以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 11月22日，深圳东方港湾投资董事长但斌一条"晒基金排名"的微博，再度将这位私募大佬推向市场聚光灯下。根据其分享的Morgan Hedge统计数据，截至 2025年10月，东方港湾海外基金在全球9970家对冲基金中，三年期收益以138.98%位列第三，一年期收益26.63%。 看似亮眼的成绩背后，却藏着市场的多元解读：26.63%的一年期收益虽略高于国内主观多头策略24.32%的平均水平，但远低于该策略前5%分位数82.48% 的收益；此外，其国内有公开业绩的产品仅录得15%左右的收益，显著跑输同期同类均值。"过度神话"的质疑声与长期投资的声援同步出现，而但斌的持 仓动向或许藏着答案。 01 押注AI全产业链 重仓英伟达，加仓阿里新进博通 牛市行情下，基金业绩的分化往往与持仓布局密切相关。从东方港湾海外基金向美国证监会提交的三季度报告（截至9月30日）可见，其12.92亿美元的持 仓规模中，17只标的清晰勾勒出"All in AI"的投资主线。 长期亮眼与短期"平淡"如何 ...

Core Insights - The article highlights the performance of Dongfang Hongwan's overseas fund, which achieved a three-year return of 138.98%, ranking third among 9,970 global hedge funds, and a one-year return of 26.63% [1][5] - There is a mixed market interpretation of these results, with the one-year return being slightly above the domestic average of 24.32% but significantly lower than the top 5% return of 82.48% [1][5] - Concerns have been raised regarding the underperformance of domestic products, which recorded returns around 15%, well below the average [1][5] Investment Strategy - Dongfang Hongwan's investment strategy is heavily focused on AI, with a significant portion of its $1.292 billion portfolio allocated to AI-related stocks, including major holdings in Nvidia and Google [3][4] - The fund's top holdings include Nvidia at $236 million, Google at $224 million, and new positions in Alibaba and Broadcom, reflecting a strong belief in the AI sector [3][4] - The fund also invested in key players in the AI supply chain, such as Astera Labs and BitMine Immersion Technologies, indicating a comprehensive approach to the AI industry [4] Performance Analysis - The long-term performance of Dongfang Hongwan is praised for its effectiveness in value investing, with a three-year return of 138.98% demonstrating strong asset judgment [5][7] - However, the one-year performance has sparked debate, as it falls short compared to peers, raising questions about the sustainability of its strategy [5][7] - The domestic products have shown significant volatility, with notable losses earlier in the year, leading to investor concerns about short-term performance [6][7] Market Perspective - Analysts suggest that the performance disparity reflects the inherent differences between value investing and short-term speculation, especially in a structural bull market [7] - The current market environment has created numerous short-term opportunities, but high volatility is expected, making long-term strategies more appealing [7] - The ongoing debate centers on whether to pursue short-term gains or to invest in long-term growth, with Dongfang Hongwan's strategy leaning towards the latter [7]

Core Insights - In October 2023, A-shares experienced a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component and ChiNext Index fell by 1.1% and 1.56% respectively [2] - A total of 2,448 private equity products reached historical highs in net value, accounting for approximately 48.60% of private equity products established for over one year [2][3] - Among these products, 1,367 were non-quantitative, while 1,081 were quantitative [2] - The majority of products employed stock strategies, with 1,344 products (approximately 54.9%), followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Product Types - Non-quantitative products accounted for 1,367, while quantitative products made up 1,081 [2] - Stock strategy products were the most prevalent, with 1,344 products, followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Company Size - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products (35% of the total) [3] - There were 430 products from firms with over 10 billion in assets [3] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity firms, 14 quantitative, and 8 combining both strategies [4][5] - Among these, five firms with over 10 billion in assets included Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity [5] Notable Products - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with 13 being subjective long products [9] - Notable high-performing products included those from Beijing Xiyue Private Equity, which topped the subjective long product category, and Jiukun Investment, which had 18 products with significant returns [19][27] Strategy Performance - In the futures and derivatives strategy category, 197 products reached historical highs, with the top five products coming from Yizu Investment and Chiying Private Equity [20] - The multi-asset strategy category had 245 products, with the top performers being from Lu Yuan Private Equity and Hai Sheng Fund [24][27]

Core Viewpoint - The article highlights the strong performance of the U.S. stock market, particularly in the technology sector, which has significantly benefited investment products managed by Dan Bin, with a high percentage of his funds reaching historical highs in net value [2][4]. Group 1: Performance of Dan Bin's Funds - As of September 19, 2025, 76 out of 80 private equity products managed by Dan Bin achieved historical net value highs, representing approximately 95% of his products [2]. - The average return of Dan Bin's funds this year is close to ***% [2][5]. - Four funds under Dan Bin's management have been established for over ten years and have annualized returns exceeding ***%, qualifying them as "Double Ten Funds" [2]. Group 2: Market Trends and Investment Strategy - Dan Bin's firm, Dongfang Gangwan, has won the title of "Billion Private Equity Champion" for two consecutive years in 2023 and 2024 [4]. - Despite a significant drop in U.S. tech stocks in early 2023, Dan Bin viewed the downturn as an opportunity and increased his positions, leading to a rebound in performance as the market recovered in April [4]. Group 3: Holdings and Sector Focus - As of the end of Q2 2025, Dongfang Gangwan held 13 U.S. stocks with a total market value of approximately $1.126 billion, equivalent to over 800 million RMB [7]. - Major holdings include Nvidia and Google, which saw price increases of approximately 13% and over 39% respectively since July [8]. - In addition to U.S. stocks, Dongfang Gangwan has invested in four domestic ETF funds, with a total market value close to 36.9 million RMB, which also performed well since July [9]. Group 4: A-Share Market Engagement - Dongfang Gangwan has conducted research on eight A-share technology companies since July, many of which have shown strong stock performance [10]. - Notable companies include Ding Tong Technology, which saw a price increase of 56.31% since July [10]. Group 5: AI and Technology Sector Insights - Dan Bin emphasizes the shift in focus within the AI sector from foundational models to application-specific companies, suggesting that investment opportunities will arise in various verticals [11]. - The demand for AI computing power is expected to grow significantly, with projections indicating a market size increase from $600 billion in 2025 to $3-4 trillion by 2030, reflecting a compound annual growth rate of 38%-46% [12]. - The rise of the electronics industry, including semiconductors, is seen as a structural and irreversible trend in the Chinese market, with the total market value of the electronics sector surpassing that of the banking sector for the first time [13].

Market Overview - In August, the three major A-share indices continued to rise strongly, with the Shanghai Composite Index increasing by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] Private Fund Performance - A total of 3,321 private fund products reached historical net value highs in August, accounting for approximately 71.19% of private funds established for over one year [1] - Among these, quantitative products numbered 1,303, while non-quantitative products totaled 2,018 [1] Product Strategy Breakdown - The majority of products employed stock strategies, with 2,135 products (approximately 64%), followed by multi-asset strategies (471), futures and derivatives strategies (305), bond strategies (302), and combination fund products (108) [1] - In terms of company scale, products from private funds with less than 500 million yuan accounted for over 40%, with 1,347 products, while those from funds with over 10 billion yuan numbered 456 [2] Top Performing Private Funds - A list of top-performing private funds was compiled, focusing on those with over 10 products that all reached historical highs in August. Notable firms included Tianyan Capital, Ningbo Huanfang Quantitative, and Minghuo Investment [2] - Among the 20 firms identified, 13 were quantitative private funds and 7 were subjective private funds, with 15 focusing on stock strategies [2] Long-Term Performance - There were 33 private fund products that have been established for over 10 years and reached historical highs, with 25 of these achieving annualized returns exceeding 10% [5] - Notably, the "Double Ten Fund" products included those managed by Dan Bin and Liang Hong, with several products achieving annualized returns over 20% [5] Quantitative Strategy Highlights - In the category of quantitative long-only stock strategies, 512 products reached historical highs, with the top performers including Hanrong Investment and Minghuo Investment [10] - The leading product was "Hanrong Ansheng Progress No. 1 B Class," with a near one-year return close to ***% [12] Subjective Strategy Highlights - For subjective long-only stock strategies, 650 products reached historical highs, with top performers from Beijing Xiyue Private Fund and Shanghai Geru Private Fund [16] - The second-ranked product was "Geru Singularity," managed by Shi Hao, with a near one-year return exceeding ***% [20] Multi-Asset Strategy Performance - In the multi-asset strategy category, 286 products reached historical highs, with top performers including Tianhui (Shanghai) Private Fund and Berkshire Investment [21] - The sixth-ranked product was "Zhaorong Foundation Evergreen No. 1," managed by Zhou Menghua, with a near one-year return exceeding ***% [25] Futures and Derivatives Strategy - A total of 137 products in the futures and derivatives strategy category reached historical highs, with top performers from Shenyuan Asset and Junfu Investment [26] - The leading product was "Shenyuan Asset's Strategy," with significant returns noted [26] Bond Strategy Performance - In the bond strategy category, 204 products reached historical highs, with top performers including Jinshi (Xiamen) Asset and Shanghai Hanhong Private Fund [30] - The leading product was "Hanhong New Millennium No. 1," focusing on convertible bonds [30]

Market Overview - In August, A-shares continued to rise strongly, with the Shanghai Composite Index increasing by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] Private Fund Performance - A total of 3,321 private fund products reached historical net asset value highs in August, representing approximately 71.19% of private funds established for over one year [1] - Among these, quantitative products accounted for 1,303, while non-quantitative products made up 2,018 [1] Product Strategy Breakdown - The majority of products employed stock strategies, with 2,135 products (about 64%), followed by multi-asset strategies (471), futures and derivatives strategies (305), bond strategies (302), and combination fund products (108) [1] Company Size Analysis - The largest share of products came from private funds with assets under management (AUM) below 500 million, totaling 1,347 products, which is over 40% of the total [2] - There were 456 products from private funds with AUM exceeding 10 billion [2] Top Performing Private Funds - A list of top-performing private funds was compiled, focusing on those with stock strategies, multi-asset strategies, futures and derivatives strategies, and bond strategies [2] - Notably, 20 private fund companies had all their products reach historical highs in August, with 13 being quantitative and 7 being subjective [2] Long-Term Performance - Among the private funds that reached historical highs, 33 products have been established for over 10 years, with 25 of them achieving annualized returns exceeding 10% [6] - Five products achieved annualized returns over 20%, with four of them being from large private funds [6] Quantitative Strategy Highlights - In the category of quantitative long-only stock strategies, there were 512 products that reached historical highs, with the top performers having a return threshold close to ***% [10] - The leading products in this category were from Hanrong Investment, Liangying Investment, and others [10] Subjective Strategy Highlights - For subjective long-only stock strategies, there were 650 products that reached historical highs, with the top five performers coming from Beijing Xiyue Private Fund, Shanghai Ge Ru Private Fund, and others [15] Multi-Asset Strategy Insights - In the multi-asset strategy category, 286 products reached historical highs, with the top five performers including Tianhui (Shanghai) Private Fund and others [18] Futures and Derivatives Strategy Performance - There were 137 products in the futures and derivatives strategy category that reached historical highs, with the top five coming from Shenyuan Asset and others [23] Bond Strategy Dominance - In the bond strategy category, 204 products reached historical highs, with the top five performers including Jinshi (Xiamen) Asset and others [28]