Group 1 - The core viewpoint of the article emphasizes the growing interest in index-enhanced products, particularly the CSI 1000 Index, which combines high growth and high elasticity characteristics, making it suitable for investors with a certain risk tolerance seeking potential excess returns [3][4]. - The CSI 1000 Index represents small and mid-cap stocks, covering companies ranked approximately 801 to 1800 in market capitalization, with a significant proportion in high-growth sectors such as electronics, electrical equipment, pharmaceuticals, and computers [4]. - Since 2021, the Chinese government has implemented policies to support "specialized, refined, distinctive, and innovative" small and medium-sized enterprises, resulting in over 10 billion yuan in subsidies by 2025, which enhances the growth logic for the CSI 1000 Index in the medium to long term [6]. Group 2 - The performance of private equity CSI 1000 index-enhanced strategies has shown a significant advantage in "Beta + Alpha" returns, with a strategy index return exceeding 36% over the past year compared to a 16% increase in the CSI 1000 Index [6]. - The article introduces two new metrics for selecting CSI 1000 index-enhanced products: non-regular investment annualized return and regular investment annualized return, which provide a more accurate reflection of the investor's actual holding experience [9][10]. - The non-regular annualized return reflects the product's ability to generate returns from a single investment point, while the regular annualized return measures the stability of performance over time with fixed frequency investments [11][12]. Group 3 - The article discusses the compounding effect of index-enhanced strategies, highlighting that consistent small excess returns can accumulate significantly over time, making long-term holding a more effective strategy [14]. - A table illustrates the potential excess returns over one and three years based on daily outperformance against the benchmark, showing that even small daily outperformance can lead to substantial cumulative excess returns [15].

Core Viewpoint - The A-share market in 2025 has shown distinct characteristics of a structural bull market, driven by policy support for the economy and technological transformation, leading to an upward trend in indices and significant returns for investors [2] Group 1: Market Performance - As of November 28, 2025, the private equity stock strategy index has achieved a return of 23.67%, while the CSI All Share Index has returned 18.30% during the same period [2] - The quantitative long strategy index has outperformed the subjective long strategy index, with returns of 34.67% and 22.75% respectively [2] Group 2: Strategy Analysis - The market environment this year was expected to favor subjective long strategies, yet quantitative strategies have leveraged their systematic advantages to capture opportunities [2] - The average performance of subjective long strategies has not matched that of quantitative strategies, attributed to the internal dispersion of returns and decreased effectiveness of timing strategies [12][18] Group 3: Future Outlook - The current environment for subjective long strategies is expected to improve compared to 2022-2024, with enhanced liquidity and a shift in market risk appetite [18] - Investors are encouraged to focus on subjective long managers who emphasize shareholder returns and sectors with high growth potential, such as AI and related industries [18]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来， A股、港股、美股震荡上行，均录得不同程度涨幅 。截至11月底，年内上证指数、深证成指和创业板指分别上涨约16.02%、 24.67%、42.54%；港股的恒生指数和恒生科技指数涨幅均超过25%；美股方面，纳斯达克指数涨幅领先，累计上涨约21%，标普500指数涨幅为 16.45%。 在这样的市场环境下， 不少证券投资类私募凭借出色的业绩表现获投资者认可，从而实现规模显著增长 。根据中基协发布的最新私募基金管理 人登记及产品备案月报，截至2025年10月末，存续私募基金管理规模首次突破22万亿元，创下历史新高。其中，私募证券投资基金规模达7.01 万亿元，较2024年末增加1.8万亿元，增幅超过34%，成为本轮私募规模增长的"主力军"。 那么，随着私募行业迈入22万亿元的新时代，是否大多数机构都实现了规模跃升？有哪些私募管理人的规模正快速上升？他们的业绩表现如何？ 本文将为读者一一揭晓。 （需要说明的是， 根据中国基金业协会规模分类，证券投资类私募的管理规模被划分为 "0-5亿、5-10亿、10-20亿、20-50亿、50-100亿、10 ...

市场震荡加剧，却并未扰动资金入市节奏。 私募排排网最新统计数据显示，11月超1200只私募证券投资基金完成备案，环比10月增长近30%。与此同时，截至11月21日，股票私募仓位 指数接近83%，较此前一周（11月14日）增长1.84个百分点。可见，不管是存量资金还是增量资金，都对权益资产的中长期表现抱有乐观预 期。 多位业内人士在接受记者采访时分析称，在企业盈利逐步修复，增量资金持续涌入权益市场的背景下，短期震荡后基本面能够兑现的优秀 公司有望进入新的上涨周期，调整提供了较好的布局机会。 私募11月"上新"活跃 分策略来看，头部私募仓位更为积极。据统计，截至11月21日，百亿级私募平均仓位为89.23%，管理规模在50亿元-100亿元、20亿元-50亿 元、10亿元-20亿元、5亿元-10亿元及0-5亿元区间的私募仓位分别为84.54%、81.69%、82.46%、82.59%和81.6%。 | 11 月备案私募产品按策略统计 | | | | --- | --- | --- | | 策略 | 产品数量 | 早 | | 股票策略 | 849 | 66. 07% | | 多资产策略 | 193 | 15.02% ...

Core Insights - The overall performance of CTA strategies has been strong this year, with precious metals providing significant profit opportunities, while stock indices, black commodities, and agricultural products have also shown favorable upward trends at different times [2] Group 1: Performance Analysis - The average return for short-cycle CTA managers this year is 12.99%, with the highest standard leveraged product achieving a year-to-date return of 42.25%. In contrast, long-cycle CTA managers have an average return of 28.15%, with the highest standard leveraged product reaching 67.96% [6][9] - Long-cycle CTA strategies have shown a clear advantage since the second quarter of this year, attributed to the favorable market conditions for longer-term models [6][9] Group 2: Market Trends - The core reason for the superior performance of long-cycle CTAs this year is that the commodity trend structure is more suited to the characteristics of long-cycle models. This includes stronger trend persistence and a more favorable volatility structure [10][11] - Macro factors, such as the global interest rate cycle being in a downward trend and changes in energy supply and demand, have made this year's commodity market more aligned with mid-term trends rather than short-term fluctuations [11] Group 3: Strategic Value of CTA - Despite the better performance of long-cycle CTAs this year, short-cycle CTAs still hold value. The strategic value of CTAs lies in their ability to provide high annualized returns and low correlation with equity assets, as well as offering defense and hedging during significant market downturns [13]

日前，"中国银河（601881）证券·中国证券报私募行业星耀领航计划"调研团队走进连云港市首家持牌 私募证券投资基金管理人——连海陆桥基金，围绕其科创投资逻辑、区域产业赋能、企业社会责任等议 题展开深入交流，共同探索国有背景私募在支持科技创新与服务地方经济中的独特路径。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 深耕战略性新兴产业 连海陆桥基金执行董事、总经理刘益鸣在接受中国证券报记者专访时表示，公司自2022年成立以来，始 终将科技创新作为重要投资方向之一，依托股东连云港市金融控股集团的产业背景与区域资源优势，持 续深耕生物医药、人工智能、高端制造等战略性新兴产业。 据悉，连海陆桥基金前身为金控集团证券业务部，早在集团成立初期即通过持股恒瑞医药（600276）、 远大控股（000626）等本土上市公司，积累了深厚的产业认知与资本运作经验。转为市场化运作的私募 基金管理人后，公司延续了这一基因，在股票策略产品中重点配置创新药板块，持 ...

Core Insights - Two insurance-related private equity funds, Renbao Qiyuan Huizhong and Taiping Private Equity, have completed their registration as private fund managers, indicating a significant development in the long-term stock investment pilot program for insurance capital in China [1][9]. Group 1: Renbao Qiyuan Huizhong - Renbao Qiyuan Huizhong (Beijing) Private Fund Management Co., Ltd. was established on August 18, 2025, and completed its registration on September 30, 2025, with a registered capital of 10 million yuan [3][4]. - The company is fully owned by China Renbao Asset Management Co., Ltd., which has been approved to participate in the second batch of long-term stock investment pilots with a scale of 10 billion yuan [5]. - The management team includes Mai Jing, the legal representative and general manager, who has extensive experience in investment management [6][7]. Group 2: Taiping Private Equity - Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. was established on August 29, 2025, and completed its registration on September 29, 2025, also with a registered capital of 10 million yuan [10][11]. - The company is fully owned by Taiping Asset Management Co., Ltd., which aims to respond to the long-term investment reform pilot for insurance capital [12]. - The management team is led by Liu Yang, who has held various senior positions within Taiping Asset Management [12][13]. Group 3: Industry Context - The long-term investment pilot program for insurance capital has seen three batches, with a total approved investment amount of 222 billion yuan, involving several major insurance companies [17]. - The initiative aims to gradually expand the range of participating institutions and the scale of funds, promoting the entry of long-term capital into the stock market [16][17].

Market Overview - On September 26, the market continued its recent trend of low-volume consolidation, with the Shanghai Composite Index down 0.65%, the Shenzhen Component down 1.76%, and the ChiNext Index down 2.60%[3] - Since reaching a new high of 3899 on September 18, the market has been consolidating around the 5-day moving average, indicating a potential choice of direction ahead[1] Sector Performance - The sectors that saw the most significant inflows on September 26 were passenger cars, auto parts, and wind power equipment, while the largest outflows were from consumer electronics, IT services, and communication equipment[4] - The shipbuilding industry, which has experienced a significant pullback, is highlighted as a potential short-term rebound opportunity[1] Economic Indicators - The petrochemical industry is projected to achieve an average annual growth of over 5% in value added from 2025 to 2026, as per a plan issued by seven government departments[5] - China's digital service trade reached 1.5 trillion yuan in the first half of 2025, marking a year-on-year growth of 6%[9] Fund Dynamics - The stock private equity position index reached a year-to-date high of 78.41%, reflecting a 0.37 percentage point increase from the previous week, indicating a growing optimism among private equity firms[12] - A new private equity fund with a total scale of 20 billion yuan was established in Qingdao, marking a significant development in the insurance private equity sector[11]

Group 1 - The company has redeemed part of its investment in the "Huanfang 500 Index Enhanced Enjoyment No. 18 Private Securities Investment Fund," with a redemption amount of 98,065,000.58 yuan for 59,920,000 shares on September 17, 2025 [2] - The cumulative investment income from the redeemed portion amounts to 32,622,415.64 yuan as of the redemption date [2] - As of September 23, 2025, the company still holds 71,890,509.28 shares of the fund [2][4] Group 2 - The decision to redeem part of the fund shares will not affect the normal operation of the company's business [3] - The company aims to enhance the efficiency of its capital management through appropriate cash management strategies, which will optimize its financial condition and maximize shareholder returns [3] - The company emphasizes the importance of risk management and will continue to monitor market dynamics to adjust investment strategies accordingly [3]

Core Points - The results of the 10th China Securities Private Equity Excellence Case Selection have been announced, recognizing various private equity institutions, products, and service providers for their strong overall capabilities, performance, and service quality [1] Group 1: Ten-Year Exemplary Institutions - Notable institutions recognized include Shanghai Chongyang Investment Management Co., Ltd., Shanghai Dapu Asset Management Co., Ltd., and Shenzhen Oriental Harbor Investment Management Co., Ltd. [3] - Other recognized firms include Shanghai Gao Yi Asset Management Partnership, Shenzhen Red Chip Investment Co., Ltd., and Beijing Xing Shi Investment Co., Ltd. [3] Group 2: Top 50 Demonstration Institutions - The top firms in stock strategy include Shanghai Chongyang Investment Management Co., Ltd., Shanghai Dapu Asset Management Co., Ltd., and Shenzhen Oriental Harbor Investment Management Co., Ltd. [4] - Additional firms recognized in this category include Shanghai Gao Yi Asset Management Partnership and Shenzhen Red Chip Investment Co., Ltd. [5] Group 3: Quantitative Strategy Institutions - Recognized firms in the quantitative strategy category include Shenzhen Chengqi Asset Management Co., Ltd. and Hainan Evolution Private Fund Management Co., Ltd. [6] - Other notable firms include Jiukun Investment (Beijing) Co., Ltd. and Shanghai Liangpai Investment Management Co., Ltd. [6] Group 4: Fixed Income Strategy Institutions - Institutions recognized for fixed income strategies include Shanghai Hesheng Asset Management Co., Ltd. and Beijing Le Rui Asset Management Co., Ltd. [7] - Additional firms in this category include Shanghai Yin Ye Investment Co., Ltd. and Ming Yi Private Fund Management Co., Ltd. [7] Group 5: Foreign Private Equity Demonstration Institutions - Foreign institutions recognized include Invesco (Shanghai) Investment Management Co., Ltd. and Yuan Sheng Investment Management (Shanghai) Co., Ltd. [12] Group 6: Private Equity Service Demonstration Institutions - Notable private banking institutions recognized include China Merchants Bank Co., Ltd. and Industrial and Commercial Bank of China Ltd. [15] - Leading private placement sales brokers include CITIC Securities Co., Ltd. and China International Capital Corporation [15]