量化多头策略是利用数学模型和计算机算法，基于大量历史数据筛选出预期收益高的股票进行做多的一种投资策略。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募产品业绩在某一阶段内表现突出，并非难事，但要想在多个区间内都领先，则非常考验基金经理的投研水平和策略的持续迭代能力。因为资 本市场的变化非常快，以A股为例，无论是市场风格还是领涨赛道，都是阶段性的轮动。 2023年以来，全球资本市场面临的环境是非常复杂的，股市、债市、商品期货等均有较大的波动。A股自2023年以来走出了熊转牛行情。在这样 的市场背景下，能做到自2023年以来每年收益都排名居前，就显得难能可贵。 为了给读者提供一些参考，笔者根据私募排排网数据，分策略（主观多头、量化多头、CTA、多资产）梳理出了在 "2023年、2024年、2025年 1-11月"收益排名都居上游 的私募产品。 （公司规模在5亿元以上； 同一基金经理管理多只相同策略产品的，仅选2023年以来累计收益最高的产 品参与排名 ） 0 1 量化多头： 16 只产品排名持续居上游，明汯、茂源、翰荣均有份！ 截至2025年11月底，5亿以上规模私募中，在私募排排网有今年1 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来随着量化技术的进步，量化投资在单一资产如股票、商品期货、股指期货、可转债等资产中的运用已经较为普遍，同时 一些私募管理人 也开始尝试在 各种 策略方向 量化赋能，如期权、套利、转债、 FOF等各大策略中，均出现量化的身影。 私募排排网数据显示， 量化投资模式下涉及的二级策略有 14种，其中比较热门的十大量化策略分别是： 包括量化多头、量化CTA、股票市场中 性、复合策略、期权策略、套利策略、转债交易策略、宏观策略、股票多空、FOF。 业绩方面来看，截至11月底，1793只量化产品今年来收益均值为27.29%，其中825只量化多头策略今年来收益均值为高达41.12%，以明显优势 领先。其次是复合策略、股票多空策略。 | 二级策略 | 符合排名规则 的量化产品数 | 今年来收益均值 | 今年来夏普均值 | 近3年收益均值 | | --- | --- | --- | --- | --- | | 曹帆亲杀 | 825 | 41.12% | 2.86 | 74.10% | | 量化CTA | 372 | 16.87% | 1.41 | 48.46% ...

然而，行业内部存在明显分化。数据显示，20亿元—50亿元规模的中型私募平均超额收益领先，而百亿 元以上头部机构则以接近98.13%的正超额产品占比，展现了极强的业绩稳定性和风控能力。融智投资 FOF基金经理李春瑜认为，投研团队完备的头部管理人能提供更稳健的超额收益，而某些在特定领域有 优势的中小管理人，可能在与其相匹配的市场风格阶段表现突出。 私募排排网数据显示，截至2025年11月底，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%。多位业内人士表示，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。 百亿私募蒙玺投资表示："2025年A股市场的成交量及流动性相对去年大幅提升，为量化策略获取超额 收益提供基础。"另一家百亿私募世纪前沿表示，A股市场近期日均成交额持续超万亿元的活跃交投环 境，是量化策略表现突出的关键前提。 业绩表现亮眼 A股市场2025年交易即将收官。回顾全年，量化私募行业呈现全面回暖态势，量化多头策略业绩表现亮 眼，行业管理规模持续攀升，而人工智能（AI）技术的深度赋能，正重塑行业研发与竞争格局。 构建"多元化"护城河应对挑战 值得关注的是，策略同质化、全频段 ...

■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 ...

Core Insights - The private equity management scale in China has reached a historic high of over 22 trillion yuan, driven by structural market opportunities and the evolution of the industry ecosystem [1][4][5] Group 1: Private Equity Scale Growth - As of the end of October, the private equity fund management scale reached 22.05 trillion yuan, an increase of 1.31 trillion yuan from the end of September [1] - The number of existing private securities investment funds reached 80,214, with a total scale of 7.01 trillion yuan, marking a growth of over 1 trillion yuan compared to September [1][5] - In October, new registrations of private funds totaled 1,389, with a new registration scale of 670.1 billion yuan, where private securities investment funds accounted for 995 new registrations and 429.2 billion yuan [2] Group 2: Expansion of Billion-Level Private Equity - The number of billion-level private equity firms has increased to over 110, with 18 new firms entering this tier and one exiting [3] - Notable new entrants include firms such as Xiyue Investment and Shanghai Xinpu Private Equity [3] Group 3: Market Activity and Industry Purification - The ongoing structural market trends have significantly contributed to the record high in private equity scale, with many products achieving over 10% annual returns, attracting investors from fixed-income products [4] - The number of existing private fund managers has decreased to 19,367, down from 20,289 at the beginning of the year, indicating a trend of industry consolidation [5][6] Group 4: Future Market Outlook - Institutions are optimistic about future market conditions, with expectations of continued structural opportunities in the A-share market despite potential short-term adjustments [7] - The capital market is expected to maintain growth potential, particularly in emerging growth and cyclical sectors that do not rely on overall economic recovery [7]

Core Insights - The A-share market is experiencing high volatility with a decline in the performance of technology growth stocks, leading to a noticeable decrease in individual stock profitability [1][2] - Quantitative long strategies are facing significant challenges due to factor decay, rising costs, and stricter regulations, prompting a shift towards platformization, AI integration, and multi-strategy approaches [1][3] Performance Challenges - Since November, the market has entered a phase of index volatility and stock differentiation, putting pressure on quantitative long strategies [2] - Despite a marginal decline in market profitability in October, quantitative long products achieved an average return of approximately 0.93% and an excess return of 1.5%, outperforming subjective long strategies [1][2] - There is a clear performance divergence among leading and mid-tier quantitative firms in terms of excess returns since the fourth quarter [1][2] Strategy Iteration - The market's complexity has highlighted the operational challenges and evolution directions of quantitative strategies [3] - Key challenges identified include the decline in factor effectiveness, rising trading costs, and the need for compliance with regulatory requirements [3] - Leading firms are adopting multi-dimensional iterations, such as enhancing trend prediction across all frequency bands and improving algorithms to control slippage [3][4] Competitive Landscape - The year 2025 is anticipated to be favorable for quantitative strategies, with significant growth in performance, fundraising, and product registration [5] - The proportion of quantitative product registrations has increased significantly, with quantitative long products leading this growth [5] - The competition in the quantitative industry is shifting from isolated algorithm breakthroughs to comprehensive system engineering [5][6] - The deep application of AI and machine learning is becoming a driving force in quantitative strategy development [5][6] Future Outlook - The market is witnessing a concentration of resources towards leading firms with stable operations and robust performance [6] - The consensus in the industry suggests that quantitative long strategies will focus on refining existing frameworks rather than making disruptive changes [6]

Group 1 - The core viewpoint of the article highlights that leading private equity firms are actively issuing new products despite market fluctuations, with a strong preference for long equity strategies as new capital continues to flow into the market [1][2] - The private equity issuance market remains vibrant, with a significant increase in the number of registered private securities investment funds, reaching 8,935 in the first three quarters of the year, a 89.38% increase compared to the same period last year [2] - The performance of large private equity firms has been impressive, with an average annual return of 28.8% for 62 firms as of September 30, 2023, and a high positive return rate of 98.39% [3] Group 2 - Many large private equity firms are adopting a balanced investment strategy for the fourth quarter, focusing on both offensive and defensive positions while exploring market opportunities [4][5] - Specific sectors of interest include technology, advanced manufacturing, and undervalued cyclical industries, with a focus on leading companies in segments such as media, power equipment, pharmaceuticals, and electronics [5]

Group 1 - The core viewpoint of the article indicates that despite increased market volatility in September, the inflow of incremental funds into the market has not ceased, with the number of billion-level private equity firms increasing to 94 by the end of September, marking two consecutive months of growth [1][3][8] - The trend of reallocating resident assets remains unchanged, with a consensus on increasing equity assets, supported by a gradual decline in domestic risk-free interest rates and the global competitiveness of China's advantageous industries [1][10] - The number of billion-level private equity firms has increased by 13 over the past seven months, reversing last year's contraction trend, with quantitative private equity becoming the main force [8][12] Group 2 - As of September 29, the number of billion-level private equity firms has increased by 3 from the end of August, with specific firms like Zhengying Asset and Kaishi Private Equity entering the billion-level tier [3][4] - The statistics show that among billion-level private equity firms, there are 45 quantitative, 41 subjective, and 7 mixed investment mode firms, with one firm not disclosing its investment mode [3][4] - The stock private equity position index reached 78.41% as of September 19, indicating a continuous increase in positions among private equity firms, with over 90% of billion-level stock private equity firms holding positions above 50% [13][14] Group 3 - The article highlights that the recent market fluctuations have not deterred the enthusiasm of individual investors, who continue to prefer purchasing existing products to increase their positions during market dips [11][16] - The issuance of new private equity funds remains active, with many firms still launching new funds exceeding 10 million, despite some larger firms having closed their fundraising [11][12] - The liquidity structure indicates that current fund inflows are primarily from domestic institutions and existing investors, with foreign and individual investors yet to fully engage [16]

Core Viewpoint - Market style rotation is a typical characteristic of A-shares, where no single style can consistently outperform the market. This rotation significantly impacts quantitative long strategies, influencing their excess returns directly [2][3]. Group 1: Impact of Style Rotation - Style rotation serves as a double-edged sword for quantitative long strategies, affecting performance and sustainability. When market style aligns with historical preferences of quantitative models (e.g., small-cap style), strategies can capture significant stock selection alpha, leading to outstanding performance [3]. - In the first half of 2023 and the small-cap market in 2024, many quantitative products achieved considerable returns. However, when market styles reverse sharply (e.g., collective pullback of small-cap stocks in early 2024), quantitative strategies face significant challenges, often resulting in noticeable drawdowns [3]. - Quantitative models rely on historical data to identify patterns. If a particular style (like small-cap) remains dominant, models will increase exposure to that style. A sudden style reversal can lead to the short-term failure of factors based on historical data, causing stock selection alpha to vanish or even turn negative [3]. Group 2: Performance Disparity Among Strategies - Style rotation exacerbates performance disparities among different quantitative products. Funds focusing on different tracks (e.g., 300 index enhancement vs. 1000 index enhancement) or employing varying style constraints or risk control capabilities will exhibit significant performance differences during style shifts [3]. - The average excess return of over 200 quantitative long strategy products under billion-yuan private equity was approximately -1.69%, with only 22.67% showing positive excess returns, indicating a high exposure to small-cap and growth styles [7]. Group 3: Market Conditions and Future Outlook - The market exhibited significant style switching from August to September 2025, driven by macroeconomic changes, capital flows, and policy expectations. The relative performance of broad-based indices reflects the rotation between large-cap and small-cap styles [7]. - The small-cap factor's return volatility has increased, and the average excess drawdown during rapid style transitions typically ranges from 1-4%, with the potential for a higher average excess drawdown of 8-9% in February 2024. However, subsequent recovery trends are generally smooth [11].

Group 1 - The private equity market in China has seen a significant recovery this year, with over 8,000 new private securities investment funds registered, marking an increase of over 80% year-on-year [1][2] - Stock strategies have emerged as the dominant force in the private equity issuance market, accounting for over 60% of new products, with 5,343 new stock strategy private funds registered, representing a growth of 92.68% compared to the same period last year [1][2] - The recovery in the private equity market is driven by three main factors: the ongoing structural market trends in A-shares and Hong Kong stocks, improved regulatory frameworks enhancing investor confidence, and strong performance of quantitative strategies attracting investor interest [2] Group 2 - Despite recent fluctuations in the A-share and Hong Kong markets, the influx of new capital remains strong, with high demand for quantitative long strategy products, indicating continued investor interest in equity assets [3] - Investors show low redemption intentions and maintain expectations for ongoing structural market trends, with a growing need for reallocation of household savings towards advantageous industries [3] - The healthcare and technology sectors are particularly favored by private equity firms, with significant research activity in the pharmaceutical and electronic industries, indicating a focus on high-potential companies [4][5][6] Group 3 - The pharmaceutical sector has seen over 1,000 research engagements from private equity firms, with leading companies like Mindray Medical, Anjieshi, and Aibo Medical being the most frequently researched [5] - The electronic sector follows closely with nearly 1,000 research engagements, highlighting companies such as Crystal Optoelectronics, Feikai Materials, and Anji Technology as key focuses [6] - Investment strategies are directed towards emerging growth sectors with sustainable performance, including AI technology and innovative pharmaceuticals, as well as competitive companies benefiting from favorable economic policies [6]