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百亿元级私募机构前8个月“战绩”揭晓
Zheng Quan Ri Bao· 2025-09-15 00:25
Core Insights - The number of private equity firms in China with assets exceeding 10 billion yuan has reached 91 as of August 31, 2025, indicating continuous industry expansion [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45% of the total, while 39 are subjective firms, making up 42.86% [1] - The average return of products from 57 billion-yuan private equity firms in the first eight months of this year was 24.99%, with all achieving positive returns [1][2] Group 1 - The quantitative private equity firms have shown superior performance, with an average return of 28.07% across 37 firms, all achieving positive returns [2] - Factors contributing to the strong performance of quantitative firms include market volatility, accelerated sector rotation, and a favorable small-cap style [2] - The liquidity in the A-share market has remained ample, with daily trading volumes consistently above 1 trillion yuan, facilitating the implementation of quantitative strategies [2] Group 2 - In August, the A-share market experienced a notable rebound, leading to improved performance for subjective private equity firms, which recorded an average return of 19.59% across 16 firms [2] - Four subjective firms achieved average returns exceeding 30% [2]
北上广浙量化巨头和黑马同台争锋!锦望、聚宽、巨量均衡、量盈、世纪前沿进入五强
私募排排网· 2025-09-15 00:00
本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 近1年来,"9·24"行情显著改善了超额收益环境,AI引爆的全球科技革命更为量化投资打开新赛道,量化私募由此掀起新一轮发展浪潮。从区域 分布看,沿海经济发达地区凭借人才、资本、信息与基础设施的复合优势,继续孕育并汇聚全国知名的量化私募机构。 私募排排网数据显示,截至今年 8月底,旗下至少3只产品符合排名规则的量化私募共有164家,近1年、今年来平均收益分别为48.7%、 22.62%。 按照地区划分,在 上海、广东、北京、浙江以及其他地区中, 上海地区的私募数量较多,达 65家,并汇聚了20余家头部私募。从业绩来看,浙 江地区的私募近1年、今年来平均收益均居首位,分别为59.62%、25.3%。 | 办公城市 | | | 至少有3只产品符合排名 近1年平均 今年来平均 规模在50亿以上 规模为0-50亿 | | | | --- | --- | --- | --- | --- | --- | | 所属地区 | 规则的公司数(近1年) | 收益 | 收益 | 的公司数 | 的公司数 | | 上海 | ୧୮ | 47.53% | 21.75% | 21 ...
做“安心”投资 锚定价值顺势而为
Core Viewpoint - The recent strong performance of the A-share market is attributed to long-term valuation compression and the subsequent recovery potential, which has been building up over the past few years [1][3]. Investment Philosophy - The investment philosophy emphasizes "value anchoring and going with the trend," focusing on maintaining a balanced portfolio while adhering to low valuation principles for safer investments [1][2]. - The preference for low-valuation assets reflects a stable investment style, favoring diversified sector allocations and different stages of valuation realization [2][4]. Market Strategy - In a strong market environment, capturing the trend of valuation recovery is more important than trying to maximize profits [3][4]. - The approach to investment is flexible, adapting strategies based on market conditions, with a focus on risk-reward ratios and certainty [4][5]. Research and Team Structure - The investment research team consists of nearly 20 members, covering various sectors such as manufacturing, TMT, pharmaceuticals, and consumer services, focusing on both fundamental and technical analysis [4][5]. Sector Focus - The company is optimistic about multiple sectors, including high-end manufacturing, technology, cycles, military, and pharmaceuticals, with a particular emphasis on the innovative drug sector [5][6]. - The innovative drug industry is expected to undergo significant transformation, moving from reliance on technology imports to self-innovation and global market expansion [6][7]. Future Outlook - The company anticipates continued growth in the innovative drug sector, with a focus on tracking key companies' pipeline data and business development progress [6][7]. - Other areas of interest include AI, advanced manufacturing, energy and chemicals, automotive, and public utilities, with specific strategies for each sector [7].
浮盈可观 分散者胜 私募年内掷40亿元参与定增
Core Insights - The participation of private equity in the fixed increase (定增) market has significantly rebounded, with over 40 private equity firms participating in more than 40 listed companies' fixed increases this year, totaling nearly 4 billion yuan in allocations [2][3] - The overall floating profit for private equity firms is approximately 44%, indicating a strong performance in the current market [2][3] - There is a notable divergence in performance among private equity firms, with those employing diversified strategies achieving substantial profits, while those heavily invested in single targets have seen minimal returns [2][3][8] Participation Trends - As of September 9, 2023, 41 private equity firms participated in fixed increases across 15 primary industries, with total allocations reaching 3.96 billion yuan [3] - Small and medium-sized private equity firms are the main participants, with 17 firms managing under 500 million yuan collectively receiving 1.1 billion yuan, accounting for 27.79% of total allocations [3] - The market has seen a cautious approach from companies in recent years, but since May 2025, there has been a resurgence in participation focused on undervalued and high-discount projects [3][4] Sector Focus - The electronic sector has attracted significant interest, with private equity firms allocating 1.098 billion yuan, representing 27.7% of total fixed increase allocations [5] - Optimism regarding China's technology industry is driving private equity interest in fixed increase projects, particularly in sectors like AI and computing power, which are expected to show strong growth [6][7] Strategy Evolution - There is a marked increase in internal divergence among private equity firms, with the floating profit ratio varying by as much as 131 percentage points among the 41 participating firms [8] - Firms focusing on diversified investments across multiple projects have outperformed those concentrating on single investments, highlighting the importance of strategy adaptation in a rapidly changing market [8][9] - Many private equity managers are now employing strategies such as diversified investments, liquidity management, and market hedging to balance risk and returns [9]
百亿元级私募机构前8个月“战绩”揭晓 量化策略强势领跑
Zheng Quan Ri Bao· 2025-09-14 16:00
Core Insights - The number of private equity firms in China with assets exceeding 10 billion yuan has reached 91 as of August 31, 2025, indicating a continuous expansion in the industry [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45% of the total, while 39 are subjective firms, making up 42.86% [1] - The average return of products from 57 billion-yuan private equity firms in the first eight months of this year was 24.99%, with all achieving positive returns [1][2] Group 1: Quantitative Private Equity Performance - The average return of products from 37 billion-yuan quantitative private equity firms was 28.07%, with all firms achieving positive returns [2] - 31 out of 40 firms with average returns exceeding 20% were quantitative firms, highlighting their superior performance [2] - Factors contributing to the strong performance of quantitative firms include market volatility, accelerated sector rotation, and a favorable small-cap style [2] Group 2: Subjective Private Equity Performance - The average return of products from 16 billion-yuan subjective private equity firms was 19.59%, with all firms achieving positive returns as of the end of August [2] - Four subjective firms reported average returns exceeding 30%, indicating a recovery in performance following a market rebound [2]
平均赚超20% 逾九成私募产品年内正收益
人民财讯9月14日电,据私募排排网数据,截至2025年8月31日,有业绩记录的10135只私募证券产品, 今年以来平均收益为20.41%,其中有9208只产品实现正收益,正收益占比达90.85%,不少产品实现了 较高的收益,5%分位数收益达60.64%。分策略来看,股票策略表现突出。 ...
平均赚超20%,逾九成私募产品年内正收益
Zheng Quan Shi Bao· 2025-09-13 23:42
分策略来看,股票策略表现突出。有业绩记录的6473只股票策略产品中,6026只产品实现正收益,占比 93.09%,平均收益高达25.38%,5%分位数收益达72.23%。股票策略的良好表现得益于市场结构性机会。 2025年以来,A股市场整体震荡向上,中小盘风格主导,科技成长股与资源类周期股轮番发力。 券商中国记者从业内获悉,盘京投资、上海运舟、源乐晟等一批此前有过较大阶段性回撤的知名私募,在本 轮行情中都取得了不错收益,产品业绩显著修复。 多资产策略主要通过跨资产类别配置和灵活调整资产比例,在不同市场环境下分散风险并把握投资机会,今 年以来及时增加股票资产暴露,表现仅次于股票策略。有业绩记录的1279只多资产策略产品中,1150只产品 实现正收益,占比89.91%,平均收益达15.61%,5%分位数收益为52.84%。 值得注意的是,组合基金策略正收益占比居首。有业绩记录的398只产品中,有382只正收益,占比95.98%, 平均收益为14.12%,5%分位数收益为36.38%。 尽管今年商品市场波动不小,但期货及衍生品(CTA)策略表现相对较弱。有业绩记录的1212只期货及衍生 品策略产品中,935只实现正 ...
平均赚超20%!逾九成私募产品年内正收益
券商中国· 2025-09-13 23:36
Core Viewpoint - The year 2025 is expected to be favorable for private equity firms, with significant returns observed in private securities products and a resurgence of star stock private equity funds [1]. Group 1: Performance of Private Equity Products - As of August 31, 2025, 10,135 private securities products recorded an average return of 20.41%, with 9,208 products achieving positive returns, resulting in a positive return rate of 90.85%. The 5th percentile return reached 60.64% [3]. - Among 6,473 stock strategy products, 6,026 achieved positive returns, representing 93.09%, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market, with A-shares showing an upward trend and a focus on small and mid-cap stocks, as well as technology growth and resource cyclical stocks [3]. - Multi-asset strategies also performed well, with 1,279 products recording an average return of 15.61% and a positive return rate of 89.91%. The 5th percentile return for these products was 52.84% [3]. Group 2: Strategy Performance Breakdown - Combination fund strategies had the highest positive return rate, with 398 products showing 95.98% positive returns and an average return of 14.12%, while the 5th percentile return was 36.38% [4]. - Futures and derivatives (CTA) strategies underperformed, with 1,212 products achieving a 77.15% positive return rate and an average return of 8.55%. The 5th percentile return for these products was 37.61% [4]. - Bond strategies remained stable, with 773 products achieving a 92.50% positive return rate and an average return of 7.89%, while the 5th percentile return was 26.59% [4]. Group 3: Research Activities of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [5]. - The top private equity firms in terms of research frequency include Panjing Investment with 350 instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [5][6]. - Many large private equity firms have increased their overseas research efforts, with some focusing on long-term investments in non-ferrous enterprises and conducting multiple research trips to Africa to assess overseas mineral projects [7].
百亿私募产品榜揭晓!龙旗、念觉、因诺、景林等领衔!市场中性惊现负收益?
私募排排网· 2025-09-13 03:33
本文首发于公众号"私募排排网"。 (点击↑↑ 上图查看详情 ) 8月在寒武纪、易中天、工业富联等科技龙头带领下,沪深300指数单月涨10.33%,为近五年来单月第三大涨幅。 在这种极致分化行情下,私募 排排网数据显示,有业绩显示的 5098只私募产品,8月份收益均值仅为6.50%。 为了给读者提供一些参考,笔者分别梳理出了"股票策略-主观多头、股票策略-量化多头、股票策略-股票市场中性、多资产策略"今年1-8月居前 10的百亿私募产品。 (同一公司管理多只相同策略产品的,仅选收益最高的产品参与排名) 0 1 量化多头:龙旗科技朱晓康、念觉私募王啸旗下产品夺冠亚! 私募排排网数据显示,百亿私募旗下242只量化多头8月份收益均值为9.86%,今年来收益为38.69%;在8月份的分化行情下,8月份超额收益均 值为-1.70%,百亿私募旗下仅有54只量化多头产品跑出正超额收益,占比为22.31%。 百亿私募来看,有业绩显示的582只产品8月收益均值为5.83%。其中242只量化多头8月份收益均值为9.86%,表现较为领先;而180只主观多头 产品8月份收益均值仅为3.42%。 | 一级策略 | 二级策略 | 有业绩显 ...
“星耀领航计划”走进知名量化私募念空科技
● 本报记者 刘英杰 日前,"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募念空科技, 了解其在科技创新方面的最新成果,并探索科技创新与金融深度融合的新范式。 据悉,"星耀领航计划"旨在打造国内最具影响力的科创类私募赋能平台,发掘并培育兼具科技创新动能 与稳健合规精神的私募管理机构。近期,该计划将邀请在"科创领航"与"守正发展"奖项评选中脱颖而出 的杰出代表,分享其前沿探索与独到见解,共绘行业高质量发展新蓝图。 王啸表示,2018年,公司关注到有投资人开始使用机器学习的树模型进行一些特征因子的拟合,便迅速 布局进行尝试,取得了不错的效果;从2018年底开始,念空科技的量化模型正式开始运用AI算法; 加大科技创新投入 在调研过程中,念空科技创始人王啸在接受中国证券报记者专访时表示,公司在今年创立了AllMind (全频思维)公司。据介绍,这是一家专注于研究通用大语言模型(LLM)相关底层算法和工程技术 的创新型科技公司。截至目前,公司已与多家大学展开合作,在材料科学及理论科学领域进行实践探 索。 "AllMind和念空科技的运营理念有所区别。"王啸介绍,念空科技是量化私募基金,是盈利 ...