本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来，桥水等国际顶尖资管机构的多资产策略产品广受青睐，国内的多资产策略产品也逐步从小众走向主流。私募排排网整理的数据显示，今 年1-10月，多资产策略产品的备案数量共有1400只，仅次于股票策略产品。 从业绩层面来看，截至2025年11月14日，在私募排排网有记录显示的产品中， 多资产策略年内收益均值为 20.37%，仅次于股票策略。另外， 多资产策略年内夏普比率均值为1.65，高于股票策略，而波动率与回撤均值更低，可见多资产策略收益表现相对较为稳定。 | 五个私募核心策略今年来收益概况 | | --- | | 一级策略 | 收益均值 | 正收益占比 | 夏普比率均值 | 波动率均值 | 回撤均值 | | --- | --- | --- | --- | --- | --- | | 股票策略 | 29.54% | 93.14% | 1.56 | 35.96% | 11.20% | | 多资产策略 | 20.37% | 91.73% | 1.65 | 25.84% | 7.41% | | 组合基金 | 18.98% | 96.34% | 1.89 ...

Core Insights - The A-share market has seen a resurgence in 2023, leading to a significant increase in the issuance of private equity products, with a total of 994 private securities products registered in October, a 19.90% increase compared to the same month last year [1][3] - Stock strategy products remain the dominant category, accounting for 68.31% of the total registered products, indicating strong investor demand for equity assets [1][2] - Multi-asset strategy products have gained popularity, with 122 products registered in October, representing 12.27% of the total, reflecting a trend towards diversified investment strategies among private equity firms [1][2] Strategy Distribution - Quantitative stock strategy products have shown steady growth, with 333 out of 432 registered quantitative products being stock strategies, making up 77.08% of the total [2] - Futures and derivatives strategies have also emerged as a significant area for quantitative investment, with 50 products registered, accounting for 11.57% of the total quantitative products [2] - Bond strategies and combination funds have seen similar registration numbers, with 49 and 36 products respectively, representing 4.93% and 3.62% of the total [2] Market Dynamics - The increase in private securities product registrations is attributed to multiple factors, including the Shanghai Composite Index surpassing 4000 points, highlighting structural market opportunities [3] - Third-party sales institutions have intensified marketing efforts, further stimulating investor interest in private equity products [3] - The influx of northbound capital and a stable funding environment have provided favorable conditions for private equity operations, allowing firms to enhance product returns and innovate strategies [3]

Core Viewpoint - The private equity securities product registration market has significantly rebounded in the first three quarters of 2025, with a total of 8,935 products registered, representing a year-on-year increase of 89.38% [2]. Group 1: Factors Driving Growth - The growth in private equity securities product registrations is driven by three main factors: 1. Continuous improvement in market conditions, with strong performance in small-cap indices like the CSI 1000 and CSI 2000, enhancing investor willingness to allocate funds [2]. 2. Regulatory guidance that has improved industry transparency and credibility, attracting more capital [2]. 3. Active business expansion by private equity firms, with leading firms accelerating product line development and smaller firms seeking growth through new product registrations [2]. Group 2: Strategy Distribution - Among the registered products, equity strategies dominate with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [3]. - Multi-asset strategies follow with 1,278 registrations, representing 14.30% of the total and a year-on-year growth of 84.68% [5]. - Futures and derivatives strategies have 913 registrations, making up 10.22% of the total, with a year-on-year increase of 66.00% [5]. - Bond strategies and combination funds have similar registration numbers, with 363 and 362 products respectively, each around 4% of the total, and year-on-year increases of 75.36% and 79.21% [5]. Group 3: Quantitative Products - Quantitative private equity products have shown remarkable growth, with 3,958 registrations, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [6]. - The surge in quantitative product registrations is attributed to: 1. Superior performance of quantitative strategies compared to subjective strategies in the current market environment, attracting continuous capital inflow [6]. 2. Ongoing technological advancements, including the application of AI and machine learning in strategy development, enhancing model adaptability and profitability [6][7]. 3. Leading quantitative firms leveraging scale advantages to create a virtuous cycle of performance improvement and product registration growth [7]. Group 4: Concentration of Registrations - The number of private equity managers with registered products reached 2,322, with a significant concentration in the number of products registered, as 1,879 managers have 5 or fewer products [12]. - In terms of management scale, the largest group consists of managers with assets under management (AUM) of 0-5 billion, totaling 1,560 [12]. - Notably, among the 26 managers with at least 40 registered products, 23 are billion-dollar managers, indicating a strong concentration of registration among larger firms [14].

Core Insights - The private equity fund market is experiencing significant growth, with a notable increase in the number of registered private securities products, indicating a shift in market dynamics [1][4]. Group 1: Private Equity Fund Growth - In the first three quarters of 2025, a total of 8,935 private securities products were registered, representing a substantial year-on-year increase of 89.38% from 4,718 products in the same period last year [1][4]. - Quantitative private equity products accounted for 3,958 registrations, making up 44.30% of all registered private securities products, and showing a year-on-year growth of 102.66% [1][5]. Group 2: Strategy Preferences - Among the registered products, stock strategy products led with 5,849 registrations, comprising 65.46% of the total, followed by multi-asset strategies at 1,278 products (14.3%) [3][5]. - All five major primary strategies saw year-on-year growth, with stock strategies increasing by 99.35%, multi-asset strategies by 84.68%, and futures and derivatives strategies by 66.00% [5]. Group 3: Billion-Dollar Private Equity Managers - As of September 2025, the number of billion-dollar private equity managers rose to 96, up from 91 in August, with three new entrants to the "billion-dollar club" [8]. - Among the 26 private equity managers with at least 40 registered products, 23 were billion-dollar managers, representing 88.46% [7]. Group 4: Performance Metrics - The average return for 62 billion-dollar private equity managers in the first three quarters was 28.80%, with 61 achieving positive returns [9]. - Among the billion-dollar quantitative private equity managers, the average return was 31.90%, outperforming the 24.56% average return of 19 billion-dollar subjective managers [10].

Core Viewpoint - The private equity securities product registration market has significantly rebounded in 2025, with a total of 8,935 products registered in the first three quarters, representing a substantial increase of 89.38% compared to the same period last year [1] Group 1: Product Registration Overview - The stock strategy products dominate the market with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [1] - Multi-asset strategies follow with 1,278 registered products, making up 14.30% of the total, and experiencing an 84.68% year-on-year growth [1] - Futures and derivatives strategies have 913 registered products, representing 10.22% of the total, with a year-on-year increase of 66.00% [2] Group 2: Quantitative Private Equity Products - Quantitative private equity products have shown remarkable performance, with 3,958 products registered, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [2] - Within quantitative products, stock strategy quant products lead with 2,865 registrations, making up 72.39% of the total [2] - The quantitative CTA strategy has 509 registered products, representing 12.86% of the total, benefiting from favorable market trends [3]

Core Insights - The report highlights that among 5344 products with performance data, 1038 products have distributed dividends this year, totaling 1291 distributions and an aggregate amount of 14.085 billion yuan, with an average dividend ratio of 27.59% [1] Group 1: Dividend Distribution by Strategy - Stock strategy products accounted for 752 distributions, with an average dividend ratio of 31.8%, totaling 10.735 billion yuan, representing 76.22% of the total dividend amount [1] - Multi-asset strategy products had 190 distributions, with an average dividend ratio of 23.78%, totaling 1.267 billion yuan, which is 9% of the total [1] - Futures and derivatives strategy and bond strategy had similar dividend amounts, with 155 and 140 distributions respectively, totaling 0.933 billion yuan and 0.880 billion yuan, representing 6.63% and 6.25% of the total [1] - The average dividend ratio for futures and derivatives strategy was 23.18%, significantly higher than the bond strategy's 13.45% [1] Group 2: Performance of Billion-Yuan Private Equity - Billion-yuan private equity firms emerged as the main contributors to dividend distributions, with 131 distributions this year, an average dividend ratio of 34.62%, and a total amount of 4.999 billion yuan, accounting for 35.49% of the total [1]

Core Viewpoint - The article emphasizes the commitment of the company to high-quality development in the public fund industry, aligning with the newly released "Action Plan for Promoting High-Quality Development of Public Funds" which aims to reshape the industry ecosystem and prioritize investor interests [1][10]. Group 1: Risk Management Framework - The company has established a comprehensive risk management system that balances daily management and crisis management, ensuring timely resolution of various investment risks [3][4]. - A "three lines of defense" risk control system has been implemented, where investment personnel are responsible for risk management, supported by risk control and compliance personnel, and audited by internal auditors [3][5]. - The company employs a "3+3" management model focusing on market, credit, and liquidity risks, alongside risk assessment for new investment products and performance attribution analysis [5][9]. Group 2: Professional Capability - The company adheres to the philosophy that "risk management creates value," enhancing its professional risk management capabilities and improving the foresight of risk management processes [4][12]. - The company has developed a robust investment risk management system that encompasses the entire investment process, from pre-investment to post-investment [4][5]. Group 3: Technological Advancement - The company has been advancing towards a systematic, quantitative, and intelligent risk management approach since 2016, significantly improving risk management efficiency [7][8]. - An upgraded intelligent risk control system (version 2.0) is being developed to enhance various risk management functions, promoting automation and precision in risk management [8]. Group 4: Collaborative Synergy - The company strengthens risk collaboration with its parent bank, China Construction Bank, leveraging shared resources and enhancing risk prediction capabilities [9]. - Strategic cooperation with its second-largest shareholder, a major U.S. financial services firm, has been established to enhance investment risk management practices [9]. Group 5: Commitment to High-Quality Development - The company actively responds to the industry's call for high-quality development by reforming its investment research system and promoting product innovation [10][11]. - A comprehensive risk compliance management framework is being reinforced, emphasizing a culture of compliance and proactive risk management [11][12].

Core Insights - The article highlights the performance of small and medium-sized private equity firms (0-5 billion) in the market, emphasizing their agility and effectiveness in generating returns, particularly in the context of the ongoing "924" market trend [2][6]. Strategy Performance - As of September 19, 0-5 billion private equity firms have shown a significant recovery in stock strategy returns since the "924" market, with an average return of 70.87% over the past year, outperforming the CSI 300 index which rose by 41.97% [7]. - Quantitative long strategies have led the performance with an average return of 77.77%, while subjective long strategies followed closely with 73.88% [4][7]. Secondary Strategy Analysis - The average return for various secondary strategies is as follows: - Quantitative Long: 77.77% with 198 products [5] - Subjective Long: 73.88% with 975 products [5] - Composite Strategy: 52.16% with 159 products [5] - Macro Strategy: 49.80% with 65 products [5] - Multi-Asset Strategy: 47.65% with 262 products [15] Top Performing Firms - The top three firms in stock strategy performance are: 1. Longhui Xiang Investment 2. Qinxing Fund 3. Huichuang Fangxiang [6][7] - In the futures and derivatives strategy, the leading firms are: 1. Xurian Investment 2. Huacheng Private Equity 3. Qihe New Asset Management [12][13] Multi-Asset Strategy Leaders - The top firms in multi-asset strategies include: 1. Hainan Zhiyuan Private Equity 2. Shuyi Zhongcheng Investment 3. Hangzhou Jinshi Asset [16][17] Quantitative Fund Rankings - The leading firms in quantitative funds are: 1. Jingying Zhitu 2. Tianzhiyu 3. Hangzhou Saipasi [19][20]

Core Viewpoint - The year 2025 is expected to be favorable for private equity firms, with significant returns observed in private securities products and a resurgence of star stock private equity funds [1]. Group 1: Performance of Private Equity Products - As of August 31, 2025, 10,135 private securities products recorded an average return of 20.41%, with 9,208 products achieving positive returns, resulting in a positive return rate of 90.85%. The 5th percentile return reached 60.64% [3]. - Among 6,473 stock strategy products, 6,026 achieved positive returns, representing 93.09%, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market, with A-shares showing an upward trend and a focus on small and mid-cap stocks, as well as technology growth and resource cyclical stocks [3]. - Multi-asset strategies also performed well, with 1,279 products recording an average return of 15.61% and a positive return rate of 89.91%. The 5th percentile return for these products was 52.84% [3]. Group 2: Strategy Performance Breakdown - Combination fund strategies had the highest positive return rate, with 398 products showing 95.98% positive returns and an average return of 14.12%, while the 5th percentile return was 36.38% [4]. - Futures and derivatives (CTA) strategies underperformed, with 1,212 products achieving a 77.15% positive return rate and an average return of 8.55%. The 5th percentile return for these products was 37.61% [4]. - Bond strategies remained stable, with 773 products achieving a 92.50% positive return rate and an average return of 7.89%, while the 5th percentile return was 26.59% [4]. Group 3: Research Activities of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [5]. - The top private equity firms in terms of research frequency include Panjing Investment with 350 instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [5][6]. - Many large private equity firms have increased their overseas research efforts, with some focusing on long-term investments in non-ferrous enterprises and conducting multiple research trips to Africa to assess overseas mineral projects [7].

Group 1 - The A-share market has shown strong performance in 2025, with private equity securities products achieving an average return of 20.41% year-to-date, and 90.85% of the 10,135 products recorded positive returns [1] - Among stock strategy private equity products, 93.09% of the 6,473 products achieved positive returns, with an average return of 25.38%, driven by structural opportunities in the market [1] - Quantitative long strategies have outperformed subjective long strategies, with 96.24% of the 1,303 quantitative products showing positive returns and an average return of 31.84% [1][2] Group 2 - Subjective long strategies have a positive return rate of 92.68% and an average return of 25.62%, with many relying on in-depth research by fund managers to identify quality stocks [2] - Market-neutral and long-short strategies have lower performance due to their hedging nature, with positive return rates of 88.47% and 91.67%, and average returns of 8.15% and 14.53% respectively [2] - Multi-asset strategies have shown strong performance, with 89.91% of the 1,279 products achieving positive returns and an average return of 15.61% [2] Group 3 - Combination fund strategies have the highest positive return rate among the five strategies, with 95.98% of the 398 products achieving positive returns and an average return of 14.12% [3] - The commodity market has experienced wide fluctuations, negatively impacting futures and derivatives strategies, which have a positive return rate of 77.15% and an average return of 8.55% [3] - Bond strategies have benefited from a loosening monetary policy, with 92.50% of the 773 products achieving positive returns and an average return of 7.89% [3]