本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 导语 周一（2025年8月18日），上证指数收盘于3728.03点，正式站稳3700点同时也创十年以来新高， 虽然下午整体震荡回落，但释放了较为强劲 的市场交易信号。自上周开始不仅沪深两市单日成交额继去年11月以来再度突破2万亿水平，融资余额也时隔十年再度回到2万亿元水平，同时 十年期国债期货价格较7月高点已下跌约0.5%左右，表明投资者风险偏好上升的同时居民存款向权益市场陆续迁移。历史上沪指在突破整数点 位时向来要遭遇一定历史套牢盘阻力，3700点附近为2021年筹码密集区，如若有效突破还需要增量资金持续放量。（可参考： 幻方、九坤、 天演、蒙玺等18家百亿私募旗下产品悉数创新高！超7成百亿私募产品创了新高！ ） 近些年来，多数私募投资者在市场复杂波动的行情中采取"量化为底，多点开花"的持仓结构， 在指数不断突破高位的背景下，投资者该如何优 化自己的投资组合呢？ | 私募(二级)策略 | 有业绩显示的 | 1-7月收益均值 | -7 E DE K ? | 1-7 EDEK | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The private equity stock strategy has achieved a return of 10% in the first half of the year, with quantitative strategies significantly outperforming subjective long strategies [1][2]. Summary by Sections Overall Performance - As of June 30, 2023, the average return of 10,041 private equity securities products was 8.32%, with over 80% achieving positive returns [3]. - Among various strategies, stock strategies led with an average return of 10%, followed by multi-asset strategies at 7.28%, and combination funds, bond strategies, and futures/derivatives strategies at 6.05%, 3.83%, and 3.82% respectively [3]. Quantitative vs. Subjective Strategies - Quantitative long strategies showed a remarkable return of 15.42%, while subjective long strategies had a return of 9.23% [9]. - In the first half of the year, 93.32% of quantitative long strategy products achieved positive returns, compared to less than 80% for subjective long strategies [9]. - The strong performance of quantitative strategies is attributed to their focus on small-cap stocks, which outperformed larger indices [9][10]. Market Conditions and Future Outlook - The market environment has been characterized by high trading volumes and volatility, benefiting quantitative strategies that capitalize on pricing discrepancies in small-cap stocks [9]. - Looking ahead, sectors such as military industry, artificial intelligence hardware and applications, and certain consumer electronics are expected to improve, presenting potential investment opportunities [7].