从市场环境来看，这一阶段的典型特征在于： 方向不缺，但确定性不足。 在此背景下，单一依赖权益贝塔的策略，胜率与盈亏比均面临 考验，而具备多资产、多方向参与能力的CTA策略，其配置价值随之提升。 可参考： 最新私募CTA收益榜揭晓！洛书、量道、宏锡居前三！ 利量排球网 1-11月CTA收益十强私募 (管理规模:50亿以上) 引言 在经历了前期单边上涨后，进入三季度以来，权益市场逐步转向高波动、弱趋势的震荡格局。以上证指数、沪深300为代表的主要股指， 在区间内反复拉锯，趋势持续性明显下降，投资者的赚钱效应随之减弱。 图1：A股宽基指数下半年以来振幅波动加大 数据来源:私募管理人(经托管复核)/托管人,整理自私募排排网,截至2025年11月 底。仅统计在私募排排网至少有3只期货及衍生品策略产品有今年1-11月业绩展示 且符合排名的私募,按旗下期货及衍生品策略产品今年1-11月收益均值排名。 首发:私募排排网公众号 | 排名 | 公司简称 | 核心策略 | 公司规模 | 实控人 | 符合排名规则的 期货及衍生品 | 规模合计 1-11月收益 | | --- | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the article highlights that while the technology sector is experiencing a strong rally, CTA (Commodity Trading Advisor) strategies are quietly achieving a "slow bull" market, maintaining low to moderate positive returns year-to-date [2][4] - The article presents data on various private equity strategies, indicating that subjective long positions have the highest number of products and total scale, while quantitative CTA strategies show a notable average return of 1.77% over the past month [3] - The CTA strategies have shown a steady upward trend in net value, continuously reaching new highs, which suggests they may hold greater allocation value in the current high-volatility market environment [4] Group 2 - The article identifies several underlying reasons for the stable performance of CTA strategies, including increased global macro volatility and clearer trend signals due to uncertain Federal Reserve policies and imbalances in commodity supply and demand [9] - CTA strategies are characterized by multi-asset diversification, providing a natural ability to withstand market shocks, and the evolution of quantitative models that adapt to reversal markets, significantly reducing drawdowns [10][11] - The article emphasizes the configuration value of CTA strategies, which utilize futures and derivatives for both long and short positions, allowing them to capture opportunities in both rising and falling markets [12] Group 3 - The article discusses the importance of focusing on private equity managers with strong long-term performance and stability, suggesting a personalized allocation based on different strategy characteristics [18] - Specific managers are highlighted, such as Manager A (Fuying Investment), whose CTA strategy has low correlation with stock assets, and Manager B (Guanli Fund), whose products have outperformed stock strategy indices this year [19][20] - The article concludes that in the current macroeconomic uncertainty and ongoing fluctuations in the A-share market, CTA strategies are positioned as a key allocation opportunity, with their independent return curves and low correlation making them attractive for both institutional and individual investors [22]