本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年的A股，从年初由DeepSeek引领的AI浪潮，到贯穿全年的人形机器人、算力、有色金属，以及近期爆发的商业航天，一条清晰的"硬科 技"主线驱动创业板指上涨逾50%，科创50指数涨幅也颇为可观。 扫码查看详情 | 排序 | 公司简称 | | 是否有 办公城市 核心策略 9号牌 | | 成立时间 | 员工人数 | 实控人 | | --- | --- | --- | --- | --- | --- | --- | --- | | (1 | 高毅资产 | 설 | 深圳 | 股票 | 2013/5/29 | 156 | 张海燕 | | (2) | 淡水泉 | 是 | 北京 | 股票 | 2007/6/26 | 102 | 赵军 | | | 星石投资 | 집 | 北京 | 股票 | 2007/6/28 | 89 | 江医 | | 4 | 桥水(中国)投 | 否 | 上海 | 多资产 | 2016/3/7 | 74 | Bridgewater Associates, | | | 受 | | | | | | ГЬ | | 5 | 乐瑞资产 | 是 | ...

Core Viewpoint - The performance of subjective private equity funds significantly improved in 2025, leading to a notable increase in dividend distributions, with a total of 990 dividends amounting to 11.47 billion yuan across 772 products [2][3]. Summary by Category Overall Performance - By the end of 2025, 5,777 products showed performance, with subjective private equity funds distributing dividends 990 times, totaling 11.47 billion yuan [2]. - The distribution amounts for different scales of private equity are as follows: 0-5 billion yuan: 2.98 billion yuan; 5-10 billion yuan: 2.23 billion yuan; 10-20 billion yuan: 1.37 billion yuan; 20-50 billion yuan: 2.16 billion yuan; 50-100 billion yuan: 0.37 billion yuan; 100 billion and above: 2.36 billion yuan [3]. Performance by Scale - **100 billion and above**: 39 dividends with a total of 2.36 billion yuan, average return of 31.23% [4]. - **50-100 billion**: 27 dividends totaling 0.37 billion yuan, average return of 3.24% [3]. - **20-50 billion**: 124 dividends amounting to 2.16 billion yuan, average return of 40.10% [8]. - **10-20 billion**: 87 dividends totaling 1.37 billion yuan, average return of 33.45% [12]. - **5-10 billion**: 161 dividends amounting to 2.23 billion yuan, average return of 35.48% [15]. - **0-5 billion**: 552 dividends totaling 2.98 billion yuan, average return of 40.30% [17]. Top Performing Products - The top three dividend products in 2025 were from 喜世润投资, 复胜资产, and 睿扬投资, with significant returns [5][6]. - Notable products include: - 喜世润黄金增强1号A类份额 with a dividend of approximately *** million yuan and a return of ***% [6]. - 复胜正能量八号 with a dividend of approximately *** million yuan and a return of ***% [7]. - 北京禧悦私募's 禧悦三石A类份额 with a total dividend of approximately *** million yuan and a return of ***% [10][11]. Investment Strategies - 复胜资产 focused on "new consumption" as a major investment logic in 2025, with plans to continue this focus in 2026, alongside interests in non-ferrous metals and traditional industries [7]. - 北京禧悦私募 emphasizes a value investment philosophy based on research and valuation [11]. Conclusion - The data indicates a robust recovery in the private equity sector in 2025, with increased dividend distributions and strong performance across various scales of funds, highlighting potential investment opportunities in the sector [2][3].

Market Overview - In November, the A-share market continued the high-level fluctuations from October, with the three major indices all closing down: the Shanghai Composite Index fell by 1.67%, the Shenzhen Component Index decreased by 2.95%, and the ChiNext Index dropped by 4.23% [1] - Despite the overall market decline, 2,303 private equity products reached historical highs in net value in November, representing approximately 44.59% of private equity products established for over a year [1] Private Equity Product Types - Among the private equity products, 1,199 were non-quantitative, while 1,104 were quantitative. The majority were stock strategy products, with 1,362 products accounting for about 59.14% [1] - Other strategies included multi-asset strategy products (321), futures and derivatives strategy products (302), bond strategy products (233), and combination fund products (85) [1] Company Size and Performance - The largest number of products came from private equity firms with assets under 500 million, totaling 778 products (approximately 34%); firms with over 10 billion had 389 products [2] - A detailed analysis of the top 20 performing private equity products by strategy was provided, focusing on those with over 5 billion in assets [2] Long-Standing Products - Among the private equity products that reached historical highs, 20 were established for over 10 years, with 16 classified as "Double Ten Funds," achieving annualized returns exceeding 10% [3] - The majority of these long-standing products were subjective long-only products (12), with macro strategy and CTA products each having 3, and quantitative long-only and FOF funds each having 1 [3] Notable Products and Managers - The largest product by size was the macro strategy product "Kai Feng Macro Strategy No. 9" managed by Shenzhen Kai Feng Investment, established on July 29, 2015, with a scale of approximately *** billion and an annualized return close to ***% [4][6] - The quantitative CTA product "Shuanglong-Longyuan No. 1," managed by Shuanglong Investment, also showed significant performance with a scale of approximately *** billion and an annualized return close to ***% [6] Quantitative Long-Only Products - There were 515 products classified under the "stock-quantitative long-only" strategy among private equity products with over 5 billion in assets [7] - The top 5 performing products in this category were from Jin Tong Investment, Jiu Ming Investment, Han Rong Investment, and others, with the performance threshold for the top 20 being close to ***% [7] Subjective Long-Only Products - A total of 331 products were categorized as "stock-subjective long-only," with only one product from a firm with over 10 billion assets making it to the top 20 [11] - The top 5 products in this category were from Neng Jing Investment Holdings, Shanghai Ge Ru Private Equity, and others [11] Futures and Derivatives Strategy - There were 169 products under the "futures and derivatives strategy," with the top 5 performers coming from Yi Zu Investment, Hai Sheng Fund, and others [15] - The leading product was "Yi Zu Qing Gui Li Dong," managed by Lin Jianwei, with significant returns [18] Multi-Asset Strategy - A total of 207 products were classified under the "multi-asset strategy," with the top 5 performers from Juqi Investment, Hai Sheng Fund, and others [19] - The product "Xi Shi Run Huang Jin Zeng Qiang No. 1 A Class Share," managed by Guan Xin, was noted for its performance [23]

Core Viewpoint - The A-share market experienced a high-level fluctuation in November, continuing the trend from October, with all three major indices declining. The Shanghai Composite Index fell by 1.67%, while the Shenzhen Component and ChiNext Index dropped by 2.95% and 4.23%, respectively. Despite this, 2303 private equity products reached historical highs in net value, representing approximately 44.59% of private equity products established for over a year [2][3]. Summary by Category Private Equity Product Types - Among the private equity products, 1199 were non-quantitative and 1104 were quantitative. The majority were stock strategy products, with 1362 products (about 59.14%), followed by multi-asset strategy products (321), futures and derivatives strategy products (302), bond strategy products (233), and combination fund products (85) [2]. Company Scale - The largest number of products came from private equity firms with assets under management below 500 million, totaling 778 products (34%). There were 389 products from firms with over 10 billion in assets [3]. Long-Established Products - Among the private equity products that reached historical highs, 20 were established for over 10 years, with 16 of them achieving an annualized return exceeding 10%. The majority of these long-established products were subjective long positions (12), with macro strategies and CTA products each accounting for 3 [4]. Top Performing Products - The largest product by scale was "Kai Feng Macro Strategy No. 9" managed by Shenzhen Kai Feng Investment, established on July 29, 2015, with a scale of approximately *** billion and an annualized return close to ***% [6][7]. - The top-performing quantitative long products included 515 products, with the highest returns coming from firms like Jin Tong Investment and Jiu Ming Investment [8][9]. - In the subjective long strategy category, 331 products reached historical highs, with top performers from companies like Neng Jing Investment and Qian Tu Investment [11][15]. Futures and Derivatives Strategy - There were 169 products under the futures and derivatives strategy, with the top product being "Yi Zu Qing Gui Li Dong" managed by Yi Zu Investment, achieving significant returns [16][19]. Multi-Asset Strategy - A total of 207 products were categorized under multi-asset strategies, with the top product being "Xi Shi Run Gold Enhanced No. 1A" managed by Xi Shi Run Investment, which also achieved notable returns [20][23].