Core Insights - Despite recent fluctuations in the A-share market, many private equity funds have reported positive returns in November, significantly outperforming major indices year-to-date [1][2] - Quantitative private equity funds have shown particularly strong performance, with strategies focused on small and mid-cap stocks leading the way [1][4] Performance Overview - As of November 2025, 73 billion private equity funds reported an overall decline of 0.27%, with 42 funds achieving positive returns, representing 57.53% [2] - Year-to-date, billion private equity funds have achieved an overall return of 29.44%, with 71 funds (97.26%) reporting positive returns; 33 funds are in the 20% to 39.99% range, and 19 funds exceeded 40% [2] - Quantitative funds have an average return of 33.28% year-to-date, while subjective funds average 24.05% [2] Strategy Insights - The most successful strategies this year have been those focused on small and mid-cap indices, with 30 out of 57 products in the CSI 1000 index exceeding 50% returns, and 9 out of 11 products in the CSI 2000 index exceeding 60% [4] - Only 5 out of 45 billion quantitative private equity funds reported returns below 20%, while 14 funds exceeded 40% [4] Market Outlook - Several billion private equity firms maintain a positive long-term outlook for the A-share market, citing a confirmed profit bottom in Q3 and an end to three consecutive years of profit decline [6] - The appreciation of the RMB against the USD and improvements in the domestic real estate market are seen as factors that could enhance the valuation of Chinese assets [6] - The market is expected to transition from a single growth focus to a more balanced approach, with institutions concentrating on high-growth sectors for future momentum [6]

Core Viewpoint - Despite recent fluctuations in the A-share market and a pullback in the performance of private equity funds, many private equity firms reported positive returns in November, significantly outperforming the index year-to-date [1] Group 1: Private Equity Performance - Several subjective private equity firms, including Yuanlesheng, Xinsizhe, Fusheng, Tongben, and Tongyuan, have reported annual returns exceeding 50% [1] - In contrast, quantitative private equity firms have shown even more impressive performance, driven by the continued popularity of small and mid-cap index enhancement strategies [1] Group 2: Quantitative Private Equity Success - Notable quantitative firms such as Minghong, Century Frontier, Mengxi, and Longqi have seen their products linked to the CSI 1000 and CSI 2000 index enhancements achieve returns surpassing 60% [1]

（原标题：南财早新闻｜中央经济工作会议释放最新信号；白银价格创历史新高） 今日关注 1、中央经济工作会议12月10日至11日在北京举行。会议对2025年做出了"我国经济顶压前行、向新向优 发展"的重要判断。对于2026年经济工作，中央经济工作会议提出"加大逆周期和跨周期调节力度"，其 中对多项宏观政策的部署，措辞则从2025年的"加大""加强""增加""扩大"等，转为更加注重"保持""优 化"。同时，会议提出了多项新举措、新任务。详情>>> 2、据新华社，商务部新闻发言人何亚东11日说，中方已通过荷兰驻华使馆，要求荷兰经济部落实与中 方磋商共识，推动安世（荷兰）尽快派员来华。 宏观经济 1、据新华社，世界银行11日在京发布最新一期中国经济简报，相较上期简报，对2025年中国经济增速 预期上调0.4个百分点。 2、商务部发言人何亚东11日表示，商务部将以海南自贸港封关运作为契机，大力推进制度型开放。 3、中国汽车工业协会公布最新数据显示，2025年前11个月，我国汽车产销量均超过了3100万辆，同比 均实现两位数增长。其中，新能源汽车产销分别完成1490.7万辆和1478万辆，同比分别增长31.4%和 31.2 ...

Core Viewpoint - Despite recent fluctuations in the A-share market, many private equity funds have still delivered positive returns in November, significantly outperforming major indices year-to-date [1][2]. Group 1: Performance of Private Equity Funds - In November, 73 billion private equity funds showed an overall slight decline of 0.27%, with 42 funds achieving positive returns, representing 57.53% [2]. - Year-to-date, billion private equity funds have an overall return of 29.44%, with 71 funds (97.26%) reporting positive returns; 33 funds are in the 20% to 39.99% range, and 19 funds exceed 40% [2]. - Subjective private equity funds have an average return of 24.05% this year, while quantitative private equity funds have an average return of 33.28% [2]. Group 2: Quantitative Strategies - Quantitative private equity funds have shown remarkable performance, particularly in small-cap index strategies, with 30 out of 57 products exceeding 50% returns for the CSI 1000 index [4]. - For the CSI 2000 index, 9 out of 11 products have returns exceeding 60%, with 2 products surpassing 70% [4]. - Overall, among 45 billion quantitative private equity funds, only 5 have returns below 20%, while 26 funds are in the 20% to 39.99% range, and 14 funds exceed 40% [4]. Group 3: Market Outlook - Several billion private equity firms maintain a positive long-term outlook for the A-share market, citing the confirmation of a profit bottom in Q3 and the end of three consecutive years of profit decline [6][7]. - The market is expected to rise further, driven by improving supply-demand relationships in traditional sectors and a technology-driven upward trend in industries [7]. - The appreciation of the RMB against the USD and the gradual stabilization of the domestic real estate market are seen as factors that could enhance the valuation advantage of Chinese assets [7].

21世纪经济报道记者杨娜娜 2025年，市场在结构性行情与频繁的风格轮动中走向收官。 11月以来，市场未能延续前期单边上行态势，转而进入震荡调整阶段。截至11月28日，11月份主要宽基 指数普遍收跌，科创板指回调超4%，深证成指跌2.95%，上证指数也在触及十年新高后回落，月度收跌 1.67%。 但私募行业整体在年内交出了一份不错的成绩单。根据私募排排网数据，截至2025年11月底，在有业绩 记录的12415只私募证券产品中，正收益占比达90.66%，整体平均收益为22.61%。在亮眼的平均表现之 下，不同策略、不同规模管理人之间的业绩出现了巨大分化。量化多头以超36%的平均收益成为年 度"黑马"，主观多头则展现出极强的头部爆发力。百亿私募阵营中，量化机构以显著优势领跑。 市场情绪明显降温下，头部私募的操作也同步趋向防御与结构优化。展望2026年，机构们在能源革 命、"反内卷"政策与全球化机遇中寻找新一轮共识。这背后不仅折射出当前市场的复杂心态，也暗含了 私募对下一阶段布局的前瞻性思考，成为观察市场资金逻辑与未来预期转换的关键窗口。 盛宴下的业绩分化 2025年的结构性牛市，为不同策略提供了差异化的表演舞台， ...

Market Overview - In 2023, major stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant volatility due to tariff issues, but benefitted from liquidity easing and advancements in AI technology, leading to varying degrees of increases in major indices from January to November [2] - The ChiNext Index in A-shares led with an increase of over 42%, while the Hang Seng Index and Hang Seng Tech Index both rose over 25%. Among US stocks, the Nasdaq outperformed with a rise of approximately 21% [2] A-share Performance - The performance of major A-share indices from January to November 2023 is as follows: - Shanghai Composite Index: +16.02% - Shenzhen Component Index: +24.67% - ChiNext Index: +42.54% - CSI 300: +15.04% - CSI 500: +22.81% - CSI 1000: +23.10% - CSI 2000: +31.65% [3] Private Equity Performance - The overall performance of private equity products under billion-yuan private equity firms was impressive, with an average return of approximately 29.55% from January to November 2023 [3] - Among the 663 billion-yuan private equity products displayed on the platform, over 80% were equity strategy products, which yielded an average return of about 32.74%, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index [4] Strategy Breakdown - Equity strategy products accounted for 535 products, with quantitative long products achieving an average return of over 44% [4] - Multi-asset strategy products totaled 64, yielding an average return of approximately 21.68% [4] - Bond strategy products numbered 36, while futures and derivatives strategy products accounted for 25, with average returns of 10.26% and 9.17% respectively [4] Top Performing Products - The top-performing quantitative long products included: - Longqi Technology's "Longqi Technology Innovation Selected No. 1 C Class" led with returns exceeding ***% [8] - Other notable products came from Stable Investment, Lingjun Investment, and others, with returns surpassing the set threshold [6][11] - In the subjective long category, the top product was "Yuanxin China Active Growth C Class" managed by Wang Aoye from Yuanxin Investment, with returns close to ***% [11] Multi-Asset Strategy Leaders - The leading products in the multi-asset strategy category included: - "Heiyi Preferred Growth No. 1 A Class" managed by Chen Zehao from Heiyi Asset, with returns exceeding ***% [18] - Other top products came from firms like Jiuzhi Investment and Yinye Investment [15]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，截至11月底，在全国7568家私募中，主观私募共有5319家，占比高达70.28%，依旧是行业中的一股最庞大力量。特别是 在今年的慢牛行情下，主观私募凭借精准选股，集中持仓等优势，在普涨行情中极具收益弹性，从而备受关注。 具体来看，975家有业绩显示的主观私募， 旗下 2591只产品今年1-11月收益均值为30.52%，同期沪深300指数涨幅为15.04%，显著跑赢大盘。 随着市场趋势性行情的上行，不少沉寂许久的主观私募，在今年的表现中崭露头角。 为了给读者提供一些参考，本文将按照公司规模分类（100亿元以上、50-100亿元、20-50亿元、10-20亿元、5-10亿元、5亿元以下），分别梳 理出了各规模组中今年1-11月收益居前10的主观私募 （旗下至少有3只产品在私募排排网有业绩展示）。 0 1 百亿主观达46家！远信投资、复胜资产居前二！ 私募排排网数据显示，截至2025年11月底，百亿主观私募共有46家。在这46家百亿主观私募中，办公城市位于上海的有17家、北京的有15家。 从员工人数来看，员工人数超50人的有10家 ...

上周末，公募基金行业迎来了一份分量极重的文件——《基金管理公司绩效考核管理指引（征求意见 稿）》。 临近年末，"钱怎么分"本就是触动打工人神经的敏感话题，再加上这份文件里一些非常具体的规定，瞬 间引发了整个行业的讨论。 其中，杀伤力最大的一条是，明确规定基金经理" 过去三年产品业绩低于业绩比较基准超过10%且基金 利润率为负的，其绩效薪酬应当较上一年明显下降，降幅不得少于30% "。 这条"降薪标准"的打击面有多广？ 根据《财经杂志》的统计，仅以 2023 年以来的三年时间为考量，公募有近千名主动权益基金经理业绩 跑输基准超过 10%，其中不乏张坤、葛兰、赵诣、刘格菘、刘彦春、胡昕炜等一批规模较大、名声较 响的公募主观多头大将[1]。 因此，《征求意见稿》一出，公募基金也再度陷入投研人才流失的担忧之中。毕竟外面还有一个能 收"2%管理费+20%业绩报酬"的私募场子，"公转私"过去二十年里，也都是一条熙熙攘攘的变现之 道。 然而，放在 2025 年，这样的思维定式似乎正在经受财富管理行业的残酷洗礼。 最核心的变量，自然是量化私募。 从十年前的"另类配置"变成了如今高净值人群的"核心底仓"，量化在过去三年走到了真 ...

Core Insights - The private equity industry has returned to the "double hundred era," with 113 billion-yuan private equity firms as of the end of November, including 55 quantitative private equity firms, indicating a significant increase in the popularity of quantitative investment [2][3] - The performance of quantitative private equity has gained recognition from most investors, with a total of 852 existing quantitative private equity firms [2] Group 1: Billion-Yuan Private Equity Landscape - As of November 2025, there are 55 billion-yuan quantitative private equity firms, with 14 firms breaking the 100 billion mark this year, a new high since 2022 [3][4] - The average time taken for these firms to reach the billion-yuan scale is approximately 7 years, with the fastest being Yanfu Investment at only 1.2 years [3][4] - The majority of billion-yuan quantitative private equity firms focus on stock strategies, with 47 firms, followed by multi-asset strategies with 6 firms [4] Group 2: Performance Rankings - The top three performing billion-yuan quantitative private equity firms this year are Lingjun Investment, Ningbo Huansheng Quantitative, and Wenbo Investment, with the threshold for the top 10 performance being ***% [7][11] - Lingjun Investment has consistently ranked high for three consecutive months, with an average return of ***% across its products [9][11] - The performance of quantitative private equity firms has been bolstered by the increasing trend of firms obtaining Hong Kong's Type 9 license for global investment and risk diversification, with 22 billion-yuan quantitative private equity firms currently holding this license [4] Group 3: Mid-Sized Private Equity Firms - In the 50-100 billion category, the top three firms are Yunqi Quantitative, Qianshu Investment, and Hainan Shengfeng Private Equity, with the performance threshold for the top 10 being over ***% [11][12] - Yunqi Quantitative, established in February 2021, has rapidly grown from a management scale of 10-20 billion to 50-100 billion this year [12] Group 4: Smaller Private Equity Firms - In the 20-50 billion category, the top three firms are Hanrong Investment, Xiangmu Asset, and Yinhhe Investment, with the performance threshold for the top 10 being over ***% [15] - The 10-20 billion category has seen a decrease in stock strategy firms, with multi-asset and futures strategies becoming more prominent [20][21] - In the 5-10 billion category, the top three firms are Huacheng Private Equity, Shanghai Zijie Private Equity, and Zhenzhen Investment, with performance thresholds exceeding ***% [22][25] Group 5: Emerging Firms - In the 0-5 billion category, the top three firms are Jingying Zhito, Jinwang Investment, and Quancheng Fund, with Jingying Zhito achieving significant returns [26][29] - Jingying Zhito, established in 2021, focuses on futures and derivatives strategies and is led by a team with extensive quantitative investment experience [29]

Core Insights - The recent significant decline in credit bond prices has disrupted the market, leading to substantial weekly losses for many pure bond private equity funds, with some experiencing declines of over 9% [1][2] - The fundamental risks associated with these credit bonds were anticipated by institutions and investors, raising questions about why many private equity funds heavily invested in such bonds [1][2] - The current environment has forced bond private equity managers to seek transformation, exploring macro strategies and multi-asset allocations to adapt to the changing market dynamics [1][5] Market Reaction - On November 25, investor concerns peaked as many private equity funds reported significant net value declines, with pure bond products experiencing a drop of over 3% from November 24 to 28 [2] - The adjustment in credit bonds was triggered by a company disclosing a meeting to discuss bond extension, leading to rapid price adjustments in related bonds [2] - Notably, several well-known bond private equity products saw net value declines exceeding 4% during this period, indicating a broader market impact [2] Industry Challenges - The average yield for medium to long-term pure bond funds has dropped to around 1%, with some funds achieving up to 4% by taking on more credit risk, but future yields are expected to be challenging [3] - The interest in traditional pure fixed-income products has decreased as investors shift towards equity and other asset classes, reflecting a clear trend of marginalization for fixed-income strategies [4] Transformation Strategies - In response to the challenging environment, many bond private equity firms are pivoting towards "fixed income plus" or macro strategies to enhance returns [5] - Some firms have begun to diversify their investment strategies by incorporating equity investments and exploring opportunities in convertible bonds and cross-border investments [5] - The trend indicates that equity assets are becoming a focal point for bond private equity firms as they seek to improve product yield characteristics [5] Market Outlook - The low interest rate environment is expected to persist, making bond investments increasingly difficult, while the stock market may benefit from ongoing capital inflows and positive policy signals [6]