01 同比增幅达 205.85% ！私募备案展现极强韧性 尽管10月因国庆长假缺少一周工作日，但私募产品备案仍展现出极强的韧性。私募排排网最新数据显示，截至2025年10月31日，全市场当月完 成备案的私募证券产品数量达994只 （包含自主发行和担任投顾的产品） ，较9月全月的1038只仅环比小幅下降4.24%，若与9月同期的829只相 比，反而环比增幅达19.90%。若纵向对比去年10月的325只，同比增幅更是飙升至205.85%，这一系列数据清晰印证了当前私募证券产品市场依 旧延续今年以来的火热态势。 排排网集团旗下 融智投资 的FOF基金经理李春瑜表示，10月份私募证券产品备案热度上升，是多方因素共同推动的结果。从投资者角度来看， 随着沪指突破4000点，市场结构性机会凸显，再加上私募产品今年以来的收益表现亮眼，投资者的配置需求持续走高。销售方面，以第三方为 主的销售机构在营销上持续发力，通过多样化的推广方式进一步点燃了投资者的认购热情。市场环境上，北向资金稳步流入，资金面保持宽松， 为私募机构的运作提供了有利条件。同时私募机构也积极把握市场机遇，一方面努力提升产品收益，另一方面加强策略和产品创新，更精 ...

Core Insights - The number of billion-level private equity firms has increased to 108 as of October 28, 2025, with a notable rise in quantitative private equity firms [1] - Among the new entrants, 31 firms joined the billion-level category, with 18 being quantitative and 9 being subjective [1][2] - The average return of 70 billion-level private equity firms this year is 30.49%, with 98.57% achieving positive returns [3] Group 1: Growth of Billion-Level Private Equity Firms - The total number of billion-level private equity firms has grown to 108, with quantitative firms making up 49.07% and subjective firms 41.67% [1] - 31 new firms entered the billion-level category, with 18 being quantitative, indicating a strong trend towards quantitative strategies [1][2] - 14 firms exited the billion-level category, highlighting a dynamic market environment [1] Group 2: Performance and Investment Trends - The average return for billion-level private equity firms this year is 30.49%, with 69 out of 70 firms reporting positive returns [3] - Quantitative private equity firms outperformed subjective ones, with average returns of 33.06% compared to 25.92% for subjective firms [3] - The demand for quantitative strategies is driven by their strong performance, risk-return characteristics, and increasing investor preference for index-enhanced products [2]

Core Viewpoint - The article highlights the performance of quantitative private equity funds in the first three quarters of the year, showing significant returns that outperform the market, particularly among larger fund managers [2][4]. Summary by Categories Overall Performance - As of September 30, there are 1,694 quantitative products with a total scale of approximately 137.76 billion yuan, achieving an average return of 25.73% in the first three quarters, significantly outperforming the market [2][3]. Performance by Fund Size - **100 Billion and Above**: - 370 quantitative products managed by 86 fund managers achieved an average return of 31.34%, with 99.46% of products showing positive returns [4][5]. - Top fund managers include Ma Zhiyu from Lingjun Investment, Xu Jin, and Lu Zhengzhe from Ningbo Huansheng Quantitative [4][6]. - **50-100 Billion**: - 207 products managed by fund managers in this category achieved an average return of 22.98%, with 95.65% showing positive returns [8][9]. - Leading managers are Huang Bo from Dayan Capital and Zhang Xiangfang from Mingxi Capital [8][10]. - **20-50 Billion**: - 215 products in this range achieved an average return of 23.63%, with 98.14% showing positive returns [11][12]. - Top managers include Shi En from Yunqi Quantitative and Li Jing from Anzi Fund [11][13]. - **10-20 Billion**: - 265 products achieved an average return of 22.43%, with 97.74% showing positive returns [14][15]. - Leading managers are Nie Shouhua and He Jie from Hanrong Investment [14][15]. - **5-10 Billion**: - 260 products achieved an average return of 26.35%, with 94.23% showing positive returns [16]. - Top manager is Cheng Zhitian from Juliang Balanced Fund [16]. - **0-5 Billion**: - 617 products achieved an average return of 22.13%, with 99.19% showing positive returns [17][18]. - Leading managers include Yan Xuejie from Huacheng Private Equity and Wu Zhengpeng from Zhixin Rongke [17][18].

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 Insights - The private equity industry has significantly contracted in scale, with the number of registered private equity institutions dropping from over 1,000 in the same period of 2022 to just over 100 in the first three quarters of this year, indicating a shift away from the expansion phase [1] - In September, the number of newly registered securities private equity institutions (10) surpassed that of equity private equity institutions (4), breaking the trend of the previous eight months where equity private equity led [2][3] - The new registrations of securities private equity are characterized by a quantitative background, suggesting a growing interest in the secondary market among institutions [1][5] Industry Trends - The overall number of private equity registrations has stabilized after a sharp decline, with 111 registrations in the same period of 2024 compared to 381 in 2023 and 1,020 in 2022, indicating a transition to a phase of strict control and quality improvement [4] - The new private equity registrations this year exhibit three main characteristics: core teams with quantitative investment experience, members with public fund backgrounds, and well-known private equity executives starting their own firms [1][5] Quantitative Strategies - Despite a decrease in the proportion of quantitative products registered in September, stock strategy products still accounted for over 70% of the total, indicating a continued focus on equity markets [1][7] - In September, 652 private equity firms registered a total of 1,028 products, with quantitative products making up 35.41% of the new registrations, reflecting a temporary adjustment in risk appetite rather than a strategic shift [7][9] Notable Registrations - Among the 652 private equity firms registered in September, 47 were billion-yuan firms, and over half (345) were small firms with assets between 0-5 billion yuan [9] - The firm "Liwei" registered the most products in September, with 23, while other billion-yuan firms also contributed significantly to the new registrations [9][10]

Group 1 - The core viewpoint is that the enthusiasm for private equity institutions to register new products has surged, with a significant increase in the number of private equity securities products registered in September 2025 compared to the same month in 2024, reflecting a growth of 171.24% [1] - In terms of strategy distribution, stock strategies dominate with 668 products registered, accounting for 64.98% of the total, while multi-asset strategies have 155 products, making up 15.08% [1] - Quantitative products have shown strong performance in September, with 364 products registered, representing 35.41% of the total, and stock strategy quantitative products contributing the most [1] Group 2 - The increase in stock strategy registrations is attributed to the visible profit effects in the equity market post "9.24" and ongoing policy support for technology innovation and high-end manufacturing, which has boosted investor willingness to allocate to equity assets [2] - Looking ahead to Q4, the A-share market is expected to experience a structural recovery in profits and continued credit repair, maintaining a "slow bull" trend, with macroeconomic factors such as resilient exports and steady manufacturing and infrastructure investment contributing positively [2] - The outlook for Q4 2025 suggests that the current upward trend is likely to continue due to policy support for economic recovery, sustained liquidity, and increasing institutional holdings, with improvements in the competitive landscape and pricing environment for industries expected [3]

中证报中证网讯(记者王雪青)10月9日晚间，长盛基金量化投资部基金经理助理石晓冉在"中证点金 汇"直播间表示，今年量化产品受追捧，本质上是业绩差距、资产替代、技术红利三力共振的结果，而 非短暂噱头。展望未来，A股量化投资仍处于"黄金窗口期"；但高夏普比率的策略会越来越稀缺，行业 将走向"混合策略、工具化、强风控"的新阶段，对基金管理人的算力、数据、人才和合规提出更高要 求。 展望未来3至5年A股量化投资发展趋势，石晓冉认为，策略方向将从"单一因子"走向"混合智能"，随着 高频量价红利边际递减，管理人将更多预算投入基本面量化与另类数据，形成"人机互动"的混合框架： 机器负责广度，人类研究员负责深度，共同提升因子的经济解释力与鲁棒性。 在产品形态上，将向工具化、多资产、多策略账户发展。其中，工具化是指数增强、行业主题增强、 ESG增强等"透明化"产品会继续抢占ETF份额；多资产是包含量化CTA、期权波动率、可转债的"多策略 FOF"成为私募新宠；多策略账户是同一管理人提供"指增、中性、多空"三类子策略，允许客户按风险 预算自由切换，降低申赎冲击。 在监管与风控上，超额回撤控制将成产品的核心竞争力。头部机构已在"实 ...

Core Insights - The article highlights the performance of small and medium-sized private equity firms (0-5 billion) in the market, emphasizing their agility and effectiveness in generating returns, particularly in the context of the ongoing "924" market trend [2][6]. Strategy Performance - As of September 19, 0-5 billion private equity firms have shown a significant recovery in stock strategy returns since the "924" market, with an average return of 70.87% over the past year, outperforming the CSI 300 index which rose by 41.97% [7]. - Quantitative long strategies have led the performance with an average return of 77.77%, while subjective long strategies followed closely with 73.88% [4][7]. Secondary Strategy Analysis - The average return for various secondary strategies is as follows: - Quantitative Long: 77.77% with 198 products [5] - Subjective Long: 73.88% with 975 products [5] - Composite Strategy: 52.16% with 159 products [5] - Macro Strategy: 49.80% with 65 products [5] - Multi-Asset Strategy: 47.65% with 262 products [15] Top Performing Firms - The top three firms in stock strategy performance are: 1. Longhui Xiang Investment 2. Qinxing Fund 3. Huichuang Fangxiang [6][7] - In the futures and derivatives strategy, the leading firms are: 1. Xurian Investment 2. Huacheng Private Equity 3. Qihe New Asset Management [12][13] Multi-Asset Strategy Leaders - The top firms in multi-asset strategies include: 1. Hainan Zhiyuan Private Equity 2. Shuyi Zhongcheng Investment 3. Hangzhou Jinshi Asset [16][17] Quantitative Fund Rankings - The leading firms in quantitative funds are: 1. Jingying Zhitu 2. Tianzhiyu 3. Hangzhou Saipasi [19][20]

Core Insights - In 2025, quantitative investment has become a key term in the capital market, with A-shares experiencing significant fluctuations and a transaction volume reaching trillions, leading to a doubling of the number of registered quantitative products compared to the previous year [1] - Square and Investment celebrates its tenth anniversary, marking a decade of growth and resilience in the quantitative investment sector, demonstrating the long-term effectiveness of quantitative methodologies in the Chinese market [1][3] Company Development - Square and Investment was founded in 2015 amidst skepticism about the suitability of quantitative investment for the Chinese market, but has since proven its strategies and delivered solid performance [1][3] - The company has maintained a consistent strategy framework while continuously iterating and evolving its methodologies, which has allowed it to create stable returns for investors [6][7] - The firm has experienced significant growth during market crises, leveraging its strategies and rigorous risk management to navigate challenges effectively [4][5] Strategy and Performance - The company primarily employs mid-to-low frequency strategies, with a current management scale of around 10 billion yuan, optimizing its capacity for returns [2][7] - Square and Investment has enhanced its computational power by approximately 2.3 times this year, enabling efficient testing of investment ideas and supporting robust research capabilities [7] - The firm emphasizes the importance of a solid risk management framework, which has evolved to include multi-dimensional risk assessments and a self-developed Bsim system for trade execution [6][9] Future Outlook - Looking ahead, Square and Investment aims to not only become a leader in China's quantitative investment space but also to establish itself globally [7][8] - The company is adapting to regulatory changes in the industry, focusing on sustainable alpha generation and reducing reliance on high-leverage strategies [8][9] - With the addition of new talent and a commitment to enhancing its research capabilities, Square and Investment is poised to navigate the evolving competitive landscape effectively [7][9]

Core Viewpoint - Xiaohongshu, with over 200 million monthly active users, is facing compliance challenges in its advertising business as it attempts to monetize its platform while maintaining user trust [3][10]. Group 1: Advertising Compliance Issues - Recent advertisements on Xiaohongshu for financial products have raised concerns about misleading content, with claims such as "annualized returns greater than 14%" and "drawdown less than 0.5%" being highlighted prominently [3][6]. - Financial industry professionals have expressed surprise at the misleading nature of these advertisements, suggesting they imply guaranteed returns despite small disclaimers about past performance not predicting future results [3][5]. - Xiaohongshu's advertising practices have been criticized for lacking proper investor suitability checks, as the platform does not implement specific procedures for identifying qualified investors [6][8]. Group 2: Regulatory Framework - The advertising content in question appears to violate multiple regulations, including the Advertising Law, which prohibits guarantees of future performance or returns, and regulations on private fund promotion that restrict advertising to unspecified audiences [8][9]. - Legal experts have indicated that both the private fund sales institutions and the platform may face liability for publishing misleading advertisements, potentially leading to joint liability if investors suffer losses [9]. Group 3: Business Model and User Trust - Xiaohongshu's push for commercialization has led to an increase in advertising frequency, which some users perceive as detrimental to their experience, raising questions about whether users will continue to engage with the platform [10]. - Analysts suggest that while Xiaohongshu's user-generated content model fosters trust, a poor balance between content and advertising could negatively impact user perception and platform integrity [10].