□本报记者 王辉 2025年上半年，A股市场结构性行情特征显著，指数增强私募产品交出亮眼答卷。第三方机构最新数据 显示，截至6月30日，该机构监测到的指数增强私募产品今年上半年的平均收益率达17.32%，平均超额 收益率达14.17%；其中，实现正超额收益（跑赢对标指数）的产品占比为94.75%。业绩飘红背后，策 略差异与市场环境的深度博弈，共同勾勒出私募行业的新图景。 大型私募业绩领先 今年上半年，指数增强策略整体表现强势，但不同规模的机构之间仍有一定业绩差异。数据显示，管理 规模在50亿元以上的大型私募展现出业绩优势，相关产品上半年平均收益率达18.30%，平均超额收益 率为14.51%，正超额产品占比高达99.25%，相当于每百只产品中仅有约1只未能跑赢基准指数。 上海蝶威私募总经理魏铭三表示："上半年市场的超额收益机会呈现出明显的下沉特征。小市值板块如 同富矿带——越是向微小市值端深入，潜在机会密度越高，且因子挖掘难度相对较低。同时，红利股的 持续强势为量化模型贡献了稳定的收益来源。但是，市场波动率上升导致信号衰减加速，尤其对风控严 格、配置侧重中大市值股票的策略形成持续压制。这种环境差异使得不同机构 ...

Core Insights - The index-enhanced private equity products delivered impressive performance in the first half of 2025, with an average return of 17.32% across 705 products [1] - Larger private equity firms (over 5 billion) showed a significant advantage, achieving an average return of 18.30% [1] - Smaller private equity firms (0-10 billion) underperformed, with an average return of 16.41% [1] Performance Factors - The strong performance of index-enhanced private equity products is attributed to three main factors: the structural characteristics of the A-share market, the advantages of quantitative strategies, and the relaxation of regulatory policies on mergers and acquisitions [2] - The A-share market exhibited a notable small-cap style dominance, with increased individual stock volatility and high average daily trading volume, creating an ideal trading environment for quantitative strategies [2] - Quantitative strategies effectively captured excess returns, especially in volatile markets, due to their data-driven decision-making and ability to avoid subjective emotional interference [2] Product Performance Breakdown - Among the products with performance data, 76 other index-enhanced products and 258 air index-enhanced products achieved average returns of 20.84% and 17.88%, respectively [3] - The small-cap style's strong performance laid a solid foundation for related index-enhanced products, with the CSI 1000 index-enhanced products averaging a return of 20.26% and the CSI 500 index-enhanced products averaging 15.31% [3] - In contrast, the CSI 300 index-enhanced products lagged, with an average return of only 6.31%, reflecting the overall weak performance of the CSI 300 index [3]

Core Viewpoint - The private equity fund under Sire Group has announced a dividend distribution, reflecting a growing trend of dividend payouts among private equity products this year, driven by strong performance and market recovery [1][2]. Group 1: Dividend Announcement - On July 1, Sire Investment announced a dividend for its convertible bond private equity product, based on distributable income as of June 30, 2025 [2]. - The cash dividend distribution date is set for July 2, and the normal operation of the fund will not be affected by this distribution [2]. - The fund manager attributed the decision to distribute dividends to the favorable market conditions, including a recovering stock market and structural opportunities, resulting in significant absolute returns for the fund in the first half of the year [2]. Group 2: Industry Trends - As of June 17, 2023, a total of 537 private equity securities products have distributed dividends this year, with 584 instances of dividend payouts, nearing 60% of last year's total [4]. - The primary reasons for these dividend distributions include contractual obligations, strong fund performance, and strategic adjustments to fund size and positioning [4]. - Equity strategy products have been the main contributors to dividend distributions, with nearly 300 products accounting for over half of the total dividend payouts [4]. Group 3: Impact on Investors - Dividends provide cash flow to investors, meeting their liquidity needs, while also potentially reducing their holdings due to performance fee deductions by fund managers [5]. - Cash dividends allow investors to realize some profits, especially in the event of future market downturns [5].

【导读】思睿集团旗下私募基金宣布分红，年内私募分红热情升温 对于本次分红的原因，思睿集团可转债基金经理沈鹰杰对记者表示，"受益于股市回暖、结构 性行情突出以及去年风险释放后估值修复带来的机遇，思睿可转债基金上半年取得了亮眼业 绩，绝对收益显著。基于此，我们决定实施本次分红，旨在及时将部分收益回馈给投资者， 使其实现'落袋为安'。与此同时我们依然看好中国可转债市场的长期投资价值和发展潜力。当 前市场环境下，可转债兼具债底保护与股性弹性的优势依然突出，结构性机会丰富。分红 后，我们将继续积极把握市场机遇，优化持仓结构，致力于为投资者捕捉未来可转债市场的 收益空间，持续创造价值。" 中国基金报记者 张燕北 又有私募产品宣布分红！7月1日，思睿集团旗下私募证券基金管理人海南思瑞私募基金（以 下简称思瑞投资）发布公告称，旗下可转债产品将实施分红。 今年以来，私募产品分红动作频频，"绩优"成为多数分红产品的共同标签。 业内人士分析，私募分红，往往基于产品良好的运作业绩，既可回馈投资者的长期信任，也 有助于通过"落袋为安"保持产品规模与运作的平稳。 思睿集团旗下私募基金宣布分红 记者从渠道处获悉，7月1日，思瑞投资向投资者 ...

Group 1 - The core viewpoint of the news is that Pansong Asset has announced a dividend distribution to investors without charging performance fees during the distribution [1] - The dividend distribution is based on the distributable income as of June 10, 2025, and will be executed on June 13, 2025, with reinvestment confirmation on June 16, 2025 [1] - The reason for the dividend distribution is to align with the characteristics of high-dividend assets and meet client demands for stable cash flow [1] Group 2 - Investors have the option to choose between cash dividends or reinvestment of dividends, reflecting diverse financial needs [2] - Cash dividends can help maintain optimal management scale for fund managers and provide investors with a sense of security regarding their profits [2] - As of June 17, 2025, a total of 537 private securities products have distributed dividends this year, with an average return of 10.34%, outperforming the average return of 7.87% for 4,596 private securities products [2]

公告还称，此次分红方案由管理人制定，并经托管人华泰证券复核相关材料。此次分红除权 日和分红登记日都是2025年6月13日，红利再投确认日是2025年6月16日。 【导读】磐松资产宣布向投资者分红，分红时不计提业绩报酬 中国基金报记者 林雪 记者从渠道 处 获悉，6月12日，沪上知名量化私募磐松资产向投资者发布了分红公告。其显 示，按照基金合同的规定，公司旗下一只红利指数增强私募产品，将以截至2025年6月10日 （分红基准日）的可分配收益为基准，向全体份额持有人进行收益分配。 私募排排网数据显示，截至2025年6月17日，今年以来共有537只有业绩展示的私募证券产 品进行了分红，合计分红次数达584次；其中，量化产品分红的共有198只，合计分红次数为 206次。 从业绩表现来看，这537只分红的私募证券产品，今年以来平均收益为10.34%，而同期有业 绩展示的4596只私募证券产品今年以来平均收益为7.87%。 编辑：晨曦 关于产品设计分红的原因，磐松资产相关人士告诉记者，红利指增所投资产为高股息高分红 资产，部分客户希望通过投资这类资产获取一些稳定的现金流。"为了顺应所投资产特性和客 户需求，我们给红利指数 ...