在2025年A股市场整体行情表现较好的背景下，百亿私募业绩表现抢眼。据私募排排网统计，2025年全 年有业绩展示的75家百亿私募平均收益率达32.77%，其中74家实现正收益，占比98.67%。从收益分布 来看，18家收益率在20%以内，45家介于20%至50%之间，另有11家收益率超过50%。 此外，7家主观与量化混合的百亿私募平均收益率为24.59%，全部实现正收益。从收益分布来看，5家 收益率在20%以内，2家收益率超30%，银叶投资、玄元投资等百亿私募表现较为突出。 回顾2025年A股市场，整体呈现出快速轮动态势。A股市场主要指数在跌宕起伏中持续走强，上证指 数、深证成指、创业板指全年分别累计上涨18.41%、29.87%、49.57%，A股总市值、成交额、融资余额 等连创纪录。 A股市场持续强势为私募业绩表现创造了良好环境。对于近期A股市场表现，华鑫证券认为，A股强势 开门红离不开增量资金的助力，保险开门红火爆，两融和主题ETF大幅净流入是年初A股增量资金的主 要来源。随着海外降息周期和弱美元周期再确认，人民币汇率升值可期，有助于中国资产吸引力提升和 外资回流。国内低利率时代到来，强化资产荒压力，随 ...

刚过去的2025年，主观私募在业绩大幅回暖的背景下，年内分红积极性显著提升。私募排排网数据显示， 截至 2025年底，有业绩显示的5777只 产品中，主观私募旗下772只产品2025年合计分红990次，分红金额高达114.69亿元； 其中0-5亿私募分红金额约为29.80亿元、百亿私募分红金 额约为23.60亿元。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） | 公司规模 | 2025年分红次数 | 2025年分红金额(万) | 早 | | --- | --- | --- | --- | | 100亿以上 | 39 | 235987.88 | 20.58% | | 50-100亿 | 27 | 37201.79 | 3.24% | | 20-50亿 | 124 | 216058.93 | 18.84% | | 10-20亿 | 87 | 137016.51 | 11.95% | | 5-10亿 | 161 | 222707.57 | 19.42% | | 0-5亿 | 552 | 297980.60 | 25.98% | | 总计 | 990 | 1146953.28 | 100% | 具 ...

证券研究报告 | 金融工程 2026 年 1 月 12 日 国内绿色消费体系加速构建，国际气候合作格局出现调整 ——ESG 市场观察周报（20260111） 1、要闻速览：国内绿色消费体系加速构建，国际气候合作格局面临重大调整 国内动态方面，商务部等九部门印发《关于实施绿色消费推进行动的通知》， 系统部署七大重点任务，全面推动消费模式绿色转型；市场监管总局发布新版《绿 色产品认证与标识管理办法》，构建全国统一认证监管体系，助力绿色产品供给； 财政部与交通运输部启动政府采购支持公路绿色低碳发展试点，旨在发挥政策功能 驱动交通领域减排。 国际动态方面，美国特朗普政府宣布退出包括《联合国气候变化框架公约》在 内的 66 个国际气候与可持续发展组织；渣打银行发行首单专项绿色债券募资 10 亿 欧元，重点投向亚非中东绿色项目；黑石集团收购环境合规服务提供商 ATG，持续 加码能源转型投资布局。 2、市场动向：ESG 指数普遍回暖，碳价坚挺，资金流出压力缓释 本周主要 ESG 主题指数普遍上涨。国内 300 ESG 上涨 2.7%，SEEE 碳中和指 数上涨 3.87%，上证社会责任指数、180 治理分别上涨 1.99% ...

在刚过去的12月，上证指数、深证成指、创业板指分别上涨了2.06%、4.17%、4.93%，但均未创下年内 新高。与此同时，黄金、白银、铜、铝、碳酸锂等商品期货均在12月份走出了强势上涨行情。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：私募排排网 自2025年12月中旬，上证指数构筑完"W底"形态后，便开启了一路连阳走势，在12月下旬走出了11连 阳；截至1月9日收盘，已经实现了16连阳，续创历史连阳纪录。 为了给读者提供更好的参考，笔者将这96家创新高的私募，按照私募公司的规模分类（100亿元以上、 20-100亿元、5-20亿元、5亿元以下）分别展示。 01 百亿私募：12家百亿私募创历史新高！幻方、诚奇、明汯居前5强！ 在这样的市场背景下，根据私募排排网数据，来自950家私募旗下的共计2362只私募产品的净值曾在 2025年12月创下历史新高。其中，有132家私募旗下全部产品（至少有3只产品在私募排排网有业绩展 示）的净值在12月份均创了历史新高，占符合统计私募（703家）的比例约为19%。 经统计，有12家百亿私募旗下全部产品（至少有3只产品在私募排排网有业绩展示 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自2025年12月中旬，上证指数构筑完"W底"形态后，便开启了一路连阳走势，在12月下旬走出了11连阳；截至1月9日收盘，已经实现了16连 阳，续创历史连阳纪录。 在刚过去的 12月，上证指数、深证成指、创业板指分别上涨了2.06%、4.17%、4.93% ，但均未创下年内新高。与此同时， 黄金、白银、铜、 铝、碳酸锂等商品期货均在 12月份走出了强势上涨行情 。 在这样的市场背景下，根据私募排排网数据， 来自 950家私募旗下的共计2362只私募产品的净值曾在2025年12月创下历史新高。其中，有132家 私募旗下全部产品 （至少有3只产品在私募排排网有业绩展示） 的净值在 12月份均创了历史新高，占符合统计私募 （703家） 的比例约为 19%。 旗下产品净值悉数创新高的这132家私募中， 至少有 3只产品在私募排排网有2025年度业绩展示（成立满1年）且符合排名规则的私募则有96家 。 这96家私募，按私募的核心策略来看，股票策略私募占46家，期货及衍生品策略私募占25家，多资产策略私募占15家，其余策略私募家数较 少。 相比上期，本期创新 ...

Group 1: Private Equity Industry Overview - The private equity industry is projected to exceed 22 trillion yuan by 2025, with the number of billion-yuan private equity firms increasing to 113, of which 55 are quantitative firms, marking a significant shift in the industry landscape [1] - In the past five years, the leading quantitative private equity firms have seen dramatic changes, with the "Four Kings" managing over 70 billion yuan each, and Century Frontier adding over 30 billion yuan in net scale in one year [1] - The competition among quantitative private equity firms has intensified, with AI becoming a core engine and a fierce talent competition emerging, while the top firms are actively promoting investor education [1] Group 2: Product Registration and Market Dynamics - The number of registered private equity securities products is expected to surge to 12,645 in 2025, nearly doubling from 2024, with a growth rate of 99.54% [2] - Quantitative investment products have seen a remarkable increase, with 5,617 products registered, a growth rate of 114.31%, accounting for 44.42% of the total [2] - The market structure is evolving, with a rise in multi-asset, futures, and derivative strategies, while stock strategies remain dominant [2] Group 3: Popularity Rankings and Performance - In 2025, 14 out of the top 20 popular private equity firms are quantitative, with Ningbo Huansheng Quantitative leading in popularity, achieving an average return of 58.52% across three products [3] - The top fund managers include Dan Bin, who has an average return of 150.26% over three years, and Liang Wenfeng, who ranks second in popularity among fund managers [3] - The popularity rankings highlight a significant presence of subjective private equity firms, with 14 out of the top 20 fund managers being from this category [3] Group 4: Custody Market Landscape - The private equity fund custody market is increasingly dominated by brokerage firms, with a custody market share of 98.52% for brokerages compared to only 1.48% for banks [4] - Guotai Junan leads the market with 3,067 new custody products and a 25.17% market share, followed by CITIC Securities and China Merchants Securities [4] - The concentration in the industry is strengthening, with the top three brokerages accounting for nearly 60% of new custody products [4] Group 5: Investment Strategies and Future Outlook - The investment focus for 2026 includes sectors such as brain-computer interfaces and commercial aerospace, with significant interest from private equity giants [6] - The market for brain-computer interfaces is expanding, with companies like Xiangyu Medical seeing stock price increases of up to 86.39% due to their products being adopted by major hospitals [6] - The outlook for 2026 suggests a continued bullish trend in A-shares, driven by liquidity and fundamental factors, with a potential "water buffalo" market expected [12]

登录新浪财经APP 搜索【信披】查看更多考评等级 近日，上海长宁区人民法院的一则开庭公告引发行业关注。公告显示，量化私募深圳前海千惠资产有限 公司（简称"千惠资产"）及相关成员因非法经营罪被起诉。对此，知情人士向记者透露，千惠资产2024 年上半年便有员工被带走调查，原因大概率是"融券分仓"问题，但是此次诉讼缘由尚不得知。 公开资料显示，千惠资产管理规模在50亿元—100亿元区间，成立基金超200只。在业内人士看来，伴随 着监管和司法部门逐步加大对私募违规违法行为的惩处力度，管理人进一步发展的基础并不是规模，而 是合规水平。接下来，各家私募需抓紧自查自纠，不断完善内控体系，守好合规生命线。 千惠资产因非法经营被起诉 据公开资料，千惠资产成立于2016年3月，并于2017年6月完成登记。目前千惠资产共有员工80名，其中 75人取得基金从业资格，管理规模在50亿元—100亿元区间。上海长宁法院公告显示，此次被起诉的除 了千惠资产还有吴某、徐某、詹某、郭某4名个人，其中吴某、徐某、郭某均是千惠资产登记在中基协 的员工，吴某更是公司合规风控负责人。 "2024年上半年千惠资产便有员工被警方带走调查，事由可能是利用公司 ...

Core Viewpoint - The private equity industry is undergoing a rigorous evaluation of "real Alpha" amidst increased market volatility and rapid style shifts over the past two years [1] Group 1: Company Growth and Strategy - Haokun Shengfa has emerged as a representative example of institutions achieving growth in both scale and performance during the industry's cleansing phase [2] - The firm's assets have rapidly increased from 500 million to a range of 2 billion to 5 billion, with the number of products growing to 13 [3] - The growth is attributed to a commitment to fundamental research and a focus on technology-driven growth opportunities, rather than merely riding market trends [3][4] Group 2: Research and Talent Development - Haokun Shengfa differentiates itself through a broad strategy coverage and a strong emphasis on talent development, allowing for strategy experimentation [4] - The company maintains a surplus in research personnel to ensure strategy reserves are formed before matching with capital scale [4] Group 3: Investor Relations and Performance - The firm emphasizes aligning its interests with investors by investing over 25 million of its own funds and encouraging employees to invest over 50 million [6] - The approach includes continuous dividends and maintaining liquidity to reduce uncertainty costs for investors [6] Group 4: Investment Methodology - The investment strategy combines subjective direction-setting with quantitative tools to enhance execution speed and precision [7] - A decentralized research structure allows independent researchers to drive strategy optimization [7] Group 5: Female Leadership in Investment - The rise of female investment managers is seen as a recognition of professional capabilities, with women often excelling in detail orientation, risk control, and team collaboration [8] - Advice for women entering the private equity field includes focusing on deep specialization and forward-looking research [8]

Group 1 - The core viewpoint of the report indicates that the main source of incremental capital in the A-share market for 2025 will come from active funds such as leveraged funds and private equity, with significant inflows from insurance funds, while public funds show a trend of net redemption [1][2] - In the first half of 2025, the market experienced a recovery supported by abundant capital, with retail investors contributing approximately 240 billion yuan through silver-securities transfers and foreign capital returning around 100 billion yuan [1] - Insurance funds significantly increased their market presence with an inflow of about 420 billion yuan, while ETF funds contributed approximately 80 billion yuan [1] Group 2 - The report highlights that the overall A-share market since 2025 has distinct characteristics of incremental capital, with active funds like private equity and leveraged funds being the primary contributors, while public funds show divergence with net redemptions in active equity funds [2] - The report notes that the process of resident capital entering the market is still in its early stages, primarily driven by high-net-worth individuals, as the overall risk appetite among residents remains low [3] - The incremental capital structure in 2025 differs from that of 2020, despite similarities in the macroeconomic environment and overall net capital inflow [4] Group 3 - Looking ahead to 2026, the report estimates that total incremental capital could reach 2 trillion yuan, with active retail funds expected to further enter the market, and insurance and dividend scales likely to continue their high growth [5] - The report anticipates that financing and silver-securities transfers from residents could total around 1 trillion yuan, while insurance funds are projected to flow in approximately 700 billion yuan [5] - The overall dividend payout ratio in the A-share market is nearing 50%, with expectations for continued high growth in dividend scales, estimated to bring in about 950 billion yuan in 2026 [5]

来源：大财可富司机 这还不是天花板。早几年就有量化私募年终奖发5000万的传闻，当时多家私募业内人士直言：对于头部 量化机构的个别核心员工而言，5000万年终奖不足为奇。 身处金融圈，也不是人人都这么好命！ 最近，某头部期货公司被传出因年终奖分配差异悬殊，触发员工集体不满。更有员工通过网络直播公开 维权，期间遭遇领导暴力对待，事件持续发酵。 该公司一位普通员工年终奖仅1万元，而一级部门领拿了30万。这一悬殊分配方案令员工深感不公与困 惑，一名员工在531人的企信工作群内发言，针对2025年度年终奖分配提出明确诉求。 金融圈的年终奖差距，早已不是"贫富不均"能概括的：一边是令人咋舌的天价奖金；一边是让人寒心的 微薄报酬，甚至还夹杂着维权被打的荒诞剧情。 前段时间，网传某百亿私募研究员年终奖直接1000万，推了英伟达的年终奖直接2000-3000万，推了三 生制药的年终奖500万。 该员工表示："关于2025年度年终奖分配的质疑与诉求。各位管理层、同事们：2025年度年终奖发放 后，一级部门领导30万元、普通员工1万元的巨大差距让我们全体普通员工深感不公与困惑。公司年度 成果离不开每一位基层员工的一线付出，这样3 ...