本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股、港股、美股等股票市场均因关税问题出现了较大的波动，但在流动性宽松和AI技术不断取得突破的助力下， 主要股指在今年 1-11月均录得不同程度的上涨 。A股主要指数中，创业板指以超42%的涨幅领涨。港股的恒生指数、恒生科技指数涨幅均超25%。美股三大指数 中纳斯达克相对领涨，涨幅约为21%。 | 证券市场 | 指数名称 | 今年1-11月 涨跌幅 | 今年1-11月 最大涨幅 | 今年1-11月 最大回撤 | | --- | --- | --- | --- | --- | | | 上证指数 | 16.02% | 30.13% | -9.71% | | | 深证成指 | 24.67% | 46.57% | -14.98% | | | 创业板指 | 42.54% | 83.95% | -20.79% | | A股 | 沪深300 | 15.04% | 32.27% | -10.49% | | | 中证500 | 22.81% | 42.78% | -13.80% | | | 中证1000 | 23.10% | 39.15% | -16.8 ...

Core Viewpoint - Despite a sluggish market, many private equity firms are increasing their stock positions, indicating a potential bullish sentiment for 2024 [1][2]. Group 1: Private Equity Positioning - Recent data shows that the stock private equity position index has risen to 79.03%, marking an increase of 0.82 percentage points from the previous week, and reaching a near eight-week high [2]. - 56.5% of stock private equity firms are fully invested, while 32.21% are at moderate levels, and only 0.83% are in cash [2]. - There is a divergence in positions among private equity firms of different sizes, with larger firms (over 20 billion) showing significant increases in their positions, particularly a 4.2 percentage point increase for 20 billion firms and a 2.8 percentage point increase for 100 billion firms [2]. Group 2: Fundraising Activities - The private equity industry has faced challenges in fundraising due to poor performance in 2023, with a significant drop in the number of products registered compared to 2022 [4]. - Despite the challenges, several private equity firms are actively seeking to raise funds at the beginning of the year, focusing on long-only equity strategies [4]. - Notable firms like Xing Shi Investment and Jiu Kun Investment are reportedly opening fundraising channels, indicating a renewed interest in equity markets [4]. Group 3: Market Outlook - Several prominent private equity managers are optimistic about the market in 2024, citing favorable conditions such as the potential peak and decline of global interest rates [5][6]. - The overall valuation of the CSI 300 index is considered low after three years of adjustments, suggesting a potential for recovery and investment opportunities [5]. - The chairman of Zhongou Ruibo believes that the stock market's prolonged downturn has led to attractive valuations, with several positive factors accumulating for 2024 [6].

Core Viewpoint - The A-share market has seen a revitalization through various themes such as artificial intelligence, robotics, innovative pharmaceuticals, and new consumption, leading to new opportunities for stock strategy private equity products [2] Summary by Categories Stock Strategy Products Performance - As of July 25, there are 2,758 stock strategy products with nearly one year of performance data, averaging a return of 49.04% and a dynamic drawdown of 13.23% [2][3] - Among the four secondary strategies, quantitative long and subjective long products have the highest average returns of 65.01% and 48.24%, respectively [2][3] - Quantitative long products exhibit a lower dynamic drawdown of 10.99% compared to subjective long products at 15.06% [2][3] - The stock market neutral products have the lowest dynamic drawdown at 5.54%, primarily due to their use of shorting to hedge beta risk [2] Top Performing Products - In the quantitative long category, the top three products are managed by Shengguanda, Hainan Shengfeng, and Liangchuang Investment [4][5] - Among 674 quantitative long products, 368 have a dynamic drawdown below the average of 10.99%, accounting for 54.6% [4] - The top products in the quantitative long category are primarily from private equity firms with assets under management between 20-50 billion [4] Subjective Long Products - In the subjective long category, 1,098 out of 1,810 products have a dynamic drawdown below the average of 15.06%, representing 60.66% [10] - The top three products are managed by Qinxing Fund, Beiheng Fund, and Youbo Capital [10][12] Stock Market Neutral Products - In the stock market neutral category, 136 out of 208 products have a dynamic drawdown below the average of 5.54%, which is 65.38% [15] - The top three products are managed by Jiaji Fund, Saisuo Fund, and Liangkui Private Equity [15][17] Stock Long-Short Products - In the stock long-short category, 36 out of 66 products have a dynamic drawdown below the average of 10.47%, accounting for 54.55% [18] - The top three products are managed by Yihua Yinghe Fund, Shengquan Hengyuan, and Beijing Jintai Fund [18][20]

Group 1 - The core viewpoint of the articles highlights that quantitative strategies and leading institutions have become the "core variables" reshaping the private equity industry landscape, with quantitative products accounting for nearly half of the new registrations in the first seven months of the year [1][3][4] - As of July 31, 2023, a total of 6,759 private equity securities products were registered, with 3,081 being quantitative products, representing 45.6% of the total [3][4][5] - The average number of registered products per billion-dollar private equity firm is significantly higher than that of smaller firms, with billion-dollar firms averaging 23.21 products compared to just 1.76 for firms with assets under 5 million [5][6] Group 2 - Among the billion-dollar firms, 38 quantitative private equity firms contributed over 80% of the total registration numbers, surpassing both subjective and combined strategies [2][7] - The registration numbers indicate that quantitative private equity firms, despite being fewer in number, have outperformed subjective firms in terms of product registrations, with an average of 8.06 products per quantitative firm compared to 2.12 for subjective firms [6][7] - Leading firms such as Kuande and Heiyi Asset have registered over 100 products each, showcasing the dominance of quantitative strategies in the billion-dollar private equity sector [2][7]

Core Viewpoint - The article emphasizes the importance of excess returns (Alpha) as a key performance metric for private equity funds, particularly for quantitative long and market-neutral products, as it reflects the manager's investment research capabilities beyond absolute returns [2][3]. Summary by Sections Excess Returns Overview - Excess returns exclude market fluctuations (Beta) and directly reflect the additional returns generated by the manager through stock selection, timing, and hedging strategies [2]. - As of June 30, 2025, the average excess returns for private equity products over the first half of the year, the past year, and the past three years were 12.45%, 20.15%, and 58.49%, respectively, indicating a cumulative increase over time [2]. Strategy Performance - Among different strategies, quantitative stock selection and other index enhancements (like the CSI 2000 index) showed leading average excess returns over the first half, past year, and past three years, while market-neutral and CSI 300 index enhancements lagged behind [3]. Top Performing Private Equity Funds - In the first half of 2025, 91 private equity funds met the criteria for excess return statistics, with the top 20 funds having a minimum excess return threshold of ***% [5]. - The top 10 funds for excess returns in the first half included Shenzhen Zeyuan, Yunqi Quantitative, and Shanghai Zijie Private Equity, among others [5]. Detailed Fund Performance - Shenzhen Zeyuan led with an average excess return exceeding ***% and an absolute return average of approximately ***% [5][7]. - The second-ranked fund, Shengguanda, had an average excess return close to ***% and an absolute return average of approximately ***% [13]. - The top 20 funds for the past three years included notable names like Jiluo Asset and Guangzhou Shouzheng Yongqi, with 11 funds being over 100 billion in size [14][18]. Consistent Performers - Seven private equity funds consistently ranked in the top 20 for excess returns across the first half, past year, and past three years, including Guangzhou Shouzheng Yongqi and Black Wing Asset [18].