进入12月份，2025年的A股行情已进入尾声。总结来看，今年的A股市场呈现出鲜明的结构性牛市特征。 在政策托底经济、科技变革催化的双重 驱动下，指数进入上行趋势脱离底部区域。尤其引人注目的是，以科技成长股和资源类周期股为代表的板块轮番发力，推动中小盘风格持续主导 市场，为投资者带来丰厚的投资回报。根据私募排排网最新数据显示，截至2025年11月28日，排排网·股票策略指数今年以来收益达到 23.67% ，中证全指指数同期收益为 18.30% 。 然而，在这场私募基金业绩竞赛中，近些年主观多头私募策略整体表现跑输量化多头策略的现象在今年依然存在。具体来看，截至2025年11月 28日，排排网·量化多头策略指数和排排网·主观多头策略指数今年以来收益分别为 34.67% 和 22.75% 。值得注意的是，今年市场环境本应有利 于主观多头策略发挥，但量化策略却仍旧凭借系统化优势捕捉到了机会。 | 排名 | 公司简称 | | 投资模式 核心策略 实控人 | | | 符合排名规则的产品规模合计1-11月收益 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

Group 1 - In July, private equity institutions showed strong interest in A-share listed companies, with 751 institutions participating in research covering 387 companies, totaling 1,769 research instances [1][5] - The electronic industry led the research focus with 275 instances involving 56 companies, followed by the pharmaceutical and biological industry with 266 instances covering 41 companies [1][5] - The technology growth sector is experiencing increasing enthusiasm, with significant capital inflows into technology-themed ETFs, indicating a positive outlook for AI-related industries [3] Group 2 - Insurance capital has been actively acquiring stakes in listed companies, with 19 instances of stake acquisitions involving 15 companies this year, indicating a trend towards long-term stable investment returns [5] - The banking sector is facing challenges due to narrowing net interest margins, prompting banks to enhance their intermediary business development, with wealth management and financial investment seen as growth areas [3] - A-share buyback enthusiasm remains high, with notable companies like China Communications Construction planning significant buybacks, reflecting a strategic move to bolster market confidence [9]