Core Viewpoint - The private equity fund industry in China is experiencing a surge in product registrations, with November 2025 seeing a significant increase of nearly 30% compared to October, marking the second-highest monthly registration volume of the year [1][3]. Group 1: Registration Data - A total of 1,285 private equity products were registered in November, a substantial rise from 994 in October, reflecting a 29.28% increase [3]. - The strong registration activity indicates a robust desire among private equity firms to "replenish ammunition" before the year-end, potentially boosting market sentiment for the end of the year and early next year [3][8]. Group 2: Strategy Trends - Stock strategies remain the dominant focus for private equity firms, with 849 stock strategy products registered in November, accounting for 66.07% of total registrations [3]. - The demand for diversified asset allocation is growing, with multi-asset strategy products reaching 193 registrations (15.02%) and futures and derivatives strategies at 121 registrations (9.42%) [4]. Group 3: Quantitative Private Equity - Quantitative private equity products accounted for 565 registrations in November, representing 43.97% of all registered products, highlighting the increasing importance of quantitative investment in the private equity sector [6]. - Within quantitative strategies, stock strategies dominate with 402 registrations, making up nearly half of all stock strategy registrations in the market [7]. Group 4: Market Outlook - Private equity firms are optimistic about future market conditions, believing that equity asset valuations are now reasonable and that economic stabilization is underway, prompting proactive product registrations to capture upcoming market opportunities [8]. - The decline in risk-free interest rates has diminished the appeal of traditional fixed-income products, driving investors towards private equity securities with higher return potential [8]. Group 5: Industry Dynamics - The registration data illustrates a pronounced "Matthew Effect" in the private equity industry, with 719 firms registering products in November, and 49 active firms registering five or more products, predominantly large quantitative firms [10]. - Among the top registrants, 30 firms manage over 10 billion, showcasing the advantages of established firms in brand influence, research capabilities, and resource channels [10][11].

临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中国记者反 映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无疑为年末乃至明年初的市场行情注入了一剂强心针。 排排网集团旗下融 ...

Core Viewpoint - The private equity fund industry in China is experiencing a significant surge in product registrations, with a notable increase in quantitative private equity leading the trend as the market approaches year-end [2][3]. Group 1: Private Equity Registration Trends - In November, a total of 1,285 private equity products were registered, marking a 29.28% increase from October's 994 products, achieving the second-highest monthly registration volume of the year [2][3]. - The surge in registrations reflects private equity firms' strong desire to "replenish ammunition" before year-end and into the next year, indicating optimism about future market conditions [3]. Group 2: Market Sentiment and Strategy - Despite a cautious market sentiment in November, private equity firms remain optimistic about future equity asset valuations and economic stabilization, prompting them to register new products [3]. - The decline in risk-free returns has diminished the appeal of traditional fixed-income products, leading investors to reallocate funds towards private equity securities with higher return potential [3]. - The overall performance of private equity securities has been strong, particularly in quantitative strategies, with over 90% of products generating positive returns, boosting investor confidence [3]. Group 3: Product Strategy Breakdown - Stock strategies continue to dominate, with 849 stock strategy products registered in November, accounting for 66.07% of total registrations [4]. - There is a growing demand for diversified asset allocation, with 193 multi-asset strategy products registered, representing 15.02% of the total [5]. - Futures and derivatives strategies also maintained high interest, with 121 products registered, making up 9.42% of the total [6]. Group 4: Quantitative Private Equity Dominance - Quantitative private equity products accounted for 565 registrations in November, representing 43.97% of all registered products, highlighting its significance in the private equity landscape [7]. - Within quantitative strategies, stock strategies are the core focus, with 402 products registered, nearly half of the total stock strategy registrations [8]. - The demand for quantitative long-only strategies is evident, with 310 products registered, indicating a strong market outlook for capturing stock market gains [8]. Group 5: Industry Concentration and Competitive Landscape - The registration data illustrates a pronounced "Matthew Effect" in the private equity industry, with 719 firms registering products in November, and 49 active firms registering five or more products [9]. - Among the leading firms, 30 out of 49 active firms manage over 10 billion, showcasing the advantages of established firms in brand influence and research capabilities [9][10]. - Notable firms leading in registrations include Century Frontier with 20 products, followed by Starstone Investment with 15 products, indicating the competitive landscape among top-tier private equity firms [11][12].

0 1 环比激增近三成，创年内备案次高 私募排排网统计数据显示，截至2025年11月30日，11月私募市场共计有1285只私募证券产品完成备案（包含自主发行和担任投顾的产品），较 前一个月的994只相比， 环比大增29.28%，这一数据不仅延续了之前的火热势头，更创下了年内月度备案量的次高， 反映出私募机构在临近年 底时发行产品的强烈意愿，为年末市场注入了一剂"强心针"。 排排网集团旗下 融智投资 FOF基金经理李春瑜 表示，尽管11月A股市场出现调整，私募备案热情依然高涨，主要基于三方面积极因素：首先， 私募机构对后市预期乐观，认为当前权益资产估值已进入合理区间，加之经济呈现企稳态势、企业盈利底部的确认，正积极备案产品以捕捉下一 轮行情机遇。其次，市场无风险收益率持续下行，使得传统固收类产品吸引力减弱，推动投资者进行资产再配置，资金纷纷转向收益潜力更高的 私募证券产品。此外，今年以来私募证券产品整体业绩表现亮眼，尤其是量化策略产品表现更为突出，正收益产品占比超过九成，显著增强了渠 道与高净值客户的配置信心。 02 股票策略仍是备案绝对主力 11月备案的产品中，股票策略产品多达849只，占比高达66.07%， ...

Core Insights - The conference focused on the development of a new ecosystem for funds under the context of a unified market, emphasizing the importance of private equity in empowering the real economy and technological innovation [6][7][8] Group 1: Industry Recovery - The private equity investment fund scale in China reached 11.18 trillion yuan, while venture capital funds reached 3.56 trillion yuan, totaling 14.74 trillion yuan, an increase from 14.21 trillion yuan year-on-year [7] - The white paper released at the conference indicated a strong recovery in the private equity sector within the Yangtze River Economic Belt, with fundraising amounts up nearly 18% year-on-year and new fund numbers up 23% [7] - Investment activity surged, with investment amounts increasing by 75% year-on-year and the number of investment cases nearly doubling [7] Group 2: Strategic Focus on Hard Technology - Experts highlighted the need for the private equity industry to focus on hard technology during the "14th Five-Year Plan" period, aiming for high-quality development [9] - The investment in strategic emerging industries and future industries is expected to exceed 100 trillion yuan by 2040, providing vast investment opportunities [9] - The consensus in the industry is shifting towards early, small, long-term investments in hard technology sectors such as artificial intelligence, biomedicine, and integrated circuits [9][10] Group 3: Regional Development and Policy Recommendations - The white paper noted that investment concentration in the Yangtze River Economic Belt is high, with the Yangtze River Delta and Anhui accounting for 80% of total investment in the past three years [11] - Recommendations for enhancing the investment environment in central regions include increasing government fund contributions, optimizing investment ecosystems, and focusing on quality over quantity [11] - The development strategy for central regions should include concentrating existing fund resources on major projects, aligning with emerging industry clusters, and attracting external funds through quality projects [11]

一、在经历市场出清和估值修复后， 二级市场吸引力显著增强 ，投资者信心回归。结构上从股权私募"一枝独秀"转变为 股权与证券私募"双轮 驱动" ，行业生态更加健康均衡。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 中基协最新数据显示，2025年10月末，私募基金管理规模首次突破22万亿元，刷新了2023年9月末20.81万亿元的历史峰值。其中，存续私募证 券投资基金规模达7.01万亿元，这是该类基金规模首次突破7万亿元。 排排网集团旗下 融智投资 FOF基金经理李春瑜表示，私募基金行业内在结构已经发生了深刻且积极的变化，主要体现在两个方面： 二、竞争格局头部效应持续加剧，尾部出清加速，行业集中度进一步提升。 无论是股权还是证券领域，资金和优质项目都越来越向那些具备强 大投研能力、成熟风控体系和品牌影响力的头部机构集中。 从"头部"私募产品 （本文指的是管理规模1亿以上的产品） 来看，截至2025年11月28日，私募排排网有业绩展示的产品共有5561只， 其中管理 规模在1亿元以上的产品有1119只，占比20.12%，今年来收益均值、中位数分别为32.31%、25.39%；而规模5亿以上的私募 ...

天眼查工商信息显示，12月2日，上海云锋元创私募基金中心（有限合伙）成立，执行事务合伙人为上 海云锋新创股权投资管理中心（有限合伙），出资额1亿人民币，经营范围为以私募基金从事股权投 资、投资管理、资产管理等活动。股权全景穿透图显示，该基金中心由黄鑫、上海云锋新创股权投资管 理中心（有限合伙）共同出资，其中，上海云锋新创股权投资管理中心（有限合伙）由马云出资约 40%。 ...

Group 1: Infrastructure and Investment - Major projects in various regions are progressing, which is crucial for expanding effective investment and supporting infrastructure investment growth [1] - Experts anticipate continued policy support for "two heavy" projects, which will further bolster economic stability [1] Group 2: Automotive Industry - The automotive market is experiencing a "promotion frenzy" with nearly 20 car manufacturers offering purchase tax subsidies to consumers who lock in orders by the end of 2025 [2] - This initiative is a response to upcoming adjustments in purchase tax and marks the beginning of year-end sales efforts by car companies [2] Group 3: Fund Management and Market Trends - In the fourth quarter, mutual funds are implementing purchase limits to manage large inflows and ensure stable operations [3] - New funds are also controlling their fundraising scales amid increasing uncertainties in the market [3] - The launch of "China's first domestic GPU" by Moore Threads on the STAR Market is seen as a significant step for both the company and the domestic computing power industry [3] Group 4: Commercial Aerospace - The domestic commercial aerospace sector is witnessing a dual breakthrough in technology and scale, with significant developments showcased at the 2025 Commercial Aerospace Forum [4] - The opening of major space projects to commercial entities is creating unprecedented opportunities in the industry [4] Group 5: Capital Market Support - Local governments are increasingly implementing measures to support capital market development, focusing on nurturing listed companies and facilitating financing for tech firms [5] - Policies from provinces like Shaanxi, Guangdong, and Zhejiang aim to guide capital towards innovation and emerging industries [5] Group 6: Phosphate Industry - Phosphate rock prices remain high due to a sustained price increase in chemical products, with market prices reported at 1016 CNY/ton for 30% grade [6] - Companies like Batian and Xingfa are actively acquiring phosphate resources, indicating an expansion in production capacity [6] Group 7: AI Glasses Market - The smart glasses market is experiencing a surge with new product launches from companies like Li Auto and Alibaba, indicating a growing interest in AI-integrated eyewear [7] - This trend is expected to have a profound impact on the AI glasses supply chain from both supply and demand perspectives [7] Group 8: Private Equity and Market Research - Private equity firms are actively conducting research to identify new investment opportunities, with a total of 1.3 million research sessions reported in the fourth quarter [8] - The electronics, healthcare, and integrated circuit sectors are among the most researched areas by private equity firms [8] Group 9: Lithium Iron Phosphate Industry - The lithium iron phosphate industry is seeing price increases as leading companies plan to raise processing fees by 3000 CNY/ton starting in 2026 [9] - The industry is expected to transition to a new phase focused on technology and value, moving away from intense competition [9] Group 10: Photovoltaic Industry - The photovoltaic supply chain is experiencing a decline in production across multiple segments, attributed to insufficient end-user demand [9] - Production reductions include a 0.96% decrease in polysilicon and a 15.95% decrease in silicon wafers for December [9]

来源：金石随笔 12月4日消息，今年前三季度可以说是大牛市行情，公募、私募们赚的是盆满钵满。公募来说，金石随 笔统计wind数据发现，今年以来有760只基金收益超50%，收益超30%的有2475只。 | 519133.OF | 用品造成年整功 | *** | 60.12% | 44.32% | 66.6376 | 31,45% | 3.0.34% | 180:2282 | 65.07% | -14.7 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 005109.OF | 工安多情感A | *** | 50.08% | 39.13% | 47.07% | 48.40% | 107,89% | 191/2282 | 65.03% | -14. | | 588700.0F | 情时时创板人工智能ETF | - | 50.07% | - | 44 | .. | 50.10% | 254/2828 | 55.02% | -25.3 | | 013552.OF | 工作基层长波完A | ***** | 50.06% | 48 ...

12月3日，由方正证券（601901）主办、证券时报提供媒体支持的"方华正茂 砺行致远"方正证券私募基 金大会在上海举行，超200家私募参会，大会旨在搭建专业交流平台，促进私募行业生态良性互动，推 动私募机构与资本市场的高效对接。 作为拥有37年历史的大型综合券商，方正证券执行委员会主任、总裁姜志军在致辞时表示，该公司正坚 定向财富管理特色鲜明的大型综合券商转型，聚焦"大财富、大投交、大资管、大机构"四大业务板块。 未来，将重点在资金、交易和研究体系三方面发力私募业务。 作为媒体支持方，证券时报社党委委员、副总编辑汤泳在致辞中表示，今年私募基金行业呈现两大显著 新变化：一是量化私募强势回归，百亿量化私募数量首次超过主观策略；二是随着市场风格平稳，凭借 扎实投研的老牌主观私募业绩回暖。 在主题演讲环节，方正证券首席经济学家燕翔、毕盛投资首席投资官王康宁、蒙玺投资总经理李骧分别 就各自研究领域进行了主题演讲。 此外，大会期间还举办了第三届"方华杯"私募成长计划优秀管理人颁奖仪式，表彰表现卓越的私募机 构。同时，创新推出的"方华好友荟"交流展，为私募管理人与机构投资者搭建了直接交流的平台。 方正证券将三方面发展私募 ...