本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，0-5亿私募作为行业最庞大的一股力量，其核心优势在于 "小而美、小而精、小而锐"，截至9月19日共有6410家，占比高 达83.74%。一般而言，0-5亿私募在上行趋势下，更具业绩爆发力。那么，去年"924"行情持续至今已走过一年时间，哪些"小而美"私募表现更 为惊艳？ 从策略上看，0-5亿私募股票策略收益自去年"924"行情迅速拔高后，进行了一段震荡调整，今年4月份以来再次开启一轮缓慢爬坡阶段。与之相 对的是，0-5亿私募期货策略表现明显落后，在权益市场走出单边上涨行情下，商品市场处于波动率压缩周期。 具体到二级策略来看，截至9月19日，0-5亿私募的量化多头策略收益表现逆市领先，有业绩显示的198只量化多头产品近1年收益均值高达 77.77%，其次975只主观多头近1年收益为73.88%，同样表现不俗。此外，159只复合策略近1年收益均值为52.16%，较为亮眼。 | 二级策略 | 有业绩显示的产品数 | 产品规模合计(万元) | 近1年收益均值 | 正收益产品数 | 正收益占比 | | --- | --- | --- | ...

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]

Group 1 - The private equity market in China has seen a significant increase in product registrations, with a total of 7,907 private securities products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registration landscape, with 5,173 stock strategy products registered this year, accounting for 65.42% of total registrations, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to steady growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, with year-on-year increases of 76.58% and 66.87% [1] - Quantitative private securities products have seen a rising share, with 3,584 quantitative products registered this year, making up 45.33% of total registrations, reflecting a 100.34% year-on-year growth [1] Group 3 - Billion-dollar quantitative private equity firms have become the main contributors to product registrations, with Kwan Der Private Equity leading with 118 registered products, primarily focusing on stock quantitative long strategies, especially those linked to the CSI 500 index [2] - Blackwing Asset follows closely with 112 registered products, also focusing on stock quantitative long and quantitative CTA strategies, with a preference for the CSI 500 index [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-dollar firms, and 25 are billion-dollar quantitative firms, indicating a strong presence of large-scale quantitative private equity in the market [2]

Group 1 - The private equity market in China has seen a significant increase in registered private securities products, with a total of 7,907 products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registered products, with 5,173 stock strategy products accounting for 65.42% of the total, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of the total, respectively [1] - The proportion of quantitative private securities products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of the total, reflecting a 100.34% year-on-year growth [1] Group 3 - Within the quantitative product category, stock strategies are the most prevalent, with 2,601 stock strategy quantitative products, accounting for 72.57% of the total quantitative products [2] - Billion-yuan quantitative private equity firms are leading the registration efforts, with Kuande Private Equity registering 118 products, primarily focused on stock quantitative long strategies [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-yuan firms, and 25 are billion-yuan quantitative firms, indicating a strong presence of large-scale players in the market [2]

Core Insights - The private equity market has seen significant growth in the number of registered private securities products, with a total of 7,907 products registered as of August 31, marking an 82.19% increase year-on-year [1][3][4] - The stock strategy products dominate the private equity market, with 5,173 products registered, accounting for 65.42% of the total, and showing a 91.31% increase compared to the previous year [4][5] - Quantitative products have also experienced substantial growth, with 3,584 products registered, reflecting a 100.34% year-on-year increase [5] Private Equity Market Trends - The private equity market has maintained a high level of new product issuance, with monthly registrations consistently exceeding 1,100 products from June to August [3] - The demand for diversified asset allocation has led to a notable increase in multi-asset and futures/derivatives strategy products, with 1,116 and 841 products registered respectively, both showing significant growth compared to the previous year [5] - The overall market sentiment has improved due to the steady recovery of the A-share market and the strong performance of sectors like artificial intelligence, which has attracted more investors to private equity products [5] Investor Engagement - There has been a marked increase in private equity firms' engagement in A-share company research, with 1,152 firms participating in 6,053 research activities in August, a 243.34% increase from the previous month [6] - The healthcare and electronics sectors have been the most researched, with 1,095 and 947 research activities respectively, indicating a concentrated interest in these industries [6] - The average position of domestic stock private equity firms has risen to 75.55%, reflecting a positive investment sentiment despite slight fluctuations in larger firms' positions [6]

Core Viewpoint - The stock markets, including A-shares, Hong Kong stocks, and US stocks, experienced significant fluctuations due to tariff issues but ultimately recorded varying degrees of increases in the first seven months of the year, with the CSI 2000 leading A-shares with over 20% growth [2] Market Performance Summary - A-shares: - Shanghai Composite Index increased by 6.61%, with a maximum increase of 16.76% and a maximum drawdown of -9.71% [3] - Shenzhen Component Index rose by 5.71%, with a maximum increase of 20.56% and a maximum drawdown of -14.98% [3] - ChiNext Index grew by 8.72%, with a maximum increase of 33.17% and a maximum drawdown of -20.79% [3] - CSI 300 increased by 3.58%, with a maximum increase of 15.67% and a maximum drawdown of -10.49% [3] - CSI 500 rose by 8.74%, with a maximum increase of 20.22% and a maximum drawdown of -13.80% [3] - CSI 1000 increased by 11.81%, with a maximum increase of 23.24% and a maximum drawdown of -16.87% [3] - CSI 2000 led with a 20.44% increase, a maximum increase of 31.56%, and a maximum drawdown of -19.65% [3] - Hong Kong stocks: - Hang Seng Index increased by 23.50%, with a maximum increase of 35.99% and a maximum drawdown of -19.95% [3] - Hang Seng Tech Index rose by 22.05%, with a maximum increase of 44.61% and a maximum drawdown of -27.91% [3] - US stocks: - Dow Jones Industrial Average increased by 3.73%, with a maximum increase of 19.56% and a maximum drawdown of -16.12% [3] - S&P 500 rose by 7.78%, with a maximum increase of 28.24% and a maximum drawdown of -18.90% [3] - Nasdaq increased by 9.38%, with a maximum increase of 38.71% and a maximum drawdown of -23.87% [3] Private Equity Performance Summary - The overall performance of private equity products under billion-yuan private equity firms was impressive in the first seven months of the year, with an average return of approximately 16.80% [2][3] - Among the 557 billion-yuan private equity products, stock strategy products accounted for over 82%, with an average return of about 18.63%, significantly outperforming the three major A-share indices [4] - Quantitative long strategy products within stock strategies achieved an average return of over 26% [4] Top Performing Products - The top 10 quantitative long products were dominated by quantitative stock selection products, with 8 out of 10 being from this category [8] - Notable top-performing products included those from Longqi Technology, Stable Investment, and Abama Investment [8][12][15] Multi-Asset and Other Strategies - Multi-asset strategy products totaled 54, with an average return of approximately 11% [4] - The top 10 multi-asset products included those from Duration Investment, Black Wing Asset, and others [20][23]

Group 1 - The private securities product registration market is experiencing unprecedented activity, with 1,298 products registered in July, a month-on-month increase of 18%, marking the highest level in nearly 27 months. This reflects a significant recovery in market confidence and a sustained demand for private product allocation [1] - The total number of registered products for the year has reached 6,759, representing a year-on-year increase of over 60%, indicating a clear recovery trend in the private issuance market [1] Group 2 - Quantitative private products have been particularly prominent in this registration wave, with 620 quantitative products registered in July, accounting for 47.77% of the total registered products for the month, and a month-on-month growth of nearly 20% [3] - Among the 13 private firms that registered more than 10 products in July, 11 were quantitative firms, with the top ten spots entirely occupied by quantitative institutions. Wide德 Private Fund led with 31 registered products, followed by Mingcong Investment with 26 [3] - Stock quantitative strategies dominate the quantitative product category, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products for the month, and a month-on-month increase of 26.79% [3] Group 3 - Stock strategies continue to play a leading role in private product registrations, with 887 stock strategy products registered in July, accounting for 68.34% of the total registered products, and a month-on-month growth of 24.58% [4] - Multi-asset strategies are emerging as a significant force, with 162 products registered in July, representing 12.48% of the total, and a month-on-month increase of 5.88% [4] - Futures and derivatives strategies, bond strategies, and combination fund strategies also show steady growth, with 125, 48, and 46 products registered respectively, indicating a diversification in investment options for investors [4] Group 4 - A total of 676 private institutions completed product registrations in July, including 48 billion-level private funds and 36 funds with 50 to 100 billion in scale, demonstrating active participation across different scales of private institutions [4]

Group 1 - In July, the A-share market saw an increase, with the Shanghai Composite Index reaching 3600 points, leading to a surge in investor confidence and a peak in private equity securities product registrations [1] - A total of 1298 private equity securities products were registered in July, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6759 private equity securities products have been registered, representing a year-on-year increase of over 60% [1] Group 2 - The stock strategy continues to dominate, accounting for nearly 70% of registered products, with 887 stock strategy products registered in July, making up 68.34% of the total [1] - Multi-asset strategies are gaining traction, with 162 products registered in July, representing 12.48% of the total, as investors increasingly seek diversified asset allocation [1] - Quantitative private equity products remain the mainstay, with 620 products registered in July, accounting for 47.77% of the total, reflecting a nearly 20% month-on-month growth [2] Group 3 - Among quantitative products, stock strategies are the primary focus, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products [2] - Index-enhanced products lead the stock quantitative segment, with 321 registered in July, representing 67.1% of the stock quantitative products [2] - A total of 676 private equity institutions had registered products in July, with 48 institutions managing over 10 billion and 36 managing between 5 billion and 10 billion [2]

Group 1 - A total of 537 private equity securities products with performance displays have distributed dividends this year, with a total of 584 distributions [1] - The average return of these 537 dividend-paying private equity securities products is 10.34%, significantly higher than the average return of 7.87% for 4,596 private equity securities products with performance displays [1] - Stock strategy products are the main contributors to dividends, with 284 stock strategy products distributing dividends 298 times, accounting for 51.03% of total distributions [1] Group 2 - Among the dividend-paying stock strategy products, the average return is 12.86%, with 250 products achieving positive returns, representing 88.03% [1] - There are 93 futures and derivatives strategy products that have distributed dividends 100 times this year, making up 17.12% of total distributions [1] - Multi-asset strategy products have distributed dividends 94 times this year, accounting for 16.10% of total distributions, while bond strategy products have distributed dividends 72 times, representing 12.33% of total distributions [1] Group 3 - Subjective products have outperformed quantitative products in terms of dividends, with 339 subjective products distributing dividends 378 times, which is 64.73% of total distributions [2] - The average return of dividend-paying subjective products is 11.21%, with 299 products achieving positive returns, which is 88.20% [2] - There are 198 quantitative products that have distributed dividends 206 times, accounting for 35.27% of total distributions, with an average return of 8.86% [2]

Group 1 - The recent recovery of the A-share market has led to a surge in private fund product registrations, with 1,100 private securities products registered in June, marking a 26.44% increase from the previous month, reflecting restored market confidence and enhanced capital allocation willingness [1] - In the first half of 2025, a total of 5,461 private securities products were newly registered, representing a year-on-year increase of 53.61% and a 100.48% increase compared to the second half of last year [1] - Stock strategy products dominated the registrations, with 3,458 stock strategy products accounting for 63.32% of the total registered products in the first half of 2025 [1] Group 2 - The increase in stock strategy private product registrations is driven by the dual impetus of technology innovation policies and expectations of industrial upgrades, leading to a steady recovery in the A-share market, particularly in core sectors like artificial intelligence [1] - Multi-asset strategies and futures and derivatives strategies have also gained popularity among fund managers, with 802 and 633 new registrations respectively, accounting for 14.69% and 11.59% of total registrations [2] - The average return of 10,041 private securities products with performance records reached 8.32% in the first half of 2025, with 8,431 products achieving positive returns, representing 83.79% of the total [2] Group 3 - The stock market has shown a trend of steady upward movement since September of last year, primarily driven by a shift in policy direction, with both fiscal and monetary policies being relatively accommodative [3] - Current market liquidity is abundant, and as the economic cycle stabilizes upward, the upward momentum of the stock market is expected to be more robust and sustained [3] - Industries or leading companies with low valuations and improving fundamentals are considered to have higher investment cost-effectiveness [3]