategic necessity for risk management and operational efficiency, with a focus on enhancing computational efficiency, data effectiveness, and system stability [16][20] - Companies have made substantial investments in computing power, with some reporting over 200 million yuan in cumulative investments to support research and strategy development [17][20] - The approach to IT investment is not merely defensive but is viewed as a proactive competitive strategy to enhance research capabilities and ensure long-term sustainability [23] Future Trends in the Industry - The private equity sector is expected to enter a phase of "refined integration" over the next 3-5 years, with a focus on engineering and precision [24] - Team structures will evolve towards a more industrialized research system, emphasizing platform building and specialized roles, with a growing demand for interdisciplinary talent [27][31] - AI technology will become a foundational element of quantitative strategies, transforming various industry segments and enhancing the overall research process [30][34]

Core Viewpoint - The article discusses the performance divergence of macro strategy private equity funds in China between the first half and the second half of 2025, attributing this to changes in market sentiment and macro policy adjustments [2]. Group 1: Asset Class Performance and Driving Mechanisms - A-shares showed a modest increase of 2.76% in the first half of the year, influenced by economic slowdown and external risks, with defensive sectors being favored [3]. - In the second half, A-shares experienced a structural recovery as policies were implemented and the economy improved, leading to a shift towards aggressive allocations in technology and growth sectors [3]. - Hong Kong stocks performed strongly in the first half, with the Hang Seng Index rising approximately 20% due to foreign capital inflows and low valuation recovery, but faced a slowdown in the second half due to tightening global liquidity and economic concerns [3]. - U.S. stocks, represented by the S&P 500, saw a 5% increase in the first half, driven by large tech stocks, but faced volatility due to economic uncertainties and Fed policy expectations [7]. - The bond market experienced a yield increase early in the year due to revised expectations of monetary policy, but later saw support from improved economic fundamentals and a stable central bank stance [9]. - Gold maintained strong performance as a safe-haven asset in the first half, with prices nearing historical highs, and continued to rise in the second half amid concerns over U.S. policy uncertainty [11][12]. Group 2: Reasons for Performance Divergence in Macro Strategies - The initial slow performance of macro strategies in the first half was due to unclear policy signals and cautious investor sentiment, leading to stable or slightly declining net values [14]. - In the second half, as market signals confirmed potential rate peaks and liquidity improvements, macro strategies shifted to active positions, resulting in accelerated net value increases [14]. - Institutional funds typically enter the market after clear policy signals, contributing to the liquidity boost and asset price increases in the second half [14]. - A significant emotional shift occurred from "fear" to "expectation," allowing macro strategies to capture excess returns if they managed the timing effectively [15]. Group 3: Implications for Domestic Investors - Macro strategy funds are high-risk investments influenced by market style shifts and policy fluctuations, often facing drawdown risks during uncertain market conditions [16]. - Effective management of drawdowns and net value fluctuations in the first half indicates strong asset allocation strategies and risk management capabilities [16]. - Investors should focus on the risk management abilities of macro strategy funds, especially in uncertain market environments, rather than solely pursuing short-term high returns [16].

智通财经记者 | 龙力 今年以来，量化私募迎来产品发行"大年"，头部量化私募更是频繁"上新"。 Wind数据显示，截至11月15日，一共有39家私募今年以来备案的产品数量不少于30只，其中27家为百亿量化私募，占比接近七成。仅有的4家年内备案产品 数量超过100只的也均为百亿量化私募，分别是明汯投资、世纪前沿私募、黑翼资产和上海宽德私募，备案数量分别为130只、124只、124只和123只。 其中，除了龙旗科技以外，上述其他三家私募上半年均仅备案了7只产品，龙旗科技则是在已经备案了17只产品的基础上，下半年备案频率进一步提速。龙 旗科技年内还曾主动控制部分产品线的募资节奏，宣布自5月1日起龙旗量化择时策略产品暂停接受资金的申购和追加。 孝庸私募和九坤投资下半年以来备案的产品数量也已经分别达到上半年备案产品总数的2.19倍和1.96倍。 孝庸私募是一家年内新晋百亿私募，公开资料显示，公司成立于2016年1月，今年上半年管理规模大约为40亿元，近期已经突破100亿元大关。今年6月，孝 庸私募获得知名量化投资人士梁劼加盟，在此之前梁劼曾就职于世坤投资、卓识私募、平方和投资等多家知名量化机构，后于2023年11月创办 ...

中经记者 罗辑 北京报道 随着A股持续向上，近一段时期，私募基金持续扩容。 私募排排网数据显示，截至2025年10月31日，百亿私募数量一举突破至113家，与9月底的96家相比，一 个月净增17家。这一扩容速度在私募行业发展历程中较为少见。 事实上，不仅私募行业正在活跃，近期公募基金规模也连创新高。远东资信高级研究员梁蕴兮就当前公 募、私募规模的持续增长展望称，这是我国权益市场活力提升的一个重要信号。 多位业内人士表示，国内百亿级私募机构数量出现显著增长是受多重因素推动。除了行业资源进一步向 头部集中的"马太效应"之外，股票市场整体表现强劲、私募行业整体业绩表现亮眼、行业监管环境不断 规范均推升了私募"百亿俱乐部"的扩容。从影响来看，今年以来不仅私募市场活跃度攀升，公募基金资 产净值、年度新发基金数量也创下新高。这背后有投资者信心的持续回暖，资金借私募、公募渠道持续 流入股市，从而进一步推动资本市场迈入长期持续的稳健发展。 市场活跃、监管有效施策推动头部私募崛起 具体来看，私募排排网数据显示，10月末百亿私募阵营合计较9月末净增17家，其中有18家私募机构在 10月踏入百亿阵营，1家从百亿规模中掉落。截至10 ...

Core Viewpoint - Subjective private equity funds rely on human judgment for investment decisions, contrasting with quantitative funds that depend on models. This approach allows for early positioning in potential growth areas and the identification of undervalued quality assets [2]. Group 1: Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a nearly 10-year high and a year-to-date increase of approximately 18%, while the ChiNext Index has risen nearly 49% [2]. - Various sectors such as AI computing, robotics, semiconductors, new energy, non-ferrous metals, and gaming have performed well in this market environment [2]. Group 2: Subjective Private Equity Overview - As of October 2025, there are 5,339 subjective private equity firms, accounting for over 70% of the securities investment category. Among these, 350 firms have at least three products displayed on the private equity performance platform [2]. - The average return for 350 subjective private equity firms from January to October this year is higher than that of quantitative funds [3]. Group 3: Top Performing Firms - The top three firms in the 100 billion yuan category are Yuanxin, Fusheng, and Wangzheng, with a notable mention of Dan Bin's commentary on the AI bubble [4]. - In the 50-100 billion yuan category, the top firms include Tongben Investment, Ruiyang Investment, and Shengqi Asset [12]. - The top firms in the 20-50 billion yuan category are Beijing Xiyue Private Equity, Qiantu Investment, and Luyuan Private Equity [17]. Group 4: Notable Strategies and Insights - Yuanxin Investment, established in September 2014, focuses on growth logic and has a management team with an average of over 20 years of experience [11]. - Dongfang Port Bay, led by Dan Bin, has 80 products displayed, with a significant increase in returns in October, emphasizing a bullish stance on AI stocks [11]. - Shengqi Asset, founded by Zeng Wenkai, emphasizes value investing and has a strong focus on gold and copper investments due to macroeconomic conditions [15][16]. Group 5: Emerging Trends - The trend of subjective private equity funds focusing on technology and innovation continues, with firms like Jingyan Private Equity maintaining a strong emphasis on this direction [24]. - The long-term bullish outlook on gold is highlighted by firms like Luyuan Private Equity, which has been actively investing in this sector [20].

Core Insights - The number of domestic private equity firms with assets exceeding 10 billion yuan has reached a historic high of 113, marking an increase of 17 firms in October alone, with quantitative private equity leading the expansion [1][2] - The internal structure of the 10 billion private equity sector is changing, with quantitative firms now numbering 55, surpassing the 47 subjective firms, indicating a shift in market dynamics [2][3] Growth Factors - The concentration of industry resources towards leading firms is a consensus, with large private equity firms attracting more capital due to their comprehensive advantages in research and risk control [2][3] - The overall strong performance of the stock market, with major indices surpassing 4000 points, has led to increased capital inflow into the private equity sector, particularly favoring high-performing quantitative firms [3][4] - The private equity industry has shown impressive overall performance, with most firms achieving positive returns, further boosting investor confidence in allocating assets to private equity [3][4] - Enhanced regulatory environments have improved operational transparency for private equity firms, increasing investor trust and facilitating rapid expansion for leading firms [3][8] Performance Analysis - As of October 31, 2025, the average return for 74 billion private equity firms with performance records has reached 29.57%, with 97.30% of these firms reporting positive returns [4][5] - Among the 45 billion quantitative private equity firms, the average return is 32.88%, significantly outperforming the 25.12% average return of 23 subjective firms [5][6] Market Dynamics - The rise of quantitative private equity raises questions about the future of traditional subjective investing, with concerns about strategy capacity and market style shifts becoming prominent [7][9] - Despite the current dominance of quantitative strategies, subjective investing retains its core competitive advantages in understanding macro trends and long-term value extraction [7][9] - The future of the private equity industry is expected to be characterized by diversification, with different investment models coexisting and complementing each other [7][9]

Core Insights - The Shanghai Composite Index has notably surpassed the 4000-point mark for the first time in ten years, indicating a significant market rebound and attracting increased investment from private equity funds [1] - Private equity firms have shown strong confidence in the long-term value of A-shares and economic recovery, leading to higher allocation levels and a record high in private equity positions [1] - As of October 31, 2025, the stock private equity position index reached 80.16%, marking a 0.79% increase from the previous week and the first time it has crossed the 80% threshold this year [1] Private Equity Performance - The performance of private equity products has been outstanding this year, with an average return of 29.57% for 74 billion-yuan private equity firms as of October 31, 2025 [2] - A significant 97.30% of these firms reported positive returns, indicating strong investment capabilities and market adaptability [2] - Quantitative private equity firms have outperformed subjective firms, with average returns of 32.88% compared to 25.12% for subjective firms, highlighting the advantages of quantitative strategies [2][3] Growth in Private Equity Firms - The number of billion-yuan private equity firms surged to 113 by October 31, 2025, an increase of 17 firms from the previous month, showcasing the industry's vitality [4] - The growth is attributed to the concentration of resources among leading firms, which attract more capital due to their research capabilities and risk management systems [4] - Among the new entrants, 10 are quantitative private equity firms, emphasizing the dominance of quantitative strategies in the current market [4][6] Market Dynamics - As of October 31, 2025, quantitative private equity firms accounted for 55 out of 113 billion-yuan firms, representing 48.67% of the total, while subjective firms made up 41.59% [6] - The future of the private equity industry is expected to be diversified, with different investment models coexisting and complementing each other [6] - Quantitative firms are likely to maintain strong growth due to their market adaptability, while subjective firms will continue to provide value through in-depth research and macro trend analysis [6]

【深圳经济新闻联播】 深圳无人车线路里程环比增近四成 11月10日，深圳发布功能型无人车10月运行与发展报告。借力第十五届全运会在粤港澳举办的发展契机，深圳无人车产业在线路开放、商业运营等方面持 续突破。10月份，全市无人车开放运营线路里程环比增长近四成，无人车配送创造商业价值突破千万元。 "焦点战"拉动赛场周边酒店热度 龙岗酒店热度环比增超24% 11月10日19时，男子400米自由泳决赛在深圳大运中心角逐金牌，来自山东队的张展硕以3分42秒82的成绩获得金牌。同程旅行数据显示，截至11月10日中 午，当天入住的深圳大运中心周边5公里范围内的部分酒店热门房型，已经售罄。此外，11月10日当天，深圳大运中心所在地——深圳市龙岗区的酒店预 订热度月环比增长超过24%。 【国内财经新闻】 年内商业银行金融债发行规模达2.95万亿元 据证券日报，近日，银行业发债热情持续高涨。东方财富Choice数据显示，截至11月10日，年内商业银行各类债券发行规模已达2.95万亿元，同比增长 14.79%。其中，二级资本债与永续债（简称"二永债"）合计发行约1.38万亿元，成为主力品种。 多部大IP电影上映在即 全年票房有望冲击 ...

Core Insights - The number of private equity firms managing over 10 billion yuan has surged to 113 as of October 31, 2023, marking an increase of 17 firms since September 30, 2023 [1][3] - Among the 18 new entrants, 10 are first-time billion-yuan firms, while 8 have returned to the billion-yuan category [1][2] Group 1: New Billion-Yuan Private Equity Firms - The new entrants include firms such as Xiyue Investment, Shanghai Xinpu Private Equity, and Square and Investment, all of which are making their debut in the billion-yuan category [1][2] - The majority of new entrants are quantitative private equity firms, with 10 out of 18 being classified as such, highlighting their strong growth in the current market environment [2][3] Group 2: Market Dynamics - As of October 31, 2023, quantitative private equity firms account for 55 out of 113 billion-yuan firms, representing 48.67% of the total, while subjective firms make up 41.59% [3][4] - The growth in the number of billion-yuan private equity firms is attributed to several factors, including the concentration of industry resources towards leading firms and a strong performance in the stock market, which has boosted investor confidence [4] Group 3: Future Outlook - The private equity industry is expected to evolve into a more diversified landscape, with different investment models coexisting and complementing each other [4] - Quantitative private equity is anticipated to maintain its strong growth trajectory due to its market adaptability, while subjective private equity will continue to leverage in-depth research and macroeconomic insights [4]