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 ...

● 本报记者 刘英杰 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%。 " ...

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 ...

Core Viewpoint - The A-share market has experienced a slow bull market this year, leading to a significant increase in market activity and a remarkable performance of private equity stock strategies, with an average return of 35.05% from January to October among 1218 private equity firms, compared to a 17.94% increase in the CSI 300 index [2][3]. Group 1: Performance by Company Size - Among private equity firms with over 100 billion in assets, the average return for stock strategy products is 36.33%, with a total scale of approximately 950.98 billion yuan [3][4]. - The top three private equity firms in the over 100 billion category are Yuanxin Investment, Lingjun Investment, and Fusheng Asset [5][6]. - In the 50-100 billion category, the average return is 34.31%, with the top three firms being Xishirun Investment, Tongben Investment, and Ruiyang Investment [9][10]. - For the 20-50 billion category, the average return is 39.95%, with Beijing Xiyue Private Equity, Qiantou Investment, and Nengjing Investment Holding leading the rankings [14][15]. - In the 10-20 billion category, the average return is 33.59%, with the top three being Liangli Private Equity, Jingyan Private Equity, and Beiheng Fund [19][20]. - The 5-10 billion category shows an average return of 37.32%, with Fuyuan Capital, Shanghai Hengsui Asset, and Zhongying Investment at the top [24][25]. - For the 0-5 billion category, the average return is 33.86%, with Longhuixiang Investment, Mojv Asset, and Shanghai Yixin Private Equity leading [30][31]. Group 2: Notable Firms and Strategies - Yuanxin Investment, with 5 stock strategy products, has achieved a remarkable average return, with one of its funds managed by Wang Aoye performing exceptionally well [7]. - Ningbo Huansheng Quantitative, with 11 stock strategy products, has also shown strong performance, particularly with its fund managed by Xu Jin [8]. - Xishirun Investment's strong performance is attributed to its focus on gold investments, with its fund manager Guo Xin having extensive experience in gold price research [13]. - Beijing Xiyue Private Equity has seen its management scale increase significantly due to strong performance, adhering to a value investment philosophy based on in-depth research [18]. - Fuyuan Capital has shifted its focus to resource-related investments, anticipating a market adjustment in technology stocks [29].

Core Insights - The A-share market has seen a resurgence in 2023, leading to a significant increase in the issuance of private equity products, with a total of 994 private securities products registered in October, a 19.90% increase compared to the same month last year [1][3] - Stock strategy products remain the dominant category, accounting for 68.31% of the total registered products, indicating strong investor demand for equity assets [1][2] - Multi-asset strategy products have gained popularity, with 122 products registered in October, representing 12.27% of the total, reflecting a trend towards diversified investment strategies among private equity firms [1][2] Strategy Distribution - Quantitative stock strategy products have shown steady growth, with 333 out of 432 registered quantitative products being stock strategies, making up 77.08% of the total [2] - Futures and derivatives strategies have also emerged as a significant area for quantitative investment, with 50 products registered, accounting for 11.57% of the total quantitative products [2] - Bond strategies and combination funds have seen similar registration numbers, with 49 and 36 products respectively, representing 4.93% and 3.62% of the total [2] Market Dynamics - The increase in private securities product registrations is attributed to multiple factors, including the Shanghai Composite Index surpassing 4000 points, highlighting structural market opportunities [3] - Third-party sales institutions have intensified marketing efforts, further stimulating investor interest in private equity products [3] - The influx of northbound capital and a stable funding environment have provided favorable conditions for private equity operations, allowing firms to enhance product returns and innovate strategies [3]

Core Viewpoint - The private equity securities product registration market has significantly rebounded in the first three quarters of 2025, with a total of 8,935 products registered, representing a year-on-year increase of 89.38% [2]. Group 1: Factors Driving Growth - The growth in private equity securities product registrations is driven by three main factors: 1. Continuous improvement in market conditions, with strong performance in small-cap indices like the CSI 1000 and CSI 2000, enhancing investor willingness to allocate funds [2]. 2. Regulatory guidance that has improved industry transparency and credibility, attracting more capital [2]. 3. Active business expansion by private equity firms, with leading firms accelerating product line development and smaller firms seeking growth through new product registrations [2]. Group 2: Strategy Distribution - Among the registered products, equity strategies dominate with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [3]. - Multi-asset strategies follow with 1,278 registrations, representing 14.30% of the total and a year-on-year growth of 84.68% [5]. - Futures and derivatives strategies have 913 registrations, making up 10.22% of the total, with a year-on-year increase of 66.00% [5]. - Bond strategies and combination funds have similar registration numbers, with 363 and 362 products respectively, each around 4% of the total, and year-on-year increases of 75.36% and 79.21% [5]. Group 3: Quantitative Products - Quantitative private equity products have shown remarkable growth, with 3,958 registrations, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [6]. - The surge in quantitative product registrations is attributed to: 1. Superior performance of quantitative strategies compared to subjective strategies in the current market environment, attracting continuous capital inflow [6]. 2. Ongoing technological advancements, including the application of AI and machine learning in strategy development, enhancing model adaptability and profitability [6][7]. 3. Leading quantitative firms leveraging scale advantages to create a virtuous cycle of performance improvement and product registration growth [7]. Group 4: Concentration of Registrations - The number of private equity managers with registered products reached 2,322, with a significant concentration in the number of products registered, as 1,879 managers have 5 or fewer products [12]. - In terms of management scale, the largest group consists of managers with assets under management (AUM) of 0-5 billion, totaling 1,560 [12]. - Notably, among the 26 managers with at least 40 registered products, 23 are billion-dollar managers, indicating a strong concentration of registration among larger firms [14].

Core Insights - The private equity fund market is experiencing significant growth, with a notable increase in the number of registered private securities products, indicating a shift in market dynamics [1][4]. Group 1: Private Equity Fund Growth - In the first three quarters of 2025, a total of 8,935 private securities products were registered, representing a substantial year-on-year increase of 89.38% from 4,718 products in the same period last year [1][4]. - Quantitative private equity products accounted for 3,958 registrations, making up 44.30% of all registered private securities products, and showing a year-on-year growth of 102.66% [1][5]. Group 2: Strategy Preferences - Among the registered products, stock strategy products led with 5,849 registrations, comprising 65.46% of the total, followed by multi-asset strategies at 1,278 products (14.3%) [3][5]. - All five major primary strategies saw year-on-year growth, with stock strategies increasing by 99.35%, multi-asset strategies by 84.68%, and futures and derivatives strategies by 66.00% [5]. Group 3: Billion-Dollar Private Equity Managers - As of September 2025, the number of billion-dollar private equity managers rose to 96, up from 91 in August, with three new entrants to the "billion-dollar club" [8]. - Among the 26 private equity managers with at least 40 registered products, 23 were billion-dollar managers, representing 88.46% [7]. Group 4: Performance Metrics - The average return for 62 billion-dollar private equity managers in the first three quarters was 28.80%, with 61 achieving positive returns [9]. - Among the billion-dollar quantitative private equity managers, the average return was 31.90%, outperforming the 24.56% average return of 19 billion-dollar subjective managers [10].

Group 1 - The private equity fund registration market has significantly rebounded in 2023, with 8,935 private securities funds registered in the first three quarters, a nearly 90% increase compared to 4,718 in the same period last year [1] - The rise in registration numbers is driven by three main factors: improved market conditions, ongoing regulatory efforts enhancing industry transparency, and proactive business expansion by private equity firms [1] - Among the strategies, stock strategy products dominate with 5,849 registrations, accounting for 65.46% of the total, nearly doubling year-on-year, driven by structural market trends in sectors like technology and new energy [1] Group 2 - Multi-asset strategy products follow with 1,278 registrations, representing 14.30% of the total, and showing an 84.68% year-on-year growth, appealing to investors seeking stability amid market fluctuations [2] - Quantitative products have shown remarkable performance, with 3,958 registrations, making up 44.30% of all registered private securities products, more than doubling from 1,953 last year [2] - The surge in quantitative product registrations is attributed to superior performance compared to subjective strategies, advancements in AI and machine learning, and a positive cycle of performance driving scale and registration [2] Group 3 - A total of 2,322 private securities fund managers registered products, with the majority (1,879) registering five or fewer products [3] - Most fund managers (1,560) manage funds below 500 million, while 80 managers oversee over 10 billion, contributing significantly to the total number of registered products [3] - Among the 26 managers with at least 40 registered products, 23 are in the 10 billion category, with 21 being quantitative firms, highlighting the dominance of larger firms in product registration [3]

Core Viewpoint - The private equity securities product registration market has significantly rebounded in 2025, with a total of 8,935 products registered in the first three quarters, representing a substantial increase of 89.38% compared to the same period last year [1] Group 1: Product Registration Overview - The stock strategy products dominate the market with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [1] - Multi-asset strategies follow with 1,278 registered products, making up 14.30% of the total, and experiencing an 84.68% year-on-year growth [1] - Futures and derivatives strategies have 913 registered products, representing 10.22% of the total, with a year-on-year increase of 66.00% [2] Group 2: Quantitative Private Equity Products - Quantitative private equity products have shown remarkable performance, with 3,958 products registered, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [2] - Within quantitative products, stock strategy quant products lead with 2,865 registrations, making up 72.39% of the total [2] - The quantitative CTA strategy has 509 registered products, representing 12.86% of the total, benefiting from favorable market trends [3]