本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 迈入7月，今年上半年的行情于昨日正式收官。受海内外多重因素交织影响，A股的表现较为震 荡，主要股指全线上涨，其中上证指数上半年累涨2.76%，北证50指数大涨39.45%一度创出历史 新高。行业和题材方面，结构性分化明显，并呈现科技和红利共振的局面。 在此背景下，今年上半年基金行业也发生了许多引发市场热议的大事件。1月末，DeepSeek的创 始人梁文锋、背后公司幻方量化迅速出圈。4月，在关税冲击下，多家知名私募巨头集体发声并 用真金白银支持中国市场。5月，公募市场系统性改革文件落地，行业开始从"重规模"向"重回 报"转变。 0 1 幻方旗下 DeepSeek 出圈！私募量化巨头掀起 AI 布局热潮 今年1月，千亿私募巨头幻方量化旗下新一代AI大模型 DeepSeek-R1横空出世。DeepSeek-R1在 实现复杂逻辑推理解题能力的同时，训练成本约为GPT-4的1/10， 打破 "高投入=高性能"行业规 则 ， 因此在 全球技术圈和资本市场均引起巨大轰动，"东升西降"的说法更是开始甚嚣尘上。 资料显示，DeepSeek的研发经费主要依赖背后的量 ...

融智投资FOF基金经理李春瑜分析，私募持续加仓主要基于三方面考量：一是政策面持续释放积极信号，提振市场预期和投资者信心；二是A股估值处于历 史合理偏低区间，提供了布局优质品种的良机；三是今年以来市场结构性机会突出。 数据显示，截至5月31日，有业绩记录的12843只私募证券产品，今年前五个月平均收益率为4.34%，正收益产品占比近75%。其中，股票策略产品表现最为 突出，8487只股票策略私募产品平均收益率为4.81%，正收益占比约73.5%。量化股票策略尤其受益于今年A股偏小盘成长的市场风格，1480只股票量化多头 产品平均收益率高达8.46%，正收益产品占比超86%。 仓位方面，截至6月6日，国内百亿级股票私募平均仓位为79.10%，较去年12月底大幅提升近9个百分点，处于今年高位。其中近五成私募处于重仓或满仓状 态。全行业股票私募平均仓位也达到74.43%，整体偏高水平。 【环球网财经综合报道】近期，证券私募行业呈现业绩与仓位"双线走高"的积极态势。第三方机构监测数据显示，今年以来证券私募行业整体业绩表现亮 眼，股票策略产品更是领跑五大策略。随着投资信心的增强，百亿级股票私募持续加仓，平均仓位水平已攀升 ...

Market Performance - In April, the A-share market exhibited a V-shaped trend, but all three major indices closed lower, with the Shanghai Composite Index down by 1.70%, the Shenzhen Component Index down by 5.75%, and the ChiNext Index down by 7.40% [1] Private Fund Performance - Despite the market downturn, many private fund products reached historical highs in net value in April, with 974 private fund products achieving this milestone [1] - Among these, 406 were quantitative products and 568 were non-quantitative products [1] - The most common product strategy was equity strategy, with 333 products, followed by futures and derivatives strategy with 282 products, multi-asset strategy with 168 products, bond strategy with 160 products, and combination fund products with 31 products [1] Billion-Level Private Funds - A total of 71 products from billion-level private funds reached historical highs in April, with quantitative products making up 49 of these, nearly 70% [1] - The equity strategy was the most prevalent among these products, with 29 products, accounting for nearly 40% [1] Top Performers - Ten billion-level private funds had three or more products reaching new highs, with notable contributions from博润银泰投资 (9 products), 合晟资产 (7 products), and others [2] - The threshold for the top 10 private fund products in terms of returns over the past year was close to 26%, with four of these being quantitative long products [2] - The top five products in terms of returns came from博润银泰投资, 泓湖私募, 乐瑞资产, and宽德私募, with the latter holding two positions [2] Overall Private Fund Market - As of April 30, the average return for all private securities funds was 2.52%, with 8,758 products, or 69.82%, achieving positive returns, indicating a strong profit-making effect [2] - Quantitative long strategies significantly outperformed subjective long strategies, with an average return of 4.77% for 1,424 quantitative long products compared to 1.95% for 5,994 subjective long products [2] - The issuance of private fund products has seen a recovery, with nearly 3,500 new private securities investment funds registered this year, representing a nearly 40% increase compared to the same period last year [2]

| | 大类资产 | 月度趋势 | | | 配置建议(未来6个月) | | | 配置变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 高配 | 中高配 | 标配 | 中低配 | 低配 | | | 汇率 | 美元 | 偏强震荡 | | ● | | | | | | | 欧元 | 偏弱震荡 | | | | ● | | | | | 人民币 | 偏弱震荡 | | | O | | | | | | 日元 | 偏弱震荡 | | | O | | | | | | 英镑 | 偏弱震荡 | | | 0 | | | | | | 中国国债 | 震荡 | | | 0 | | | | | | 中国信用债 | 震荡 | | | O | | | | | 固收 | 可转债 | 震荡 | | | O | | | | | | 美元债 | 偏强震荡 | ● | | | | | | | 权益 | Ａ股 | 震荡 | | ● | | | | | | | 一消费 | 震荡 | | | O | | | | | | 一周期 | 震荡 | | | O | | | | | | 一 ...