2025年，私募业迎来高光时刻，行业总规模一举突破22万亿大关，一批私募规模破百亿，大量产品净值创 下历史新高。 尽管11月A股市场震荡整固，百亿私募业绩略有回撤，但不少私募依然交出了正收益，今年以来的累计收益更 是大幅跑赢指数。 值得注意的是，今年以来，量化业绩表现抢眼，不少头部私募的超额收益高达30%，最火热的当数中小市值指 增策略。 券商中国记者从渠道获悉，源乐晟、新思哲、复胜、同犇、彤源等多家主观私募旗下代表产品年内业绩超过 50%；量化私募更加抢眼，背后是中小指增策略的火爆，明汯、世纪前沿、蒙玺、龙旗等多家百亿量化旗下的 1000和2000指增产品业绩超60%。 私募业绩大爆发 11月，A股市场进入震荡调整阶段，结构分化与板块轮动显著加快。在此背景下，百亿私募基金虽阶段性承 压，但整体表现优于主要指数，展现出较强的风险应对能力。 私募排排网统计数据显示，截至2025年11月底，有业绩展示的73家百亿私募在11月整体微跌0.27%，其中42家 实现正收益，占比为57.53%。其中，量化私募逆势走强，有业绩展示的45家百亿量化私募当月整体收益为 0.66%。 从全年维度看，百亿私募在1—11月的整体收益 ...

年内私募业绩大丰收 量化产品领跑 中小市值策略火爆 证券时报记者 许孝如 尽管近期A股市场震荡回调，百亿私募业绩有所回撤，但不少私募11月份依然交出正收益，今年以来的 累计收益更是大幅跑赢指数。 私募排排网数据显示，整体来看，45家百亿量化私募中，仅5家收益率低于20%，26家百亿量化私募收 益率在20%～39.99%，14家私募收益率超过40%。 证券时报记者获悉，源乐晟、新思哲、复胜、同犇、彤源等多家主观私募旗下的代表产品，年内收益率 已超50%。相比之下，量化私募的业绩表现更为亮眼，这背后离不开中小指增策略的持续火爆，明汯、 世纪前沿、蒙玺、龙旗等多家百亿量化机构旗下的中证1000及中证2000指增产品，收益率更是突破了 60%。 私募业绩大爆发 11月，A股市场进入震荡调整阶段，结构分化与板块轮动显著加快。在此背景下，百亿私募基金虽然阶 段性承压，但整体表现优于主要指数，展现出较强的风险应对能力。 私募排排网统计数据显示，截至2025年11月底，有业绩展示的73家百亿私募在11月整体微跌0.27%，其 中42家实现正收益，占比为57.53%。其中，量化私募逆势走强，有业绩展示的45家百亿量化私募当月 ...

证券时报记者获悉，源乐晟、新思哲、复胜、同犇、彤源等多家主观私募旗下的代表产品，年内收益率 已超50%。相比之下，量化私募的业绩表现更为亮眼，这背后离不开中小指增策略的持续火爆，明汯、 世纪前沿、蒙玺、龙旗等多家百亿量化机构旗下的中证1000及中证2000指增产品，收益率更是突破了 60%。 人民财讯12月12日电，尽管近期A股市场震荡回调，百亿私募业绩有所回撤，但不少私募11月份依然交 出正收益，今年以来的累计收益更是大幅跑赢指数。 ...

尽管近期A股市场震荡回调，百亿私募业绩有所回撤，但不少私募11月份依然交出正收益，今年以来的 累计收益更是大幅跑赢指数。 证券时报记者获悉，源乐晟、新思哲、复胜、同犇、彤源等多家主观私募旗下的代表产品，年内收益率 已超50%。相比之下，量化私募的业绩表现更为亮眼，这背后离不开中小指增策略的持续火爆，明汯、 世纪前沿、蒙玺、龙旗等多家百亿量化机构旗下的中证1000及中证2000指增产品，收益率更是突破了 60%。 私募业绩大爆发 11月，A股市场进入震荡调整阶段，结构分化与板块轮动显著加快。在此背景下，百亿私募基金虽然阶 段性承压，但整体表现优于主要指数，展现出较强的风险应对能力。 私募排排网统计数据显示，截至2025年11月底，有业绩展示的73家百亿私募在11月整体微跌0.27%，其 中42家实现正收益，占比为57.53%。其中，量化私募逆势走强，有业绩展示的45家百亿量化私募当月 整体收益率为0.66%。 从全年维度看，百亿私募在前11个月的整体收益率达29.44%，其中71家实现正收益，占比高达 97.26%。在实现正收益的机构中，33家落在20%～39.99%区间，更有19家收益率超过40%。 证券时报 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of fund subscription limits, particularly for the Yongying Technology Smart Fund, which has implemented a daily purchase limit of 10,000 yuan per account starting September 5, following a previous limit of 1 million yuan [1][2][3] - The Yongying Fund's decision to impose these limits is driven by two main considerations: to guide investors towards rational decision-making and to control the growth of the fund's scale, ensuring the stability and effectiveness of investment strategies for sustainable long-term returns [1][2] - As of September 3, the Yongying Technology Smart Fund has achieved an impressive performance of over 177% year-to-date, making it a leader among all funds, with a significant net asset value increase of over 46% in the past month [2][3] Group 2 - The articles indicate a broader trend in the industry, with over a hundred funds implementing subscription limits in August, as the market began to recover, reflecting a renewed "subscription limit wave" among high-performing funds [3][4] - Various funds, including those managed by Manulife and Huatai-PB, have also announced subscription limits, with some as low as 10,000 yuan, aimed at controlling fund size and protecting existing investors from potential losses due to market volatility [4][5] - The rationale behind these subscription limits is to maintain the effectiveness of investment strategies and to prevent the dilution of fund returns that can occur when new capital enters at high net asset values [5]

Group 1 - The core viewpoint of the article is that the "champion funds" are implementing stricter purchase limits to manage fund size and protect investor interests [2][3][5] - Yongying Technology Smart Selection Fund has set a daily purchase limit of 10,000 yuan per account starting September 5, after previously allowing a limit of 1 million yuan [2][3] - The fund's performance has been outstanding, with a year-to-date return exceeding 177%, making it a leader among all funds [5][6] Group 2 - The fund management emphasizes the importance of rational decision-making among investors to avoid impulsive large investments due to market emotions [2][6] - The recent trend of fund purchase limits is seen across the industry, with over a hundred funds implementing similar restrictions in August to control fund size and maintain investment strategy effectiveness [6][7] - The limits are also intended to protect existing investors from potential losses due to market volatility when new funds enter at high valuations [7]

Core Viewpoint - The article discusses the recent increase in purchase limits for the "Champion Fund," specifically the Yongying Technology Select Fund, aimed at protecting investors and maintaining investment strategy effectiveness [2][4][6]. Group 1: Fund Purchase Limits - On September 4, Yongying Fund announced a new purchase limit of 10,000 yuan per day per account for the Yongying Technology Select Fund, effective from September 5 [4][6]. - This follows a previous limit of 1 million yuan per day per account that was set just a week earlier [2][6]. - The fund management cites two main reasons for these limits: to guide investors towards rational decision-making and to control the growth of the fund's scale [2][6]. Group 2: Fund Performance and Strategy - As of September 3, the Yongying Technology Select Fund has achieved a performance of over 177% year-to-date, making it a leader among all funds [6]. - The fund, established in late October 2024, capitalized on opportunities in the cloud computing market, with a net asset value increase of over 46% in the past month [6]. - The fund's strategy for the second half of the year includes focusing on global cutting-edge models, emerging applications, and the operational status of key companies in the cloud computing sector [6]. Group 3: Industry Trends - The article notes a broader trend of purchase limits being implemented across over a hundred funds in August, as the market began to recover [8]. - Various funds, including those managed by Manulife and Huatai-PB, have set limits as low as 10,000 yuan to manage fund size and protect existing investors [8]. - Industry insiders suggest that these limits are necessary to maintain investment strategy effectiveness and to prevent new investors from entering at high market levels, which could lead to losses [8].

Core Viewpoint - The article discusses the recent trend of mutual funds implementing purchase limits on popular industry-themed funds, particularly in the technology and healthcare sectors, amid a booming market atmosphere. This is seen as a response to the rapid appreciation of fund values and a shift in investor behavior towards higher-risk, higher-reward investments [1][5]. Group 1: Fund Purchase Limits - Several mutual funds have announced purchase limits, particularly targeting hot industry-themed funds, with top-performing technology funds also included in the restrictions [1][3]. - For instance, Yongying Technology Smart Fund announced a limit of 1 million yuan for daily purchases starting August 27, 2025, after achieving a year-to-date return of 138% [3]. - Other funds, such as those from Hongli and Huatai Baichuan, have set similar limits, with some as low as 100,000 yuan, indicating a trend towards controlling inflows into high-performing funds [3][5]. Group 2: Market Dynamics - The surge in purchase limits is closely linked to a "money-grabbing" atmosphere in the fund market, where investors are shifting from conservative funds to high-elasticity funds due to rising return expectations [5]. - As of August 26, medical-themed funds have seen returns exceeding 150%, while technology funds focused on AI chips have also doubled in value [5]. - The trading volume of the Sci-Tech 50 Index reached a record high of 130 billion yuan on August 25, indicating strong market activity and investor interest [5]. Group 3: Bond Fund Challenges - In contrast, bond funds are facing significant challenges, with several mutual funds announcing the liquidation of their bond products due to large-scale redemptions [6]. - For example, Huisheng Fund reported substantial redemptions in its bond fund on August 11, leading to adjustments in net asset value [6]. Group 4: Valuation Considerations - Fund companies emphasize the importance of valuation in the current equity market, advising investors to remain rational and avoid blindly chasing high returns [8]. - Morgan Stanley Fund analysts note that while technology stocks have led the market, there is a need to focus on sectors with strong fundamentals, such as AI applications and high-end manufacturing [8][9]. - The article highlights a shift in market dynamics, with foreign capital inflows and retail investors beginning to enter the market, suggesting a more diversified funding landscape [8].

Core Viewpoint - The public fund industry is taking measures to cool down the overheated market for popular thematic funds, particularly in technology and healthcare sectors, by implementing purchase limits on these funds [1][2][4]. Group 1: Fund Purchase Limits - Multiple public funds have announced purchase limits on their products, particularly targeting the hottest thematic funds, including top-performing technology funds [2][3]. - For instance, Yongying Technology Smart Fund announced a limit of 1 million yuan for daily purchases starting August 27, with a year-to-date return of 138% as of August 26 [3]. - Other funds, such as Hongli Fund and Huatai Bairui Fund, have also set similar limits, with some as low as 100,000 yuan for daily purchases [3]. Group 2: Market Dynamics - The surge in purchase limits is closely related to the current "money-grabbing" atmosphere in the fund market, where investors are shifting from conservative funds to high-volatility funds due to rising return expectations [4]. - As of August 26, healthcare thematic funds have seen returns exceeding 150%, while technology funds focused on AI chips have also doubled in value [4]. - The trading volume of the Sci-Tech 50 Index reached a record high of 130 billion yuan on August 25, indicating strong market activity [4]. Group 3: Bond Fund Challenges - In contrast, bond funds are facing difficulties, with several public funds announcing the liquidation of their bond products due to significant redemptions [5]. - For example, Huisheng Fund reported large redemptions in its bond fund on August 11, leading to adjustments in net asset value [5]. Group 4: Valuation Considerations - Fund companies emphasize the importance of valuation in the current bullish market for equity funds, advising investors to remain rational and avoid blindly chasing high returns [6][7]. - Morgan Stanley Fund analysts note that while technology stocks have led the market, there is a need for caution as the market is primarily driven by liquidity and undergoing a systematic valuation recovery [6][7]. Group 5: Investment Strategies - Investment strategies should focus on sectors like technology growth, Chinese manufacturing, and new consumption, with an emphasis on high-quality companies [7]. - There is a growing consensus that technology is a core driver of high-quality development, although traditional views still prioritize performance metrics [7][8].

Group 1 - The market has shown a clear preference for small and micro-cap stocks this year, with the CSI 2000 index rising over 25% and the micro-cap stock sector increasing over 65% [1] - Quantitative private equity products focused on small and mid-cap stocks have performed exceptionally well, with an average return of 15.04% for 1,529 qualifying quantitative products from January to July [1][3] - The best-performing strategies among private equity products include "Other Index Increase" with an average return of 28.84% and "CSI 1000 Index Increase" with 27.00% [3] Group 2 - As of July 2025, quantitative private equity firms managing over 100 billion yuan had an average return of 20.53%, showcasing their strategic and risk management advantages [4] - The top three firms in this category are Stable Investment, Abama Investment, and Tianyan Capital, with average returns of ***%, ***%, and ***% respectively [4] - Stable Investment, founded in 2014, has a strong focus on quantitative trading across various asset classes and has developed a unique research methodology based on AI and machine learning [7][8] Group 3 - In the 50-100 billion yuan category, Tianxuan Quantitative leads with an average return of 14.27%, followed by Mingxi Asset and Jiashi Dayan [10] - Tianxuan Quantitative, established in 2014, utilizes AI technology for stock and futures quantitative investment, with a team comprising graduates from prestigious universities [12][13] Group 4 - The 20-50 billion yuan category is led by Yunqi Quantitative, with an average return of ***%, followed by Xiangmu Asset and Guangzhou Shouzheng Yiqi [16] - Yunqi Quantitative, founded in 2021, employs multi-factor stock selection and dynamic risk control strategies [16] Group 5 - In the 10-20 billion yuan category, Shanghai Zijie Private Equity tops the list with an average return of ***%, followed by Yanhui Investment and Yangshi Asset [17][19] - Shanghai Zijie Private Equity, established in 2015, focuses on quantitative hedging and value investing [19] Group 6 - The 5-10 billion yuan category is led by Liangchuang Investment with an average return of ***%, followed by Wuliang Capital and Shanghai Hanhong Private Equity [20] - Liangchuang Investment, founded in 2016, covers a wide range of asset classes and has developed proprietary trading and risk management systems [22] Group 7 - In the 0-5 billion yuan category, Quancheng Fund ranks first with an average return of ***%, followed by Hangzhou Jinshi Asset and Guangzhou Tiantianhan [23][26] - Quancheng Fund, established in 2021, focuses on secondary market investments and employs a data-driven approach to trading [26]