今年10月份，A股三大股指维持高位震荡走势，其中，上证指数微涨1.85%，深证成指、创业板指分别下跌1.1%、1.56%。在这样的市场背景下，有2448只 私募产品（在私募排排网有业绩展示且成立满1年）在今年10月份净值曾创下历史新高，占成立满1年的私募产品的比例约为48.60%。 经笔者梳理发现，在私募排排网有5只以上私募产品成立满1年且全部在10月创了历史新高的私募，共有42家。 其中，主观私募占20家，量化私募占14家，"主观+量化"类私募占8家；按核心策略看，股票策略私募占21家。 按公司规模看，百亿私募占5家，分别是：宁波幻方量化、世纪前沿、九坤投资、启林投资、泓湖私募。创新高产品数在10只以上的有：钧富投资、宏锡 基金、九坤投资、宁波幻方量化、大禾投资、双隆投资。 按产品类型来看，非量化产品占1367只，量化产品占1081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 1344只，占比约54.9%；其次是多资产策略产品占397只，期货及衍生品策略产品占383只，债券策略产品占224只，组合基金产品占100只。 按公司规模来看，来自5亿以下规模私募的产品最多，有8 ...

Core Viewpoint - The article emphasizes the significance of small and medium-sized private equity firms in the industry, highlighting the performance and strategies of Nanjing Chiying Private Equity Fund Management Co., Ltd, which has shown impressive returns in the 0-5 billion scale category [3][4]. Company Overview - Nanjing Chiying Private Equity Fund Management Co., Ltd was established in 2007 and is located in Nanjing, Jiangsu. The company focuses on the futures market, advocating rational investment and emphasizing risk control while aiming for long-term capital appreciation [3][4]. Performance Metrics - As of the end of July 2025, Chiying Private Equity's products ranked in the top 10 for subjective private equity returns, with an average return of ***% from January to July [3][4]. - The "Chiying Jingcheng A Class Share" product achieved a return of ***% from January to August 2025, ranking second among subjective CTA products [3][4]. Core Team - The core team members possess an average of nearly 20 years of professional experience, showcasing their deep expertise in the field [6]. Investment Philosophy - The core investment philosophy is to avoid letting losses grow, emphasizing timely stop-loss measures and maintaining light positions. The firm believes that there are always opportunities in the market and focuses on long-term compounding returns [8][12]. Strategy and Products - The main strategy employed is a subjective CTA trend-following approach, which aims to capture complete trends and gradually amplify returns [9][12]. - The firm has successfully managed 15 products, with 12 of them achieving positive returns, indicating a robust performance track record [13]. Market Insights - The firm believes that despite rising gold prices, its value remains underestimated, and anticipates that the allocation of gold assets will gain broader recognition over time due to ongoing global uncertainties [13][15]. - The firm maintains a commitment to trend-following strategies, asserting that significant returns are often realized by those who steadfastly follow market trends [14][15]. Risk Management - The firm prioritizes risk management, stating that it would rather miss opportunities than amplify risks, ensuring that client interests are paramount [16].