本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，0-5亿私募作为行业最庞大的一股力量，其核心优势在于 "小而美、小而精、小而锐"，截至9月19日共有6410家，占比高 达83.74%。一般而言，0-5亿私募在上行趋势下，更具业绩爆发力。那么，去年"924"行情持续至今已走过一年时间，哪些"小而美"私募表现更 为惊艳？ 从策略上看，0-5亿私募股票策略收益自去年"924"行情迅速拔高后，进行了一段震荡调整，今年4月份以来再次开启一轮缓慢爬坡阶段。与之相 对的是，0-5亿私募期货策略表现明显落后，在权益市场走出单边上涨行情下，商品市场处于波动率压缩周期。 具体到二级策略来看，截至9月19日，0-5亿私募的量化多头策略收益表现逆市领先，有业绩显示的198只量化多头产品近1年收益均值高达 77.77%，其次975只主观多头近1年收益为73.88%，同样表现不俗。此外，159只复合策略近1年收益均值为52.16%，较为亮眼。 | 二级策略 | 有业绩显示的产品数 | 产品规模合计(万元) | 近1年收益均值 | 正收益产品数 | 正收益占比 | | --- | --- | --- | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近1年以来，A股和港股市场均迎来了一轮波澜壮阔的"924"行情，私募基金经理旗下多只股票策略产品迎来反攻，主观、量化与混合型私募基金 经理在这轮行情中"各显神通"。 其中，量化私募基金经理通过小盘股的流动性行情，获取亮眼的超额收益；主观私募基金经理通过精准把握算力、新消费、创新药等主题方向， 斩获显著的绝对收益；混合型私募基金经理则结合量化模型的效率优势和个人丰富经验进行决策，同样获得出色的业绩。 在这22位基金经理中，头部私募（管理规模50亿以上）共有10位，管理规模50亿以下的基金经理共有12位。从排名分布来看，管理规模50亿以 下的基金经理"进攻性"更强，大多排在前10名。 其中，翰荣投资的聂守华和贺杰并列第 1，上海紫杰私募曾书良、量盈投资丁鹏、云起量化施恩、杨湜资产郑彬位列2-5名。 量化私募基金经理近1年股票策略收益TOP20 私募排排网公众号 数据来源:私募管理人(经托管复核)/托管人,整理自私募排排网, 截至2025 年8月底。参与排名基金经理在私募排排网展示业绩目符合排名规则的产品数 量在3只及以上。 | 排名 | 姓名 | 经 ...

与A股关联度较大的港股，在近一年也表现更为亮眼，恒生科技指数涨幅超59%。美股三大指数由于位置较高，表现相对落后，纳斯达克指数以 21.12%的涨幅相对领先。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近一年来（2024年9月初-2025年8月底），A股先是爆发了一波气势如虹的"924行情"，然后高位横盘震荡数月后，在今年6月开始继续向上突 破，沪指在8月份创下近10年新高。最终， 近一年来 A股主要指数，均有亮眼表现 。其中领涨的创业板指涨幅接近83%，上证指数涨幅接近 36%，深证成指涨幅超52%。 | | | A股、港股、美股主要指数近一年的表现 | | 码 | | --- | --- | --- | --- | --- | | 私募排排网公众号 | 0 | 数据来源: Choice, 近一年: 2024.09.01-2025.08.31 | | | | 证券市场 | 指数名称 | 近一年 | 近一年 | 沂一年 | | | | 涨跌幅 | 最大涨幅 | 最大回撤 | | | 上证指数 | 35.74% | 43.62% | -11.27% | | | 深证成指 | 52.08% ...

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 Viewpoint - The private equity market in A-shares is experiencing a resurgence, with a significant increase in the issuance of new products, particularly in quantitative strategies, driven by a recovering market and improved regulatory environment [1][2][3]. Group 1: Market Recovery and Product Issuance - As of August 31, 2025, the number of newly registered private equity securities products has exceeded 7900, representing a year-on-year increase of 82.19% from 4340 in the same period of 2024 [2]. - The monthly registration volume has remained above 1100 for three consecutive months, indicating sustained enthusiasm for private equity securities products [2]. - In July 2025, the new registration scale reached 1074.27 billion, marking a nearly four-year high, compared to only 156 billion in the same month last year [2]. Group 2: Factors Driving Growth - The growth in registered private equity securities products is attributed to several factors, including the steady recovery of the A-share market and the strong performance of strategic emerging industries like artificial intelligence, which have increased market risk appetite [3]. - The improvement in the regulatory framework and transparency of the private equity fund industry has bolstered investor confidence, creating a stable environment for healthy industry development [3]. - The strong profitability of private equity securities products has further stimulated investor participation [3]. Group 3: Quantitative Investment Strategies - Quantitative investment strategies have seen rapid development and demonstrated significant advantages in the current market environment, leading to increased investor interest [4]. - The number of registered quantitative products has doubled year-on-year, reaching 3584, accounting for 45.33% of the total [7]. - Among the quantitative products, stock strategies are the most popular, making up 72.57% of the total, followed by futures and derivatives (13.81%) and multi-asset strategies (10.66%) [7]. Group 4: Performance of Specific Strategies - Stock strategy products have been particularly noteworthy, with 5173 registered, representing 65.42% of the total, and a year-on-year increase of over 90% [5]. - Multi-asset and futures/derivatives strategies have also seen steady growth, with registrations increasing by 76.58% and 66.87%, respectively [5]. - The performance of quantitative products has been strong, with some leading institutions reporting excess returns of 20% to 30% [6]. Group 5: Dominance of Leading Private Equity Firms - A total of 76 private equity firms with over 10 billion in assets have registered 1936 products this year, averaging at least 25 products per firm, which accounts for nearly a quarter of the total [8]. - Three leading quantitative private equity firms have registered over 100 products each, with KuanDe Private Equity leading at 118 products, followed by HeiYi Asset at 112, and MingFa Investment at 101 [8][10]. - The concentration of product registrations among top firms highlights the significant headwind effect in the industry [9].

Core Insights - The total number of private equity securities funds registered in the market reached 7,907 in the first eight months of this year, a significant increase of 82.19% compared to 4,340 in the same period last year [1] - The monthly trend shows a clear recovery in private equity securities fund registrations since March, with monthly new registrations consistently exceeding 1,000, indicating a rising enthusiasm in the industry [1] Group 1: Market Trends - The growth in private equity securities fund registrations is attributed to four main factors: the steady recovery of the A-share market, strong performance in strategic emerging industries like artificial intelligence, improved information disclosure and operational standards in the private fund industry, and the rapid development of quantitative investment strategies [1] - Stock strategy products have become the mainstay of registrations, with 5,173 stock strategy products registered in the first eight months, accounting for 65.42% of total registrations, marking a 91.31% increase from 2,704 last year [1] Group 2: Strategy Types - There has been stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, and increases of 76.58% and 66.87% from last year [2] - The proportion of quantitative private equity securities funds in the overall registered products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of total registrations, doubling from 1,789 last year [2] Group 3: Institutional Insights - Among the private equity fund managers, 2,154 had registered products in the first eight months, with 1,436 institutions managing under 500 million yuan accounting for 34.02% of total registrations, while 76 institutions managing over 1 billion yuan accounted for 24.48% [2] - The leading private equity institutions include Kuande Private Equity with 118 registered products, focusing on stock quantitative long strategies, followed by Heiyi Asset with 112 products, and Mingyun Investment with 101 products, both also emphasizing stock quantitative long strategies [3]

Group 1: Asset Management Industry - The total scale of asset management products reached 75.38 trillion yuan by the end of Q2 2025, with public funds accounting for 34.39 trillion yuan [1] - Private asset management products from securities companies and their subsidiaries reached 6.14 trillion yuan, while private funds totaled 20.6 trillion yuan [1] - The scale of pension funds managed by fund management companies was 6.3 trillion yuan, and asset-backed special plans (ABS) reached 2.13 trillion yuan [1] Group 2: Private Equity Market - As of August 31, 2025, the private equity market registered a total of 7,907 private securities products, marking an 82.19% year-on-year increase [2] - The number of registered stock strategy products surged to 5,173, reflecting a significant increase of 91.31% compared to the same period in 2024 [2] - Quantitative product registrations also saw a remarkable growth of 100.34%, with 3,584 products registered [2] Group 3: Electronics Manufacturing Industry - The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" aims for an average growth rate of around 7% in the manufacturing value added of major electronic equipment sectors [2] - The electronic information manufacturing industry is expected to achieve an annual revenue growth rate of over 5%, with five provinces projected to have revenues exceeding 1 trillion yuan by 2026 [2] - The server industry is anticipated to exceed 400 billion yuan in scale, and the domestic market penetration rate for 75-inch and larger color TVs is expected to surpass 40% [2] Group 4: Learning Tablet Market - The shipment volume of learning tablets in China reached 1.54 million units in Q2 2025, representing a year-on-year growth of 44.6% [3] - Factors contributing to market expansion include enhanced product functionality, intensified price competition, and expanded sales channels [3] - The top five manufacturers accounted for a combined market share of 82.3% in terms of shipment volume [3] Group 5: PC Market - In Q2 2025, the PC market in mainland China (excluding tablets) experienced a year-on-year growth of 12%, with shipments reaching 10.2 million units [3] - Both consumer and commercial demand showed positive performance, with respective year-on-year growth rates of 13% and 12% [3] - Tablet shipments also increased by 18%, totaling 9.1 million units in the same quarter [3] Group 6: Automotive Industry - BYD has reportedly lowered its 2025 sales target by 16%, from 5.5 million to 4.6 million vehicles [4] - As of August 2025, BYD's cumulative sales reached 2.86 million vehicles, reflecting a year-on-year growth of 23% [4] - Analysts view the adjustment of sales targets as a rational decision, especially ahead of the peak sales season [4] Group 7: Corporate Governance - ByteDance reported that 100 employees were dismissed in Q2 2025 for violating company policies, with 18 cases involving serious misconduct [5] - Eight individuals suspected of criminal activities have been handed over to judicial authorities [5] Group 8: Regulatory Actions - Sino Medical received an administrative regulatory decision from the Tianjin Securities Regulatory Bureau for inaccurate information disclosure in its financial reports [6] - The company’s chairman and financial director were held primarily responsible for the violations [6] Group 9: Corporate Developments - Hubei Yihua announced the successful commissioning of a 200,000-ton caustic soda project [9] - Ningbo Construction won construction projects totaling 1.117 billion yuan [10] - Huida Sanitary Ware plans to publicly transfer 100% equity and debt of its subsidiary [11]

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]

Group 1 - A total of 537 private equity securities products with performance displays have distributed dividends this year, with a total of 584 distributions [1] - The average return of these 537 dividend-paying private equity securities products is 10.34%, significantly higher than the average return of 7.87% for 4,596 private equity securities products with performance displays [1] - Stock strategy products are the main contributors to dividends, with 284 stock strategy products distributing dividends 298 times, accounting for 51.03% of total distributions [1] Group 2 - Among the dividend-paying stock strategy products, the average return is 12.86%, with 250 products achieving positive returns, representing 88.03% [1] - There are 93 futures and derivatives strategy products that have distributed dividends 100 times this year, making up 17.12% of total distributions [1] - Multi-asset strategy products have distributed dividends 94 times this year, accounting for 16.10% of total distributions, while bond strategy products have distributed dividends 72 times, representing 12.33% of total distributions [1] Group 3 - Subjective products have outperformed quantitative products in terms of dividends, with 339 subjective products distributing dividends 378 times, which is 64.73% of total distributions [2] - The average return of dividend-paying subjective products is 11.21%, with 299 products achieving positive returns, which is 88.20% [2] - There are 198 quantitative products that have distributed dividends 206 times, accounting for 35.27% of total distributions, with an average return of 8.86% [2]

记者从私募排排网获悉，7月共有1298只私募证券产品完成备案，环比增幅18.00%，创27个月以来新 高，同时年内备案私募证券产品达6759只，同比增幅61.39%。具体来看，7月备案股票策略产品887 只，占到当月备案产品总量近七成，同时较上月环比增长24.58%，增幅和占比均在五大策略中居首。 相比之下，求稳的债券策略和组合基金投资者关注相对较低，7月分别备案组合基金和债券策略产品48 只和46只，依次占到当月备案产品总量的3.70%和3.54%。 （文章来源：贝壳财经） ...