本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网统计数据显示，截至2025年9月30日，当月共有1028只私募证券产品完成备案，较8月的1145只环比下降10.22%，但相比2024年同期 的379只，同比大幅增长171.24%。 从一级策略分布来看，股票策略以绝对优势领先。 9月备案的股票策略产品共计668只，占比达64.98%；多资产策略次之，备案155只，占比 15.08%；债券策略（71只，占比6.91%）与期货及衍生品策略（69只，占比6.71%）规模接近，组合基金则相对小众。 排排网集团旗下 融智投资 FOF基金经理李春瑜表示，随着"9·24"行情后权益市场赚钱效应逐步显现，以及政策面对科技创新、高端制造等领域 的持续支持，股票策略在把握产业机遇方面的优势进一步凸显，投资者对权益类资产的配置意愿回升，共同推动该类策略备案数量保持高位。 量化产品在9月备案中表现活跃，共有364只产品完成备案，占当月备案总量的35.41%。 其中，股票策略下的量化产品贡献最多，量化多头备案 166只，占量化产品总量的45.60%；股票市场中性策略备案69只，占比18.96%。期货及衍生品策略 ...

分策略来看，股票策略表现突出。有业绩记录的6473只股票策略产品中，6026只产品实现正收益，占比 93.09%，平均收益高达25.38%，5%分位数收益达72.23%。股票策略的良好表现得益于市场结构性机会。 2025年以来，A股市场整体震荡向上，中小盘风格主导，科技成长股与资源类周期股轮番发力。 券商中国记者从业内获悉，盘京投资、上海运舟、源乐晟等一批此前有过较大阶段性回撤的知名私募，在本 轮行情中都取得了不错收益，产品业绩显著修复。 多资产策略主要通过跨资产类别配置和灵活调整资产比例，在不同市场环境下分散风险并把握投资机会，今 年以来及时增加股票资产暴露，表现仅次于股票策略。有业绩记录的1279只多资产策略产品中，1150只产品 实现正收益，占比89.91%，平均收益达15.61%，5%分位数收益为52.84%。 值得注意的是，组合基金策略正收益占比居首。有业绩记录的398只产品中，有382只正收益，占比95.98%， 平均收益为14.12%，5%分位数收益为36.38%。 尽管今年商品市场波动不小，但期货及衍生品（CTA）策略表现相对较弱。有业绩记录的1212只期货及衍生 品策略产品中，935只实现正 ...

Group 1 - The number of billion-level private equity firms has reached 91 as of September 11, showing an increase of 10 firms since the end of July, with the new addition being Nianjue Private Equity based in Shanghai [1][3] - The growth of billion-level private equity firms contrasts with last year's contraction, indicating a recovery in the private equity issuance market [3][5] - The average return of private equity securities investment funds with performance records has exceeded 20% this year, with stock strategy products averaging over 25% [5][6] Group 2 - The number of new registered private equity securities investment funds has reached 7,907 this year, marking an 82.19% increase compared to the same period last year [6] - Despite recent market fluctuations, there has been no significant redemption from investors, indicating a stable sentiment towards the market [8] - Quantitative managers are continuously optimizing their strategy models to adapt to market changes, enhancing their investment portfolios' resilience [9]

Core Insights - Since 2025, private equity securities products have shown significant profitability, with an average return of 20.41%, and stock strategy products achieving an impressive average return of 15.38% [1] - As of August 31, there are 10,135 private equity securities products with performance records, of which 9,208 have generated positive returns, resulting in a high positive return ratio of 90.85% [1] - Among various strategies, stock strategies have outperformed, benefiting from the structural market trends in A-shares, with 6,473 stock strategy products recording an average return of 25.38% and a positive return ratio of 93.09% [1] Stock Strategy Analysis - Within stock strategies, quantitative long strategies have excelled in the mid and small-cap market, with 1,303 products showing a positive return ratio of 96.24% and an average return of 31.84% [2] - In contrast, subjective long strategies have a positive return ratio of 92.68% but a lower average return of 25.62%, indicating a significant performance gap compared to quantitative strategies [2] - Multi-asset strategies follow closely with an average return of 15.61%, primarily due to timely allocation to stock assets, with 1,279 products showing a positive return ratio of 89.91% [2] Market Outlook - The rise in the A-share market is attributed to multiple factors, including policy adjustments, improved liquidity, and enhanced economic fundamentals, as analyzed by Fidelity International's economist Liu Peiqian [2] - Upcoming tourism expenditure data and weekly real estate transaction data are expected to serve as important indicators for observing the pace of economic recovery [2] - Looking ahead, the market is anticipated to continue a trend of oscillating upward, with a gradual shift towards large-cap growth stocks, focusing on sectors with low penetration rates such as AI computing power, semiconductor autonomy, solid-state batteries, humanoid robots, satellites, controllable nuclear fusion, and innovative pharmaceuticals [2]

Group 1 - The A-share market has shown strong performance in 2025, with private equity securities products achieving an average return of 20.41% year-to-date, and 90.85% of the 10,135 products recorded positive returns [1] - Among stock strategy private equity products, 93.09% of the 6,473 products achieved positive returns, with an average return of 25.38%, driven by structural opportunities in the market [1] - Quantitative long strategies have outperformed subjective long strategies, with 96.24% of the 1,303 quantitative products showing positive returns and an average return of 31.84% [1][2] Group 2 - Subjective long strategies have a positive return rate of 92.68% and an average return of 25.62%, with many relying on in-depth research by fund managers to identify quality stocks [2] - Market-neutral and long-short strategies have lower performance due to their hedging nature, with positive return rates of 88.47% and 91.67%, and average returns of 8.15% and 14.53% respectively [2] - Multi-asset strategies have shown strong performance, with 89.91% of the 1,279 products achieving positive returns and an average return of 15.61% [2] Group 3 - Combination fund strategies have the highest positive return rate among the five strategies, with 95.98% of the 398 products achieving positive returns and an average return of 14.12% [3] - The commodity market has experienced wide fluctuations, negatively impacting futures and derivatives strategies, which have a positive return rate of 77.15% and an average return of 8.55% [3] - Bond strategies have benefited from a loosening monetary policy, with 92.50% of the 773 products achieving positive returns and an average return of 7.89% [3]

Core Insights - The private equity market has seen significant growth in the number of registered private securities products, with a total of 7,907 products registered as of August 31, marking an 82.19% increase year-on-year [1][3][4] - The stock strategy products dominate the private equity market, with 5,173 products registered, accounting for 65.42% of the total, and showing a 91.31% increase compared to the previous year [4][5] - Quantitative products have also experienced substantial growth, with 3,584 products registered, reflecting a 100.34% year-on-year increase [5] Private Equity Market Trends - The private equity market has maintained a high level of new product issuance, with monthly registrations consistently exceeding 1,100 products from June to August [3] - The demand for diversified asset allocation has led to a notable increase in multi-asset and futures/derivatives strategy products, with 1,116 and 841 products registered respectively, both showing significant growth compared to the previous year [5] - The overall market sentiment has improved due to the steady recovery of the A-share market and the strong performance of sectors like artificial intelligence, which has attracted more investors to private equity products [5] Investor Engagement - There has been a marked increase in private equity firms' engagement in A-share company research, with 1,152 firms participating in 6,053 research activities in August, a 243.34% increase from the previous month [6] - The healthcare and electronics sectors have been the most researched, with 1,095 and 947 research activities respectively, indicating a concentrated interest in these industries [6] - The average position of domestic stock private equity firms has risen to 75.55%, reflecting a positive investment sentiment despite slight fluctuations in larger firms' positions [6]

Core Insights - The private equity securities fund industry has shown strong performance in the first seven months of 2025, with an average return of 11.94% across 11,880 monitored private products, and 86.97% of these products achieving positive returns [1] - The stock strategy has led the five major private equity strategies with an average return of 14.50%, benefiting from the significant rise in small and mid-cap indices and various market drivers [1][2] - High enthusiasm for equity asset allocation persists among private equity institutions, with an average position level of 74.22% as of August 8, 2025, indicating a medium to high level of investment [3] Private Equity Performance - The stock strategy has emerged as the performance benchmark among private equity strategies, with 7,760 stock strategy products achieving an average return of 14.50% [1][2] - The top 5% of stock strategy products reported an impressive average return of 42.44% in the same period, highlighting the absolute return capability of leading products [1] Market Trends and Strategies - Private equity institutions are focusing on structural opportunities in the market, particularly in technology growth, consumer recovery, and policy-benefiting sectors [1][4] - The average position of large private equity firms is notably higher than the industry average, with 74.13% as of August 8, 2025, indicating strong confidence in market conditions [3] Sector Focus - Public equity funds also maintain high position levels, with an overall equity fund position of 93.21%, reflecting a focus on sectors such as electronics, pharmaceuticals, and automotive [3] - Investment strategies are shifting towards sectors with structural opportunities, including robotics, domestic computing power, AI applications, and industries benefiting from "anti-involution" policies [4]

Group 1 - The recent recovery of the A-share market has led to a surge in private fund product registrations, with 1,100 private securities products registered in June, marking a 26.44% increase from the previous month, reflecting restored market confidence and enhanced capital allocation willingness [1] - In the first half of 2025, a total of 5,461 private securities products were newly registered, representing a year-on-year increase of 53.61% and a 100.48% increase compared to the second half of last year [1] - Stock strategy products dominated the registrations, with 3,458 stock strategy products accounting for 63.32% of the total registered products in the first half of 2025 [1] Group 2 - The increase in stock strategy private product registrations is driven by the dual impetus of technology innovation policies and expectations of industrial upgrades, leading to a steady recovery in the A-share market, particularly in core sectors like artificial intelligence [1] - Multi-asset strategies and futures and derivatives strategies have also gained popularity among fund managers, with 802 and 633 new registrations respectively, accounting for 14.69% and 11.59% of total registrations [2] - The average return of 10,041 private securities products with performance records reached 8.32% in the first half of 2025, with 8,431 products achieving positive returns, representing 83.79% of the total [2] Group 3 - The stock market has shown a trend of steady upward movement since September of last year, primarily driven by a shift in policy direction, with both fiscal and monetary policies being relatively accommodative [3] - Current market liquidity is abundant, and as the economic cycle stabilizes upward, the upward momentum of the stock market is expected to be more robust and sustained [3] - Industries or leading companies with low valuations and improving fundamentals are considered to have higher investment cost-effectiveness [3]

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 A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][2] - A total of 1,298 private equity securities products were registered in July, marking an 18.00% month-on-month increase and the highest level in 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Group 2 - The majority of the registered products in July were stock strategy products, with 887 products accounting for nearly 70% of the total registrations, and a month-on-month growth of 24.58% [1] - In contrast, bond strategy and combination fund products saw lower interest, with only 48 and 46 products registered, representing 3.70% and 3.54% of the total, respectively [1] - The surge in private equity securities product registrations is driven by two main factors: the positive performance of the A-share market and the strong performance of quantitative strategy products, which have attracted significant capital inflow [2]