Core Viewpoint - The article emphasizes the importance of multi-asset and multi-strategy investment approaches for achieving stable returns in the private equity sector, especially in the context of market fluctuations and varying performance across different strategies [10][12]. Market Performance - In 2025, the A-share market showed a notable performance with index increases of approximately 30% for both the 500 and 1000 indices, alongside high trading volumes, benefiting both subjective long positions and quantitative strategies [3]. - The commodity market also exhibited strengths, particularly in precious metals and non-ferrous metals, while energy and chemical sectors remained weak. The trend in lithium carbonate, driven by "anti-involution," provided trading opportunities for CTA strategies [3]. Strategy Performance - Despite the overall positive market conditions, not all strategies performed consistently well throughout the year. For instance, quantitative stock strategies faced challenges after August due to concentrated investments in AI technology stocks, leading to a situation where indices rose but individual stocks did not [6]. - Subjective long strategies experienced significant volatility, with extreme reversals in early and April causing many products to miss subsequent rebounds. The frequent rotation of structural market conditions resulted in notable performance differentiation among products [6]. - CTA strategies also displayed considerable performance variance, with many products enduring prolonged periods of low performance during the first half of the year [6]. Investment Outlook for 2026 - The article suggests that for 2026, investors should focus on multi-asset and multi-strategy approaches, which have gained popularity due to their ability to provide diversified income sources and risk mitigation [10][12]. - The demand for such products is evidenced by the rapid sell-out of strategies from leading institutions, such as Bridgewater's all-weather strategy and Man Group's macro strategy, indicating strong market interest [14][12]. Types of Multi-Asset Strategies - Three main types of multi-asset multi-strategy investment approaches are highlighted: 1. **Macro Strategies**: These strategies consider various macroeconomic factors to flexibly allocate across stocks, commodities, and bonds, aiming for stable absolute returns [15]. 2. **CTA Strategies**: These involve using multiple CTA strategies to trade indices, government bonds, and commodity futures, allowing for diversified asset allocation and profit from futures trading [15]. 3. **Multi-Strategy Combinations**: These strategies leverage low correlations between different strategies to achieve diversified returns and smooth overall volatility, exemplified by products like Blackwing's "quantitative + CTA + convertible bonds" combination [17][18]. Conclusion - The article concludes that despite favorable market conditions, volatility is inevitable, which can impact the holding experience and lead to missed long-term compounding returns. Therefore, a focus on multi-asset and multi-strategy private equity is recommended for better investment experiences and more predictable returns [20][21].

Core Insights - In 2025, there was a significant surge in the registration of private securities products, with a total of 12,645 products registered, marking a year-on-year increase of 99.54% [1] - Stock strategies remain the preferred choice for private equity firms, with 8,328 stock strategy products registered, accounting for 65.86% of all registered products, indicating strong investor interest in stock assets [1] - Quantitative products showed remarkable performance, with 5,617 registered products, reflecting a year-on-year growth of 114.31%, and stock strategy quantitative products dominated this category [1][2] Group 1: Product Registration Trends - The registration of multi-asset strategies, futures, and derivatives strategies ranked second and third, with 1,806 and 1,274 products registered, representing 14.28% and 10.08% respectively [1] - Bond strategies and combination funds had 492 and 512 products registered, making up 3.89% and 4.05% of the total, contributing to a diversified landscape that caters to different risk preferences [1] Group 2: Quantitative Strategy Insights - Within the quantitative stock strategy segment, quantitative long strategies were particularly prominent, with 2,746 products registered, accounting for 48.89% of the total quantitative products [2] - Market-neutral strategies in the stock sector had 1,114 products registered, representing 19.83%, appealing to risk-averse investors due to their stable return characteristics [2] - Futures and derivatives quantitative strategies had 773 products registered, with quantitative CTA strategies being the core segment, comprising 12.93% of the total quantitative products [2] Group 3: Institutional Trends - The registration landscape showed a clear concentration among leading firms, with 26 out of 29 private equity firms that registered at least 50 products being billion-yuan firms [2] - Among these, Mingcang Investment led with 157 registered products, followed by Century Frontier, Black Wing Asset, and Kuande Private Equity with 147, 138, and 127 products respectively [2] - Quantitative investment has become the dominant strategy among leading private equity firms, with 24 out of 29 firms adopting this approach, highlighting its competitive advantages in discipline, risk control, and stable returns [3]

突发！知名量化私募，涉嫌非法经营罪 来源：南财社 私募因为投资亏损被告的并不少见，但被起诉犯非法经营罪，走上刑事审判法庭的还是业内罕见。 最近，上海长宁法院一则开庭公告引起金融圈关注，被告人是一家知名量化私募公司，深圳前海千惠资 产有限公司（以下简称"千惠资产"）及相关成员，案由竟然是非法经营罪。 | 湖泉 | 法庭 | 开题日期 | 高号 | 紫由 | 承办部门 | 中国长/主宰 | 图语/上诉人 | 被告/被上诉人 | 开原类型 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 14 | | | | | 上海市长宁区人民 烧烤 | | 2026-01-15 (2025) IP0105用 09:30:00 | 初151号 | 非法经营管 | 别事市列 18 | 宋语然 | | 吴奖骰,给冠伦,爱圳蔚 周千赢资产管理有限公 司,给选龙,躲爆伟 | 开窗 | | | 湖北市区 | | | | | | | | | 非法经营可不是什么小事，而是直接触及刑法的违法犯罪活动。而刑事案件通过都是先由公安机关立案 侦查 ...

本次活动专设企业路演和交流环节。大湾区科创企业代表通过路演，展示了自身的技术优势、创新成果 和发展潜力。银行、券商、私募股权基金等机构代表不仅对企业的技术细节和商业模式表现出浓厚兴 趣，还从资本运作、市场前景等角度为企业提供专业建议。这种深度互动不仅提升了路演的质效，更促 进了金融与科技的进一步融合。 此次活动的成功举办，标志着光大银行在科技金融领域的战略布局迈出了重要一步。光大银行表示，未 来将继续发挥金融生态协同发展优势，扩大"朋友圈"，推动科技创新与金融创新深度融合，为大湾区新 质生产力发展贡献更大力量！ 活动现场，光大银行重点介绍了通过打造"商行+投行+私行"综合金融服务模式，为科创企业提供全生 命周期的金融支持。深圳市高新投集团有限公司和深圳私募业基金协会代表围绕"债权+股权"双轮驱动 的科技金融服务模式展开探讨。与会机构代表达成一致共识，金融机构需要通过多元化的金融工具和灵 活的服务模式，满足科创企业的个性化需求。 江南时报讯 6月20日，中国光大银行在深圳证券交易所举办"走进深交所·光大伴你行"同业生态服务科创 企业战略合作活动。此次活动汇聚了深交所、光大集团、光大银行、券商、私募股权基金等机构 ...

2025年，私募行业规模突破22万亿大关，不少私募规模破百亿，大量产品净值创历史新高。而更有标志性意义的是，2025年7月，百亿量化私 募的数量首次超越主观阵营，成为百亿私募阵营的绝对主力。 这宣告了一个时代的转折——暗流涌动、格局重构的这五年来，量化私募已从资本市场的"边缘角色"迅猛崛起，站上了舞台中央。 据中国证券投资基金业协会数据统计，截至2025年年末，百亿私募目前已增至113家，重回百家时代。其中，百亿量化私募达55家，主观私募 共45家，其余私募为"主观+量化"混合类或暂未披露投资模式的机构。 这一结构性变化的背后，是量化机构凭借其业绩表现、风控能力及产品标准化优势，赢得了机构与高净值投资者的持续青睐。 从私募排排网统计的数据来看，截至2025年年末，近五年来百亿私募收益率前十的机构中，量化私募占据六席。其规模扩张并非单纯依赖市场 贝塔，而是在成熟的多策略与风控框架支撑下，将业绩的稳定性转化为强大的资金吸纳能力。 这五年，是头部机构巩固优势、规模极致膨胀的五年，也是新锐力量凭借技术迭代与策略创新实现"规模跃迁"的五年。 头部阵营的内部格局持续剧烈洗牌。2025年，幻方、九坤、明汯、衍复依旧稳坐"四 ...

昔日百亿级私募，2026年开年便被警示，怎么回事？ 近日，天津证监局发布行政监管措施公告称，蓝石资产管理有限公司（简称"蓝石资产"）因"不务正业"被采取出具警示函的监管措施。据公开资料，蓝石 资产为昔日知名百亿级债券私募，但2019年以来其持有的债券陆续出现逾期风险，诉讼不断，去年蓝石资产法定代表人李九如更是将变更公司登记一事诉 诸公堂。中国证券投资基金业协会（简称"中基协"）公示信息显示，蓝石资产目前规模已经缩水至10亿元以下。 在多位业内人士看来，伴随着监管不断细化，私募业优胜劣汰将进一步加速，尤其是以往凭借灰色操作躺赢，不具备专业投资能力的管理人会逐步退出历 史舞台，取而代之的是以投资者利益为先，投研能力领先，合规风控体系完善的私募。 蓝石资产被出具警示函 2026年1月4日，天津证监局发布行政监管措施公告称，经查实，蓝石资产在开展私募基金业务期间，存在从事与私募基金管理无关业务的行为。该行为违 反了《私募投资基金监督管理暂行办法》第四条第一款关于"私募基金管理人应当遵循专业化运营原则，主营业务清晰，不得兼营与私募基金管理无关或 存在利益冲突的其他业务"的规定。 因此，天津证监局决定对蓝石资产采取出具警 ...

21世纪经济报道记者 杨娜娜 头部阵营的内部格局持续剧烈洗牌。2025年，幻方、九坤、明汯、衍复依旧稳坐"四大天王"之位，合计管理规模约3000亿元左右。世纪前沿在一年内规模净 增超300亿元，跃入600亿俱乐部；诚奇资产则新进500亿阵营；顽岩资产更是上演"两级跳"，直接跨入400亿梯队。 与此同时，包括平方和投资、稳博投资、思勰投资、锐天投资等在内的20多家机构还挤在100亿-200亿的腰部区间，竞争呈白热化态势。行业格局也已今非 昔比，2022年二季度，500亿规模曾是行业顶峰，仅有九坤等极少数机构触及；而至2025年末，700亿-800亿已成为顶级玩家新的入场券。 这一结构性变化的背后，是量化机构凭借其业绩表现、风控能力及产品标准化优势，赢得了机构与高净值投资者的持续青睐。 从私募排排网统计的数据来看，截至2025年年末，近五年来百亿私募收益率前十的机构中，量化私募占据六席。其规模扩张并非单纯依赖市场贝塔，而是在 成熟的多策略与风控框架支撑下，将业绩的稳定性转化为强大的资金吸纳能力。 这五年，是头部机构巩固优势、规模极致膨胀的五年，也是新锐力量凭借技术迭代与策略创新实现"规模跃迁"的五年。 2025年 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年，是中国股票市场走出"慢牛"趋势的一年，A股、港股主要股指均全面收红。A股方面，创业板指以接近50%的涨幅大幅领跑；港股三大 指数表现则较为均衡，均在20%-30%。美股方面，纳斯达克累涨约20%，领涨美股三大指数。 | 所属市场 | 证券名称 | 2025年涨跌幅% | | --- | --- | --- | | Ａ股 | 上证指数 | 18.41 | | | 深证成指 | 29.87 | | | 创业板指 | 49.57 | | | 恒生指数 | 27.77 | | 港股 | 恒生科技指数 | 23.45 | | | 恒生国企指数 | 22.27 | | | 道琼斯工业平均 | 12.97 | | 美股 | 纳斯达克 | 20.36 | | | 标普500 | 16.39 | 在此背景下，尽管年中有"关税冲击"等黑天鹅事件，2025年依旧是私募行业充满机会的一年。其中，量化私募人气、业绩、规模全面丰收，旗 下产品也备受投资者欢迎。基金经理方面，在多位老牌主观大V持续活跃的同时，也涌现出一批业绩向好"新面孔"。 接下来，笔者将为大家盘 ...

近日，由证券时报社主办的"人民鉴真"资本市场信息服务平台启动暨专题座谈会在深圳举办，来自"政、企、产、学、媒"的各方领导和专业 人士共50余人参会。 当前，各类网络谣言、虚假信息和"小作文"等不时扰动市场，造成恶劣影响。参与座谈会的各方均认为，资本市场苦"小作文"久矣，净化网 络信息环境刻不容缓。藉此，"人民鉴真"资本市场信息服务平台应运而生，证券时报希望凝聚各方合力，为有谣言澄清需求和传闻求证需求 的各类市场主体提供发声渠道、应对工具、服务抓手。活动还发布了《让正能量澎湃大流量 让正能量发出大声量》合力营造资本市场清朗 网络环境的倡议书。 呼声：监管有引导、市场有需求、媒体有责任 座谈会上，深圳市委宣传部副部长、网信办主任张忠亮表示，如今网络乱象频出，上市公司可能因为一条信息导致市值大幅波动，加大对网 络乱象的打击力度已成为一项重要工作。 证券时报社党委书记、社长兼总编辑程国慧表示："当前，舆论生态正经历前所未有的重塑，信息传播的模式、速度和影响力已经发生质 变，对上市公司的形象、机构的声誉、投资者的决策和市场稳定构成了全新挑战，资本市场参与各方不堪其扰。"当下市场对负面信息更为 敏感，机构面临的声誉风险压 ...

Core Viewpoint - The consensus among investment managers is not whether a bull market will occur, but how a slow bull market will unfold, with a reminder to lower return expectations due to fewer "low-hanging fruits" compared to previous years [2] Group 1: Market Performance and Trends - The Shanghai Composite Index and CSI 300 Index saw annual gains of 18.41% and 17.66% respectively in 2025, while the Hang Seng Index rose by 27.77%, and the ChiNext Index surged by 49.57%, indicating strong profitability growth and valuation increases in high-growth sectors [2] - Notable private equity firms achieved impressive annual returns exceeding 50%, with some even doubling their investments, highlighting the potential for high returns in the current market [3] - Many investment managers have maintained above-average performance, focusing on risk management and capital preservation strategies [4] Group 2: Investment Outlook for 2026 - The first key theme for 2026 is AI, with a shift in focus towards the economic feasibility of applications rather than just increased computing power [5][6] - The second theme involves the repricing of dividend assets in a low-interest-rate environment, with many managers believing that the lack of significant price increases has made these assets more attractive [6][7] - The third theme is the structural recovery of consumption, with managers looking for undervalued assets in traditional consumption sectors and recognizing the re-emergence of price advantages in new consumption [7][8] - The fourth theme is the "anti-involution" trend, which has begun to show signs of improving price order in certain industries, such as automotive and aviation [8][9] - The fifth theme focuses on high-quality globalization, with a consensus on the importance of companies that can establish localized ecosystems abroad [9] Group 3: Key Insights from Investment Managers - Investment managers emphasize the importance of understanding macroeconomic trends and the need for a cautious approach to AI investments due to potential bubbles [10][16] - The outlook for consumer wealth is optimistic, with expectations for a recovery in consumer spending driven by a stabilization of household wealth [21][22] - The "anti-involution" strategy is seen as having strategic significance, with varying short-term effects across different industries [23] - The transition from "global pricing and safe outbound" to "global investment and local service" reflects the evolving landscape of Chinese manufacturing and its competitive advantages [24] Group 4: Macroeconomic Context - The performance of non-financial real estate companies in A-shares shows limited revenue growth compared to 2023, indicating a trend of declining demand against expanding capacity [26] - The downward trend in prices is expected to continue, supported by fiscal data showing stable tax revenues [27] - Interest rates are projected to remain low, with implications for investment strategies favoring stable, well-governed companies [28][29] - The overall market is anticipated to enter a prolonged slow bull phase, with a focus on sectors that can adapt to changing economic conditions [39]