登录新浪财经APP 搜索【信披】查看更多考评等级 私募2025"三变" ◎记者 马嘉悦 回顾即将收官的2025年，A股市场结构性行情持续演绎，黄金价格强势上涨，中国资产全球竞争力显 现，各类资产的轮动节奏与估值逻辑正不断重塑。 而基础市场的种种变量作用于投资理财市场，亦勾勒出2025年私募业的格局变迁图。私募业管理规模进 入22万亿元时代，百亿级私募突破110家，量化大厂一改2024年的低迷，股票策略业绩代替债券站上"C 位"，折射出行业生态与竞争格局实现了新一轮迭代升级。 同时，监管政策的持续细化使得行业生态也悄然生变——大量"伪私募"退出历史舞台，行业规模上升、 管理人数量下降成为私募业优胜劣汰的生动注脚。 在业内人士看来，2025年私募业的规模之变、生态之变、格局之变，或许正是其开启又一个发展黄金期 的序幕。 规模之变：发行火热，黑马涌现 亮眼业绩下，私募发行愈发热闹。 私募排排网最新数据显示，截至2025年12月23日，今年以来全市场完成备案的私募证券投资基金数量达 12239只（包含自主发行和担任投顾的产品），与2024年全年的6274只产品相比增长95.07% 分策略来看，股票策略是"绝对主力"。 ...

■私募新观察 多资产策略私募则以18.78%的年内收益位居第二，正收益占比达91.31%；组合基金和CTA策略今年以 来平均收益分别为16.79%和13.39%，正收益占比分别为95.59%和82.51%；债券策略则以7.75%的平均收 益垫底。 沪上一位私募研究员在接受上证报记者采访时称，今年以来，A股和港股持续演绎结构性行情，消费、 科技、高端制造等板块均有亮眼表现，为股票策略产品提供了丰富的投资机会。与此同时，市场成交愈 发活跃为量化多头策略也创造了较好环境，提振了相关产品业绩。 年内分红超170亿元 私募基金赚钱效应显现下，行业分红愈发踊跃。 ◎记者 马嘉悦 实习生 姜彧 据私募排排网统计，截至11月30日，有业绩记录的私募证券投资基金今年以来平均收益超20%，正收益 占比高达90.66%。分策略来看，股票策略领跑，今年以来平均收益超27%，正收益占比更是接近92%。 在业内人士看来，在流动性合理充裕、政策积极信号持续释放的背景下，股票策略基金的赚钱效应有望 持续显现。展望明年，包括科技在内的成长板块有望进一步涌现投资机会，成为基金超额收益的重要来 源。 股票策略"拔得头筹" 私募排排网最新统计数据显 ...

市场震荡加剧，却并未扰动资金入市节奏。 私募排排网最新统计数据显示，11月超1200只私募证券投资基金完成备案，环比10月增长近30%。与此同时，截至11月21日，股票私募仓位 指数接近83%，较此前一周（11月14日）增长1.84个百分点。可见，不管是存量资金还是增量资金，都对权益资产的中长期表现抱有乐观预 期。 多位业内人士在接受记者采访时分析称，在企业盈利逐步修复，增量资金持续涌入权益市场的背景下，短期震荡后基本面能够兑现的优秀 公司有望进入新的上涨周期，调整提供了较好的布局机会。 私募11月"上新"活跃 私募排排网最新统计数据显示，11月共有1285只私募证券投资基金完成备案（包含自主发行和担任投顾的产品），较10月的994只环比增长 29.28%。拉长时间来看，这一数据不仅比10月数据更为亮眼，还与1302只的年内最高月度备案数量较为接近。 第三方平台统计数据显示，截至11月21日，股票私募仓位指数达82.97%，较此前一周上涨1.84个百分点，再次刷新年内新高。 | | | | 不同规模股票私募近一月仓位指数统计 | | | | --- | --- | --- | --- | --- | --- ...

Core Insights - The enthusiasm for private equity product issuance continues to rise as the A-share market increases, with a total of 10,608 private securities investment funds registered this year, reflecting a year-on-year growth of 100.76% [1] Summary by Category Private Equity Market Activity - The issuance of private equity products remains robust, with 994 private securities products registered in October, maintaining a level similar to September but showing a significant increase of over two times compared to the same period last year [1] Strategy Breakdown - Stock strategies dominate the private equity landscape, with 6,954 newly registered stock strategy private funds, accounting for 65.55% of the total [1] - Multi-asset strategy private funds follow with 1,494 new registrations, representing 14.08% of the total [1] - Futures and derivatives strategy private funds saw 1,062 new registrations, making up 10.01% of the total [1] - Bond strategy and combination fund private products had 427 and 419 new registrations respectively, each accounting for less than 5% of the total [1]

Group 1 - The establishment of Shenzhen Junxing Private Securities Fund Management Co., Ltd. was completed, with a registered capital of 10 million yuan and 7 full-time employees [1] - Wang Pei, the legal representative and general manager, holds 60% of the shares and has a background as a fund manager at previous firms [1] - In 2023, Wang Pei was involved in a labor dispute with his former employer, which led to arbitration [1] Group 2 - As of October 31, 2025, 91.33% of the 10,969 private funds achieved positive returns, with an average return rate of 24.32% [2] - Stock strategies led the performance with an average return of 29.52%, and 92.73% of products in this category were profitable [2] - Quantitative long strategies outperformed with an average return of 36.76% and a 96.52% positive return rate [2] Group 3 - Combination funds showed strong profitability stability, with 96.85% of products yielding positive returns [3] - Bond strategies maintained a conservative approach, achieving an average return of 8.77% but with a 90.09% positive return rate [3] Group 4 - Commodity market volatility posed challenges for futures and derivatives strategies, which had an average return of 13.02% and a positive return rate of 82.43% [4]

Core Insights - In the first nine months of this year, 1,038 out of 5,344 private equity funds with performance data implemented dividends, totaling 1,291 distributions and an aggregate amount of 14.085 billion yuan [1] Group 1: Dividend Distribution - Stock strategy private equity funds emerged as the main contributors to dividends, with 752 distributions amounting to 10.735 billion yuan, accounting for 76.22% of the total dividends [1] - Multi-asset strategy private equity funds followed with 190 distributions totaling approximately 1.267 billion yuan, while futures and derivatives strategy and bond strategy funds distributed 933 million yuan and 880 million yuan, respectively [1] Group 2: Reasons for Active Dividends - The strong performance of stock strategy private equity funds, with an average return of 31.19% year-to-date, provided a solid foundation for dividend distributions [2] - Fund managers are using dividends to actively manage fund sizes, protecting existing investors' interests and enhancing their investment experience [2] - Subjective private equity institutions showed higher dividend activity, with 848 distributions totaling 9.415 billion yuan, compared to 4.670 billion yuan from quantitative private equity institutions [2] Group 3: Role of Fund Management Scale - Billion-yuan level private equity institutions played a significant role in dividends, with 131 distributions totaling 4.999 billion yuan, representing 35.49% of the total [3] - Private equity institutions with management scales below 500 million yuan also showed high activity, with distributions close to 3 billion yuan [3] - Shenzhen Rido Investment Management Co., Ltd. was the most active, with 14 distributions totaling 2.812 billion yuan, followed by Jiukun Investment and Shanghai Tianyan Private Fund Management Co., Ltd. with 463 million yuan and 361 million yuan, respectively [3]

Group 1 - In September, over 2000 private equity securities funds completed registration, indicating a high level of activity despite a slight month-over-month decline [1][2] - The stock strategy remains the dominant approach, with 668 new stock strategy private equity funds registered in September, accounting for 64.98% of total new registrations [1] - The average position of subjective long-only private equity funds was 78% at the end of September, indicating a high level of investment activity [3] Group 2 - Investors' willingness to allocate to equity assets has increased, driven by structural market trends and government support for technology and high-end manufacturing [2][3] - A balanced allocation strategy is becoming a consensus among private equity firms for the fourth quarter [4] - Companies are optimistic about various investment opportunities, including rare resources, coal industry prospects under the "anti-involution" policy, and traditional consumer stocks benefiting from policy signals [5]

Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in private fund registrations, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflow, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Equity strategy funds dominated the registration landscape, accounting for nearly 70% of total registrations, with 887 equity strategy funds registered, reflecting a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, representing 12.48% of total registrations and a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, accounting for 9.63% of total registrations, reflecting a slight 1.63% month-on-month increase [2] - The number of registrations for bond and combination fund strategies remained relatively low, suggesting an increase in investor risk appetite amid the market recovery [2] Group 3 - The leading private fund institutions in terms of registration volume are those with assets exceeding 100 billion, with 48 such institutions registering a total of 198 funds in July [2] - Among the 676 private institutions that completed registrations, 12 out of 13 institutions with at least 10 registered funds were 100 billion-level private institutions, highlighting their dominance in the market [2] - Quantitative private fund institutions, such as Inno (Shanghai) Asset Management Co., Ltd., registered 7 funds in July, emphasizing the importance of adaptability and risk control in a complex market environment [3]

Core Insights - The report indicates a decline in the average annualized yield of selected bank wealth management products, with a one-year investment yield of 0.92% and a six-month investment yield of 0.59% over the past three months [1][2] - The comprehensive yield index for low-risk six-month investment cycle products increased slightly, while the one-year investment cycle products also saw a minor rise, indicating a slowdown in growth [2] - The weighted average yield of collective trust products decreased, with short-term and long-term products showing declines as well [2][3] Banking Wealth Management Market - The average annualized yield of selected cash management products was 1.42%, down 4 basis points from June 1, 2025, and down 185 basis points from the baseline period of April 4, 2021 [1] - The yield for low-risk six-month investment cycle products was 0.59%, up 1 basis point month-on-month, but down 21 basis points over the past six months [1] Trust Market - The weighted average yield of collective trust products fell by 11 basis points to 5.40%, with short-term products at 5.06% (down 9 basis points) and long-term products at 5.55% (down 13 basis points) [2] Public Fund Market - The average seven-day annualized yield of money market funds was 1.33%, down 2 basis points month-on-month and down 115 basis points from the peak in December 2020 [2] - Bond funds increased by 1.13%, mixed funds by 3.64%, and stock funds by 3.14% over the past six months [2] Private Fund Market - The composite strategy private funds saw a six-month increase of 4.69%, while stock strategy private funds increased by 4.17% over the same period [3]

Group 1 - The core viewpoint of the report indicates that the average annualized yield of selected cash management products in the national bank wealth management market has increased to 1.55% as of April 27, 2025, compared to a decrease of 172 basis points from the baseline period [1] - The comprehensive yield index for medium and low-risk six-month investment cycle products in the national bank wealth management market reached 115.45 points in April, reflecting a month-on-month increase of 0.21% and a growth of 15.45% from the baseline period [2] - The weighted average yield of collective trust products in the trust market decreased by 6 basis points to 5.61% in April, with short-term products dropping to 5.27% and long-term products to 5.78% [2] Group 2 - The average seven-day annualized yield of money market funds was 1.41% in April, down 3 basis points from the previous month and 107 basis points from the peak in December 2020 [2] - The bond fund yield index fell to 76.89 points in April, a decrease of 2.65 points from the previous month and a decline of 23.11 points from the December 2020 baseline [3] - The composite strategy private equity fund saw a six-month increase of 0.53%, while the stock strategy private equity fund had a six-month increase of 0.22% [3]