组合基金展现出较强的盈利稳定性，正收益产品占比高达96.85%，在476只产品中仅15只出现亏损，但17.86%的平均收益率略低于多资产策略。 11月14日，记者从私募排排网获悉，截至210月31日，全市场10969只私募基金中，91.33%的产品实现正收益，平均收益率达到24.32%。高收益产品 频现，前5%分位数收益率高达72.03%。 从策略类型看，股票策略以29.52%的平均收益率领跑五大策略，正收益产品占比达92.73%，在6931只产品中有6427只实现盈利，且高收益产品数量 众多，前5%分位数收益达82.48%，显著高于其他策略。这一表现与今年A股震荡上行的结构性行情高度契合，科技成长与资源周期板块的轮动为股 票策略提供了丰富的投资机会。 多资产策略凭借跨类别配置优势，以19.71%的平均收益率位列第二，正收益产品占比为91.61%。该策略在年内适时提升股票资产配置，有效捕捉权 益市场上涨红利，同时借助债券、商品等多资产布局分散了单一市场风险。 债券策略延续稳健风格，8.77%的平均收益率为五大策略中最低，但其90.09%的正收益占比，凸显出较强的风险防御能力，这与年内国债收益率下 行、债市整体 ...

Core Insights - The A-share market has shown a slow upward trend since 2025, with a significant recovery in the bond market and notable performance in stock index futures and precious metals [1] - Private equity funds have performed exceptionally well this year, with 91.33% of products achieving positive returns and an average return rate of 24.32% as of October 31, 2025 [1] Summary by Strategy Type - **Equity Strategy**: Leads with an average return of 29.52% and a positive return rate of 92.73%, with 6,427 out of 6,931 products making profits, benefiting from the structural market rally in A-shares [1] - **Multi-Asset Strategy**: Ranks second with an average return of 19.71% and a positive return rate of 91.61%, effectively capturing equity market gains while diversifying risks through bonds and commodities [1] - **Combination Funds**: Show strong profitability stability with a positive return rate of 96.85%, although the average return of 17.86% is slightly lower than that of multi-asset strategies [1] Bond and Commodity Strategies - **Bond Strategy**: Maintains a steady style with an average return of 8.77%, the lowest among the five strategies, but with a strong positive return rate of 90.09%, reflecting robust risk defense capabilities [2] - **Commodity Strategy**: Faces challenges due to volatile prices in oil and gold, resulting in a relatively modest average return of 13.02% and a positive return rate of 82.43% [2] Quantitative Long Strategy Performance - The quantitative long strategy has excelled with an average return of 36.76% and a positive return rate of 96.52%, significantly outperforming the overall equity strategy [2] - Factors driving this success include adaptability to structural market conditions, high liquidity in the A-share market, volatility benefits, and enhanced data processing through AI technology [3]

Core Insights - Quantitative trading is expanding at an unprecedented pace, with quantitative long strategies being particularly popular in the market [1][3] - The average new fundraising scale for quantitative managers has exceeded 1 billion yuan this year, indicating strong demand for quantitative products [1][3] - Quantitative private equity has become a significant player in the capital market, with its strategies attracting more individual investors [2][3] Group 1: Market Performance - Quantitative long strategy products have shown a strong performance, with top institutions reporting absolute returns exceeding 40% this year [3] - As of the end of August, the average return for 1,303 quantitative long strategy private equity products was 31.84%, compared to 25.62% for subjective long strategy products [3] - The number of new quantitative private equity products registered this year reached 3,584, a year-on-year increase of 100.34%, accounting for 45.33% of new registrations in the securities category [3] Group 2: Market Impact - The average turnover rate for quantitative private equity has been around 80 times, with some leading firms reporting rates between 40 to 60 times [4] - The management scale of quantitative private equity has surpassed 1 trillion yuan, with daily trading volume estimated at around 200 billion yuan, representing over 20% of total market trading volume [4] - Quantitative strategies are particularly influential in trading small-cap stocks, contributing nearly 40% to the trading volume in this segment [4] Group 3: Future Trends - The growth of quantitative trading is expected to enhance market liquidity and potentially transform quantitative private equity into a long-term investor in the capital market [2][7] - Regulatory guidance has led to a more standardized development of the quantitative private equity industry, with firms focusing on optimizing strategies and reducing trading frequency [6][7] - Many leading private equity firms are now emphasizing fundamental factors, with annual turnover rates dropping below 50 times, indicating a shift towards long-term investment strategies [7]

Core Insights - Since 2025, private equity securities products have shown significant profitability, with an average return of 20.41%, and stock strategy products achieving an impressive average return of 15.38% [1] - As of August 31, there are 10,135 private equity securities products with performance records, of which 9,208 have generated positive returns, resulting in a high positive return ratio of 90.85% [1] - Among various strategies, stock strategies have outperformed, benefiting from the structural market trends in A-shares, with 6,473 stock strategy products recording an average return of 25.38% and a positive return ratio of 93.09% [1] Stock Strategy Analysis - Within stock strategies, quantitative long strategies have excelled in the mid and small-cap market, with 1,303 products showing a positive return ratio of 96.24% and an average return of 31.84% [2] - In contrast, subjective long strategies have a positive return ratio of 92.68% but a lower average return of 25.62%, indicating a significant performance gap compared to quantitative strategies [2] - Multi-asset strategies follow closely with an average return of 15.61%, primarily due to timely allocation to stock assets, with 1,279 products showing a positive return ratio of 89.91% [2] Market Outlook - The rise in the A-share market is attributed to multiple factors, including policy adjustments, improved liquidity, and enhanced economic fundamentals, as analyzed by Fidelity International's economist Liu Peiqian [2] - Upcoming tourism expenditure data and weekly real estate transaction data are expected to serve as important indicators for observing the pace of economic recovery [2] - Looking ahead, the market is anticipated to continue a trend of oscillating upward, with a gradual shift towards large-cap growth stocks, focusing on sectors with low penetration rates such as AI computing power, semiconductor autonomy, solid-state batteries, humanoid robots, satellites, controllable nuclear fusion, and innovative pharmaceuticals [2]