在经历了三季度的主升浪行情后，11月的A股市场延续了10月的风格，指数高位震荡，板块快速轮动、赚钱效应减弱。A股的三大股指均在11月收跌，其 中，上证指数微跌1.67%。深证成指、创业板指分别下跌了2.95%、4.23%。 在这样的市场背景下，有2303只私募产品（在私募排排网有业绩展示且成立满1年）的净值在今年11月曾逆势创下历史新高，占成立满1年的私募产品的比 例约为44.59%。 按产品类型来看，非量化产品占1199只，量化产品占1104只。按照产品策略（一级策略）来看，股票策略产品最多（主要是主观多头和量化多头），有 1362只，占比约59.14%；其次是多资产策略产品占321只，期货及衍生品策略产品占302只，债券策略产品占233只，组合基金产品占85只。 按公司规模来看，来自5亿以下规模私募的产品最多，有778只，占比约34%；来自百亿私募的产品有389只。 为了给读者提供一些参考，笔者在创新高私募产品中按照产品策略分别梳理出了"股票策略-主观多头、股票策略-量化多头、期货及衍生品策略、多资产 策略"近一年收益居前20强的私募产品（公司规模在5亿元以上）；此外，笔者还特梳理出了"成立满10年且创新 ...

今年年初，Deepseek横空出世，在全球人工智能领域掀起惊涛骇浪，亦为量化投资领域注入了新的活力，叠加年内中小盘风格占优的市场环境下，量化投 资更是火出圈。另外，在刚刚过去的11月，A股市场整体呈现调整态势，交投活跃度降低、投资者风险偏好明显收敛下，以股票策略为主的百亿私募旗下 仍有不少产品逆势创下历史新高，且量化产品占比超过八成！ 为了能更清晰了解量化私募基金的业绩，经笔者统计，在私募排排网上有业绩展示的量化产品共有1833只，今年来收益均值达26.98%，今年来超额（几 何）收益达11.41%；其中量化多头策略产品多达833只，今年来收益和超额（几何）收益分别为40.34%、17.25%，在私募二级策略中居前。 | 排序 | 私募二级策略 | 有业绩展示的量化产品 | 今年来收益均值 | 今年来超额收益均值 | | --- | --- | --- | --- | --- | | 1 | ■化务杀 | 833 | 40.34% | 17.25% | | 2 | 量化CTA | 379 | 16.32% | 13.76% | | 3 | 股票市场中性 | 200 | 9.37% | -4.93% | | 4 ...

Core Viewpoint - The A-share market experienced a high-level fluctuation in November, continuing the trend from October, with all three major indices declining. The Shanghai Composite Index fell by 1.67%, while the Shenzhen Component and ChiNext Index dropped by 2.95% and 4.23%, respectively. Despite this, 2303 private equity products reached historical highs in net value, representing approximately 44.59% of private equity products established for over a year [2][3]. Summary by Category Private Equity Product Types - Among the private equity products, 1199 were non-quantitative and 1104 were quantitative. The majority were stock strategy products, with 1362 products (about 59.14%), followed by multi-asset strategy products (321), futures and derivatives strategy products (302), bond strategy products (233), and combination fund products (85) [2]. Company Scale - The largest number of products came from private equity firms with assets under management below 500 million, totaling 778 products (34%). There were 389 products from firms with over 10 billion in assets [3]. Long-Established Products - Among the private equity products that reached historical highs, 20 were established for over 10 years, with 16 of them achieving an annualized return exceeding 10%. The majority of these long-established products were subjective long positions (12), with macro strategies and CTA products each accounting for 3 [4]. Top Performing Products - The largest product by scale was "Kai Feng Macro Strategy No. 9" managed by Shenzhen Kai Feng Investment, established on July 29, 2015, with a scale of approximately *** billion and an annualized return close to ***% [6][7]. - The top-performing quantitative long products included 515 products, with the highest returns coming from firms like Jin Tong Investment and Jiu Ming Investment [8][9]. - In the subjective long strategy category, 331 products reached historical highs, with top performers from companies like Neng Jing Investment and Qian Tu Investment [11][15]. Futures and Derivatives Strategy - There were 169 products under the futures and derivatives strategy, with the top product being "Yi Zu Qing Gui Li Dong" managed by Yi Zu Investment, achieving significant returns [16][19]. Multi-Asset Strategy - A total of 207 products were categorized under multi-asset strategies, with the top product being "Xi Shi Run Gold Enhanced No. 1A" managed by Xi Shi Run Investment, which also achieved notable returns [20][23].

Core Insights - In October 2023, the A-share market showed a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively [1] - A total of 2,448 private equity products reached historical net value highs in October, accounting for approximately 48.60% of private equity products established for over one year [1] - Among the products, 1,367 were non-quantitative, while 1,081 were quantitative [1] Product Types - The majority of products were stock strategy products, totaling 1,344, which represents about 54.9% of the total [1] - Multi-asset strategy products accounted for 397, futures and derivatives strategy products for 383, bond strategy products for 224, and combination fund products for 100 [1] Company Scale - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products, which is about 35% [1] - There were 430 products from firms with over 10 billion in assets [1] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity, 14 quantitative, and 8 being a combination of both [2][3] - Notable firms include Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity, with several firms having over 10 products reaching new highs [3] Top Performing Strategies - The top-performing products in the stock strategy category included subjective long and quantitative long strategies, with a focus on the top 20 private equity products by return over the past year [1][6] - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with notable managers like Dan Bin and Wang Yiping each managing two products [7] Quantitative Strategy Insights - Among the quantitative private equity products, Ningbo Huanfang Quantitative had 11 products with a near-average return of ***% over the past year [6] - Jiukun Investment had 18 products with returns exceeding ***% [6] Futures and Derivatives Strategy - In the futures and derivatives strategy category, there were 197 products, with the top five returns coming from firms like Yizu Investment and Chiwin Private Equity [20][23] Multi-Asset Strategy - The multi-asset strategy category had 245 products, with the top-performing product being managed by Luyuan Private Equity, which has been operational for over seven years [24][27]

Core Insights - In October 2023, A-shares experienced a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component and ChiNext Index fell by 1.1% and 1.56% respectively [2] - A total of 2,448 private equity products reached historical highs in net value, accounting for approximately 48.60% of private equity products established for over one year [2][3] - Among these products, 1,367 were non-quantitative, while 1,081 were quantitative [2] - The majority of products employed stock strategies, with 1,344 products (approximately 54.9%), followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Product Types - Non-quantitative products accounted for 1,367, while quantitative products made up 1,081 [2] - Stock strategy products were the most prevalent, with 1,344 products, followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Company Size - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products (35% of the total) [3] - There were 430 products from firms with over 10 billion in assets [3] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity firms, 14 quantitative, and 8 combining both strategies [4][5] - Among these, five firms with over 10 billion in assets included Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity [5] Notable Products - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with 13 being subjective long products [9] - Notable high-performing products included those from Beijing Xiyue Private Equity, which topped the subjective long product category, and Jiukun Investment, which had 18 products with significant returns [19][27] Strategy Performance - In the futures and derivatives strategy category, 197 products reached historical highs, with the top five products coming from Yizu Investment and Chiying Private Equity [20] - The multi-asset strategy category had 245 products, with the top performers being from Lu Yuan Private Equity and Hai Sheng Fund [24][27]

Core Insights - The private equity fund industry is characterized by diverse investment philosophies and strategies influenced by the backgrounds of fund managers, which directly impacts product performance and risk profiles [1][4] - As of September 19, 2025, the average return for private equity fund managers this year is 25.57%, with 2,669 managers and 5,270 products reported [2][4] - Fund managers from public offerings and futures backgrounds lead in performance, with public fund managers achieving an average return of 31.26% and futures managers at 31.21% [2][4] Summary by Category Public Fund Managers - There are 859 public fund managers, with 328 products meeting ranking criteria, achieving an average return of 31.26% this year [4][2] - The top three products from public fund managers are managed by Lu Wentao, Nian Shouhua, and Wang Zheng, with Lu's product leading significantly [3][4] Futures Fund Managers - There are 251 futures fund managers, with 72 products achieving an average return of 31.21% this year, slightly below public fund managers [9][4] - The top three products from futures fund managers are managed by Liu Kejiao, Yin Zhiping, and Liang Tao, with Liu's product leading the group [10][12] Private Fund Managers - There are 298 private fund managers, with 119 products achieving an average return of 30.07%, ranking third among all backgrounds [14][4] - The top three products from private fund managers are managed by Tang Yunjie, Li Jiabin, and Han Guangbin, with Tang's product leading in performance [15][17]

Core Viewpoint - The article discusses the performance of private equity fund managers from different backgrounds, highlighting the differences in investment strategies and their impact on fund performance. It emphasizes that the "public fund" managers have outperformed others in terms of returns this year, driven by their rigorous investment research and risk control practices [1][4]. Summary by Category Performance Overview - As of September 19, 2025, there are 2,669 fund managers with performance data, managing a total of 5,270 products, with an average return of 25.57% this year [1]. - Fund managers from public funds achieved an average return of 31.26%, slightly ahead of those from the futures background at 31.21% [1][2]. Fund Manager Backgrounds - The performance of fund managers varies significantly based on their professional backgrounds: - Public Fund Managers: 328 products, total scale of approximately 4.16 billion, average return of 31.26% [3]. - Futures Managers: 72 products, total scale of approximately 609 million, average return of 31.21% [3]. - Private Managers: 119 products, total scale of approximately 1.21 billion, average return of 30.07% [3]. - Securities Managers: 936 products, total scale of approximately 7.65 billion, average return of 27.66% [2][3]. Top Performing Products - The article lists the top-performing products from public fund managers, with "路远睿泽稳增" managed by 路文韬 leading with significant returns [5][6]. - For futures managers, "富延盛世1号" managed by 刘腾蛟 is highlighted as the top product, showcasing strong performance [10][11]. - The "民间派" managers also have notable products, with "泽源多策略2号A类份额" managed by 唐韵捷 leading in returns [12][14]. Trends and Insights - There is a notable trend of public fund managers transitioning to private equity, with 307 departures recorded this year, the highest in five years [4]. - The article indicates a growing interest in sectors like gold and military industries among fund managers, reflecting broader market trends [6].

Core Viewpoint - The A-share market showed strong performance in August, with major indices rising significantly, while the bond market faced pressure due to the "stock-bond seesaw" effect [2][3]. Market Performance - The Shanghai Composite Index rose 7.97% in August, surpassing 3800 points, marking a nearly 10-year high. The Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged over 24% [2]. - In the bond market, the China Bond Index fell by 0.61%, and the China Government Bond Index decreased by 0.58% [2]. - The commodity market exhibited mixed results, with the Nanhua Commodity Index down 0.62% and the Industrial Products Index down 2.17%. However, the precious metals index rose by 2.85% due to increased expectations of interest rate cuts by the Federal Reserve [2]. Private Equity Performance - Data from Private Equity 排排网 indicates that among 4936 products with performance data, the average return from January to August was approximately 23.28%. The proportion of products with positive returns increased to 94.43%, up from 91.20% in the previous month [3][4]. - Among various strategies, long equity strategies (both subjective and quantitative) led the returns, with average returns of 35.67% and 30.08% respectively for the first eight months of the year [3]. Strategy Breakdown - The performance of different private equity strategies varied significantly, with the following average returns for the first eight months: - Long Equity: 35.67% (subjective), 30.08% (quantitative) - Composite Strategy: 20.80% - Macro Strategy: 18.68% - Convertible Bond Trading Strategy: 17.16% - Fund of Funds (FOF): 14.20% - Other Derivative Strategies: 14.16% - Market Neutral Equity: 7.81% [3]. Top Private Equity Firms - The top 10 subjective private equity firms by average return this year include: 1. 富延资本 (Fuyuan Capital) 2. 北京禧悦私募 (Beijing Xiyue Private Equity) 3. 同犇投资 (Tongben Investment) 4. 一久私募基金 (Yijiu Private Fund) 5. 能敬投资控股 (Nengjing Investment Holdings) 6. 玖歌投资 (Jiuge Investment) 7. 龙航资产 (Longhang Asset) 8. 榕树投资 (Rongshu Investment) 9. 路远私募 (Luyuan Private Equity) 10. 晨耀私募 (Chenyao Private Equity) [4][6]. Quantitative Private Equity - The average return for the top 100 quantitative private equity firms was 26.69%, with a total of 676 products and a combined scale of approximately 804.91 billion [12][14]. - The top 10 quantitative private equity firms by average return include: 1. 翰荣投资 (Hanrong Investment) 2. 云起量化 (Yunqi Quantitative) 3. 稳博投资 (Wenbo Investment) 4. 橡木资产 (Xiangmu Asset) 5. 阿巴马投资 (Abama Investment) [12][14]. Mixed Strategy Private Equity - The average return for the top 100 mixed strategy private equity firms was 20.78%, with a total of 449 products and a combined scale of approximately 284.03 billion [24][26]. - The top 10 mixed strategy private equity firms by average return include: 1. 深圳泽源 (Shenzhen Zeyuan) 2. 量利私募 (Liangli Private Equity) 3. 中闽汇金 (Zhongmin Huijin) 4. 金塔克资产 (Jintake Asset) 5. 嘉信融成 (Jiaxin Rongcheng) [24][26].

Market Overview - In August, A-shares continued to rise strongly, with the Shanghai Composite Index increasing by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] Private Fund Performance - A total of 3,321 private fund products reached historical net asset value highs in August, representing approximately 71.19% of private funds established for over one year [1] - Among these, quantitative products accounted for 1,303, while non-quantitative products made up 2,018 [1] Product Strategy Breakdown - The majority of products employed stock strategies, with 2,135 products (about 64%), followed by multi-asset strategies (471), futures and derivatives strategies (305), bond strategies (302), and combination fund products (108) [1] Company Size Analysis - The largest share of products came from private funds with assets under management (AUM) below 500 million, totaling 1,347 products, which is over 40% of the total [2] - There were 456 products from private funds with AUM exceeding 10 billion [2] Top Performing Private Funds - A list of top-performing private funds was compiled, focusing on those with stock strategies, multi-asset strategies, futures and derivatives strategies, and bond strategies [2] - Notably, 20 private fund companies had all their products reach historical highs in August, with 13 being quantitative and 7 being subjective [2] Long-Term Performance - Among the private funds that reached historical highs, 33 products have been established for over 10 years, with 25 of them achieving annualized returns exceeding 10% [6] - Five products achieved annualized returns over 20%, with four of them being from large private funds [6] Quantitative Strategy Highlights - In the category of quantitative long-only stock strategies, there were 512 products that reached historical highs, with the top performers having a return threshold close to ***% [10] - The leading products in this category were from Hanrong Investment, Liangying Investment, and others [10] Subjective Strategy Highlights - For subjective long-only stock strategies, there were 650 products that reached historical highs, with the top five performers coming from Beijing Xiyue Private Fund, Shanghai Ge Ru Private Fund, and others [15] Multi-Asset Strategy Insights - In the multi-asset strategy category, 286 products reached historical highs, with the top five performers including Tianhui (Shanghai) Private Fund and others [18] Futures and Derivatives Strategy Performance - There were 137 products in the futures and derivatives strategy category that reached historical highs, with the top five coming from Shenyuan Asset and others [23] Bond Strategy Dominance - In the bond strategy category, 204 products reached historical highs, with the top five performers including Jinshi (Xiamen) Asset and others [28]

Core Viewpoint - The stock market experienced a broad rally in August, but there was significant divergence among individual stocks, leading to a general decline in excess returns for quantitative strategies. Only 20.83% of the 696 quantitative long products achieved positive excess returns in August [2][3]. Summary by Sections Market Performance - In August, the quantitative long strategies saw a decline in excess returns, particularly after the second week, when technology stocks like Yizhongtian, Hanwujing, and Industrial Fulian became the main drivers of market gains, while other sectors lagged [2][3]. - The average excess return for quantitative long products was -2.28% for the month, with only 145 out of 696 products achieving positive excess returns [3]. Weekly Performance Breakdown - **Week 1**: Average excess return of 0.81%, with 84.20% of products achieving positive excess [3]. - **Week 2**: Average excess return of -1.06%, with only 21.98% of products achieving positive excess [3]. - **Week 3**: Average excess return of -0.61%, with 23.85% of products achieving positive excess [3]. - **Week 4**: Average excess return of -1.99%, with only 12.21% of products achieving positive excess [3]. Notable Products - Despite the overall decline, 20 products managed to achieve positive excess returns for all four weeks in August, including "Mingyue Songjian Zhaozhao 1" managed by Huang Chen and "Nianjue Lianzhen Quantitative Selected Excellent 1" managed by Wang Xiao [3][4]. - The top-performing product in August was "Nianjue Lianzhen Quantitative Selected Excellent 1," which achieved a significant excess return, outperforming other quantitative long products [9]. Performance by Fund Size - **Over 100 Billion**: 51 products achieved positive excess returns, with a total excess return of -1.69% [5][10]. - **50-100 Billion**: 20 products achieved positive excess returns, with a total excess return of -1.35% [10][11]. - **20-50 Billion**: 9 products achieved positive excess returns, with a total excess return of -2.53% [13]. - **10-20 Billion**: 14 products achieved positive excess returns, with a total excess return of -2.57% [16]. - **5-10 Billion**: 19 products achieved positive excess returns, with a total excess return of -2.55% [18]. - **0-5 Billion**: 32 products achieved positive excess returns, with a total excess return of -3.02% [20]. Key Players - Mingyue Songjian Zhaozhao 1 and Nianjue Lianzhen Quantitative Selected Excellent 1 were highlighted for their strong performance in August [4][9]. - Mingyue Investment and Mengxi Investment were noted for their significant number of products achieving positive excess returns [8][9].