10月10日，记者从私募排排网获悉，截至9月30日，9月共有1028只私募证券产品完成备案，较8月的1145只环比下降10.22%，但相比 2024年同期的379只，同比大幅增长171.24%。 | | 9月备案私募量化产品按策略统计 | | | | --- | --- | --- | --- | | 一级策略 | 二级策略 | 产品数量 | 品 | | | 复合策略 | 30 | 8.24% | | 多资产策略 | 套利策略 | 8 | 2. 20% | | | 宏观策略 | l | 0. 27% | | 股票策略 | 量化多头 | 166 | 45.60% | | | 股票市场中性 | 69 | 18.96% | | | 股票多空 | 22 | 6.04% | | 期货及衍生品策略 | 量化 CTA | 45 | 12.36% | | | 期权策略 | 3 | 0. 82% | | 债券策略 | 转债交易策略 | 9 | 2. 47% | | | 债券复合策略 | 2 | 0. 55% | | | 纯债策略 | l | 0. 27% | | 组合基金 | FOF | 8 | 2. 20% | | 总计 | ...

对于9月股票策略备案大增的情况，排排网集团旗下融智投资FOF基金经理李春瑜表示，随着"9.24"行情 后权益市场赚钱效应逐步显现，以及政策面对科技创新、高端制造等领域的持续支持，股票策略在把握 产业机遇方面的优势进一步凸显，投资者对权益类资产的配置意愿回升，共同推动该类策略备案数量保 持高位。 展望四季度行情，华金证券预计，四季度A股可能处于盈利结构性回升、信用继续修复的环境中，将延 续震荡偏强的"慢牛"趋势。从宏观环境来看，出口仍维持一定韧性，制造业和基建投资维持一定的增 速，消费可能自低位有所回升；美联储大概率继续降息。从市场主线来看，四季度可能受科技和周期等 盈利结构性回升，信用继续修复，历史经验上A股表现将震荡偏强。盈利结构性回升、信用可能继续修 复的情况下，大盘和中小盘风格占优，产业趋势上行和政策导向的行业表现相对占优，当前指向科技和 部分周期、消费。 国泰海通证券的观点称，展望2025年四季度，本轮上涨的基础有望持续：政策支持实体经济修复、流动 性维持宽松、机构持股水平稳步提升，多重因素共振下"慢牛"格局有望延续。上市公司盈利方面，从8 月经济数据来看，PPI已出现底部企稳迹象，"反内卷"政策成效 ...

人民财讯9月14日电，据私募排排网数据，截至2025年8月31日，有业绩记录的10135只私募证券产品， 今年以来平均收益为20.41%，其中有9208只产品实现正收益，正收益占比达90.85%，不少产品实现了 较高的收益，5%分位数收益达60.64%。分策略来看，股票策略表现突出。 ...

Core Viewpoint - The year 2025 is expected to be favorable for private equity firms, with significant returns observed in private securities products and a resurgence of star stock private equity funds [1]. Group 1: Performance of Private Equity Products - As of August 31, 2025, 10,135 private securities products recorded an average return of 20.41%, with 9,208 products achieving positive returns, resulting in a positive return rate of 90.85%. The 5th percentile return reached 60.64% [3]. - Among 6,473 stock strategy products, 6,026 achieved positive returns, representing 93.09%, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market, with A-shares showing an upward trend and a focus on small and mid-cap stocks, as well as technology growth and resource cyclical stocks [3]. - Multi-asset strategies also performed well, with 1,279 products recording an average return of 15.61% and a positive return rate of 89.91%. The 5th percentile return for these products was 52.84% [3]. Group 2: Strategy Performance Breakdown - Combination fund strategies had the highest positive return rate, with 398 products showing 95.98% positive returns and an average return of 14.12%, while the 5th percentile return was 36.38% [4]. - Futures and derivatives (CTA) strategies underperformed, with 1,212 products achieving a 77.15% positive return rate and an average return of 8.55%. The 5th percentile return for these products was 37.61% [4]. - Bond strategies remained stable, with 773 products achieving a 92.50% positive return rate and an average return of 7.89%, while the 5th percentile return was 26.59% [4]. Group 3: Research Activities of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [5]. - The top private equity firms in terms of research frequency include Panjing Investment with 350 instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [5][6]. - Many large private equity firms have increased their overseas research efforts, with some focusing on long-term investments in non-ferrous enterprises and conducting multiple research trips to Africa to assess overseas mineral projects [7].

Core Insights - Since 2025, private equity securities products have shown significant profitability, with an average return of 20.41%, and stock strategy products achieving an impressive average return of 15.38% [1] - As of August 31, there are 10,135 private equity securities products with performance records, of which 9,208 have generated positive returns, resulting in a high positive return ratio of 90.85% [1] - Among various strategies, stock strategies have outperformed, benefiting from the structural market trends in A-shares, with 6,473 stock strategy products recording an average return of 25.38% and a positive return ratio of 93.09% [1] Stock Strategy Analysis - Within stock strategies, quantitative long strategies have excelled in the mid and small-cap market, with 1,303 products showing a positive return ratio of 96.24% and an average return of 31.84% [2] - In contrast, subjective long strategies have a positive return ratio of 92.68% but a lower average return of 25.62%, indicating a significant performance gap compared to quantitative strategies [2] - Multi-asset strategies follow closely with an average return of 15.61%, primarily due to timely allocation to stock assets, with 1,279 products showing a positive return ratio of 89.91% [2] Market Outlook - The rise in the A-share market is attributed to multiple factors, including policy adjustments, improved liquidity, and enhanced economic fundamentals, as analyzed by Fidelity International's economist Liu Peiqian [2] - Upcoming tourism expenditure data and weekly real estate transaction data are expected to serve as important indicators for observing the pace of economic recovery [2] - Looking ahead, the market is anticipated to continue a trend of oscillating upward, with a gradual shift towards large-cap growth stocks, focusing on sectors with low penetration rates such as AI computing power, semiconductor autonomy, solid-state batteries, humanoid robots, satellites, controllable nuclear fusion, and innovative pharmaceuticals [2]

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]

Core Insights - The private equity market has seen a significant increase in product registrations this year, with a year-on-year growth of over 80% in private securities products [1][2] - The number of billion-yuan private equity firms has reached 91, with an average annual return of nearly 25% for those with performance data [1][2] - Quantitative private equity strategies have outperformed subjective and mixed strategies, with an average return of 28.07% for 37 billion-yuan quantitative firms [3][4] Private Equity Market Overview - As of August 2023, a total of 7,907 private securities products have been registered, a year-on-year increase of 82.19% [2] - The proportion of quantitative private equity products has risen to 45.33%, with 3,584 products registered, marking a 100.34% increase [2] - The number of billion-yuan quantitative private equity firms has increased to 45, accounting for 49.45% of the total [2] Performance Analysis - All 57 billion-yuan private equity firms with performance data have achieved positive returns this year, with an average return of 24.99% [2][4] - Among different investment types, quantitative strategies have shown the highest average return of 28.07%, followed by subjective strategies at 19.59% and mixed strategies at 18.08% [4] Market Dynamics - The changing market environment and style preferences have created abundant trading opportunities for quantitative strategies, leading to significant excess returns [5][6] - The rapid rotation of market styles has increased the difficulty of stock selection for subjective strategies, resulting in noticeable performance differentiation [7] Strategic Recommendations - For subjective private equity firms, focusing on in-depth research and flexible adjustments is crucial to navigate the complex market environment [8] - Quantitative firms should optimize their models to adapt to potential style shifts and enhance the application of AI and big data technologies [8][9] Emerging Trends - The "subjective + quantitative" model is gaining traction as a strategy for some firms to explore new growth avenues, combining active management with quantitative investment approaches [9]

Core Viewpoint - The private equity market has seen a significant increase in the number of registered products, with a year-on-year growth of over 82% in 2025 compared to 2024, indicating a strong recovery and investor interest in private equity securities products [2]. Group 1: Growth in Private Equity Products - A total of 7,907 private equity securities products have been registered in 2025, compared to 4,340 in the same period of 2024, marking an increase of 82.19% [2]. - Monthly registration data shows a notable recovery since March 2025, with monthly registrations exceeding 1,100 products for three consecutive months from June to August [2]. - Factors contributing to this growth include a steady recovery in the A-share market, the rise of strategic emerging industries like artificial intelligence, improved regulatory frameworks, and the strong performance of private equity products [2]. Group 2: Dominance of Stock Strategies - Stock strategy products have become the mainstay of the registered private equity market, with 5,173 products accounting for 65.42% of the total, reflecting a 91.31% increase from 2,704 products in 2024 [3]. Group 3: Diverse Strategy Growth - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 and 841 products registered respectively, representing increases of 76.58% and 66.87% compared to 2024 [6]. Group 4: Rise of Quantitative Products - Quantitative products have seen a significant rise, with 3,584 products registered, making up 45.33% of the total, and a year-on-year growth of 100.34% from 1,789 products in 2024 [8]. - Within quantitative strategies, stock strategies dominate, with 2,601 products registered, accounting for 72.57% of quantitative products [8]. Group 5: Leading Private Equity Managers - A total of 2,154 private equity managers have registered products this year, with 1,436 managers (66.7%) registering 2,690 products, while 76 billion-level managers accounted for 1,936 products [10]. - The top three billion-level quantitative private equity managers by registered products are KuanDe with 118 products, HeiYi with 112 products, and MingHeng with 101 products [12][14].

Group 1 - The private equity market has seen a significant increase in the issuance of private securities products, with a total of 7,907 products registered as of August 31, representing an 82.19% year-on-year growth compared to the same period in 2024 [1] - Since March, there has been a notable recovery in the registration of private securities products, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products for three consecutive months from June to August, indicating sustained enthusiasm for issuance [1] - Factors contributing to this growth include the steady recovery of the A-share market, the strong performance of strategic emerging industries like artificial intelligence, and improvements in the regulatory framework of the private equity industry, which have enhanced investor confidence [1] Group 2 - Stock strategies have become the mainstay of registrations, with 5,173 stock strategy products registered this year, accounting for 65.42% of the total, and representing a 91.31% year-on-year increase [2] - The number of private equity managers with registered products has reached 2,154, with those managing between 0-5 billion yuan being the most active, totaling 1,436 managers who registered 2,690 products, which is 34.02% of the total [2] - Additionally, 76 private equity managers with over 10 billion yuan in assets have registered 1,936 products, making up 24.48% of the total, with an average of at least 25 products registered per manager [2]

Core Insights - The private equity industry has shown strong performance as the market trends upward, with significant increases in dividend distributions in July [1] Summary by Categories Private Equity Performance - In July, 197 out of 5017 private equity products distributed dividends, totaling 3.539 billion yuan [1] - Products managed by large private equity firms (over 10 billion yuan) were the main contributors to the dividends, with 17 products from these firms distributing a total of 1.791 billion yuan, accounting for 50.62% of the total dividends for the month [1] Leading Firms - The top two firms in terms of dividend distribution for July were both large private equity firms, with the highest being Ri Dou Investment, which had 5 products that distributed a total of 1.431 billion yuan, earning the title of "Dividend King" for the month [1] - Jiukun Investment followed with 6 products distributing a total of 0.293 billion yuan, ranking second [1] - Other notable firms included Runzhou Private Equity, Lanhuh Fund, and Jing'an Investment, which ranked third to fifth in terms of dividend distribution [1]