（原标题：百亿私募业绩揭晓，量化与主观长期业绩谁更胜一筹?） 事实上，从去年年底到今年11月底，量化私募在百亿私募阵营中的占比持续提升，数量由33家大幅增加 至55家，在同期百亿私募总数中的占比由37.08%大幅上升至48.67%。 今年7月百亿量化私募总数历史上首次超越百亿主观私募总数，此后，两者数量差距在进一步扩大。 21世纪经济报道记者李域 实习生陈丽华 2025年行至年末，百亿私募的年度业绩排名基本落定。在市场结构性机会频繁切换、风格快速轮动的背 景下，量化策略凭借对波动与轮动的高适应性，成为今年私募行业最为亮眼的存在。 私募排排网数据显示，百亿私募旗下符合该网站相关排名规则的产品共668只，今年1-11月的收益均值 为29.44%。其中，409只量化产品1-11月收益均值高达34.42%，远高于259只非量化产品1-11月的收益均 值21.63%。这意味着百亿量化私募今年以来整体收益超过主观私募。 不过拉长时间来看，近三年，百亿主观私募久期投资、东方港湾、君之健投资、复胜资产等表现更为突 出，业绩高于阿巴马投资、幻方量化、诚奇私募等百亿量化私募。近五年的业绩中，复胜资产、日斗投 资、久期投资等主观私 ...

然而，行业内部存在明显分化。数据显示，20亿元—50亿元规模的中型私募平均超额收益领先，而百亿 元以上头部机构则以接近98.13%的正超额产品占比，展现了极强的业绩稳定性和风控能力。融智投资 FOF基金经理李春瑜认为，投研团队完备的头部管理人能提供更稳健的超额收益，而某些在特定领域有 优势的中小管理人，可能在与其相匹配的市场风格阶段表现突出。 私募排排网数据显示，截至2025年11月底，全市场股票量化多头产品今年以来平均超额收益率为 17.25%。多位业内人士表示，截至目前，今年以来量化私募行业的资管规模预计已接近前期的历史高 位。 百亿私募蒙玺投资表示："2025年A股市场的成交量及流动性相对去年大幅提升，为量化策略获取超额 收益提供基础。"另一家百亿私募世纪前沿表示，A股市场近期日均成交额持续超万亿元的活跃交投环 境，是量化策略表现突出的关键前提。 业绩表现亮眼 A股市场2025年交易即将收官。回顾全年，量化私募行业呈现全面回暖态势，量化多头策略业绩表现亮 眼，行业管理规模持续攀升，而人工智能（AI）技术的深度赋能，正重塑行业研发与竞争格局。 构建"多元化"护城河应对挑战 值得关注的是，策略同质化、全频段 ...

Core Insights - The article highlights the significant growth and performance of quantitative private equity firms in 2025, with a notable increase in the number of top firms and their average returns outperforming major indices [2][3]. Group 1: Performance and Growth - As of November 2025, the number of top quantitative private equity firms (with assets over 5 billion) increased from 63 to 91, with 43 firms experiencing substantial growth in scale [3][4]. - The average return for 61 top quantitative private equity products was 31.71%, significantly exceeding the 17.94% increase of the CSI 300 index [2][5]. - Among the firms that achieved scale growth, 30 firms moved from below 5 billion to the top tier, while 13 firms advanced from 50-100 billion to over 100 billion [4][5]. Group 2: Licensing and Product Registration - By the end of November 2025, 30 top quantitative private equity firms held the Hong Kong 9 license, with most firms obtaining this license in the last nine years [9][10]. - Six new firms received licenses in 2025, contributing to the total of eight firms that went overseas this year [9][10]. Group 3: Product Registration and Performance Ranking - As of December 12, 2025, 70 top quantitative private equity firms had registered over 10 products, with 28 firms registering more than 50 products [16][18]. - The top five firms with the highest number of registered products included Mingpai Investment, Century Frontier, Blackwing Asset, and Wide De Private Equity, all exceeding 100 registered products [17][18]. - The top five firms based on performance among those with over 50 registered products were Chengqi Private Equity, Evolutionary Assets, Longqi Technology, Century Frontier, and Hainan Shengfeng Private Equity [18][19].

在经历了三季度的主升浪行情后，11月的A股市场延续了10月的风格，指数高位震荡，板块快速轮动、赚钱效应减弱。A股的三大股指均在11月收跌，其 中，上证指数微跌1.67%。深证成指、创业板指分别下跌了2.95%、4.23%。 在这样的市场背景下，有2303只私募产品（在私募排排网有业绩展示且成立满1年）的净值在今年11月曾逆势创下历史新高，占成立满1年的私募产品的比 例约为44.59%。 按产品类型来看，非量化产品占1199只，量化产品占1104只。按照产品策略（一级策略）来看，股票策略产品最多（主要是主观多头和量化多头），有 1362只，占比约59.14%；其次是多资产策略产品占321只，期货及衍生品策略产品占302只，债券策略产品占233只，组合基金产品占85只。 按公司规模来看，来自5亿以下规模私募的产品最多，有778只，占比约34%；来自百亿私募的产品有389只。 为了给读者提供一些参考，笔者在创新高私募产品中按照产品策略分别梳理出了"股票策略-主观多头、股票策略-量化多头、期货及衍生品策略、多资产 策略"近一年收益居前20强的私募产品（公司规模在5亿元以上）；此外，笔者还特梳理出了"成立满10年且创新 ...

12月16日，2025"上证多层次资本市场高质量发展大会"在江苏南通举办。 重阳投资有幸荣膺 "金阳光·五年卓越私募公司奖" 。 "上证·金阳光"奖是由上海证券报、中国证券网主办，并联合权威评价机构，秉持公开、公正、公平原则评选出来的奖项，目前已成为中国资本市场评选历史最悠 久、影响力最大、最受业内认可的权威奖项之一。 重阳投资有幸再次获得金阳光大奖，这既是对我们的肯定，也是进一步的鞭策。资产管理任重而道远，重阳投资将继续秉持"价值投资，绝对收益"的理念，一如 既往地致力于发现价值、投资于价值，做真正有实力、负责任的机构投资者，为广大投资者创造更为稳健而长久的收益。 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投 资者教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博）和内部研究成果， 相关信息被认为是可靠的，但重阳投资不对其完整性或准确性作出任何明示或默示的陈述或保证。相 关信息仅供参考，不构成广告、销售要约，或交易任何证券、基金或投资产品的建议。本材料中引用 的任何实体、品牌、商品等仅作为研究分析对象使用，不代表重阳 ...

Core Viewpoint - The concentration of private equity firms reflects regional economic vitality and industrial upgrading potential, with significant clustering in coastal developed areas like Shanghai, Shenzhen, Beijing, Hangzhou, and Guangzhou, which together account for 74.88% of the total private equity firms with performance data [2]. Summary by Sections Private Equity Distribution - A total of 649 private equity firms have at least three products that meet performance criteria, with Shanghai, Shenzhen, Beijing, Hangzhou, and Guangzhou hosting 486 firms [2]. - Other strong economic cities like Xiamen, Chengdu, Zhuhai, Xi'an, Changsha, and Chongqing have at least five private equity firms each [2]. Performance Metrics - The average return for private equity firms in Shanghai is 27.54%, in Shenzhen is 31.97%, in Beijing is 31.14%, in Hangzhou is 37.63%, and in Guangzhou is 34.74% [3][4][6][8][16]. - The top private equity firms in Shanghai include Haisheng Fund, Shanghai Hengsui Asset, and Jiuge Investment, with the top 10 firms having a return threshold of ***% [4][5]. Shanghai Private Equity - Shanghai has 202 private equity firms with an average return of 27.54%, and 45 firms with assets over 5 billion [4]. - The top five firms in Shanghai are Haisheng Fund, Shanghai Hengsui Asset, Jiuge Investment, Longhang Asset, and Liangli Private Equity [5]. Beijing Private Equity - Beijing has 91 private equity firms with an average return of 31.14%, and 17 firms with assets over 5 billion [6]. - The top five firms in Beijing are Xiyue Private Equity, Beiheng Fund, Huacheng Private Equity, Lingjun Investment, and Yuanxin Investment [6]. Shenzhen Private Equity - Shenzhen has 112 private equity firms with an average return of 31.97%, and 18 firms with assets over 5 billion [8]. - The top five firms in Shenzhen are Qiantu Investment, Fuyuan Capital, Zhongying Investment, Rongshu Investment, and Nengjing Investment Holdings [8][11]. Hangzhou Private Equity - Hangzhou has 45 private equity firms with an average return of 37.63%, and 4 firms with assets over 5 billion [13]. - The top five firms in Hangzhou are Nongfu Private Equity, Haokun Shengfa Asset, Yunqi Quantitative, Ningbo Huansheng Quantitative, and Berkshire Investment [13][15]. Guangzhou Private Equity - Guangzhou has 36 private equity firms with an average return of 34.74%, and 2 firms with assets over 5 billion [16]. - The top five firms in Guangzhou are Jingyan Private Equity, Hainan Xiangyuan Private Equity, Sanhe Chuangying, Zeyuan Investment, and Guangzhou Shouzheng Yiqi [16][18]. Other Regions - In other regions, there are 163 private equity firms with an average return of 25.26%, with 20 firms having assets over 5 billion [19]. - The top five firms in other regions are Luyuan Private Equity, Zhihua Asset Management, Yidian Najin (Quanzhou) Private Equity, Longyin Huaxiao, and Juli Fund [19].

早在今年7月29日，贵州农村商业联合银行股份有限公司筹建工作小组就发布公告称，7月28日，贵州省 农村信用社联合社召开社员大会，会议通过了《审议取消贵州省农村信用社联合社法人资格并组建贵州 农村商业联合银行股份有限公司的议案》等相关议案，决定在贵州省联社基础上组建贵州农村商业联合 银行股份有限公司，并授权贵州农商联合银行筹建工作小组组织实施和开展筹建工作，直至此次获准开 业。 记者关注到，作为国内最炙手可热的白酒企业，茅台集团即中国贵州茅台酒厂（集团）有限责任公司的 股东身份格外引人关注。茅台集团曾对发展金融板块寄予厚望，公开消息显示，公司董事会还曾研讨并 通过了《关于筹建成立茅台集团金融控股公司的议案》。 实际上，除了本次出资成为贵州农商联合银行重要股东外，记者通过工商查询软件梳理了解到，在银行 业领域，茅台集团还是贵州仁怀茅台农村商业银行股份有限公司和贵州凤冈农村商业银行股份有限公司 的股东。同时，集团还投资参股了贵州银行股份有限公司（简称"贵州银行"）和贵阳银行股份有限公司 （简称"贵阳银行"）两家贵州本地的上市城市商业银行。 来源：泰山财经 记者：林俊洁 12月15日，贵州农村商业联合银行股份有限公司 ...

Core Viewpoint - The A-share market has shown a clear slow bull characteristic in 2023, with significant returns from sectors like technology growth and resource cycles, leading to an overall increase of over 15% in major indices from January to November, with the ChiNext Index leading at 42.54% [2][3]. Summary by Sections A-share Market Performance - The three major A-share indices have all risen over 15% from January to November, with the ChiNext Index achieving a remarkable 42.54% increase [2]. - A-share indices exhibit lower volatility compared to the Hang Seng Index and Nikkei Index, aligning with the characteristics of a slow bull market [2]. Index Data - The performance data for major indices from January to November is as follows: - CSI 300: 15.04% return, 15.69% annualized volatility, 127.80% turnover rate, 10.49% maximum drawdown - Shanghai Composite: 16.02% return, 14.09% annualized volatility, 245.70% turnover rate, 9.71% maximum drawdown - Shenzhen Component: 24.67% return, 21.71% annualized volatility, 394.74% turnover rate, 14.98% maximum drawdown - ChiNext Index: 42.54% return, 30.21% annualized volatility, 576.46% turnover rate, 20.79% maximum drawdown [3]. Fund Performance - The average return for 2049 subjective long-only products from January to November is 34.39%, significantly outperforming most A-share indices [3]. - Among the 197 subjective long-only products from billion-yuan private equity firms, the average return is 23.72%, with 94.42% of products showing positive returns [4]. Top Performing Funds - The top three subjective long-only products from billion-yuan private equity firms are: 1. Yuanxin Investment's "Yuanxin China Active Growth C" managed by Wang Aoye 2. Jiuku Investment's "Jiuku Value Selection No. 1" managed by Jiang Yunfei 3. Wangzheng Asset's "Wangzheng Win-Win No. 3" managed by Wang Penghui [4][5]. Sector Focus - The focus on gold investment is highlighted, with managers like Guan Xin from Xishirun Investment emphasizing a new "reflexive" cycle in gold prices, suggesting a strategic allocation towards gold as a long-term investment [11][12]. - The performance of funds in the 50-100 billion category shows an average return of 29.83%, with 95.49% of products yielding positive returns [8]. Emerging Trends - The report indicates a trend of adjusting portfolios to optimize returns, with managers actively seeking undervalued quality companies while maintaining a core and satellite investment strategy [7].

Core Insights - The private equity industry is experiencing significant growth opportunities while facing challenges in balancing scale expansion and performance stability [1][3] - A roundtable forum discussed the core dynamics and challenges of high-quality development in the private equity sector, highlighting the importance of strategic choices and client matching [1][3][20] Group 1: Scale and Performance Balance - The rapid growth of the private equity industry raises the critical question of how to maintain performance stability while expanding management scale [3][4] - A case study shared by a panelist illustrated the tension between scale and returns, showing that smaller firms can achieve higher excess returns, but larger scales complicate this balance [4][7] - Strategies for addressing this challenge include entering high-capacity sectors or combining multiple low-correlation strategies, with a focus on aligning client needs with asset strategies [7][8][10] Group 2: Investment Research Capability Enhancement - The construction of a robust investment research system and the upgrading of research capabilities are essential for the long-term competitiveness of private equity firms [16][20] - Panelists emphasized the need for investment professionals to focus on creativity and problem-solving skills, as AI tools increasingly handle routine tasks [17][20] - Continuous learning and knowledge iteration among key decision-makers are crucial for adapting to market changes and seizing investment opportunities in emerging industries [18][19]

为了给予更多有价值的信息，笔者依据管理规模首次突破百亿这一里程碑的时点，将百亿级机构划分为三类：一是 规模首次跨越百亿已超过 5 年的"老牌百亿" ；二是 在近 1-5年间达成百亿目标的"百亿中生代" ；三是 近一年内新晋、仍处在规模与业绩高压磨合期的 "百亿新秀" ，并统 计出上述三类百亿私募名单及最新业绩情况。 01 "老牌百亿"：TOP10中量化私募独占8席！幻方、诚奇居前3！ 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 百亿私募作为私募行业的头部力量，一直备受市场关注。今年，私募业重回"百家百亿私募"的"双百时代"，其中有不少私募为今年首次突破百 亿，这些近1年首次突破百亿的"百亿新秀"业绩成色如何？跟"百亿中生代"、"老牌百亿"私募业绩相比，能否更胜一筹？ 截至2025年11月底， 管理规模首次突破百亿至今已超过 5年的"老牌百亿"私募 共有37家，平均花费7.3年进入百亿阵营，其中 盘京投资 、 源峰 基金 、 衍复投资等私募管理规模迅速突破百亿，用时 均 不足 3 年 。 | 菲高 | 公司简称 | 核心策 略 | 模式 | 公司投资 是否有 办公 9号牌 | 城市 | 实控 ...