智通财经记者 | 龙力 在股票策略"独占鳌头"的同时，今年以来多资产策略私募产品也越来越受追捧。 据私募排排网统计数据，1-10月多资产策略产品的备案数量共有1400只，仅次于股票策略产品。 多资产策略主要通过投资于多种不同类型的资产及策略，实现风险分散以及收益优化，二级策略方面， 又可以细分为宏观策略、复合策略和套利策略等。 优美利投资首席研究员李宁对智通财经表示，多资产策略受到欢迎的原因主要有以下三个方面：一是 2024-2025年全球资产价格波动显著，A股宽幅震荡、商品市场（如黄金）异动频发，单一资产策略风 险暴露，多资产策略通过跨股票、债券、商品等低相关性资产配置，有效对冲了局部市场下跌风险。二 是投资者需求升级，高净值客户转向"风险收益匹配"，资金量越大越关注安全性，多资产策略接受度提 升，同时银行理财净值化转型，预期收益型产品消失，低波动、稳收益需求激增。三是养老金、保险等 长期资金在无风险利率下行背景下，寻求"CPI+3%-5%"的绝对收益目标，多资产策略成为重要载体。 业绩表现方面，多资产策略私募产品表现"亮眼"。私募排排网数据显示，截至11月14日，在该网站有记 录显示的多资产策略产品年内的 ...

Core Insights - The private equity sector is experiencing significant profitability, with an average return of over 24% year-to-date as of October 31, and more than 90% of funds reporting positive returns [1][3] - Equity strategy funds are leading the performance, achieving an average return close to 30% this year [1][3] Performance Overview - As of October 31, the average return for all private equity securities investment funds is 24.32%, with a positive return ratio of 91.33% [3] - The top 5% of private equity products have a return rate of 72.03% [3] - Equity strategy funds have an average return of 29.52%, with 92.73% of these funds reporting positive returns [4] - Multi-asset strategy funds follow with an average return of 19.71% and a positive return ratio of 91.61% [4] - Bond strategy funds have a lower average return of 8.77%, indicating weaker performance compared to equity strategies [4] Market Dynamics - The recent structural market trends in A-shares and Hong Kong stocks, particularly in technology, pharmaceuticals, and cyclical sectors, have boosted equity strategy performance [5] - The volatility in major futures prices, such as oil and gold, has posed challenges for related strategies, while the downward trend in government bond yields has made bond investments more difficult [5] Strategy Comparison - Quantitative long strategies have outperformed subjective long strategies, with an average return of 36.76% and a positive return ratio of 96.52% for quantitative strategies [7] - Subjective long strategies have an average return of 29.72%, with the top 5% achieving 86.45% [7][8] Future Outlook - The private equity issuance market remains active, with strong demand for both quantitative and high-performing subjective long strategies [9] - Industry experts express optimism about the continuation of structural market trends, with expectations for sustained performance from equity-focused private equity funds [11]

Group 1 - The establishment of Shenzhen Junxing Private Securities Fund Management Co., Ltd. was completed, with a registered capital of 10 million yuan and 7 full-time employees [1] - Wang Pei, the legal representative and general manager, holds 60% of the shares and has a background as a fund manager at previous firms [1] - In 2023, Wang Pei was involved in a labor dispute with his former employer, which led to arbitration [1] Group 2 - As of October 31, 2025, 91.33% of the 10,969 private funds achieved positive returns, with an average return rate of 24.32% [2] - Stock strategies led the performance with an average return of 29.52%, and 92.73% of products in this category were profitable [2] - Quantitative long strategies outperformed with an average return of 36.76% and a 96.52% positive return rate [2] Group 3 - Combination funds showed strong profitability stability, with 96.85% of products yielding positive returns [3] - Bond strategies maintained a conservative approach, achieving an average return of 8.77% but with a 90.09% positive return rate [3] Group 4 - Commodity market volatility posed challenges for futures and derivatives strategies, which had an average return of 13.02% and a positive return rate of 82.43% [4]

Core Insights - The A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][6] - A total of 1,298 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, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Strategy Breakdown - Stock strategies dominate the registration landscape, with 887 products registered in July, accounting for 68.34% of total registrations and a month-on-month growth of 24.58% [1][3] - Multi-asset strategies have become the second-largest category, with 162 products registered in July, representing 12.48% of total registrations and a month-on-month increase of 5.88% [1][3] - Futures and derivatives strategies have also gained traction, with 125 products registered in July, making up 9.63% of total registrations and a stable month-on-month growth of 1.63% [1][3] Quantitative Products - Quantitative private equity products saw a substantial increase, with 620 products registered in July, accounting for 47.77% of total registrations and a month-on-month growth of 19% [3][5] - Stock strategies are the primary focus within quantitative products, with 478 stock strategy products registered in July, representing 77.1% of total quantitative registrations and a month-on-month increase of 26.79% [4][5] - Among stock quantitative products, index-enhanced products are predominant, with 321 registered in July, accounting for 67.15% of stock quantitative products and a remarkable month-on-month growth of 52.13% [4][5] Market Dynamics - The positive performance of the A-share market, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor enthusiasm and confidence [6] - The private equity sector is experiencing an influx of funds, driven by the superior performance of quantitative strategy products, which are attracting strong asset allocation demand [6] - Continuous optimization in the supply side of the private equity industry, with the emergence of leading institutions and quality products, is enhancing overall competitiveness and improving market perception [6]

Core Insights - In July, a total of 1,298 private equity securities products were registered, marking an 18.00% month-on-month increase and the highest level in 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Product Strategy Breakdown - In July, 887 stock strategy products were registered, accounting for nearly 70% of the total registered products for the month, with a month-on-month growth of 24.58%, leading among the five major strategies [1] - In contrast, bond strategy and combination fund products saw lower interest, with only 48 and 46 products registered respectively, representing 3.70% and 3.54% of the total registered products for the month [1]

Group 1 - The average return of 12,843 private equity securities products as of the end of May is 4.34%, with 9,608 products achieving positive returns, representing 74.81% [1] - Stock strategy private equity products lead the performance this year, with an average return of 4.81% from 8,487 products, and 6,238 products achieving positive returns, accounting for 73.50% [1] - Multi-asset strategy products follow closely, with an average return of 4.14% from 1,439 products, and 1,075 products achieving positive returns, representing 74.70% [1] Group 2 - Futures and derivatives strategy products have an average return of 3.19% from 1,339 products, while combination funds have an average return of 3.09% from 473 products, indicating similar performance [2] - Combination funds show a higher stability with 86.68% of products achieving positive returns compared to futures and derivatives strategies [2] - Bond strategy products have the lowest performance this year, with an average return of 2.42% from 1,105 products, and 959 products achieving positive returns, representing 86.79% [2] Group 3 - Quantitative strategies have strengthened due to the small-cap growth style, with an average return of 8.46% from 1,480 quantitative long equity products, and 1,282 products achieving positive returns, accounting for 86.62% [2] - Subjective long equity strategy products have an average return of 3.98%, which is less than half of the quantitative long equity strategies [2] - Market neutral strategies have an average return of 5.00% from 726 products, outperforming subjective long strategies [3]

Group 1 - Private equity funds in the A-share market have performed well despite ongoing market fluctuations, with an average return of 2.52% as of April 30, 2023, and 69.82% of products achieving positive returns [1] - Multi-asset strategy products have led the market with an average return of 2.87%, surpassing the overall market average, and 70.84% of these products reported positive returns [1] - Stock strategy products also showed strong performance, with an average return of 2.56% and 67.89% of products achieving positive returns, driven by a recovery in the A-share market in April [1] Group 2 - Bond strategy products lagged behind with an average return of 1.87%, but 83.44% of these products still achieved positive returns [2] - Combination funds reported an average return of 2.10%, with 81.02% of products achieving positive returns [2] - Market analysts suggest that ongoing macroeconomic events, such as the US-China tariff negotiations, will continue to create investment opportunities, emphasizing the importance of sector-specific research and stock selection [2] Group 3 - The recent monetary policy easing, including interest rate cuts, is viewed as a short-term positive factor for the market, but long-term effects will depend on the actual economic performance [3] - Historical trends indicate that the impact of monetary policy changes on the market can vary, with initial reactions often leading to volatility before potential reversals occur [3]