Group 1 - The "Fenghuo Cup" private equity selection event organized by Changcheng Securities has attracted over 600 private equity institutions and more than 1,600 products since its launch in October 2025, covering seven core strategies including stock, index enhancement, neutral, arbitrage, CTA, bond, and combination strategies [1] - The event aims to provide ample time for participating institutions to showcase their investment capabilities, with registration open until June 2026 [1] - The initiative is part of Changcheng Securities' effort to create a supportive ecosystem for quality private equity growth, offering diverse resources and platforms for trading execution, investment support, and financing solutions [1] Group 2 - In the macroeconomic context, the current economic cycle is perceived to be in a relatively early stage, with policies aimed at supply-side reform generating positive expectations, although actual progress remains to be verified [2] - The consensus among fund managers is that there are still reasonably valued targets in the market, such as the food and beverage index's price-to-earnings ratio and the Hang Seng Index's price-to-book ratio, both at historical lows [2] - Investment opportunities in the technology sector are highlighted, particularly in AI, with a focus on hardware that has reasonable valuations and is part of new major industry chains [2] Group 3 - Looking ahead to 2026, it is anticipated that more aggressive monetary and fiscal policies will be implemented, with potential further declines in risk-free interest rates and an increase in the value of credit bond allocations [3] - The stock market outlook favors relatively undervalued sectors such as banking, food and beverage, and consumer electronics, alongside technology leaders in AI chips, semiconductor equipment, and computing power [3] - The difficulty of stock selection and timing is expected to increase, making industry ETFs a more cost-effective option for investment [3]

今年1-11月，A股、港股、美股虽然在年内都一度出现过较大回撤，但最终累计涨幅均表现不俗。其中，上证指数涨幅超16%，深证成指涨幅超24%，创 业板指涨幅超42%。港股的恒生指数、恒生科技涨幅分别超28%、25%；美股的道琼斯指数涨超12%，纳斯达克指数涨近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 | | --- | --- | --- | --- | --- | | A股 | 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% | | | 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% | -16.87% | | | 中证2000 | 31.65% | 45.66% | -19.65% | | | 恒 ...

Core Insights - The A-share market in November faced a downturn, with major indices declining, yet quantitative private equity funds achieved remarkable performance, with over 300 funds reaching historical net value highs and an average annual return of 67.39% for some funds [1][2] Group 1: Performance of Quantitative Private Equity - In November, 389 products from billion-level private equity funds reached historical net value highs, accounting for approximately 61% of the total products [2] - Among these, over 80% were quantitative products, totaling 324, with 18 billion-level quantitative private equity firms having all their products reach new highs [2] - Leading quantitative firms like Lingjun Investment and Ningbo Huansheng Quantitative achieved annual average returns of 67.39% and 52.55%, respectively, with multiple products hitting new net value records [2][3] Group 2: Distribution and Dividend Trends - The total number of private equity products registered in November reached 1,285, marking a 29.28% increase from October, with quantitative products accounting for 43.97% of the total [5] - Since 2025, private equity products have implemented dividends 1,658 times, totaling over 173.38 billion yuan, a significant increase of 236.59% compared to the same period in 2024 [3][4] - Stock strategies have been the primary driver of dividends, with 984 distributions amounting to 132.19 billion yuan, representing 76.24% of the total [3] Group 3: Market Outlook and Investor Sentiment - The increase in product issuance is driven by optimistic market expectations, with 885 private equity firms conducting research on 439 stocks in November [6] - Analysts suggest that the market is transitioning from a single growth style to a balanced approach, focusing on high-prosperity sectors for future rebounds [6] - The anticipated policy support in 2026 is expected to enhance market sentiment and activity, with a slow bull market trend likely to continue [6]

临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中国记者反 映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无疑为年末乃至明年初的市场行情注入了一剂强心针。 排排网集团旗下融 ...

Group 1 - The private equity market in China is experiencing a surge in product registrations, with November seeing a 29.28% increase compared to the previous month, totaling 1,285 registered private equity securities products, marking the second-highest monthly registration this year [1] - Equity strategies remain the dominant focus for private equity firms, with 849 equity strategy products registered in November, accounting for 66.07% of total registrations, indicating strong investor interest despite recent adjustments in the A-share market [1] - Multi-asset strategies and futures and derivatives strategies are also maintaining high levels of activity, with 193 multi-asset strategy products registered, representing 15.02% of the total [1] Group 2 - Quantitative private equity products are particularly noteworthy, with 565 products registered in November, making up 43.97% of total registrations; equity strategies dominate this category as well, with 402 products registered [2] - A total of 719 private equity firms registered products in November, with 49 firms registering five or more products, highlighting a strong enthusiasm for product registration, especially among leading quantitative firms [2] - Century Frontier leads in product registrations with 20 products, followed by Starstone Investment with 15, and Mingchao Investment, Shanghai Xiaoyong Private Equity, and Tiansuan Quantitative each with 12 products [2] Group 3 - The A-share market has seen fluctuations around the 3,900-point mark, but long-term trends remain positive according to DWSQ, which believes that current adjustments do not alter the medium to long-term bullish outlook for A-shares [3] - Support for market risk appetite is expected from policy and liquidity environments, with expectations of the Federal Reserve entering a rate-cutting phase and overall liquidity in the A-share market remaining ample [3] - Corporate earnings are showing signs of stabilization, with the technology and advanced manufacturing sectors expected to contribute positively to market opportunities due to external demand and technological upgrades [3]

Core Insights - Multi-asset strategy private equity products have gained popularity in 2023, with 1,400 products registered from January to October, second only to stock strategy products [1] - The appeal of multi-asset strategies is attributed to significant global asset price fluctuations expected in 2024-2025, evolving investor demands for risk-return matching, and the search for absolute returns by long-term funds [1][8] Performance Overview - As of November 14, multi-asset strategy products have an average annual return of 20.37%, ranking just below stock strategies, with a slightly higher Sharpe ratio and lower volatility and drawdown [2][3] - The performance metrics for various strategies are as follows: - Stock Strategy: 29.54% average return, 93.14% positive return ratio, 35.96% volatility [3] - Multi-Asset Strategy: 20.37% average return, 91.73% positive return ratio, 25.84% volatility [3] - Composite Fund: 18.98% average return, 96.34% positive return ratio, 39.15% volatility [3] - Futures and Options: 13.79% average return, 82.49% positive return ratio, 48.73% volatility [3] - Bond Strategy: 8.46% average return, 92.10% positive return ratio, 11.76% volatility [3] Sub-strategy Performance - Among sub-strategies, macro strategies outperform in average return, positive return ratio, and Sharpe ratio [4] - Macro Strategy: 25.09% average return, 97% positive return ratio, 25.48% volatility [5] - Composite Strategy: 21.14% average return, 90.93% positive return ratio, 1.63 Sharpe ratio [7] - Arbitrage Strategy: 8.87% average return, 89.95% positive return ratio, lowest volatility and drawdown [7] Market Dynamics - The macro strategy focuses on dynamic allocation across major asset classes based on global macroeconomic analysis [6] - Bridgewater's "All Weather Strategy" exemplifies macro strategies, aiming for stable performance across different economic environments [6] - Local macro strategy firms like Honghu and Banxia are emerging as key players in the market [7] Challenges and Considerations - Successfully implementing multi-asset strategies requires more than just combining different assets; it necessitates creating a synergistic portfolio [8] - The complexity of the Chinese market, with significant differences in Sharpe ratios and economic cycles, demands experienced management and a tailored methodology [8] - A robust IT system covering research, trading, risk control, and operations is essential for distinguishing the capabilities of multi-asset strategy private equity firms [8]

日前，"中国银河（601881）证券·中国证券报私募行业星耀领航计划"调研团队走进连云港市首家持牌 私募证券投资基金管理人——连海陆桥基金，围绕其科创投资逻辑、区域产业赋能、企业社会责任等议 题展开深入交流，共同探索国有背景私募在支持科技创新与服务地方经济中的独特路径。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 深耕战略性新兴产业 连海陆桥基金执行董事、总经理刘益鸣在接受中国证券报记者专访时表示，公司自2022年成立以来，始 终将科技创新作为重要投资方向之一，依托股东连云港市金融控股集团的产业背景与区域资源优势，持 续深耕生物医药、人工智能、高端制造等战略性新兴产业。 据悉，连海陆桥基金前身为金控集团证券业务部，早在集团成立初期即通过持股恒瑞医药（600276）、 远大控股（000626）等本土上市公司，积累了深厚的产业认知与资本运作经验。转为市场化运作的私募 基金管理人后，公司延续了这一基因，在股票策略产品中重点配置创新药板块，持 ...

日前，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进连云港市首家持牌私募证券投 资基金管理人——连海陆桥基金，围绕其科创投资逻辑、区域产业赋能、企业社会责任等议题展开深入 交流，共同探索国有背景私募在支持科技创新与服务地方经济中的独特路径。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 深耕战略性新兴产业 连海陆桥基金执行董事、总经理刘益鸣在接受中国证券报记者专访时表示，公司自2022年成立以来，始 终将科技创新作为重要投资方向之一，依托股东连云港市金融控股集团的产业背景与区域资源优势，持 续深耕生物医药、人工智能、高端制造等战略性新兴产业。 据悉，连海陆桥基金前身为金控集团证券业务部，早在集团成立初期即通过持股恒瑞医药、远大控股等 本土上市公司，积累了深厚的产业认知与资本运作经验。转为市场化运作的私募基金管理人后，公司延 续了这一基因，在股票策略产品中重点配置创新药板块，持仓比例长期超过50%。 "我们不仅是市场的参与者 ...

Core Viewpoint - The "Xingyao Navigation Plan" aims to create a leading platform for private equity in China's technology innovation sector, focusing on the unique role of state-owned private equity in supporting technological innovation and local economic development [1] Group 1: Investment Strategy - Lianhai Lukuo Fund has prioritized technological innovation since its establishment in 2022, focusing on strategic emerging industries such as biomedicine, artificial intelligence, and high-end manufacturing [1][2] - The fund has maintained a long-term holding of over 50% in innovative drug sectors within its stock strategy products, leveraging its background in the financial industry [1] Group 2: Long-term Growth Assessment - The company emphasizes long-term growth potential by evaluating factors such as R&D investment, patent layout, and policy environment, rather than just current financial performance [2] - Lianhai Lukuo Fund has developed a digital investment research system to enhance its investment strategies and risk assessments [2] Group 3: Social Responsibility - The fund actively promotes social responsibility through initiatives in public welfare, talent development, and investor education [3] - It has established a long-term public welfare mechanism and collaborates with educational institutions to nurture professional talent [3] Group 4: Regional Economic Support - As the only private equity fund manager in Lianyungang, the company plays a crucial role in matching local technology enterprises with long-term funding needs, addressing the gap between short-term funding and long-term projects [3] Group 5: Future Outlook - The company plans to increase investments in the technology sector and enhance its digital research capabilities while continuing to fulfill its social responsibilities [4]

今年来A股走出慢牛行情，市场活跃度大幅提升，在这样的行情之下，私募股票策略也一改往年的低迷，迎来业绩爆发期。私募排排网数据显示，有业绩 显示的1218家私募，旗下股票策略产品1-10月收益均值高达35.05%(同期沪深300涨幅为17.94%)。 具体来看，百亿私募旗下512只股票策略产品，1-10月收益均值高达36.33%，整体业绩表现处在领先位置；此外，20-50亿私募旗下331只股票策略产品， 1-10月收益均值为39.95%，表现最为突出。 | 公司规模 | 有业绩显示的 公司数 | 符合排名规则的 股票策略产品数 | 产品规模合计(万元) | 今年来股票策略收益均值 | | --- | --- | --- | --- | --- | | 100亿以上 | 61 | 512 | 9509780.61 | 36.33% | | 50-100亿 | 48 | 200 | 2727629.25 | 34.31% | | 20-50亿 | 108 | 331 | 4436016.45 | 39.95% | | 10-20亿 | 128 | 331 | 2818639.86 | 33.59% | | 5-10亿 ...