2025年，在海外宏观预期变化、产业 变革 与地缘政治等因素交织影响下，国内商品市场呈现出显著的结构性分化行情 。从指数表现来看，南华 商品指数全年小幅上涨但波动较为明显。 贵金属指数成为领涨板块， 全年涨超 81%， 有色金属指数同样表现突出， 上涨幅度超 18%， 其中 铜、锡因供需错配延续趋势性上涨 。相比之下，黑色系受国内政策及需求预期影响，呈现宽幅震荡格局；能化板块则整体走势疲软。（可参 考： 黄金、白银走牛，CTA策略又火了！一文详解CTA策略！ ） 在此环境下， 部分管理 CTA产品的基金经理通过多品种布局、多周期配置及复合策略运用，能够灵活调整在不同板块上的风险暴露，从而有效 应对结构性行情 。根据私募排排网统计， 2025年有业绩展示的551只CTA产品全年平均收益约24.79% 。为能更清晰了解私募基金经理CTA策 略收益情况，笔者按照所属私募规模分类（20亿以上、20亿以下），分别梳理出在CTA策略上做的比较突出的私募基金经理，供读者参考。 （统计样本：在私募排排网上至少有3只CTA产品展示业绩且符合排名规则的私募基金经理。） 0 1 20亿以上：双隆投资李隽、洛书投资谢冬、宏锡刘锡斌位 ...

Group 1 - The article discusses a short drama produced by three private equity firms, which is a first in the industry, focusing on a financial theme related to futures trading [1] - The plot centers around a billionaire private equity boss who faces significant losses due to market volatility and personal tragedy, leading to a narrative of rebirth and redemption through futures trading [1] - The private equity firm Woying Investment has three products displayed on the platform, with an average return of ***% as of July 25, 2025 [1][2] Group 2 - As of July 25, 2025, there are 603 futures and derivatives strategy products with a total scale of approximately 343.31 billion, with an average return of 8.73% this year [5] - Among these, 339 quantitative CTA products have an average return of 8.31%, while 156 subjective CTA products have an average return of 12.15% [5] - The top three private equity products in the futures and derivatives strategy for this year are from Beijing Fuhua Zixin, Jing Sheng Investment, and Rui Zhen Investment [5] Group 3 - The article provides rankings of private equity products based on their performance over the past year and three years, highlighting the top performers in both quantitative and subjective strategies [9][13] - The average return for futures and derivatives strategy products over the past year is 20.66%, with 328 quantitative CTA products averaging 19.07% and 145 subjective CTA products averaging 28.76% [9] - Over the past three years, the average return for these products is 61.65%, with 212 quantitative CTA products averaging 30.18% and 80 subjective CTA products averaging 74.70% [13]

Core Viewpoint - The article discusses the emergence of private equity firms engaging in creative projects, specifically the production of a short drama centered around futures trading, highlighting the challenges and uncertainties in the futures investment landscape [1] Group 1: Short Drama Production - Three private equity firms, Waying Investment, Shanhai Fund, and Shenhan Capital, have produced a short drama titled "Rebirth in the Millennium: My Revenge Path through Futures" [1] - The drama features a billionaire private equity boss who faces significant losses due to market volatility and personal tragedy, ultimately leading to a second chance in the year 2000 [1] Group 2: Performance of Private Equity Products - As of July 25, 2025, there are 603 futures and derivatives strategy products with a total scale of approximately 34.33 billion, with an average return of 8.73% this year [3] - Among these, 339 quantitative CTA products have an average return of 8.31%, while 156 subjective CTA products have an average return of 12.15% [3] Group 3: Top Performing Products - The top three futures and derivatives strategy products for the year are led by Fuhua Zixin's product, with a return of ***% [9] - In the category of private equity firms with a scale below 5 billion, the top three products are from Fuhua Zixin, Jingsheng Investment, and Ruixin Investment [10] Group 4: Recent Performance Trends - Over the past year, 573 products have shown an average return of 20.66%, with quantitative CTA products averaging 19.07% and subjective CTA products averaging 28.76% [9] - The leading products in this category are managed by Xuming Investment and Fuhua Zixin [10] Group 5: Long-Term Performance - Over the past three years, 345 products have an average return of 61.65%, with quantitative CTA products averaging 30.18% and subjective CTA products averaging 74.70% [14] - The top three products in this category are from Fuying Investment, Xuming Investment, and Ruixin Tiansuan [15]