中经记者 罗辑 北京报道 2026年1月9日，私募排排网发布2025年私募证券产品表现数据。 2025年，全市场有业绩记录的9934只私募证券产品中，8915只产品实现正收益，正收益占比近九成（达 89.74%），平均收益率为25.68%，中位数收益18.78%。 这其中，股票策略以绝对优势成为收益冠军。 该策略下，6298只产品中有5680只取得正收益，正收益占比90.19%，平均收益率高达29.99%，中位数 收益24.2%。 并且，在股票策略各子策略中，量化多头策略下的1360只产品正收益占比高达95.81%，平均收益率 39.51%，中位数收益42.04%，两项核心收益指标均位列子策略首位，成为股票策略中的领跑者。 （编辑：曹驰 审核：夏欣 校对：颜京宁） ...

Core Insights - As of October 31, 2025, 91.33% of the 10,969 private equity funds achieved positive returns, with an average return rate of 24.32% [1][3] - The top 5% of funds yielded an impressive return of 72.03%, indicating a strong performance across the market [1][3] Strategy Performance - **Equity Strategy**: Leading with an average return of 29.52%, 92.73% of equity funds reported positive returns. Among 6,931 funds, 6,427 were profitable, with the top 5% achieving a return of 82.48% [1][3] - **Multi-Asset Strategy**: Ranked second with an average return of 19.71% and a positive return rate of 91.61%. This strategy effectively captured equity market gains while diversifying risks through bonds and commodities [1][3] - **Combination Funds**: Showed strong stability with 96.85% of funds in positive territory, although the average return of 17.86% was slightly lower than that of multi-asset strategies [1][3] - **Bond Strategy**: Maintained a conservative approach with an average return of 8.77%, but 90.09% of funds achieved positive returns, highlighting its risk-averse nature [2][3] - **Futures and Derivatives Strategy**: Experienced moderate performance with an average return of 13.02% and 82.43% of funds in positive territory, affected by volatile commodity prices [2][3] Sub-Strategy Insights - **Quantitative Long Strategy**: Emerged as the top performer within equity strategies, boasting an average return of 36.76% and a positive return rate of 96.52%, significantly outperforming subjective long strategies [3][5] - **Subjective Long Strategy**: Achieved a return of 29.72%, with a notable 5% percentile return of 86.45%, indicating strong performance in specific sectors like technology [4][5] - **Market Neutral and Long-Short Strategies**: Reported lower average returns of 9.22% and 18.29%, respectively, due to their hedging mechanisms limiting upside potential [4][5] Market Dynamics - The performance of quantitative strategies has been attributed to several factors, including rapid sector rotation in technology and high trading volumes in the A-share market, which support high-frequency trading [6]

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]