热点聚焦 百强量化私募榜单揭晓，36家百亿私募上榜！ 根据私募排排网发布榜单，百强量化私募上榜"门槛"接近18%！其中，从私募的核心策略来看，股票策略私募占76家，多 资产策略私募占11家，期货及衍生品策略私募占10家，债券策略私募占2家，组合基金策略私募占1家。公司规模来看，百 亿私募占36家，是各规模组中最多的。其中，灵均投资、宁波幻方量化、稳博投资在百强量化私募中位居前10强；而诚奇 私募、天演资本、进化论资产、龙旗科技位居前20强。再据中国证券报报道，在活跃的成交量、鲜明的结构性行情以及科 技成长主线加持下，2025年量化私募行业在多个维度迎来全面回暖。人工智能（AI）技术的深度赋能，重塑了行业的研发 与竞争格局。量化私募业内普遍预期，2026年量化行业依然是"机遇与挑战并存"。截至2025年11月底，私募排排网数据显 示，全市场股票量化多头产品今年以来平均超额收益率为17.25%。截至目前，今年以来量化私募行业的资管规模预计已接 近前期的历史高位。 《湖南省私募股权市场发展报告》：中三角"新王"引领硬科技投资潮 引用《湖南省私募股权市场发展报告》数据，2025年前11个月，全国私募股权市场新设基金规 ...

2025年A股市场结构性行情凸显，股票量化多头策略凭借其系统性优势持续斩获超额收益。 私募排排网最新数据显示，截至2025年11月底，全市场833只股票量化多头产品平均超额收益达 17.25%，其中762只产品实现正超额收益，正超额占比高达91.48%，展现出较强的策略有效性与盈利稳 定性。 规模维度上，头部私募与中等规模私募展现出明显的超额收益优势。数据显示，20亿至50亿元规模 私募旗下股票量化多头产品表现最为亮眼，以20.12%的平均超额收益位居各规模梯队首位。同时，93% 的产品实现正超额，表明多数产品表现较好。 对于这种规模分化的现象，排排网集团旗下融智投资FOF基金经理李春瑜解释称，中大规模私募在 数据储备、算力支撑、投研团队配置上的优势，使其能够更好地应对市场风格切换，在因子挖掘与策略 优化上更具竞争力，这也是其超额收益领先的核心原因。 百亿元以上规模头部私募紧随其后，平均超额收益达19.98%，尽管收益略低于20亿至50亿元规模 梯队，但正超额占比高达98.13%，几乎全部实现正超额，彰显出头部私募机构在投研实力、策略迭代 与风险控制上的综合优势。此外，50亿至100亿元规模头部私募同样表现较 ...

今年以来，A股市场结构性行情明显，私募股票量化多头策略凭借系统化优势持续获得超额收益。私募 排排网数据显示，截至11月底，全市场833只股票量化多头产品年内平均超额收益率超17%，其中762只 产品实现超额收益，占比高达91.48%，体现出该策略整体有效且收益稳定。 融智投资FOF（基金中的基金）基金经理李春瑜向《证券日报》记者表示，今年以来，A股市场呈现震 荡上行态势，AI算力等科技板块与周期板块轮动频繁。市场日均成交额持续保持高位，为量化交易提 供了良好的流动性环境。在此背景下，量化多头策略通过快速交易能够及时把握板块轮动节奏，动态调 仓能力得到充分发挥。此外，人工智能的深入应用可以帮助策略高效处理海量信息，多因子模型在分散 风险的同时也增强了收益潜力，从而更好地匹配了年内的市场风格。 从管理规模来看，大中型私募机构旗下股票量化多头产品展现出更强的超额收益能力。数据显示，截至 11月底，管理规模在20亿元至50亿元区间的私募机构旗下产品表现最为突出，年内平均超额收益率达 20.12%，在各管理规模梯队中位居第一，且93%的产品实现超额收益；百亿元级私募机构紧随其后，旗 下产品年内平均超额收益率为19.98 ...

Group 1 - The core viewpoint is that stock quantitative long strategies have recently faced significant challenges, leading to a notable decline in excess returns, with many funds underperforming the index [1][2] - As of August 31, 2025, the average excess return for 696 stock quantitative long products was -2.28%, with only 20.83% of products achieving positive excess returns [1] - Weekly performance from August shows a consistent decline in excess returns, with averages of -1.06%, -0.61%, and -1.99% over three weeks, indicating a worsening trend [1] Group 2 - A large quantitative private equity firm in Shanghai noted that the A-share market has seen increased trading volume, but structural market conditions have led to many stocks declining despite index gains [2] - The primary reasons for the excess return decline in quantitative products are identified as style reversals, particularly between large-cap and small-cap stocks, and significant sector differentiation due to rapid growth in financing [2] - The firm believes that the current excess return decline is likely a temporary phenomenon, with expectations of a return to normal market conditions and recovery of excess returns in the near future [2]

Core Insights - The private equity sector in the securities industry is experiencing a positive trend with both performance and positions rising significantly this year [1][3] - Stock strategy products are leading among the five major strategies, reflecting increased investment confidence and a favorable outlook on policies, economic expectations, and A-share valuations [1][3] Performance Summary - As of May 31, 12,843 private equity securities products recorded an average return of 4.34% in the first five months of the year, with nearly 75% of products showing positive returns [3] - Stock strategy products, totaling 8,487, achieved an average return of 4.81%, with approximately 73.5% of these products in positive territory [3] - Quantitative stock strategies particularly benefited from the small-cap growth market style, with 1,480 quantitative long products averaging a return of 8.46% and over 86% showing positive returns [3] Positioning Summary - As of June 6, the average position of large-cap stock private equity firms reached 79.10%, an increase of nearly 9 percentage points from the end of December last year, indicating a high level of investment [3] - Nearly half of the private equity firms are in a heavy or fully invested state, with the overall average position for stock private equity at 74.43% [3] Investment Focus - The continuous increase in positions is driven by three main factors: positive policy signals boosting market expectations and investor confidence, A-share valuations being historically reasonable and low, and the emergence of structural opportunities in the market this year [3] - Key investment areas identified by leading private equity firms include high-dividend low-valuation stocks, AI and hard technology sectors, and new consumption trends, all reflecting a pursuit of "certainty" in investments [3][4]