2025年，私募证券产品掀起备案热潮。私募排排网数据显示，2025年共计备案私募证券产品12645只 （包含自主发行和担任投顾的产品），同比增长99.54%。 在量化股票策略的细分领域，量化多头策略表现最为突出，备案数量达2746只，占量化产品总数量的 48.89%，成为股票量化产品的核心发力点。股票市场中性策略备案1114只，占比19.83%，作为对冲市 场风险的重要工具，其较为稳定的收益特征受到求稳投资者的青睐。 期货及衍生品量化策略备案773只，占到备案产品总量的13.76%，其中量化CTA 策略以726只的备案数 量成为核心细分赛道，量化产品总数量的12.93%，期权策略和其他衍生品策略则分别备案40只和7只， 占比0.71%和0.12%，反映出量化衍生品策略仍以CTA为主，其他细分领域尚处于稳步发展阶段。 2025年私募产品备案呈现明显的头部集中特征，备案数量不少于50只的私募机构中，百亿私募机构成为 绝对主力。备案产品数量不少于50只的29家私募机构中，百亿私募有26家，其中明汯投资以157只的备 案数量领跑，世纪前沿、黑翼资产、宽德私募分别以147只、138只、127只紧随其后。 从投资模式来看 ...

转自：经济参考网 善建财富，相伴成长。建信基金二十年的发展历程，是与投资者双向奔赴、共筑财富的成长之路。公司 以成为"可信赖的财富管理专家、资产管理行业的领跑者"为愿景，专注为每一位投资者创造可持续的长 期价值。恰逢《推动公募基金高质量发展行动方案》发布，这份方案是公募基金行业系统性、突破性的 改革纲领，致力于重塑行业生态，回归资管本源，不忘投资者利益最大化的行业初心，指引公司向高质 量发展稳步迈进。 资本市场复杂多变，资产管理业务风险管控的复杂度与日俱增。近年来，公司持续推动投资风险管理的 体系化建设、专业化进阶与智能化转型，联动集团协同优势，在多轮市场剧烈波动中主动化解风险、严 守风险底线，保障公司持续健康良性发展。 作为国有大行基金公司，建信基金传承大股东建设银行专业、稳健的基因，深知真正的风险管理不是规 避风险，而是在复杂市场中精准平衡风险与收益。经过二十年的深耕细作，公司已构建起成熟有效的投 资风险管理体系，为公司在复杂多变的市场中行稳致远保驾护航。 体系化建设日臻完善 公司高度重视投资风险管理工作，已建立健全各项规章制度，构建起日常管理与危机管理并重的风险管 理体系，严格执行重大风险管理决策进党委 ...

量化多头策略是利用数学模型和计算机算法，基于大量历史数据筛选出预期收益高的股票进行做多的一种投资策略。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募产品业绩在某一阶段内表现突出，并非难事，但要想在多个区间内都领先，则非常考验基金经理的投研水平和策略的持续迭代能力。因为资 本市场的变化非常快，以A股为例，无论是市场风格还是领涨赛道，都是阶段性的轮动。 2023年以来，全球资本市场面临的环境是非常复杂的，股市、债市、商品期货等均有较大的波动。A股自2023年以来走出了熊转牛行情。在这样 的市场背景下，能做到自2023年以来每年收益都排名居前，就显得难能可贵。 为了给读者提供一些参考，笔者根据私募排排网数据，分策略（主观多头、量化多头、CTA、多资产）梳理出了在 "2023年、2024年、2025年 1-11月"收益排名都居上游 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，仅选2023年以来累计收益最高的产 品参与排名 ） 0 1 量化多头： 16 只产品排名持续居上游，明汯、茂源、翰荣均有份！ 截至2025年11月底，5亿以上规模私募中，在私募排排网有今年1 ...

Market Overview - In 2023, major stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant volatility due to tariff issues, but benefitted from liquidity easing and advancements in AI technology, leading to varying degrees of increases in major indices from January to November [2] - The ChiNext Index in A-shares led with an increase of over 42%, while the Hang Seng Index and Hang Seng Tech Index both rose over 25%. Among US stocks, the Nasdaq outperformed with a rise of approximately 21% [2] A-share Performance - The performance of major A-share indices from January to November 2023 is as follows: - Shanghai Composite Index: +16.02% - Shenzhen Component Index: +24.67% - ChiNext Index: +42.54% - CSI 300: +15.04% - CSI 500: +22.81% - CSI 1000: +23.10% - CSI 2000: +31.65% [3] Private Equity Performance - The overall performance of private equity products under billion-yuan private equity firms was impressive, with an average return of approximately 29.55% from January to November 2023 [3] - Among the 663 billion-yuan private equity products displayed on the platform, over 80% were equity strategy products, which yielded an average return of about 32.74%, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index [4] Strategy Breakdown - Equity strategy products accounted for 535 products, with quantitative long products achieving an average return of over 44% [4] - Multi-asset strategy products totaled 64, yielding an average return of approximately 21.68% [4] - Bond strategy products numbered 36, while futures and derivatives strategy products accounted for 25, with average returns of 10.26% and 9.17% respectively [4] Top Performing Products - The top-performing quantitative long products included: - Longqi Technology's "Longqi Technology Innovation Selected No. 1 C Class" led with returns exceeding ***% [8] - Other notable products came from Stable Investment, Lingjun Investment, and others, with returns surpassing the set threshold [6][11] - In the subjective long category, the top product was "Yuanxin China Active Growth C Class" managed by Wang Aoye from Yuanxin Investment, with returns close to ***% [11] Multi-Asset Strategy Leaders - The leading products in the multi-asset strategy category included: - "Heiyi Preferred Growth No. 1 A Class" managed by Chen Zehao from Heiyi Asset, with returns exceeding ***% [18] - Other top products came from firms like Jiuzhi Investment and Yinye Investment [15]

市场震荡加剧，却并未扰动资金入市节奏。 私募排排网最新统计数据显示，11月超1200只私募证券投资基金完成备案，环比10月增长近30%。与此同时，截至11月21日，股票私募仓位 指数接近83%，较此前一周（11月14日）增长1.84个百分点。可见，不管是存量资金还是增量资金，都对权益资产的中长期表现抱有乐观预 期。 多位业内人士在接受记者采访时分析称，在企业盈利逐步修复，增量资金持续涌入权益市场的背景下，短期震荡后基本面能够兑现的优秀 公司有望进入新的上涨周期，调整提供了较好的布局机会。 私募11月"上新"活跃 私募排排网最新统计数据显示，11月共有1285只私募证券投资基金完成备案（包含自主发行和担任投顾的产品），较10月的994只环比增长 29.28%。拉长时间来看，这一数据不仅比10月数据更为亮眼，还与1302只的年内最高月度备案数量较为接近。 第三方平台统计数据显示，截至11月21日，股票私募仓位指数达82.97%，较此前一周上涨1.84个百分点，再次刷新年内新高。 | | | | 不同规模股票私募近一月仓位指数统计 | | | | --- | --- | --- | --- | --- | --- ...

Group 1 - The private equity market in China is experiencing a surge in product registrations, with November seeing a 29.28% increase compared to the previous month, totaling 1,285 registered private equity securities products, marking the second-highest monthly registration this year [1] - Equity strategies remain the dominant focus for private equity firms, with 849 equity strategy products registered in November, accounting for 66.07% of total registrations, indicating strong investor interest despite recent adjustments in the A-share market [1] - Multi-asset strategies and futures and derivatives strategies are also maintaining high levels of activity, with 193 multi-asset strategy products registered, representing 15.02% of the total [1] Group 2 - Quantitative private equity products are particularly noteworthy, with 565 products registered in November, making up 43.97% of total registrations; equity strategies dominate this category as well, with 402 products registered [2] - A total of 719 private equity firms registered products in November, with 49 firms registering five or more products, highlighting a strong enthusiasm for product registration, especially among leading quantitative firms [2] - Century Frontier leads in product registrations with 20 products, followed by Starstone Investment with 15, and Mingchao Investment, Shanghai Xiaoyong Private Equity, and Tiansuan Quantitative each with 12 products [2] Group 3 - The A-share market has seen fluctuations around the 3,900-point mark, but long-term trends remain positive according to DWSQ, which believes that current adjustments do not alter the medium to long-term bullish outlook for A-shares [3] - Support for market risk appetite is expected from policy and liquidity environments, with expectations of the Federal Reserve entering a rate-cutting phase and overall liquidity in the A-share market remaining ample [3] - Corporate earnings are showing signs of stabilization, with the technology and advanced manufacturing sectors expected to contribute positively to market opportunities due to external demand and technological upgrades [3]

Core Insights - Multi-asset strategy products have gained popularity in recent years, with 1,400 products registered from January to October 2025, second only to stock strategy products [2] - The average annual return for multi-asset strategies is 20.37%, with a Sharpe ratio of 1.65, indicating stable performance compared to other strategies [3][4] Performance Overview - The average returns and performance metrics for various private equity strategies are as follows: - Stock Strategy: 29.54% return, 93.14% positive return ratio, Sharpe ratio of 1.56, volatility of 35.96%, and drawdown of 11.20% [3] - Multi-Asset Strategy: 20.37% return, 91.73% positive return ratio, Sharpe ratio of 1.65, volatility of 25.84%, and drawdown of 7.41% [3] - Composite Fund: 18.98% return, 96.34% positive return ratio, Sharpe ratio of 1.89, volatility of 15.61%, and drawdown of 6.62% [3] - Futures and Derivatives Strategy: 13.79% return, 82.49% positive return ratio, Sharpe ratio of 1.11, volatility of 48.73%, and drawdown of 8.06% [3] - Bond Strategy: 8.46% return, 92.10% positive return ratio, Sharpe ratio of 1.93, volatility of 11.76%, and drawdown of 3.21% [3] Reasons for Increased Attention - Single asset strategies face limitations in risk resistance, prompting managers to seek new alpha across asset classes [4] - In a low-interest-rate environment and under new asset management regulations, high-net-worth clients and managers need to balance net value fluctuations with absolute returns, which multi-asset strategies can provide [4] - The proliferation of tools such as risk parity, machine learning factors, and cross-asset real-time risk control platforms has enabled managers to effectively expand and reconstruct their research and investment systems [4] Sub-Strategy Performance - Among sub-strategies, macro strategies exhibit the highest average returns, positive return ratios, and Sharpe ratios [5][6] - Arbitrage strategies show lower volatility and drawdown compared to macro and composite strategies, indicating more stable performance [5]

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].