本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 迈入7月，今年上半年的行情于昨日正式收官。受海内外多重因素交织影响，A股的表现较为震 荡，主要股指全线上涨，其中上证指数上半年累涨2.76%，北证50指数大涨39.45%一度创出历史 新高。行业和题材方面，结构性分化明显，并呈现科技和红利共振的局面。 在此背景下，今年上半年基金行业也发生了许多引发市场热议的大事件。1月末，DeepSeek的创 始人梁文锋、背后公司幻方量化迅速出圈。4月，在关税冲击下，多家知名私募巨头集体发声并 用真金白银支持中国市场。5月，公募市场系统性改革文件落地，行业开始从"重规模"向"重回 报"转变。 0 1 幻方旗下 DeepSeek 出圈！私募量化巨头掀起 AI 布局热潮 今年1月，千亿私募巨头幻方量化旗下新一代AI大模型 DeepSeek-R1横空出世。DeepSeek-R1在 实现复杂逻辑推理解题能力的同时，训练成本约为GPT-4的1/10， 打破 "高投入=高性能"行业规 则 ， 因此在 全球技术圈和资本市场均引起巨大轰动，"东升西降"的说法更是开始甚嚣尘上。 资料显示，DeepSeek的研发经费主要依赖背后的量 ...

5亿以上规模私募且2021年以来各年均实现正收益的"股票主观多头"产品共有37只。其中，按公司规模 来看，百亿私募产品占20只。5亿以上规模私募且2021年以来各年均实现正收益的"多资产策略"产品共 有33只。其中，按公司规模来看，百亿私募产品占6只；按细分策略来看，复合策略产品占16只，套利 策略产品占11只，宏观策略产品占6只。 5亿以上规模私募且2021年以来各年均实现正收益的"期货及衍生品策略"产品共有35只。其中，按公司 规模来看，百亿私募产品占4只；按细分策略来看，量化CTA产品占25只，主观CTA产品占4只，期权策 略产品占6只。 数据还显示，2021年以来各年均实现正收益的百亿私募产品共有47只。其中，从产品策略来看，股票主 观多头产品占20只，股票市场中性产品占9只，股票量化多头产品占6只，其余策略产品较少。从产品管 理人来看，君之健投资有14只产品在列，日斗投资有6只产品在列，宁波幻方量化、黑翼资产各有4只产 品在列，明汯投资有3只产品在列。 深圳商报·读创客户端记者 陈燕青 最近三年多股市、期货等市场波动较大，私募持续正收益难度颇高。根据私募排排网数据，截至今年4 月底，在私募排排网有2 ...

Market Performance - In April, the A-share market exhibited a V-shaped trend, but all three major indices closed lower, with the Shanghai Composite Index down by 1.70%, the Shenzhen Component Index down by 5.75%, and the ChiNext Index down by 7.40% [1] Private Fund Performance - Despite the market downturn, many private fund products reached historical highs in net value in April, with 974 private fund products achieving this milestone [1] - Among these, 406 were quantitative products and 568 were non-quantitative products [1] - The most common product strategy was equity strategy, with 333 products, followed by futures and derivatives strategy with 282 products, multi-asset strategy with 168 products, bond strategy with 160 products, and combination fund products with 31 products [1] Billion-Level Private Funds - A total of 71 products from billion-level private funds reached historical highs in April, with quantitative products making up 49 of these, nearly 70% [1] - The equity strategy was the most prevalent among these products, with 29 products, accounting for nearly 40% [1] Top Performers - Ten billion-level private funds had three or more products reaching new highs, with notable contributions from博润银泰投资 (9 products), 合晟资产 (7 products), and others [2] - The threshold for the top 10 private fund products in terms of returns over the past year was close to 26%, with four of these being quantitative long products [2] - The top five products in terms of returns came from博润银泰投资, 泓湖私募, 乐瑞资产, and宽德私募, with the latter holding two positions [2] Overall Private Fund Market - As of April 30, the average return for all private securities funds was 2.52%, with 8,758 products, or 69.82%, achieving positive returns, indicating a strong profit-making effect [2] - Quantitative long strategies significantly outperformed subjective long strategies, with an average return of 4.77% for 1,424 quantitative long products compared to 1.95% for 5,994 subjective long products [2] - The issuance of private fund products has seen a recovery, with nearly 3,500 new private securities investment funds registered this year, representing a nearly 40% increase compared to the same period last year [2]

| | 大类资产 | 月度趋势 | | | 配置建议(未来6个月) | | | 配置变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 高配 | 中高配 | 标配 | 中低配 | 低配 | | | 汇率 | 美元 | 偏强震荡 | | ● | | | | | | | 欧元 | 偏弱震荡 | | | | ● | | | | | 人民币 | 偏弱震荡 | | | O | | | | | | 日元 | 偏弱震荡 | | | O | | | | | | 英镑 | 偏弱震荡 | | | 0 | | | | | | 中国国债 | 震荡 | | | 0 | | | | | | 中国信用债 | 震荡 | | | O | | | | | 固收 | 可转债 | 震荡 | | | O | | | | | | 美元债 | 偏强震荡 | ● | | | | | | | 权益 | Ａ股 | 震荡 | | ● | | | | | | | 一消费 | 震荡 | | | O | | | | | | 一周期 | 震荡 | | | O | | | | | | 一 ...