本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年，中国市场涨势亮眼，不但主要股市大幅收红，板块的结构性机会也较多，其中科技成长股表现出色，推动创业板指上涨近50%。但是如 果从单月的涨跌幅来看，港股、A股全面上涨的时间段仅集中在5-9月，其他月份都有不同程度的下跌，特别是在"关税黑天鹅"冲击的4月，创业 板指甚至有超过7%的跌幅。 | | 指数名称 2025年 1月 2月 | 3 H | 4月 | 5月 | 6月 | 7月 | 8月 | 9月 | 10月 | 11月 | 12月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 上证指数 18.41% 3.02% 2.16% 0.45% -- 1.70% 2.09% 2.90%8.74% 7.97% 0.64% 1.85% -- 1.67% 2.06% | | | | | | | | | | | | | A股 创业板指 49.57% -3.63% 9.16% -3.07% 1-7.40% 2.32% 8.02% 8.14% 2 ...

在经历了三季度的主升浪行情后，11月的A股市场延续了10月的风格，指数高位震荡，板块快速轮动、赚钱效应减弱。A股的三大股指均在11月收跌，其 中，上证指数微跌1.67%。深证成指、创业板指分别下跌了2.95%、4.23%。 在这样的市场背景下，有2303只私募产品（在私募排排网有业绩展示且成立满1年）的净值在今年11月曾逆势创下历史新高，占成立满1年的私募产品的比 例约为44.59%。 按产品类型来看，非量化产品占1199只，量化产品占1104只。按照产品策略（一级策略）来看，股票策略产品最多（主要是主观多头和量化多头），有 1362只，占比约59.14%；其次是多资产策略产品占321只，期货及衍生品策略产品占302只，债券策略产品占233只，组合基金产品占85只。 按公司规模来看，来自5亿以下规模私募的产品最多，有778只，占比约34%；来自百亿私募的产品有389只。 为了给读者提供一些参考，笔者在创新高私募产品中按照产品策略分别梳理出了"股票策略-主观多头、股票策略-量化多头、期货及衍生品策略、多资产 策略"近一年收益居前20强的私募产品（公司规模在5亿元以上）；此外，笔者还特梳理出了"成立满10年且创新 ...

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].

一、在经历市场出清和估值修复后， 二级市场吸引力显著增强 ，投资者信心回归。结构上从股权私募"一枝独秀"转变为 股权与证券私募"双轮 驱动" ，行业生态更加健康均衡。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 中基协最新数据显示，2025年10月末，私募基金管理规模首次突破22万亿元，刷新了2023年9月末20.81万亿元的历史峰值。其中，存续私募证 券投资基金规模达7.01万亿元，这是该类基金规模首次突破7万亿元。 排排网集团旗下 融智投资 FOF基金经理李春瑜表示，私募基金行业内在结构已经发生了深刻且积极的变化，主要体现在两个方面： 二、竞争格局头部效应持续加剧，尾部出清加速，行业集中度进一步提升。 无论是股权还是证券领域，资金和优质项目都越来越向那些具备强 大投研能力、成熟风控体系和品牌影响力的头部机构集中。 从"头部"私募产品 （本文指的是管理规模1亿以上的产品） 来看，截至2025年11月28日，私募排排网有业绩展示的产品共有5561只， 其中管理 规模在1亿元以上的产品有1119只，占比20.12%，今年来收益均值、中位数分别为32.31%、25.39%；而规模5亿以上的私募 ...

Core Insights - In October 2023, the A-share market showed a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively [1] - A total of 2,448 private equity products reached historical net value highs in October, accounting for approximately 48.60% of private equity products established for over one year [1] - Among the products, 1,367 were non-quantitative, while 1,081 were quantitative [1] Product Types - The majority of products were stock strategy products, totaling 1,344, which represents about 54.9% of the total [1] - Multi-asset strategy products accounted for 397, futures and derivatives strategy products for 383, bond strategy products for 224, and combination fund products for 100 [1] Company Scale - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products, which is about 35% [1] - There were 430 products from firms with over 10 billion in assets [1] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity, 14 quantitative, and 8 being a combination of both [2][3] - Notable firms include Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity, with several firms having over 10 products reaching new highs [3] Top Performing Strategies - The top-performing products in the stock strategy category included subjective long and quantitative long strategies, with a focus on the top 20 private equity products by return over the past year [1][6] - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with notable managers like Dan Bin and Wang Yiping each managing two products [7] Quantitative Strategy Insights - Among the quantitative private equity products, Ningbo Huanfang Quantitative had 11 products with a near-average return of ***% over the past year [6] - Jiukun Investment had 18 products with returns exceeding ***% [6] Futures and Derivatives Strategy - In the futures and derivatives strategy category, there were 197 products, with the top five returns coming from firms like Yizu Investment and Chiwin Private Equity [20][23] Multi-Asset Strategy - The multi-asset strategy category had 245 products, with the top-performing product being managed by Luyuan Private Equity, which has been operational for over seven years [24][27]

Core Insights - In October 2023, A-shares experienced a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component and ChiNext Index fell by 1.1% and 1.56% respectively [2] - A total of 2,448 private equity products reached historical highs in net value, accounting for approximately 48.60% of private equity products established for over one year [2][3] - Among these products, 1,367 were non-quantitative, while 1,081 were quantitative [2] - The majority of products employed stock strategies, with 1,344 products (approximately 54.9%), followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Product Types - Non-quantitative products accounted for 1,367, while quantitative products made up 1,081 [2] - Stock strategy products were the most prevalent, with 1,344 products, followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Company Size - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products (35% of the total) [3] - There were 430 products from firms with over 10 billion in assets [3] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity firms, 14 quantitative, and 8 combining both strategies [4][5] - Among these, five firms with over 10 billion in assets included Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity [5] Notable Products - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with 13 being subjective long products [9] - Notable high-performing products included those from Beijing Xiyue Private Equity, which topped the subjective long product category, and Jiukun Investment, which had 18 products with significant returns [19][27] Strategy Performance - In the futures and derivatives strategy category, 197 products reached historical highs, with the top five products coming from Yizu Investment and Chiying Private Equity [20] - The multi-asset strategy category had 245 products, with the top performers being from Lu Yuan Private Equity and Hai Sheng Fund [24][27]