Group 1 - The private equity market is showing increased optimism, with the stock private equity position index reaching 80.16% as of October 31, 2025, marking a 0.79% increase from the previous week and the first time it has surpassed the 80% threshold this year [1] - Since the market rebound in August, the private equity position index has risen from a low of 73.93% to the current 80.16%, indicating a significant increase in positions among private equity firms [1] - Large private equity firms maintain high positions, with those managing over 100 billion yuan having a position index of 80.07%, remaining above 80% for four consecutive weeks, while firms managing between 50 billion and 100 billion yuan have an even higher index of 85.02%, staying above 80% for eleven weeks [1] Group 2 - The current structure of private equity holdings shows a dominance of high positions, with 63.21% of stock private equity firms fully invested, 21.57% at moderate levels, and only 10.70% at low levels, while 4.52% are in cash [2] - Among large private equity firms, over 50% of those managing 100 billion yuan or more are fully invested, with 54.26% in full positions and 38.25% at moderate levels, indicating strong confidence in the market [2] - Factors contributing to the high position levels include the sustained market rebound since August, strong performance of stock strategy private equity products, and a general confidence in the long-term value of A-shares and economic recovery [2] Group 3 - Current market risk premiums are at a historical median level, with an increase in the activation of household deposits, suggesting a shift in asset allocation and stock market revaluation as long-term confidence grows [3] - The Federal Reserve's recent interest rate cuts and pause in balance sheet reduction are expected to benefit Chinese assets due to global capital rebalancing, with the stock market's earnings bottom confirmed [3] - As earnings drivers for the stock market begin to emerge, the potential for market upward movement is expected to increase [3]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 编者按 通常，投资者在了解私募时，会关注公司团队水平、策略运作、中长期业绩、风险控制等内容，为此，私募排排网推出# 深 度揭秘100 家私 募 # 栏目，对这些内容进行详解。 本期揭秘的是 百亿主观私募日斗投资 ，日斗投资管理规模在2024年实现了20-50亿到100亿以上的跃迁，截至2025年10月，公司管理规模 接近300亿。这也意味着，公司规模在最近一年时间里增长近200亿元。 业绩方面， 日斗投资自2020年 来连续5年取得正收益，2020-2024年收益均值分别为***%、***%、***%、***%、***%（ 点此看收益 ） ，据了解，日斗投资是百亿级私募中少数能近5个完整年度均实现正收益的私募，尤其在2022年市场下行时期，A股三大指数均跌超15%的 环境下，日斗投资当年的收益均值高达***% （ 点此看收益 ） ，可见其对行业周期和行情的精准把握。 截至2025年9月底， 日斗投资在"百亿私募近五年收益榜"中排名第二 ，旗下产品近五年收益均值接近***% （ 点此看收益 ） 。今年以来也 同样取得了突出的业绩，旗下产品今年前三季 ...

Core Insights - The article discusses the performance of various private equity strategies, particularly focusing on CTA (Commodity Trading Advisor) strategies, which have shown resilience in the current market environment compared to traditional equity strategies [2][3]. Performance Overview - As of October 2025, the A-share market indices exhibited mixed performance, with subjective long-only private equity products showing an average return of -1.33% over the past month, while quantitative long products achieved an average return of 0.94% [2]. - In contrast, subjective CTA and quantitative CTA products reported average returns of 2.84% and 1.77% respectively over the same period, highlighting their strong performance within the private equity secondary strategies [2]. Private Equity Strategy Breakdown - The article provides a detailed breakdown of various private equity strategies, including: - Subjective Long: 2200 products, total scale of approximately 184.25 billion CNY, with a 1-month return of -1.33% and a 6-month return of 31.01% [3]. - Quantitative Long: 400 products, total scale of approximately 20.65 billion CNY, with a 1-month return of 1.77% and a 6-month return of 10.74% [3]. - Subjective CTA: 185 products, total scale of approximately 1.08 billion CNY, with a 1-month return of 2.84% and a 6-month return of 14.92% [3]. - Other strategies such as macro strategies, FOF, and arbitrage strategies also showed varying performance metrics [3]. Top Performing Private Equity Firms - The article identifies top-performing private equity firms based on their CTA product performance: - For firms with assets over 2 billion CNY, 洛书投资 (Luoshu Investment) ranked first with a 6-month return of ***% [4][5]. - In the 5-20 billion CNY category, 华澄私募 (Huacheng Private Equity) led with a 6-month return of ***% [6][7]. - For firms with assets under 5 billion CNY, 系综（上海）私募 (Xizong Shanghai Private Equity) topped the list with a 6-month return of ***% [8][9]. Investment Strategy Insights - The article emphasizes the importance of understanding the differences in strategy logic and risk control among various private equity managers, which can lead to significant performance disparities [4][5]. - It highlights that while CTA strategies theoretically offer superior performance, actual results can vary widely based on the management approach and execution [4].

Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

深耕科技沃土 在量化投资领域，科技能力是毋庸置疑的"护城河"。因诺资产自创立以来，将科技创新刻入发展基因， 构建了一套兼具实用性与前瞻性的科技投入体系。徐书楠在接受中国证券报记者专访时介绍，公司的科 技战略清晰地区分为硬件与软件两大板块。 近日，"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机构上海因 诺资产管理有限公司，与公司创始人、总经理兼投资总监徐书楠进行深度对话。 本次调研围绕量化投资的科技内核、私募与科创企业的双向赋能路径以及企业的社会责任实践等问题展 开，共同探讨量化私募在推动科技金融落地、服务实体经济高质量发展中的独特价值与模式。作为以科 技为驱动的资产管理机构，因诺资产的实践为行业提供了"硬科技赋能投资、软实力回馈社会"的鲜活样 本。 "星耀领航计划"不仅关注机构的科创能力，同样重视其守正发展的社会责任担当。在这一维度，因诺资 产形成了从本职坚守到公益回馈的完整实践体系。 徐书楠表示，履行社会责任的首要前提是做好本职工作。这意味着公司必须坚持合法合规运营，为投资 者创造持续、稳健的价值回报。在此基础上，因诺资产积极贡献自身的专业力量，配合监管部门进行课 题研究、行 ...

Core Insights - The article highlights the performance of top private equity founders in the past six months, showcasing their investment strategies and product performance [2][4]. Group 1: Performance Overview - As of October 24, 2025, 25 private equity founders had over 10 products each that met ranking criteria, with a total of 432 products and a combined scale of approximately 71.11 billion yuan, achieving an average return of 22.86% [2]. - The top 10 private equity founders based on performance include: Dan Bin from Dongfang Gangwan, Wang Wen from Rido Investment, Xie Xiaoyang from Tianyan Capital, Gao Simeng from Jukuan Investment, Liang Yong from Haiziyuan Investment, Zhu Xiaokang from Longqi Technology, Liang Hong from Hainan Xiwa, Zou Yitian from Heiyi Asset, Lin Ziyang from Hainan Shengfeng Private Equity, and Gao Kang from Yanfu Investment [2][3]. Group 2: Individual Founder Insights - **Dongfang Gangwan (Dan Bin)**: Managed 69 products with a total scale of approximately 10.02 billion yuan, achieving an average return of ***% in the past six months, leading the rankings [5][7]. - **Rido Investment (Wang Wen)**: Managed 18 products with a total scale of approximately 13.68 billion yuan, with most products achieving returns above ***%, ranking second [8][9]. - **Tianyan Capital (Xie Xiaoyang)**: Managed 12 products with a total scale of approximately 2.25 billion yuan, primarily focusing on quantitative stock selection, with returns above ***% [10]. - **Jukuan Investment (Gao Simeng)**: Managed 42 products with a total scale of approximately 3.38 billion yuan, achieving an average return of ***% [11]. - **Haiziyuan Investment (Liang Yong)**: Managed 11 products with a total scale of approximately 1.27 billion yuan, ranking fifth with an average return of ***% [13]. - **Longqi Technology (Zhu Xiaokang)**: Managed 16 products with a total scale of approximately 2.66 billion yuan, achieving an average return of ***% [16]. - **Hainan Xiwa (Liang Hong)**: Managed 23 products with a total scale of approximately 4.51 billion yuan, with most products achieving returns above ***% [18]. - **Heiyi Asset (Zou Yitian)**: Managed 19 products with a total scale of approximately 2.36 billion yuan, achieving an average return of ***% [20]. - **Hainan Shengfeng Private Equity (Lin Ziyang)**: Managed 12 products with a total scale of approximately 2.33 billion yuan, ranking ninth with an average return of ***% [24].

Core Viewpoint - The article focuses on the investment management firm Square and Investment, highlighting its strong performance in the quantitative hedge fund sector and its commitment to research-driven investment strategies [2][6]. Company Overview - Square and Investment Management Partnership (Limited Partnership) is a registered quantitative hedge fund company established in August 2015, recognized with over 70 prestigious awards [6]. - As of October 2025, the firm has surpassed a management scale of 10 billion [2]. Investment Strategy and Team - The company adheres to a core value of "research-driven excellence," with a team composed of experienced fund managers and senior quantitative researchers, each with over 15 years of industry experience [8][10]. - Square and Investment employs a combination of mathematics, statistics, computer science, and finance to develop quantitative hedge fund strategy models aimed at delivering stable long-term performance across different market cycles [8]. Core Strategies and Representative Products - The market-neutral strategy aims to achieve excess returns (alpha) independent of market movements by employing a long-short equity approach [12]. - The firm offers various products, including the Square and Smart Growth No. 1 Private Securities Investment Fund, which focuses on maintaining low correlation with market indices and achieving stable excess returns [14][16]. - The Square and Enhanced Index No. 9 Securities Investment Fund aims to closely track indices while generating potential excess returns through quantitative models [20]. Research and Risk Management - The strategy framework has evolved through localization and continuous iteration, adapting to market changes while maintaining core principles [26]. - The risk management system encompasses pre-trade, intra-trade, and post-trade controls, ensuring comprehensive risk oversight [31][32]. Competitive Advantages - Square and Investment's strategies have demonstrated resilience over a decade, effectively navigating various market conditions [43][44]. - The firm combines traditional and cutting-edge technologies to continuously refine its strategies, ensuring they remain relevant and effective [46]. - The investment team is composed of elite professionals from prestigious institutions, contributing to a robust research and investment culture [47]. Future Development Plans - The company is implementing its "third five-year plan" to balance research and operational efficiency while ensuring growth aligns with strategy capacity [51]. - Plans include expanding data sources, enhancing factor evaluation systems, and developing new model structures to improve service customization [52][54]. - The talent strategy focuses on attracting industry experts and establishing a comprehensive training system to support growth and innovation [55].

Core Viewpoint - The article analyzes the latest A-share holdings of major private equity firms in China, highlighting their investment preferences and market performance as of the end of Q3 2025. Group 1: Overview of Holdings - As of October 31, 2025, 35 private equity firms held a total market value of approximately 718.57 billion yuan in A-shares, with notable firms like Gao Yi and Guo Feng Xing Hua each holding around 230 billion yuan [2][3]. - Among these firms, 18 increased their positions, while 34 reduced their holdings, indicating a preference for long-term investments [2][3]. Group 2: Performance of Major Private Equity Firms - Gao Yi Asset and Guo Feng Xing Hua are the only firms with holdings exceeding 230 billion yuan, while firms like Xuan Yuan Investment and A Ba Ma Investment also showed significant holdings [3][4]. - The average increase in the stock prices of the top holdings by these private equity firms was 26.68%, outperforming the Shanghai Composite Index during the same period [3][4]. Group 3: Notable Stock Performances - A total of 44 stocks held by these private equity firms saw price increases exceeding 50%, with significant contributions from the machinery and electronics sectors [5]. - ST Zhen Tong, heavily invested by A Ba Ma Investment and Xuan Yuan Investment, experienced a remarkable price increase of over 139% in the first three quarters [5]. Group 4: Specific Holdings and Changes - Gao Yi Asset's top holdings include Hikvision and Zijin Mining, with the latter seeing a price increase of over 99% in the first three quarters of 2025 [10][12]. - Xuan Yuan Investment's largest holding is Dongfang Shenghong, with a market value nearing 1.4 billion yuan and a price increase of approximately 16% [14]. Group 5: Investment Strategies - The investment strategies of these private equity firms vary, with 18 firms employing subjective strategies, 11 using quantitative methods, and 4 adopting a combination of both [3][4]. - A Ba Ma Investment, known for its quantitative approach, has shown strong performance, with its holdings primarily in the machinery and electronics sectors [18][19].

Core Viewpoint - Ningquan Asset's decision to suspend new investor subscriptions amid the A-share market reaching the 4000-point milestone reflects a cautious approach to investment management, prioritizing the interests of existing investors over expansion [2][3][4]. Group 1: Company Actions - On October 29, Ningquan Asset announced it would suspend new investor subscriptions starting October 30, allowing only existing investors to add to their holdings [2][3]. - The firm emphasized that this decision was made for the needs of investment management operations, without specifying a timeline for reopening subscriptions [4][5]. Group 2: Market Context - The Shanghai Composite Index closed at 4016.33 points, marking a significant moment as it reached this level for the third time in history [3][8]. - The current market environment is characterized by a mix of new growth opportunities in sectors like technology and traditional industries seeking recovery, indicating a complex landscape for investors [7]. Group 3: Industry Insights - The decision to "close the door" to new investments is seen as a responsible move by private equity firms during periods of market exuberance, aimed at controlling management scale and protecting existing investors' interests [4][5]. - Industry experts interpret this action as a sign of professional risk awareness, suggesting that firms are prioritizing long-term stability over short-term growth [6][8].

Core Viewpoint - Shenzhen has become a significant hub for quantitative private equity, with a total of 125 firms and an average return of 24.43% in the first three quarters of the year [2]. Group 1: Overview of Quantitative Private Equity in Shenzhen - Shenzhen is one of China's four first-tier cities and a frontier for opening up, attracting world-class financial, professional services, and technology companies [2]. - The city has a solid policy and industrial foundation for the development of quantitative private equity [2]. Group 2: Distribution of Quantitative Private Equity Firms - The majority of quantitative private equity firms are located in Futian District (59 firms) and Nanshan District (53 firms), accounting for nearly 90% of the total [4]. - Futian District is identified as the traditional financial center, while Nanshan is recognized as the technology center of Shenzhen [4]. Group 3: Top Firms in Futian District - The leading firms in Futian District include Chao Quantum Fund and Chengqi Asset, both managing over 10 billion [7]. - The top firms in terms of employee count include Youmeili Investment, Chao Quantum Fund, and Qianhai Guoen Capital, each with over 30 employees [7]. Group 4: Performance of Top Firms - Chengqi Asset achieved the highest average return among its products, with a management scale of over 100 billion [9]. - Chao Quantum Fund, established in 2015, focuses on stock quantitative strategies and has also reached a management scale of over 100 billion [10]. Group 5: Overview of Nanshan District - In Nanshan District, the top firms include Hanrong Investment and Dadao Investment, with the latter being a newly established firm managing over 100 billion [11][14]. - The firms in Nanshan are also characterized by a strong focus on quantitative strategies and advanced technology [11]. Group 6: Performance of Top Firms in Nanshan - Hanrong Investment leads in performance with an average return from its products, while Dadao Investment has also shown strong results since its establishment [13][14]. - The firms in Nanshan are noted for their innovative approaches, including the use of machine learning and advanced statistical methods [13]. Group 7: Other Districts - Other districts such as Longgang, Luohu, Baoan, and Yantian collectively host 13 small-scale quantitative private equity firms, all managing between 0-5 billion [15]. - These firms primarily focus on niche strategies and have smaller employee counts compared to those in Futian and Nanshan [15].