短期业绩或许是市场Beta的馈赠，带有偶然性；而跨越牛熊的长期收益（如5年期、10年期业绩），才真正考验管理人的Alpha挖掘能力与风控真功夫。长 期收益数据能穿透短期业绩噪音，帮投资者甄别真正具备穿越周期能力的产品。 在投资领域，有"一年翻倍者众，三年翻倍者寡"的说法。背后的原因是资本市场变化较快，很多时候，某一种策略只在阶段内奏效。 5年、10年对于资本市场而言，是一个漫长的时间，足以考验投资策略的有效性。为了给读者提供一些参考，笔者首先梳理出了运行超10年的"双十基 金"产品，然后分策略（量化多头、主观多头、CTA、多资产）梳理出了在近5年收益居前20的私募产品（公司规模在5亿元以上；同一基金经理管理多只 相同策略产品的，近选近5年收益最高的产品参与排名）。 私募"双十基金"达53只，但斌旗下2只产品在列！ 截至2025年11月底，成立满10年且在私募排排网有业绩展示的私募产品共有105只，其中近10年年化收益超10%的"双十基金"共有53只，占比约为 50.48%。 其中有13只百亿私募产品属于"双十基金"产品，海南希瓦占3只，东方港湾、进化论资产、望正资产、中欧瑞博等4家私募各占2只，泓湖私募、银叶 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 其中 有 13只百亿私募产品属于"双十基金"产品，海南希瓦占3只，东方港湾、进化论资产、望正资产、中欧瑞博等4家私募各占2只，泓湖私 募、银叶投资各占1只 。核心策略来看，主观多头产品占11只，宏观策略产品占2只。 在投资领域，有"一年翻倍者众，三年翻倍者寡"的说法。背后的原因是资本市场变化较快，很多时候，某一种策略只在阶段内奏效。 短期业绩或许是市场Beta的馈赠，带有偶然性；而跨越牛熊的长期收益（如5年期、10年期业绩），才真正考验管理人的Alpha挖掘能力与风控 真功夫。 长期收益数据能穿透短期业绩噪音，帮投资者甄别真正具备穿越周期能力的产品 。 5年、10年对于资本市场而言，是一个漫长的时间，足以考验投资策略的有效性。为了给读者提供一些参考， 笔者首先梳理出了运行超 10年 的"双十基金"产品，然后分策略（量化多头、主观多头、CTA、多资产）梳理出了在近5年收益居前20的私募产品 （公司规模在5亿元以上；同 一基金经理管理多只相同策略产品的，近选近5年收益最高的产品参与排名） 。 0 1 私募 " 双十基金 " 达 53 只，但斌旗下 2 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募指数增强策略是以跟踪某一特定指数（如沪深300、中证500、中证1000等）为目标，在严控误差的前提下，通过量化方式调整投资组合， 力求获取超越标的指数一种投资策略。 指数增强 策略的重点也就在于它的 "强"，强过对应指数，也就是跑出正超额收益。 然而在近五年的A股行情中，经历了地缘政治、疫情、关税冲击等一系列不确定性的冲击下，市场跌宕起伏。以沪深300指数为例，2021年-2023 年涨跌幅分别为-5.20%、-21.63%、-11.38%、2024年涨幅为14.68%，今年来延续涨势。 在这种行情下，私募指数增强策略想要跑出自己的 "强"实属不易，而在这近五年行情中，能够连续五年跑出超额收益更是凤毛麟角，为了给予 更有价值的信息，本文按不同指增策略，分别梳理出连续五年跑出正超额收益的产品，供投资者参考。 0 1 沪深300指增：幻方、龙旗、明汯领衔！白鹭资管上榜！ 沪深300指数在2021年-2024年的涨跌幅分别为-5.20%、-21.63%、-11.38%、14.68%，此外，截至11月21日，今年来的涨幅为14.75%；私募排 排网 ...

Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

Core Viewpoint - The article discusses the performance of non-debt private equity products in the A-share market, highlighting those that have achieved consecutive positive returns over the years, indicating the fund managers' ability to navigate market fluctuations [2][10]. Summary by Sections 2023 Performance - In 2023, among private equity companies managing over 500 million, there were 1,731 non-debt private equity products, with 1,026 (59.27%) achieving consecutive positive returns [2]. - The threshold for the top 20 products in cumulative returns for 2023 was set at ***% [2]. - The majority of the top 20 products (15) were subjective long strategies, with only one product from a billion-dollar private equity firm, Oriental Harbor [2]. Top Products in 2023 - The top five products based on returns were managed by: - Qian Jun from Chiying Private Equity - Zhou Yifeng from Beiheng Fund - Chen Yongbao from Ding Tai Si Fang (Shenzhen) - Wu Gengxin from Zhun Jin Investment - Shi Hao from Shanghai Ge Ru Private Equity [3]. 2021 Performance - For the period from 2021, there were 855 non-debt private equity products, with 184 (21.52%) achieving consecutive positive returns [10]. - The threshold for the top 20 products in cumulative returns for 2021 was also set at ***% [10]. - Half of the top 20 products were subjective long strategies, with a notable presence of quantitative long products [10]. Top Products in 2021 - The top five products were managed by: - He Wenling from Qianhai Guoen Capital - Liu Zhiyong from Caoben Investment - Li Ting from Gongqingcheng Guangju Xinghe Private Equity - Ma Changhai from Hengbang Zhaofeng - Li Jiabin from Qianhai Haifu Asset [11]. 2019 Performance - In 2019, there were 377 non-debt private equity products, with 54 (14.32%) achieving consecutive positive returns [15]. - The threshold for the top 20 products in cumulative returns for 2019 was set at ***% [15]. - The top 20 products included seven subjective long products, with a mix of quantitative long, macro strategies, and composite strategies [15]. Top Products in 2019 - The top five products were managed by: - Yang Zhongxian from Jilu Asset - Chen Yu from Shennong Investment - Yao Qicong from Jiukun Investment - Liang Wentao from Honghu Private Equity - Yu Zilong from Shanghai Yuanlai Private Equity [16][22].

Core Insights - Quantitative investment has gained popularity among investors due to its rational, scientific, and emotionally stable characteristics. Jiukun Investment, one of the earliest quantitative private equity firms in China, has won over 150 industry awards and maintains competitive performance and scale [2][6]. Performance Metrics - As of the end of August, Jiukun Investment has 13 products with reported performance, achieving an average return of ***% this year. The "Jiukun Day Enjoy CSI 1000 Index Enhanced No. 1" product ranks first in returns this year, with a five-year excess return of ***% and a cumulative return of ***% since inception, showcasing Jiukun's strong long-term investment capabilities in the index enhancement sector [2][4]. AI Integration - With the rapid development of artificial intelligence, Jiukun Investment has positioned itself as a technology company from its inception, establishing an AI team early on and launching an internal lab in 2020. Over 90% of the researchers hired in the past five years have an AI research background, enabling comprehensive AI capability coverage in the investment research team [5][12]. Investment Principles - Jiukun Investment adheres to three core investment principles: "rationality, long-term focus, and scientific approach," which empower its quantitative investment strategies to create long-term value for investors [6][11]. Talent and Organizational Structure - The company emphasizes the importance of talent and organizational structure as core assets in the quantitative field. Jiukun has a diverse team of experts in mathematics, physics, and computer science, and it fosters a culture of free research and collaboration to enhance its research capabilities [10][15]. Long-term Strategy and Market Position - Jiukun Investment has been deeply involved in the quantitative field for over 13 years, accumulating extensive historical data and practical experience. This foundation allows the firm to quickly address new market challenges and develop robust index enhancement strategies, such as the recently launched A500 index enhancement product [16][17].

Core Viewpoint - Quantitative investment has gained popularity among investors due to its rational, scientific, and emotionally stable characteristics. Jiukun Investment, as one of the earliest quantitative private equity firms in China, has maintained a leading scale and performance competitiveness over the years, winning over 150 industry awards [2]. Group 1: Performance and Products - As of the end of August, Jiukun Investment has 13 products with reported performance, achieving an average return of ***% this year. The "Jiukun Daily Enjoyment CSI 1000 Index Enhanced No. 1" product ranks first in returns this year, with a five-year excess return of ***% and a cumulative return of ***% since inception, showcasing Jiukun's long-term investment capability in the index enhancement sector [2]. - Jiukun Investment has a well-established and mature framework for index enhancement strategies, with a team experienced in various sub-strategies. The firm has 13 products that reached historical highs in August [22][23]. Group 2: AI Integration and Research - Jiukun Investment has positioned itself as a technology company from its inception, establishing an AI team early on and forming an internal laboratory in 2020. Over the past five years, over 90% of the recruited researchers have an AI research background, enabling comprehensive AI capability coverage in quantitative investment [5][19]. - The firm emphasizes the importance of scientific methods and a keen sense of cutting-edge technology, which are core advantages that allow Jiukun to navigate cycles and continuously iterate [7][14]. Group 3: Investment Principles and Talent - Jiukun Investment adheres to three main investment principles: rationality, long-term focus, and scientific approach, which empower every aspect of quantitative investment [6][10]. - Talent organization is considered a core asset in the quantitative field. Jiukun has a diverse team of experts in mathematics, physics, and computer science, and emphasizes nurturing talent through various programs and competitions [20].

Core Viewpoint - The article emphasizes the performance of private equity funds in China's capital market, highlighting the challenges of maintaining top rankings over different time frames amidst market volatility [1]. Group 1: Subjective Long/Short Strategies - A total of 23 private equity products have ranked in the top 20% for short-term (January to August), medium-term (three years), and long-term (five years) performance [1]. - As of August 2025, there are 1,974 subjective long/short private equity products reported for this year, 1,353 for the last three years, and 760 for the last five years [1]. Group 2: Quantitative Long/Short Strategies - 21 products from quantitative long/short strategies have also ranked in the top 50% across all three performance periods [5]. - Among these, 11 products belong to large-scale quantitative private equity firms, indicating a strong presence in the market [5]. Group 3: Futures and Derivatives Strategies - 19 private equity products have achieved top 30% performance across short, medium, and long-term periods in the futures and derivatives category [8]. - As of August 2025, there are 678 products reported for this year, 403 for the last three years, and 162 for the last five years in this strategy [8]. Group 4: Multi-Asset Strategies - 18 multi-asset strategy products have ranked in the top 30% for all three performance periods [12]. - The article notes that large-scale private equity firms like Blackwing Asset and Duration Investment have products listed among the top performers [12]. Group 5: Market Outlook - The market is expected to experience fluctuations, with technology, pharmaceuticals, and new consumption identified as key investment areas for the next decade [4]. - The article mentions that the A-share market is likely to remain in a bullish phase, with significant opportunities in sectors like technology and healthcare [4].

Group 1 - The article emphasizes the importance of long-term performance in the capital market, highlighting that strategies need to be continuously learned and iterated to achieve sustained profits [1] - It categorizes private equity products into "long-distance running" types, focusing on those with outstanding performance over the past five years and those established for over ten years, referred to as "double ten funds" [1] - As of July 2025, there are 61 private equity products that have been established for ten years, with 32 of them achieving an annualized return of over 10%, accounting for approximately 52% [2] Group 2 - Among the "double ten funds," 14 products reached historical highs in July 2025, with 25 of them being subjective long/short products [2] - Notable private equity firms such as Evolutionary Assets, Shenzhen Yitong Investment, Tonghe Investment, and Zhongrui Huyin each have two products listed among the top performers [3] - The article provides a detailed table of various private equity products, including their strategies, sizes, and performance metrics, showcasing the diversity in the market [4][5] Group 3 - The subjective long/short product "Xi Wa Xiao Niu No. 1," managed by Liang Hong, was established near the peak of the last bull market and has shown significant returns [5][6] - Liang Hong expresses a preference for core companies that can be compared with international leaders, rather than supply chain stocks [6][7] - The article also discusses the performance of quantitative long/short products, noting that the average annualized return for these products over the past five years is 13.27% [12] Group 4 - The multi-asset strategy products have an average annualized return of 10.84% over the past five years, with several products reaching historical highs in July 2025 [16] - The article highlights the performance of bond strategy products, which have an average annualized return of 11.87% over the past five years, with many products achieving historical highs recently [24] - It concludes with a focus on the performance of futures and derivatives strategy products, which also show strong returns and historical highs [20]

Core Viewpoint - The article emphasizes the importance of long-term performance in private equity funds, highlighting that only a few funds can achieve consistent returns over extended periods, thus necessitating continuous learning and strategy iteration in the capital market [1]. Group 1: Long-term Private Equity Products - As of July 2025, there are 61 private equity products that have been established for over 10 years, with 32 of them achieving an annualized return of over 10%, representing approximately 52% of the total [2]. - Among these, 14 funds reached historical highs in July 2025, with subjective long/short products making up 25 of these funds [2]. Group 2: Performance of Specific Funds - The "Xiwa Little Bull No. 1" fund, managed by Liang Hong, was established on May 8, 2015, and has shown significant performance, with annualized returns nearing ***% and returns exceeding ***% this year [5]. - The article lists various funds and their strategies, including subjective long/short and macro strategies, with specific funds achieving notable returns and historical highs [3][4][6]. Group 3: Strategy Performance Rankings - For funds established for over 5 years, there are 1,303 products, with 32 achieving annualized returns exceeding ***% and 132 exceeding ***% [6]. - The top 20 funds in the subjective long/short category have an average annualized return of 9.2%, with the threshold for the top performers being over ***% [6][7]. Group 4: Quantitative and Multi-Asset Strategies - In the quantitative long/short category, 72 products have an average annualized return of 13.27%, with the top 20 funds achieving returns above ***% [13]. - Multi-asset strategy products have an average annualized return of 10.84%, with the top performers coming from firms like Qianhai Guoen Capital and Honghu Private Equity [17]. Group 5: Bond Strategy Performance - The bond strategy products have an average annualized return of 11.87%, with the top products achieving significant returns and historical highs [28].