本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近三年A股行情跌宕起伏，期间在地缘政治冲突、疫情冲击、贸易战冲击下，市场流动性一度跌破5000亿、上证指数跌破3000点，也经历 了"924"新政的刺激，连续组合拳政策的刺激，市场波动明显加大。在这样的行情下，依旧保持亮眼收益与回撤表现的私募产品较为稀缺。 夏普比率作为衡量风险与收益性价比的指标，今年来随着A股走出反转行情，不少百亿私募取得优秀的夏普表 现 (参考文章： 百亿私募夏普榜揭 晓！进化论、明汯夺双冠！龙旗、蒙玺等上榜！ ) 。 不过， 穿越近三年牛熊转换周期的能力，并取得优秀夏普表现的私募产品，受到更多投资 者关注。 具体来看，百亿私募符合排名规则的662只产品，今年来收益均值为30.15%，今年来夏普均值为2.53； 近 3年符合排名规则的662只产品430只产 品，近3年收益均值为79.96%、近3年夏普均值为1.12。 百亿私募凭借强大的投研实力、更丰富的数据资源等，近3年夏普表现依旧处在领先位 置。 | 公司规模 | 今年来符合统 计 的产品数 | 今年来收益均值 | 今年来夏普均值 | 近3年符合统计 的产品数 | 近3年收 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在刚过去不久的 10月份，A股三大股指维持高位震荡走势 。其中，上证指数10月微涨1.85%。深证成指、创业板指则相对弱势，10月分别下跌 了1.1%、1.56%。同时，10月份的A股市场整体成交额也相比前几个月有所萎缩。 在这样的市场背景下， 今年 10月份，以股票策略为主的百亿私募旗下仍有407只私募产品 （产品成立满1年、在私募排排网有业绩展示且符合排 名规则） 的净值创下了历史新高，约占百亿私募产品总数的 69%。 按产品类型来看，量化产品占266只，非量化产品占141只。 量化产品占比更多，主因量化策略相比主观投资通常回撤较小，更适配 10月份的震 荡行情，创新高相对容易 。 按照产品策略（一级策略）来看，股票策略产品最多，有327只（其中，量化多头占201只，主观多头占103只），占比超80%；其次是多资产策 略产品占48只，债券策略产品占24只，期货及衍生品策略产品占6只，组合基金产品占2只。 为了给读者提供一些参考，笔者首先梳理出了 旗下 8成以上产品 （产品成立满1年且在私募排排网有业绩展示） 创了历史新高的百亿私募 。然 后， ...

Core Viewpoint - The article discusses the performance of non-debt private equity products in the A-share market, highlighting those that have achieved consecutive positive returns over the years, indicating the fund managers' ability to navigate market fluctuations [2][10]. Summary by Sections 2023 Performance - In 2023, among private equity companies managing over 500 million, there were 1,731 non-debt private equity products, with 1,026 (59.27%) achieving consecutive positive returns [2]. - The threshold for the top 20 products in cumulative returns for 2023 was set at ***% [2]. - The majority of the top 20 products (15) were subjective long strategies, with only one product from a billion-dollar private equity firm, Oriental Harbor [2]. Top Products in 2023 - The top five products based on returns were managed by: - Qian Jun from Chiying Private Equity - Zhou Yifeng from Beiheng Fund - Chen Yongbao from Ding Tai Si Fang (Shenzhen) - Wu Gengxin from Zhun Jin Investment - Shi Hao from Shanghai Ge Ru Private Equity [3]. 2021 Performance - For the period from 2021, there were 855 non-debt private equity products, with 184 (21.52%) achieving consecutive positive returns [10]. - The threshold for the top 20 products in cumulative returns for 2021 was also set at ***% [10]. - Half of the top 20 products were subjective long strategies, with a notable presence of quantitative long products [10]. Top Products in 2021 - The top five products were managed by: - He Wenling from Qianhai Guoen Capital - Liu Zhiyong from Caoben Investment - Li Ting from Gongqingcheng Guangju Xinghe Private Equity - Ma Changhai from Hengbang Zhaofeng - Li Jiabin from Qianhai Haifu Asset [11]. 2019 Performance - In 2019, there were 377 non-debt private equity products, with 54 (14.32%) achieving consecutive positive returns [15]. - The threshold for the top 20 products in cumulative returns for 2019 was set at ***% [15]. - The top 20 products included seven subjective long products, with a mix of quantitative long, macro strategies, and composite strategies [15]. Top Products in 2019 - The top five products were managed by: - Yang Zhongxian from Jilu Asset - Chen Yu from Shennong Investment - Yao Qicong from Jiukun Investment - Liang Wentao from Honghu Private Equity - Yu Zilong from Shanghai Yuanlai Private Equity [16][22].

Core Insights - The A-share market continued its strong performance in September, with all three major indices rising, while gold prices surged due to multiple factors including the onset of the Federal Reserve's rate cut cycle and central bank gold purchases [2] - Despite the strong market performance, the subjective long/short and quantitative long strategies underperformed in September, with average returns of 3.11% and 1.37% respectively, while macro strategies excelled with an average return of 4.08% [2] - Over a longer time frame, macro strategies have shown superior performance, with average returns of 22.45% and 75.33% over the year and the past three years respectively, highlighting their flexibility in capturing asset rotation opportunities [2] Strategy Performance Summary - **Macro Strategy**: 218 products, average return of 4.08% this year, 22.45% over the year, and 75.33% over three years [3] - **Subjective Long/Short**: 2120 products, average return of 3.11% this year, 34.08% over the year [3] - **Quantitative Long**: 862 products, average return of 1.37% this year, 36.94% over the year [3] - **Other Derivative Strategies**: 16 products, average return of 5.17% this year, 18.77% over the year [3] Top Macro Strategy Products - For products with over 5 billion in assets, the top three macro strategies over the past three years are managed by 久期投资 and 泓湖私募, with average returns of 69.86% [4][5] - The leading product in the 10-50 billion category is "路远睿泽稳增" managed by 路文韬, with significant returns [9] - In the 0-10 billion category, "石泉宏观对冲" managed by 孙旭 leads with impressive returns [12] Notable Fund Managers - 梁文涛 from 泓湖私募 is recognized for his strong performance and has a background in macro strategies [4] - 李蓓 from 半夏投资 has shown a significant rebound in performance this year after previous underperformance [6] - 路文韬 from 路远私募 has focused on gold and military sectors, indicating a strategic shift in asset allocation [9]

Core Viewpoint - Macro strategy, based on macroeconomic analysis for asset allocation, has shown better investment performance during economic cycles, gaining increasing attention in recent years [2] Group 1: Macro Strategy Performance - In mature overseas markets, macro strategy is recognized as a core strategy for hedge funds, particularly excelling during market volatility, as exemplified by Bridgewater's Pure Alpha II, which rose approximately 11.3% in 2025 while the S&P 500 fell over 5% [2] - In the domestic market, macro strategy is still in its early stages but has been developing rapidly, with 131 macro strategy products showing performance in the last six months [2] - Although the average return for macro strategies was negative in May, the long-term performance is impressive, with an average return of 45.67% over the past three years, ranking fourth among all secondary strategies [2][3] Group 2: Performance Rankings - The top 20 macro strategy products in the last six months had a minimum return threshold of ***%, with an average return of ***% [4] - Notable products include "Luyuan Ruize Stable Growth" from Luyuan Private Equity, "Yize Global Macro No. 2" from Yize Investment, and "Duration Macro Multi-Strategy" from Duration Investment, which ranked in the top three [4][8] - Three products from billion-dollar private equity firms made the list, including "Honghu Stable Macro Hedge A" from Honghu Private Equity and "Lerui Stock-Bond Rotation No. 1" from Lerui Asset [4] Group 3: Yearly and Three-Year Performance - The top 20 macro strategy products over the past year had a minimum return threshold of ***%, with the top three being "Shenzhen Shanzhe Private Equity," "Duration Investment," and "Luyuan Private Equity" [9][13] - Over the past three years, the top 20 macro strategy products had a minimum return threshold of ***%, with "Luyuan Ruize Stable Growth" again leading the list [15][19] - The consistent performance of "Luyuan Ruize Stable Growth" across both six-month and three-year periods highlights its strong investment strategy [15]

Core Viewpoint - The article provides an overview of the private equity market in China, highlighting the number of private equity firms, their performance, and the distribution of firms across major cities as of May 2025. Group 1: Overview of Private Equity Firms - As of May 2025, there are 7,789 private equity firms in China, with 5,616 located in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou), accounting for 72.10% of the total [2]. - The number of top-tier private equity firms (with assets over 5 billion) is highest in Shanghai (86 firms), followed by Beijing (47 firms) and Shenzhen (18 firms) [2]. Group 2: Performance Metrics by Region - In Beijing, 582 products have an average annual return of 21.30% and a May return of 1.74% [4]. - Shanghai's 1,145 products show an average annual return of 19.68% and a May return of 1.68% [13]. - Guangzhou's 228 products have an impressive average annual return of 28.40% and a May return of 3.28% [19]. - Shenzhen's 705 products yield an average annual return of 23.55% and a May return of 3.81% [24]. - Hangzhou's 268 products report an average annual return of 26.06% and a May return of 2.01% [31]. Group 3: Notable Private Equity Firms - In Beijing, the top private equity firms include "止于至善投资" with a notable annual return and several other firms with significant assets [6][9]. - In Shanghai, "海南致衍私募" leads with a strong performance, followed by "系综(上海)私募" and "上海紫杰私募" [12][16]. - In Guangzhou, "海南香元私募" ranks first with a high annual return, followed by "广州千泉私募" and "广州守正用奇" [19][21]. - In Shenzhen, "富延资本" is the top firm with a strong performance, followed by "能敬投资控股" and "君子乾乾" [27][29]. - In Hangzhou, "云起量化" leads the performance metrics, followed by "浩坤昇发资产" and "橡木资产" [35]. Group 4: Other Regions - Outside first-tier cities, there are 2,173 private equity firms, with 25 firms having assets over 5 billion [36][39]. - The average annual return for 972 products in other regions is 23.24%, with the top three firms being "一久私募基金," "尚阳资管," and "优波资本" [39].

Core Insights - The average return of private equity fund managers in the past year reached 21.84%, significantly outperforming the market [2] - Stock fund managers showed the highest average return of 25.52%, benefiting from the recovery of the A-share market since "924" [2][4] - Fund managers with assets under management between 0-5 billion yuan had the best performance, with average returns of 23.38% [2][4] By Strategy - Stock Strategy: 1471 managers, 2853 products, total AUM of 2330.34 billion yuan, average return of 25.52% [4] - Futures and Derivatives: 393 managers, 652 products, total AUM of 393.50 billion yuan, average return of 17.27% [4] - Multi-Asset: 297 managers, 531 products, total AUM of 476.29 billion yuan, average return of 19.32% [4] - Bond: 179 managers, 409 products, total AUM of 445.17 billion yuan, average return of 9.70% [4] - Combination Funds: 63 managers, 94 products, total AUM of 42.59 billion yuan, average return of 24.17% [4] By Company Size - Managers with over 10 billion yuan AUM: 114 managers, 586 products, total AUM of 998.51 billion yuan, average return of 20.66% [4] - Managers with 5-10 billion yuan AUM: 400 managers, 707 products, total AUM of 468.51 billion yuan, average return of 23.38% [4] - Managers with 0-5 billion yuan AUM: 1442 managers, 2104 products, total AUM of 750.51 billion yuan, average return of 22.52% [4] Top Performers - Wang Chen from Jiukun Investment topped the list among managers with over 10 billion yuan AUM [5][9] - Wu Xing from Shenzhen Kaifeng Investment led the 50-100 billion yuan category [10][11] - Chen Yu from Shennong Investment ranked first among 20-50 billion yuan managers, focusing on innovative drugs [15][19] - Sun Jie from Nengjing Investment led the 10-20 billion yuan category [22][23] - Hu Shiyuan from Wantao Private Equity topped the 5-10 billion yuan category [29][30] - Tan Guanhua from Hainan Xiangyuan Private Equity led the 0-5 billion yuan category [30][32]

Market Overview - After a rapid rise in the A-share market by the end of September 2024, the market has maintained a relatively high level of volatility over the past six months, with most major indices showing a decline [2] - The A-share indices mostly experienced a drop, with the small-cap index, CSI 2000, showing relative strength, while the Shanghai Composite Index barely closed in the green due to support from the banking sector [2] - The Hong Kong stock market performed relatively well due to cheaper valuations compared to A-shares and significant foreign capital inflows, while the US stock market saw slight declines due to high positioning and external shocks [2] Performance Summary - A-share indices performance over the past six months includes: - Shanghai Composite Index: +0.63% - Shenzhen Component Index: -5.38% - ChiNext Index: -10.38% - CSI 300: -1.95% - CSI 500: -3.09% - CSI 1000: -2.63% - CSI 2000: +2.92% - Hong Kong indices showed significant gains: - Hang Seng Index: +19.90% - Hang Seng Tech Index: +18.76% - US indices experienced slight declines: - Dow Jones Industrial Average: +5.88% - S&P 500: -2.00% - Nasdaq: -0.54% [4] Private Equity Fund Performance - Among the 507 private equity products with performance data available, the average return over the past six months was approximately 6.22%, while the average return over the past year was about 21.10% [5] - Equity strategy products accounted for over 80% of the total, with an average return of 6.57%, outperforming major A-share indices [5] - Quantitative long-only products showed an average return of over 11%, leading other strategy products, while macro strategy products followed closely with returns exceeding 9% [5] Top Performing Products - The top 10 quantitative long-only products significantly outperformed the A-share indices, with the leading product being "Longqi Stock Quantitative Long No. 1" managed by Longqi Technology, achieving near ***% returns over the past six months [7][9] - The top 10 subjective long-only products had an average return of 1.07% over the past six months, with "Rido Investment" leading the pack [10][14] - The top 10 multi-asset strategy products included "Honghu Stable Macro Hedge A Class" managed by Liang Wentao, which is the largest product by scale among the top performers [22][24] Investment Insights - Wang Wen from Rido Investment believes that the A-share market has completed its bottoming process and is entering a historical opportunity for value re-evaluation, predicting a significant upward trend [14][16] - The investment strategy focuses on five dimensions: low valuation, high cash flow, high dividends, industry growth, and positive fundamental changes, with a particular interest in the entertainment and financial sectors [16]

Core Viewpoint - The article emphasizes the power of compound interest and the challenges of achieving consistent positive returns in the current complex market environment, particularly in the A-share market, where the CSI 300 index has shown significant fluctuations since 2021, with a cumulative decline of 27.65% as of April 30, 2025 [2][3]. Summary by Category Market Performance - Since 2021, the CSI 300 index has experienced annual returns of -5.20%, -21.63%, -11.38%, 14.68%, and -4.18%, with only one year showing positive returns [2]. - The cumulative return from 2021 to April 30, 2025, is -27.65%, indicating a challenging environment for private equity funds to achieve consistent positive returns [2]. Private Equity Fund Performance - As of April 2025, among 926 private equity products (excluding pure bond strategies), only 238 products (approximately 25.7%) have achieved positive returns each year since 2021 [3]. - The successful products are nearly evenly split between quantitative (114 products) and non-quantitative (124 products) strategies [3]. Top Performing Products - The top five products with the highest cumulative returns since 2021 are from JiLu Asset, Shanghai Liangyu Private Equity, JiuKun Investment, and Guangzhou Shouzheng Yiqi [4]. - Notable products achieving over ***% returns since 2021 include JiuKun's "JiuKun Day Enjoy CSI 1000 Index Enhanced No. 1" and Liang Kui's "Liang Kui Xiang Shui Lu Mountain No. 5" [4][12]. Strategy Breakdown - In the quantitative strategy category, there are 35 products that have achieved positive returns each year since 2021, with 16 being from large private equity firms [3][13]. - The subjective long-only equity strategy has 37 products with consistent positive returns, with 20 from large private equity firms [13][14]. Multi-Asset and Other Strategies - There are 33 multi-asset strategy products that have shown positive returns each year since 2021, with 6 from large private equity firms [18]. - In the futures and derivatives strategy category, 35 products have achieved positive returns since 2021, with 4 from large private equity firms [24]. - The bond strategy category has 15 products with consistent positive returns, with 1 from a large private equity firm [27]. Overall Trends - A total of 47 large private equity products have achieved positive returns each year since 2021, with a significant representation from subjective long-only equity strategies [31].