Core Insights - Deepseek has emerged as a significant player in the global AI landscape, revitalizing the quantitative investment sector, particularly in a market environment favoring small and mid-cap stocks [2] - In November, despite an overall adjustment in the A-share market, many quantitative products from billion-yuan private equity firms achieved historical highs, with quantitative products accounting for over 80% of these successes [2] - The average return for 1,833 quantitative products this year is 26.98%, with an excess (geometric) return of 11.41% [2][3] Quantitative Investment Performance - The average return for quantitative long strategies is 40.34%, with an excess return of 17.25%, making it the top performer among secondary strategies [3] - The performance of various quantitative strategies is summarized as follows: - Quantitative CTA: 16.32% average return, 13.76% excess return - Stock market neutral: 9.37% average return, -4.93% excess return - Composite strategies: 23.85% average return, 7.61% excess return - Options strategies: 11.04% average return, 8.60% excess return - Convertible bond trading strategies: 20.42% average return, 3.65% excess return - Arbitrage strategies: 11.63% average return, -2.96% excess return - Macro strategies: 21.72% average return, 5.69% excess return - Stock long-short: 15.05% average return, 0.01% excess return - FOF: 13.50% average return, -1.33% excess return - Bond composite strategies: 13.88% average return, 13.15% excess return - Pure bond strategies: 6.47% average return, 5.79% excess return - Other derivative strategies: 37.74% average return, 34.72% excess return - Bond enhancement: 11.47% average return, 10.76% excess return [3] Top Performing Quantitative Products - The "quantitative stock selection" products have an average return of 39.40% and an average excess return of 19.14% [4] - The top three products in the "quantitative stock selection" category are from: - Zhuhai Zhengfeng Private Equity - Shui Du Quan Asset - Jiu Ming Investment [5] - The "CSI 500 index enhancement" products have an average return of 40.17% and an average excess return of 14.14% [8] - The top three products in the "CSI 500 index enhancement" category are from: - Zhaoxin Private Equity Fund - Guobiao Asset - Zhaoyue Private Equity [9] - The "CSI 1000 index enhancement" products have an average return of 44.68% and an average excess return of 17.53% [13] - The top three products in the "CSI 1000 index enhancement" category are from: - Jintong Investment - Luxiu Investment - Mengxi Investment [13] Other Notable Strategies - The "CSI 300 index enhancement" products have an average return of 24.47% and an average excess return of 8.20% [17] - The top three products in the "CSI 300 index enhancement" category are from: - Hainan Pengpai Private Equity - Ningbo Huansheng Quantitative - Mingyun Investment [17] - The "other index enhancement" products have an average return of 42.58% and an average excess return of 20.13% [20] - The top three products in the "other index enhancement" category are from: - Yangshi Asset - Luxiu Investment - Shengguanda [21]

Group 1 - DeepSeek has gained global attention due to its technological breakthroughs and its unique stance of not seeking external financing, which highlights the management's financial strength [1] - The company is backed by a well-established cash flow generator, which has recently come to light, altering the perception of DeepSeek's operational model [1] Group 2 - Huanfang Quantitative, founded by Liang Wenfeng, has seen a significant performance resurgence, with its stock long/short strategy yielding approximately 50% returns in the first eleven months of 2025, outperforming the CSI 1000 and CSI 500 indices by about 30 percentage points [2][5] - This resurgence is attributed to the revival of classic factors in the market, particularly in the crowded areas of the CSI 1000 and CSI 500 indices, indicating a return to effective strategies after a period of underperformance [5][6] Group 3 - Huanfang's asset management scale reportedly shrank to around 20 billion yuan, leading to decreased market attention as focus shifted to larger firms with over 50 billion yuan in assets [7][8] - Despite the reduction in external management scale, Huanfang's internal self-managed portfolio has remained a critical support for its business, although specific performance figures for this internal portfolio are not publicly disclosed [10][15] Group 4 - The performance of Huanfang's external asset management products, which have maintained around 50% returns, suggests that the internal self-managed portfolio likely mirrors this success, if not exceeding it [16] - The resurgence of Huanfang's performance may indicate potential shifts in the private equity landscape and could signal an increased investment in large model initiatives within China [17]

私募排排网数据显示，截至2025年11月底，近1年有业绩展示的量化多头产品有785只，产品规模合计约为603.93亿元， 近 1年平均收益达 38.48% ， 领先主观多头 35.16%的平均收益，并在私募二级策略中位居榜首 。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自去年"9.24行情"以来，A股市场持续震荡上扬，截至2025年11月底，近1年上证成指的涨幅为16.90%，深证成指和创业板指的涨幅分别约为 22.36%、37.26%，市场整体赚钱效应良好。在这样的市场环境下，与股市高度关联的股票多头私募基金今年来收益表现亮眼，其中，量化投资 依赖数据、模型和算法，规避因投资者情绪导致的非理性决策等优势，热度逐步攀升，且取得了较为不错的成绩。 | 排序 | 私募二级策略 | 近1年有业绩展示的产品 产品规模合计(亿元) | | 近1年收益均值 | | --- | --- | --- | --- | --- | | 1 | 曹샌옹杀 | 785 | 603.93 | 38.48% | | 2 | 主观多头 | 2094 | 1794.58 | 35.16% | | 3 | 其他衍生品策 ...

Core Viewpoint - Quantitative products are systematic investment methods based on mathematical models, algorithms, and computer technology, with the ability to generate excess returns being a key indicator of their effectiveness [2] Group 1: Quantitative Excess Rate - The quantitative excess rate is defined as the frequency or probability of a quantitative strategy outperforming a benchmark index over a certain period, calculated as the number of times it beats the benchmark divided by the total observation periods [2] - A higher quantitative excess rate indicates that the strategy can maintain positive excess returns most of the time, reducing the risk of significant drawdowns or prolonged underperformance [2] Group 2: Performance of Billion-Level Quantitative Private Equity - In 2023, 388 quantitative products from billion-level private equity firms achieved an average return of 34.26%, with an excess return of 10.87% and an average excess rate of 61.33%, significantly leading among various scales of private equity [3] - The average performance metrics for different scales of private equity are as follows: - 100 billion and above: 34.26% return, 10.87% excess, 61.33% excess rate - 50-100 billion: 25.20% return, 8.14% excess, 56.48% excess rate - 20-50 billion: 27.19% return, 10.77% excess, 55.91% excess rate - 10-20 billion: 26.56% return, 8.95% excess, 54.63% excess rate - 5-10 billion: 26.05% return, 8.99% excess, 53.59% excess rate - 0-5 billion: 24.37% return, 10.11% excess, 52.63% excess rate - Total: 27.64% return, 9.90% excess, 55.86% excess rate [3] Group 3: Top Performers in Quantitative Strategies - The top three products with the highest excess rates in the CSI 300 index enhancement category are from Minghuo Investment, Ningbo Huanfang Quantitative, and Kuande Private Equity, with the average excess rate for billion-level private equity in this category being 64.59% [4] - In the CSI 500 index enhancement category, the top three products are from Wanyan Asset, Pansong Asset, and Tianyan Capital, with an average excess rate of 67.28% for billion-level private equity [10] - In the CSI 1000 index enhancement category, the top three products are from Microbo Yi, Mengxi Investment, and Yanfeng Investment, with an average excess rate of 76.17% for billion-level private equity [10] Group 4: Quantitative Stock Selection - The average return for quantitative stock selection products in 2023 is 40.45%, with an excess return of 16.55% and an average excess rate of 58.26%, while billion-level private equity in this category has an average excess rate of 65.97% [13] - The top three products in this category are from Jiukun Investment, Tianyan Capital, and Longqi Technology [13]

Group 1 - The core viewpoint of the article is that index-enhanced ETFs are an innovative product that combines the advantages of index enhancement strategies and ETFs, leading to significant growth in the market [1][68]. - As of October 31, 2025, there are 51 index-enhanced ETFs in the market with a total scale of 95.73 billion, of which 7 ETFs track the CSI 500 index, amounting to 25.92 billion [1][68]. Group 2 - The CSI 500 index consists of 500 stocks with higher market capitalization after excluding the top 300 stocks from the CSI 300 index, providing a diversified industry distribution and currently trading below historical valuation averages [2][70]. - The scale of CSI 500 index-enhanced funds reached 493.46 billion by Q3 2025, accounting for over one-fifth of all enhanced funds, with stable excess returns [1][70]. Group 3 - The Bosera CSI 500 Enhanced Strategy ETF (159678.SZ) was launched on February 27, 2023, and aims to achieve returns exceeding the benchmark index through quantitative enhancement strategies [1][71]. - Since its inception, the fund has achieved an annualized excess return of 7.76% with a tracking error of only 3.84%, indicating strong risk-adjusted performance [1][71].

Core Insights - The A-share market has entered a volatile rotation phase since October, with significant recovery in the returns of quantitative products [2] - Among the 825 quantitative long products with performance data, the average return for the year is 41.02%, with an excess return of 14.36% [3] Summary by Category Performance of Strategies - Quantitative long products have the highest average return in October among all stock strategy products, reaching 0.93% with an average excess return of 1.5% [2] - The performance of various strategies is as follows: - Quantitative long: 825 products, average return 41.02%, monthly return 0.93% [3] - Subjective long: 2156 products, average return 36.11%, monthly return -1.35% [3] - Macro strategy: 201 products, average return 27.17%, monthly return 0.96% [3] - Composite strategy: 409 products, average return 25.66%, monthly return 1.11% [3] - Other derivative strategies: 15 products, average return 25.63%, monthly return 4.45% [3] Top Performing Products - In the quantitative long category, the top products by excess return include: - CSI 1000 index enhancement: 158 products, average return 45.51%, excess return 15.48% [4] - Quantitative stock selection: 329 products, average return 39.25%, excess return 15.56% [4] - CSI 500 index enhancement: 201 products, average return 42.07%, excess return 10.96% [4] - CSI 300 index enhancement: 38 products, average return 25.62%, excess return 6.52% [4] - Other index enhancements: average return 43.55%, excess return 18.52% [4] Notable Fund Managers - The top products in the CSI 1000 index enhancement category are managed by notable fund managers from large private equity firms, with the highest returns coming from companies like Jintong Investment and Luxiu Investment [5][9] - In the quantitative stock selection category, the top products are managed by firms such as Longqi Technology and Jiuming Investment [10][12] - The CSI 500 index enhancement products are led by managers from Guobiao Asset and Zhaoxin Private Fund [13][16] - The CSI 300 index enhancement products are managed by firms like Hainan Pengpai Private Fund and Ningbo Huansquare Quantitative [17][20] - Other index enhancement products are managed by firms such as Liangchuang Investment and Yangshi Asset [21][23]

Core Viewpoint - The private equity index enhancement strategies have shown strong excess return capabilities in the first three quarters of this year, particularly among billion-level quantitative private equity managers, who leverage refined factor extraction and strict risk control systems to maintain their leading advantages [2][4]. Group 1: Performance Overview - As of the end of September, the average annual return of 231 billion-level quantitative private equity index enhancement products was 43.82%, with an average excess return of 14.89% [2]. - The quantitative stock selection and CSI 1000 index enhancement products led in excess returns [2]. - The average excess return for the CSI 500 index enhancement products was 10.71%, with an average drawdown of 4.44% [6]. Group 2: Top Performers - The top performers in the CSI 500 index enhancement category included companies like 顽岩资产, 鸣石基金, and 世纪前沿, showcasing strong excess return capabilities [5][6]. - 明汯投资's "明汯价值成长1期B号" and 蒙玺投资's "蒙玺中证1000指数量化5号A类份额" were highlighted as top products in the CSI 1000 index enhancement category [10][12]. - 龙旗科技's "龙旗科技创新精选1号C类份额" achieved the highest excess return in the quantitative stock selection category [14][16]. Group 3: Strategy Insights - The CSI 1000 index enhancement products are noted for their potential to exploit mispricing opportunities due to their large number of constituent stocks and low institutional coverage [10]. - The quantitative stock selection strategy, which relies on multi-factor models to identify stocks with expected excess returns, has shown an average excess return of 23.63% [14]. - The average return for quantitative stock selection products was 49.43%, with an average drawdown of 6.91% [14]. Group 4: Other Index Enhancements - Other index enhancement strategies, including CSI 2000 and national index enhancements, reported an average excess return of 14.92% and an average drawdown of 3.90% [17][19]. - Companies like 聚宽投资 and 微观博易 were recognized among the top performers in the other index enhancement category [17][19].

Core Insights - The private equity market has shown strong enthusiasm for product registration in 2025, with a total of 7,907 private securities products registered as of August 31, marking an 82.19% increase compared to 4,340 products in the same period of 2024 [1][2] Group 1: Product Registration Trends - The number of registered private securities products has rebounded significantly since March, with monthly registrations surpassing 1,000 products [1] - In July, a record high of 1,299 new private fund products were registered, while August saw a slight decline to 1,139 products [1] - The concentration of product registration remains evident, with 1,038 private equity managers registering only one product, while 76 billion-level quantitative private equity managers accounted for 24.48% of total registrations [2] Group 2: Performance of Key Players - As of mid-2025, Blackwing Asset led the industry with 95 registered products, followed closely by Wide De Investment with 79 products [3] - By the end of August, Wide De Investment had registered 118 products, while Blackwing Asset had 112, indicating a shift in registration speed among major players [3] - The top four private equity firms in terms of new product registrations in July and August were Mingchao Investment, Wide De Investment, Jiukun Investment, and Century Frontier, maintaining stable registration speeds [3] Group 3: Market Environment and Strategy - The small-cap style has been dominant in 2025, with increased stock volatility and high average daily trading volume creating favorable conditions for quantitative strategies [5] - The majority of registered quantitative products are focused on stock long strategies, with 1,666 products (46.48%) registered in this category [5] - The market has seen a notable increase in product innovation and strategy diversification, catering to various risk preferences among investors [6] Group 4: Regulatory and Operational Considerations - There has been no significant change in the regulatory requirements for product registration, with most products being registered within a week [4] - However, regulatory scrutiny may lead to requests for corrections or rejections of products under certain circumstances, such as overly broad investment scopes [4] - The planning of appropriate strategy capacity has become a crucial consideration for quantitative private equity firms in the second half of the year [7]

Group 1 - The private equity market in China has seen a significant increase in product registrations, with a total of 7,907 private securities products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registration landscape, with 5,173 stock strategy products registered this year, accounting for 65.42% of total registrations, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to steady growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, with year-on-year increases of 76.58% and 66.87% [1] - Quantitative private securities products have seen a rising share, with 3,584 quantitative products registered this year, making up 45.33% of total registrations, reflecting a 100.34% year-on-year growth [1] Group 3 - Billion-dollar quantitative private equity firms have become the main contributors to product registrations, with Kwan Der Private Equity leading with 118 registered products, primarily focusing on stock quantitative long strategies, especially those linked to the CSI 500 index [2] - Blackwing Asset follows closely with 112 registered products, also focusing on stock quantitative long and quantitative CTA strategies, with a preference for the CSI 500 index [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-dollar firms, and 25 are billion-dollar quantitative firms, indicating a strong presence of large-scale quantitative private equity in the market [2]

Group 1 - The private equity market in China has seen a significant increase in registered private securities products, with a total of 7,907 products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registered products, with 5,173 stock strategy products accounting for 65.42% of the total, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of the total, respectively [1] - The proportion of quantitative private securities products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of the total, reflecting a 100.34% year-on-year growth [1] Group 3 - Within the quantitative product category, stock strategies are the most prevalent, with 2,601 stock strategy quantitative products, accounting for 72.57% of the total quantitative products [2] - Billion-yuan quantitative private equity firms are leading the registration efforts, with Kuande Private Equity registering 118 products, primarily focused on stock quantitative long strategies [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-yuan firms, and 25 are billion-yuan quantitative firms, indicating a strong presence of large-scale players in the market [2]