本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月份美国关税冲击后，中国A股市场整体表现强劲，呈现出典型的"慢牛"特征，沪指多次突破并刷新近十年新高，8月20日上证指数最高触及 3767点，继续刷新创2015年以来的新高，"牛市"一词更加深入人心。那么，如果有牛市，如何通过私募基金紧跟布局这轮行情？ 首先，需要明确的一个观点是： 在强劲的牛市（尤其是普涨行情）中，最大的风险不是亏损，而是 "踏空"，即跑输大盘。 一般来说，在牛市环 境下，不同私募策略的表现和"性价比"会存在差异。比如主观多头策略受益于精选个股、集中持仓等优势在普涨行情中极具收益弹性；量化多头 在获取市场上涨的贝塔收益的同时，还能通过量化模型追求稳定的阿尔法收益。 | 私募策略 | 牛市行情下的优势 | 适合投资者 | | --- | --- | --- | | 主观多杀 | 最直接受益于牛市的策略,基金经理通过深度研究与 | 风险承受能力强,追 | | | 精选个股,重仓看好的行业赛道,在普涨行情中有望获 | 求极高回报的激进型 | | | 得极高弹性。 | 投资者 | | 重化多头 | "牛市 Beta + Alpha" ...

Core Insights - The report indicates a decline in the average annualized yield of selected bank wealth management products, with a one-year investment yield of 0.92% and a six-month investment yield of 0.59% over the past three months [1][2] - The comprehensive yield index for low-risk six-month investment cycle products increased slightly, while the one-year investment cycle products also saw a minor rise, indicating a slowdown in growth [2] - The weighted average yield of collective trust products decreased, with short-term and long-term products showing declines as well [2][3] Banking Wealth Management Market - The average annualized yield of selected cash management products was 1.42%, down 4 basis points from June 1, 2025, and down 185 basis points from the baseline period of April 4, 2021 [1] - The yield for low-risk six-month investment cycle products was 0.59%, up 1 basis point month-on-month, but down 21 basis points over the past six months [1] Trust Market - The weighted average yield of collective trust products fell by 11 basis points to 5.40%, with short-term products at 5.06% (down 9 basis points) and long-term products at 5.55% (down 13 basis points) [2] Public Fund Market - The average seven-day annualized yield of money market funds was 1.33%, down 2 basis points month-on-month and down 115 basis points from the peak in December 2020 [2] - Bond funds increased by 1.13%, mixed funds by 3.64%, and stock funds by 3.14% over the past six months [2] Private Fund Market - The composite strategy private funds saw a six-month increase of 4.69%, while stock strategy private funds increased by 4.17% over the same period [3]

Group 1 - The core viewpoint of the report indicates that the average annualized yield of selected cash management products in the national bank wealth management market has increased to 1.55% as of April 27, 2025, compared to a decrease of 172 basis points from the baseline period [1] - The comprehensive yield index for medium and low-risk six-month investment cycle products in the national bank wealth management market reached 115.45 points in April, reflecting a month-on-month increase of 0.21% and a growth of 15.45% from the baseline period [2] - The weighted average yield of collective trust products in the trust market decreased by 6 basis points to 5.61% in April, with short-term products dropping to 5.27% and long-term products to 5.78% [2] Group 2 - The average seven-day annualized yield of money market funds was 1.41% in April, down 3 basis points from the previous month and 107 basis points from the peak in December 2020 [2] - The bond fund yield index fell to 76.89 points in April, a decrease of 2.65 points from the previous month and a decline of 23.11 points from the December 2020 baseline [3] - The composite strategy private equity fund saw a six-month increase of 0.53%, while the stock strategy private equity fund had a six-month increase of 0.22% [3]