本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 10月，A股市场整体以高位震荡为主，结构性特征明显，其中上证指数表现相对强势，月内一度突破4000点，全月累计上涨1.85%，深证成指和 创业板指则相对承压，分别下跌1.10%和1.56%。 在震荡分化的市场环境中，作为私募行业头部力量和市场关注焦点的百亿私募，他们的业绩又有怎样的变化？根据私募排排网数据，今年1-10 月，有业绩展示的5189只私募产品整体平均收益为29.04%，其中10月单月平均收益仅为0.03%；相比之下， 百亿私募旗下有业绩展示的 662只 产品整体表现更为突出，10月平均收益达1.10%，显著高于其他规模组私募产品，且从今年以来的累计表现看，其整体业绩同样亮眼，今年前10 月平均收益为30.38%，展现出了百亿私募在投研和风控领域的强势能力 。 | 公司规模 | 有业绩展示的产品数 产品规模合计(亿元) | | 10月平均收益 | 1-10月平均收益 | | --- | --- | --- | --- | --- | | 0-5亿 | 2153 | 742.43 | -0.11% | 28.14% | | 5-10亿 | ...

Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股市场表现强劲，尤其进入七月之后，主要股指呈现加速上行态势。沪指、深成指、创业板指与科创50等指数均创下阶段性新高， 推动A股在三季度全球主要股指中表现突出。其中， 创业板指以 50.40%的涨幅牛冠全球 ，科创50与深证成指也分别录得49.02%和29.25%的亮 眼涨幅，位居第2、3。 | 私募排排网公众号 | 全球主要股指今年来市场表现 Q | 数据来源: Choice, 整理自私募排排网, 截至2025年9月底 | 在 看 话 | | --- | --- | --- | --- | | 排序 | 证券名称 | 今年来涨跌幅(%) | 三季度涨跌幅(%) | | 1 | 创业板指 | 51.20 | 50.40 | | 2 | 科创50 | 51.20 | 49.02 | | 3 | 深证成指 | 29.88 | 29.25 | | 4 | 恒生科技指数 | 44.71 | 21.93 | | 5 | 越南胡志明 | 31.18 | 20.76 | | б | 雅加达综指 | 13.79 | 16.29 | | 7 | 台湾加权 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股市场稳健上行，慢牛格局不断巩固，上证指数一度突破3900点，持续刷新近十年新高。在此背景下，私募行业也交出了一份亮眼 的成绩单，私募排排网数据显示，截至9月30日，4799只符合排名规则的私募产品，前三季度平均收益达29.01%，显著跑赢同期沪深300指数 17.94%的涨幅。 面对市场的持续涨势，哪些产品能真正做到乘风破浪，充分把握机遇？在这种慢牛行情下，制胜关键或在于更强的 "进攻能力"与优秀的"防守能 力" 。 进攻是收益的引擎，决定了净值的高度；防守是复利的基石，决定了行情的长度，二者缺一不可。 进攻能力(上行捕获率) ：衡量反映市场上涨时，基金对市场的敏感程度，代表此基金的进攻能力，进攻能力值越大越好，比1越大， "超涨"动力越强，越 能战胜市场。上行捕获率=（投资组合在基准上涨期间的累计收益率+1）/（基准在上涨期间的累计收益率+1）-1。 防守能力(下行捕获率) ：衡量反映市场下跌时，基金对市场的敏感程度，代表着此基金的防守能力，防守能力值越小越好，如果为负数，则反映基金在下 跌市场里能取得正收益。下行捕获率=（投资组 ...

Core Viewpoint - The article highlights the performance of private equity funds in the range of 5-10 billion, indicating a strong average return of 24.25% year-to-date, with stock strategy products significantly outperforming the market [1][2]. Group 1: Performance Overview - There are 570 products under private equity funds with performance data, totaling approximately 951.82 billion yuan, with an average return of 24.25% this year [1][2]. - Stock strategy products, totaling 470, have an average return of 26.58%, outperforming the market significantly [1][2]. - Futures and derivatives strategy products have lagged behind, with only 25 products showing an average return of 6.04% this year [1][2]. Group 2: Strategy Breakdown - The performance of various strategies is as follows: - Stock Strategy: 470 products, 7,909,036.93 million yuan, 8-month return of 6.23%, year-to-date return of 26.58% [2]. - Multi-Asset Strategy: 79 products, 1,083,120.75 million yuan, 8-month return of 5.79%, year-to-date return of 17.97% [2]. - Futures and Derivatives Strategy: 25 products, 241,368.31 million yuan, 8-month return of 1.24%, year-to-date return of 6.04% [2]. - Bond Strategy: 17 products, 228,625.42 million yuan, 8-month return of 1.32%, year-to-date return of 5.66% [2]. - Combination Fund: 3 products, 56,001.36 million yuan, 8-month return of 9.33%, year-to-date return of 31.87% [2]. Group 3: Quantitative Strategy Performance - There are 76 quantitative long products with an average return of 36.30% year-to-date, outperforming the average [3][4]. - The top three quantitative long products for the year are from Pansong Asset, Beiyang Quantitative, and Zhengying Asset [4]. Group 4: Subjective Long Strategy Performance - 82 subjective long products have an average return of 30.86% year-to-date, benefiting from a strong equity market [7][8]. - The top three subjective long products are from Yuanxin Investment, Tongben Investment, and Kangmand Capital [8]. Group 5: Market Neutral Strategy Performance - 37 market-neutral products have an average return of 6.53% year-to-date, with the top three products from Pansong Investment, Liangkui Private Equity, and Pansong Asset [11][12]. Group 6: Multi-Asset Strategy Performance - 79 multi-asset strategy products have an average return of 14.51% year-to-date, with the top three products from Guoyuan Xinda, Luoshu Investment, and Chanlong Asset [13][14]. Group 7: Futures and Derivatives Strategy Performance - 52 futures and derivatives strategy products have an average return of 8.92% year-to-date, with the top three products from Hongxi Fund, Luoshu Investment, and Jiahong Fund [15][16].

Core Insights - The article discusses the performance and ranking of subjective private equity funds in China, highlighting their reliance on active management and individual fund manager expertise rather than algorithmic strategies [1][2]. Group 1: Overview of Subjective Private Equity - As of August 2025, there are 5,423 subjective private equity firms, accounting for over 70% of the total in the securities investment category [1]. - In the past year, 294 firms have at least three products displayed on the private equity ranking platform, with 213 of them focusing on stock strategies [1]. Group 2: Performance Rankings - Among the 100 billion yuan and above category, the top three firms by average returns are: Jiuzhi Investment, Fusheng Asset, and Rido Investment, with average returns of ***%, ***%, and ***% respectively [2]. - The average return for the 100 billion yuan category is 32.50%, with a total of 186 products meeting ranking criteria [1][2]. Group 3: Notable Firms and Their Strategies - Rido Investment, established in March 2016, has quickly become a leading firm, achieving significant returns through a customer-centric value investment approach [4][5]. - The top firm in the 50-100 billion yuan category is Tongben Investment, with an average return of ***% [7][10]. Group 4: Performance in Smaller Categories - In the 20-50 billion yuan category, Haokun Shengfa Asset leads with an average return of ***%, while in the 10-20 billion yuan category, Nengjing Investment Holdings tops the list with an average return of ***% [11][15]. - The 5-10 billion yuan category sees Yijiu Private Fund at the top, achieving an average return of ***% [18][20]. Group 5: Emerging Trends and Insights - The article emphasizes the importance of fundamental research and value investment strategies among successful private equity firms, particularly in sectors like consumer goods and technology [10][14]. - The performance of these funds suggests a growing confidence in the Chinese stock market, with expectations of a bullish trend in the near future [5][6].

Core Viewpoint - The article discusses the performance of private equity funds in the context of a bullish market trend in A-shares, emphasizing the importance of both offensive and defensive capabilities of these funds to capture investment opportunities and mitigate risks [1][3]. Offensive Capability (Upward Capture Rate) - Offensive capability measures how sensitive a fund is to market uptrends, with a higher value indicating stronger performance against the market. The upward capture rate is calculated as: (Cumulative return of the portfolio during the benchmark's up period + 1) / (Cumulative return of the benchmark during the up period + 1) - 1 [2]. Defensive Capability (Downward Capture Rate) - Defensive capability assesses how well a fund performs during market downturns, with a lower value being preferable. A negative value indicates that the fund can generate positive returns even in a declining market. The downward capture rate is calculated similarly to the upward capture rate but focuses on down periods [3]. Performance Summary of Private Equity Funds - For the year to date, the average return of 4,377 qualifying private equity products is 15.28%, with an average offensive capability of 1.356 and a defensive capability of 0.128. The top three funds in terms of offensive capability among large private equity firms (over 5 billion) are from Yuanxin Investment, Harmony Huiyi Asset, and Longqi Technology [5]. - The top fund, "Yuanxin China Active Growth C Class," managed by Wang Aoye, has achieved significant returns and is noted for its strong offensive capability [5][6]. - In the small private equity category (under 5 billion), the top three funds are from Nengjing Investment Holdings, Hunan Zijin Private Equity, and Jiuge Investment [8]. Recent Performance Trends - Over the past year, the average return of 4,165 qualifying products is 36.34%, with an overall offensive capability of 0.975 and a defensive capability of -0.130. The leading funds in this category are from Jiuqi Investment, Heiyi Asset, and Stable Investment [10]. - The top fund, "Jiuqi Value Selection No. 1," managed by Jiang Yunfei, has demonstrated strong performance metrics [12][13]. Three-Year Performance Overview - For the past three years, the average return of 2,638 qualifying products is 43.03%, with an average offensive capability of 0.881 and a defensive capability of 0.248. The top funds in this category are from Qianhai Bopu Asset, Kaishi Private Equity, and Hainan Xiwa [16]. - The leading fund, "Bopu Value Far-reaching No. 1 A Class," managed by Yuan Hao, has shown impressive performance [18][19].

Core Viewpoint - The A-share market has shown a strong performance, with the Shanghai Composite Index reaching 3700 points, indicating a recovery from previous economic shocks. A trend of gradual growth has emerged since April 27, following the impact of U.S. tariffs, leading to a widening gap between stock strategies and other primary strategies [1]. Summary by Categories Market Performance - The A-share market has entered a four-month trend of gradual growth, with a noticeable recovery in the index [1]. - Quantitative long strategies and subjective long strategies have both performed well, with quantitative long strategies achieving a return of 25.02% and subjective long strategies averaging 5.86% in July [3][4]. Strategy Performance - Among various strategies, subjective long strategies have outperformed quantitative long strategies due to their concentrated positions and flexibility in trading [4]. - The average return for subjective long strategies across different scales of private equity funds has been significant, with the highest returns observed in the 10-20 billion category at 25.43% [18]. Fund Performance - The top-performing subjective long products in the 100 billion category include "和谐汇一医疗创新B类份额" managed by 施跃, achieving a return of ***% [7][5]. - In the 50-100 billion category, "同犇22期" managed by 童驯 led with a return of ***% [14]. - The 20-50 billion category saw "丹羿鹏程1号1期" managed by 王帅 achieving a return of ***% [17]. - In the 10-20 billion category, "能敬价值优选二号" managed by 孙杰 led with a return of ***% [21]. - The 5-10 billion category was topped by "优波三号A类份额" managed by 陈龙 with a return of ***% [24]. - The 0-5 billion category saw "子衿云杉" managed by 邹凯 achieving a return of ***% [28]. Investment Insights - Fund managers are focusing on sectors such as innovative pharmaceuticals and medical devices, indicating a re-evaluation of high-quality assets in China [8]. - The market is currently in a phase where investors are cautious about the sustainability of earnings for companies that have seen significant price increases [8].