2025年，私募证券产品掀起备案热潮。 引人注意的是，2025年量化产品备案表现尤为亮眼。 私募排排网数据显示，截至2025年12月31日，全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），较2024年的6337只环比增幅99.54%。 2025年量化私募备案产品共计5617只，较2024年的2621只增幅114.31%，另外2025年备案量化产品占到 总量的44.42%，较2024年的41.68%，亦有大幅提升。其中股票策略量化产品以4077只的数量占据主 导，占量化产品总数量的72.58%，彰显了量化股票策略的市场认可度。 分类型来看，股票策略依然是私募机构的首选方向。2025年备案股票策略私募产品8328只，占全部备案 产品的65.86%，占据绝对主导地位。 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；股票多空策略备案217只，占比 3.86%，虽然数量相对较少，但体现 ...

债券策略和组合基金的备案数量分别为492只和512只，占比分别为3.89%和4.05%。市场分析人士表 示，债券策略和组合基金备案数量占比虽然较小，但形成了与主流策略互补的多元化格局，满足了不同 风险偏好投资者的需求。 值得一提的是，2025年量化产品备案表现尤为亮眼。2025年量化私募备案产品共计5617只，较2024年的 2621只增幅114.31%，另外2025年备案量化产品占到总量的44.42%，较2024年的41.68%，亦有提升。其 中股票策略量化产品以4077只的数量占据主导，占量化产品总数量的72.58%，彰显了量化股票策略的 市场认可度。 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，私募证券产品掀起备案热潮。私募排排网数据显示，截至2025年12月31日，全年共计备案私募 证券产品12645只(包含自主发行和担任投顾的产品)， ...

Group 1 - The overall performance of private equity securities products has been strong since 2025, with 90.66% of 12,415 products achieving positive returns and an average return rate of 22.61% [1] - Stock strategies have emerged as the "star strategy" this year, with 91.78% of 8,034 products generating positive returns and an average return rate of 27.07%, driven by structural trends in the A-share market [1] - Multi-asset strategies have also performed well, with 91.31% of 1,496 products achieving positive returns and an average return rate of 18.78%, effectively diversifying risks in a complex market environment [1] Group 2 - Combination funds have shown high success rates, with 95.59% of 431 products achieving positive returns and an average return rate of 16.79%, highlighting the value of professional allocation [2] - Futures and derivatives strategies have remained stable, with 82.51% of 1,338 products generating positive returns and an average return rate of 13.39% [2] - Bond strategies have consistently performed steadily, with 89.61% of 1,116 products achieving positive returns and an average return rate of 7.75% [2] Group 3 - Quantitative long strategies have emerged as a standout in stock strategies, with 96.11% of 1,595 products achieving positive returns and an average return rate of 36.24%, significantly outperforming the overall stock strategy average [2] - Subjective long strategies have underperformed compared to quantitative long strategies, with 90.56% of 5,530 products achieving positive returns and an average return rate of 27.05% [2] Group 4 - In hedging strategies, stock long-short strategies have significantly outperformed stock market neutral strategies, with 92.48% of 226 products achieving positive returns and an average return rate of 18.42% [3] - Stock market neutral strategies have shown a positive return rate of 91.36% among 683 products, with an average return rate of 9.84% [3]

Core Viewpoint - The private equity dividend distribution in the A-share market has experienced explosive growth since 2025, with a total of 1,658 distributions amounting to 17.338 billion yuan, a year-on-year increase of 236.59% compared to 5.151 billion yuan in the same period last year [1]. Summary by Category Dividend Distribution Performance - In 2025, private equity products implemented dividends 1,658 times, totaling 17.338 billion yuan, a significant increase from 5.151 billion yuan last year [1]. - Stock strategy private equity products dominated the dividend distribution with 984 distributions, amounting to 13.219 billion yuan, accounting for 76.24% of the total [1]. - Multi-asset strategies showed flexibility with 232 distributions totaling 1.501 billion yuan, representing 8.66% of the total [1]. Strategy Analysis - Futures and derivatives strategies benefited from commodity market trends, achieving 204 distributions totaling 1.209 billion yuan, which is 6.97% of the total [2]. - Bond strategies maintained stability with 171 distributions amounting to 1.051 billion yuan, accounting for 6.06% [2]. - Fund of funds had a smaller distribution scale with 67 distributions totaling 0.358 billion yuan, representing 2.06% [2]. Management Mode - There is a clear differentiation in dividend distribution between subjective and quantitative private equity. Non-quantitative products had 1,101 distributions totaling 11.469 billion yuan, making up 66.15% of the total [2]. - Quantitative private equity products, despite strong performance, only distributed 5.869 billion yuan, accounting for 33.85% [2]. Scale of Private Equity Institutions - Large-scale private equity (over 5 billion yuan) had 233 distributions totaling 7.179 billion yuan, representing 41.41% [3]. - Small-scale private equity (0-1 billion yuan) had the highest number of distributions at 1,059, but the total amount was 6.468 billion yuan, accounting for 37.31% [3]. - Medium-scale private equity (1-5 billion yuan) had 366 distributions totaling 3.691 billion yuan, representing 21.29% [3]. Market Insights - The explosive growth in private equity dividends is attributed to structural opportunities in the capital market and the professional development of the private equity industry [3]. - The A-share market has been supported by policy dividends and industrial upgrades, leading to significant structural opportunities in core sectors and quality stocks, which have provided a solid foundation for high dividends [3].

Group 1 - The private equity market is experiencing a surge in product registrations, with November seeing a nearly 30% month-on-month increase, marking the second highest registration volume of the year [1] - A total of 1,285 private equity securities products were registered in November, reflecting a strong willingness among private equity firms to issue products as the year-end approaches [1] - Equity strategies remain the dominant focus for private equity firms, with 849 equity strategy products registered in November, accounting for 66.07% of the total [1] Group 2 - Multi-asset strategies and futures and derivatives strategies are also maintaining high levels of interest, with 193 multi-asset strategy products registered, representing 15.02% of the total [1] - Quantitative private equity products have shown particularly strong performance, with 565 products registered in November, making up 43.97% of the total [2] - Within quantitative strategies, equity strategies dominate with 402 products registered, while futures and derivatives strategies account for 80 products, representing 66.12% of that strategy's total [2]

Core Insights - The private equity fund distribution scale has significantly increased this year, with a total distribution amount exceeding 15.158 billion yuan, marking a year-on-year increase of 263.76% compared to 4.167 billion yuan last year [1][2] Distribution Overview - As of October 31, 2025, out of 5,558 private equity products with performance displays, 1,135 products have implemented distributions, accounting for 20.42% of the total [1] - The total number of distributions reached 1,443 times, with the distribution amount surpassing 15.158 billion yuan [1][2] Strategy Analysis - Stock strategy products are the main contributors to distributions, with 848 distributions totaling 11.586 billion yuan, representing 76.43% of the total distribution amount [2][3] - Multi-asset strategies had 209 distributions amounting to 1.376 billion yuan, accounting for 9.08% [2][3] - Futures and derivatives strategies and bond strategies had similar distribution amounts of approximately 936 million yuan and 937 million yuan, each accounting for 6.18% [2][3] - Combination funds had a smaller distribution scale, with 65 distributions totaling 323 million yuan, representing 2.13% [2][3] Performance Drivers - The significant increase in distribution scale is attributed to three main factors: strong overall performance of private equity funds, with an average return of 24% this year, and over 90% of products achieving positive returns [2][4] - Stock strategies performed particularly well, with average returns close to 30%, providing a solid foundation for distributions [2][4] - Distributions help investors convert paper profits into actual gains, enhancing confidence in holding and trust in fund managers [2][4] Management Approach - Subjective private equity funds have shown a higher distribution frequency, with 943 distributions totaling 10.042 billion yuan, accounting for 66.25% of the total [3][4] - Quantitative private equity funds, despite strong performance, had a distribution amount of only 5.116 billion yuan, representing 33.75% [3][4] - The distribution strategy differs, with subjective funds focusing on long-term value investment and quantitative funds being more conservative in distribution frequency and amount [4] Scale Impact - Private equity funds with over 10 billion yuan in assets have a dominant position in distributions, with 152 distributions totaling 5.479 billion yuan, accounting for 36.14% of the total distribution amount [4]

Core Viewpoint - The private equity fund distribution scale has significantly increased in 2025, with a total distribution amount exceeding 15.158 billion yuan, marking a year-on-year increase of 263.76% compared to 4.167 billion yuan in the same period last year [2][3]. Group 1: Distribution Performance - A total of 1,135 private equity products have distributed dividends this year, accounting for 20.42% of the 5,558 products with performance displays [2]. - The average return of private equity funds this year has reached 24%, with over 90% of products achieving positive returns, particularly stock strategies with an average return close to 30% [3]. - Stock strategy products have become the main force in dividend distribution, with 848 distributions totaling 11.586 billion yuan, representing 76.43% of the total distribution amount [4][10]. Group 2: Distribution by Strategy - Multi-asset strategies have distributed dividends 209 times, amounting to 1.376 billion yuan, accounting for 9.08% of the total [6]. - Futures and derivatives strategies and bond strategies have similar distribution amounts, approximately 936 million yuan and 937 million yuan respectively, each accounting for about 6.18% [6]. - Combination funds have a relatively small distribution scale, with 65 distributions totaling 323 million yuan, representing 2.13% [6][10]. Group 3: Management Mode - Subjective private equity funds have shown more active distribution, with 943 distributions totaling 10.042 billion yuan, accounting for 66.25% of the total, while quantitative private equity funds have distributed only 5.116 billion yuan, representing 33.75% [7][8]. - Subjective private equity focuses on long-term value investment and tends to distribute dividends after achieving expected profits, while quantitative private equity is more conservative in distribution decisions [7][8]. Group 4: Distribution by Fund Size - Private equity funds with a scale of over 10 billion yuan have dominated the distribution amount, with 152 distributions totaling 5.479 billion yuan, accounting for 36.14% [9]. - Smaller private equity funds (0-5 billion yuan) have the highest number of distributions at 713 times, but their total distribution amount is only 2.86 billion yuan, accounting for 18.87% [9]. - The 50-100 billion yuan scale private equity funds have shown fewer distributions with a total of 49 times and 1.122 billion yuan, representing 7.40% [9].

Core Insights - The private equity fund distribution activity has significantly increased this year, with a total distribution amount reaching 15.158 billion yuan, marking a 263.76% increase compared to 4.167 billion yuan in the same period last year [1][3] Group 1: Distribution Performance - As of October 31, 1,135 out of 5,558 private equity products have distributed dividends, accounting for over 20% of the total [1] - The average return of private equity funds has exceeded 20% this year, with stock strategy products showing an average return close to 30%, providing ample profit sources for distributions [1] - Stock strategy products have become the main contributors to distributions, with a total distribution amount of 11.586 billion yuan, representing 76.43% of the total [1] Group 2: Factors Influencing Distribution - The increase in distribution scale is supported by three main factors: strong overall performance of private equity funds, the ability to convert floating profits into tangible returns for investors, and the opportunity for fund managers to extract performance fees early [1] - Distributions help enhance investor confidence and maintain existing investor interests, especially during market volatility [1] Group 3: Institutional Differences - Subjective private equity institutions have distributed 10.042 billion yuan, accounting for 66.25% of total distributions, while quantitative private equity institutions distributed 5.116 billion yuan, making up 33.75% [2] - The difference in distribution behavior is attributed to varying investment philosophies and operational methods between subjective and quantitative institutions [2] Group 4: Scale of Institutions - Private equity institutions managing over 10 billion yuan have dominated distributions, with a total of 5.479 billion yuan, representing 36.15% of the total [2] - A total of 647 private equity institutions have distributed dividends this year, with 23 institutions distributing over 100 million yuan, indicating a proactive stance among leading institutions [2]

Core Insights - The private equity sector has seen a significant increase in dividend distributions in 2023, with 1,135 out of 5,558 products distributing dividends, representing 20.42% of the total [1] - Total dividends distributed reached 151.58 billion, a remarkable increase of 263.76% compared to 41.67 billion in the same period last year [1] Strategy Analysis - Equity strategy products are the primary contributors to dividends, with 848 distributions amounting to 115.86 billion, accounting for 76.43% of total dividends [2] - Multi-asset strategies distributed dividends 209 times, totaling 13.76 billion, representing 9.08% of the total [2] - Futures and derivatives strategies and bond strategies had similar dividend amounts, at 9.36 billion and 9.37 billion respectively, each making up 6.18% of the total [2] - Combination funds had a smaller scale of dividends, with 65 distributions totaling 3.23 billion, accounting for 2.13% [2] Management Style - Subjective private equity products showed a higher dividend distribution frequency, with 943 distributions totaling 100.42 billion, representing 66.25% of the total [2] - Quantitative private equity products, despite strong performance, only distributed 51.16 billion, accounting for 33.75% [2] Fund Size Impact - Private equity firms with over 100 billion in assets led in dividend distributions, with 152 distributions totaling 54.79 billion, representing 36.14% of the total [3] - The overall performance of private equity funds has been strong, with an average return of 24% this year, and over 90% of products achieving positive returns [3] - The strong performance, particularly in equity strategies with nearly 30% average returns, has laid a solid foundation for dividend distributions [3] Brand and Market Position - Larger private equity firms typically have more mature research and risk control systems, leading to stronger performance stability and a solid basis for ongoing dividends [4] - These firms focus on brand building through consistent dividend distributions, attracting long-term capital inflows and creating a virtuous cycle of performance, dividends, and funding [4]

Core Viewpoint - The private equity fund market is experiencing a significant rebound, with new product issuances increasing and many funds surpassing the 10 billion yuan mark [1] Group 1: Market Growth and Product Issuance - In the first three quarters, a total of 8,935 private equity securities products were registered, representing a substantial year-on-year increase of 89.38% from 4,718 products [2][3] - The growth in registration numbers is attributed to three main factors: improved market conditions, regulatory guidance enhancing transparency and compliance, and active expansion by institutions [3] - Stock strategies remain the dominant force, with 5,849 products registered, accounting for 65.46% of the total, and showing a year-on-year growth of 99.35% [3] Group 2: Performance of Private Equity Funds - The average return for private equity funds in the first three quarters was 25%, significantly outperforming the Shanghai and Shenzhen 300 Index [2][5] - Among the five major strategies, stock strategies led with an average return of 31.19%, with 93.52% of the 5,976 funds achieving positive returns [5][6] - Quantitative long strategies showed exceptional performance, with an average return of 35.95% and a positive return rate of 96.71% [6] Group 3: Growth of Billion-Yuan Private Equity Funds - The average return for the 62 billion-yuan private equity funds reached 28.80%, with 98.39% of them reporting positive returns [7] - A total of 14 funds achieved returns exceeding 40%, while 18 funds had returns between 30% and 40%, indicating strong overall profitability [7] - The number of billion-yuan private equity funds increased to 96 by the end of September 2025, up from 91 at the end of August [8][9] Group 4: Industry Structure and Competition - The registration structure indicates a shift in the competitive landscape, with top quantitative private equity funds dominating the registration rankings [8] - Among the 26 private equity firms with at least 40 registered products, 23 are billion-yuan institutions, highlighting a significant head effect [8] - The industry is witnessing increased concentration, with leading firms expanding while smaller firms actively seek breakthroughs [8]