本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募基金的江湖，从来都是风起云涌。 在这个以业绩为王的领域中，基金经理的投资哲学与操作策略，往往深植于其独特的从业背景之中。 有 人出身公募，秉承严谨的投研体系与风控传统；有人来自期货市场，擅长衍生工具与波动博弈；还有人源自券商，深谙宏观趋势与资源整合等， 这些由背景衍生出的方法论差异，直接影响了其产品的业绩表现与风险特征。 私募排排网数据显示，截至2025年9月19日，今年来有业绩展示的私募基金经理共2669位，旗下符合排名规则的产品合计5270只，今年来收益均 值为25.57%； 分从业背景来看，公募、期货、民间、券商从业背景的基金经理业绩位居前列。 今年来"公募派"基金经理旗下328只符合排名规则产品收益均值为31.26%，险胜"期货派"基金经理业绩，期货从业背景基金经理旗下72只符合 排名规则产品的收益均值为31.21%。 另外，"券商派"基金经理旗下936只符合排名规则产品今年来收益均值为27.66%，不敌"期货派"、"民间派"基金经理业绩。 | 从业背景 | 符合排名的产品数 | 产品规模合计(万元) | 今年来收益均值 | | -- ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 8月在寒武纪、易中天、工业富联等科技龙头带领下，沪深300指数单月涨10.33%，为近五年来单月第三大涨幅。 在这种极致分化行情下，私募 排排网数据显示，有业绩显示的 5098只私募产品，8月份收益均值仅为6.50%。 为了给读者提供一些参考，笔者分别梳理出了"股票策略-主观多头、股票策略-量化多头、股票策略-股票市场中性、多资产策略"今年1-8月居前 10的百亿私募产品。 （同一公司管理多只相同策略产品的，仅选收益最高的产品参与排名） 0 1 量化多头：龙旗科技朱晓康、念觉私募王啸旗下产品夺冠亚！ 私募排排网数据显示，百亿私募旗下242只量化多头8月份收益均值为9.86%，今年来收益为38.69%；在8月份的分化行情下，8月份超额收益均 值为-1.70%，百亿私募旗下仅有54只量化多头产品跑出正超额收益，占比为22.31%。 百亿私募来看，有业绩显示的582只产品8月收益均值为5.83%。其中242只量化多头8月份收益均值为9.86%，表现较为领先；而180只主观多头 产品8月份收益均值仅为3.42%。 | 一级策略 | 二级策略 | 有业绩显 ...

Core Viewpoint - The A-share market has shown sustained active sentiment since the "9.24" market event last year, with the Shanghai Composite Index reaching new highs, indicating a potential investment opportunity in the market [2] Summary by Sections Market Performance - As of August 22, 2025, the Shanghai Composite Index has surpassed 3800 points, marking a nearly 10-year high, with a one-year cumulative increase of 34.03% for the index and 73.41% for the ChiNext Index [2] - The margin financing balance has also exceeded 2.1 trillion yuan for the first time in 10 years [2] Fund Performance - As of August 15, 2025, there are 1713 subjective long products with a total scale of approximately 1507.99 billion yuan, with an average one-month return of 9.62%, outperforming quantitative long products which averaged 8.47% [3] Top Performing Private Equity Firms - In the category of private equity firms with over 100 billion yuan, the top three firms based on average one-year returns are: - Fusheng Asset - Jiuqi Investment - Rido Investment [4][5] - Fusheng Asset has six qualifying subjective long products with a total scale of approximately 1.912 billion yuan, achieving a notable one-year return [5] - Rido Investment has 19 qualifying products with a total scale of approximately 12.09 billion yuan, also showing strong performance [5] Performance by Scale - For private equity firms with a scale of 20-100 billion yuan, the top three are: - Tongben Investment - Haokun Shengfa Asset - Shenzhen Dream Factory Investment [6][8] - In the 10-20 billion yuan category, the top three are: - Nengjing Investment Holdings - Jiuge Investment - Longhang Asset [11][13] - For the 5-10 billion yuan category, the top three are: - Yijiu Private Fund - Beijing Xiyue Private Fund - Fuyuan Capital [15][16] - In the 0-5 billion yuan category, the top three are: - Qinxing Fund - Binli Investment - Zhaoyi Investment [17][19] Investment Strategies - The investment strategies of top-performing firms include focusing on sectors such as entertainment, finance, healthcare, and traditional high-dividend assets, indicating a diversified approach to capitalizing on market opportunities [5][6]

Core Viewpoint - The A-share market has shown a strong performance, with the Shanghai Composite Index reaching 3700 points, indicating a recovery from previous economic shocks. A trend of gradual growth has emerged since April 27, following the impact of U.S. tariffs, leading to a widening gap between stock strategies and other primary strategies [1]. Summary by Categories Market Performance - The A-share market has entered a four-month trend of gradual growth, with a noticeable recovery in the index [1]. - Quantitative long strategies and subjective long strategies have both performed well, with quantitative long strategies achieving a return of 25.02% and subjective long strategies averaging 5.86% in July [3][4]. Strategy Performance - Among various strategies, subjective long strategies have outperformed quantitative long strategies due to their concentrated positions and flexibility in trading [4]. - The average return for subjective long strategies across different scales of private equity funds has been significant, with the highest returns observed in the 10-20 billion category at 25.43% [18]. Fund Performance - The top-performing subjective long products in the 100 billion category include "和谐汇一医疗创新B类份额" managed by 施跃, achieving a return of ***% [7][5]. - In the 50-100 billion category, "同犇22期" managed by 童驯 led with a return of ***% [14]. - The 20-50 billion category saw "丹羿鹏程1号1期" managed by 王帅 achieving a return of ***% [17]. - In the 10-20 billion category, "能敬价值优选二号" managed by 孙杰 led with a return of ***% [21]. - The 5-10 billion category was topped by "优波三号A类份额" managed by 陈龙 with a return of ***% [24]. - The 0-5 billion category saw "子衿云杉" managed by 邹凯 achieving a return of ***% [28]. Investment Insights - Fund managers are focusing on sectors such as innovative pharmaceuticals and medical devices, indicating a re-evaluation of high-quality assets in China [8]. - The market is currently in a phase where investors are cautious about the sustainability of earnings for companies that have seen significant price increases [8].

Group 1: Investment Opportunities in New Consumption - The A-share "Pop Mart concept stocks" have seen a surge, with a year-to-date increase of over 200% in Hong Kong stocks, and a market capitalization exceeding 350 billion yuan [1] - Private equity firms have emerged as the biggest winners in this market rally, with notable performances from Tongxin Investment and Fusheng Asset, achieving returns of 99.53% and 84.05% respectively in the past six months [1] - In May, private equity firms conducted research on 494 A-share listed companies, with 325 companies experiencing stock price increases, particularly in the new consumption sector where 25 out of 26 researched companies saw stock price rises [1] Group 2: Financing Activities - Shenzhen Yinghansi Power Technology Co., Ltd. completed a Pre-A+ round financing of several million yuan, led by Sequoia China, with total financing exceeding 50 million yuan prior to this round [2] - Suzhou Meichuang Medical Technology Co., Ltd. secured over 200 million yuan in equity financing within six months, indicating strong investor confidence in its industry position [3] Group 3: Corporate Developments - Western Securities announced plans to establish a wholly-owned subsidiary in Hong Kong with an investment of 1 billion yuan, aiming to expand its international business and meet cross-border financing needs [4] - Xinhua Life Insurance Co., Ltd. plans to invest up to 15 billion yuan in private equity fund shares, reflecting a strategy to enhance long-term investment returns and optimize asset-liability matching [6][11]