90%百亿量化私募年内收益率超20%，而垫底的4家百亿主观私募年内收益率不足6%，包括投资大佬但 斌的东方港湾和林园的林园投资。 百亿私募阵营含"量"量持续提升，今年新增12家百亿量化私募。当前94家百亿私募中，投资模式为量化 的私募有45家，几乎占据半壁江山。 量化私募的快速崛起离不开量化策略今年以来的超额收益，根据私募排排网数据，今年1至8月，量化百 亿私募平均收益为29.45%，主观百亿私募平均收益为20.73%，量化私募整体收益率要比主观私募高近9 个点。 具体看，超90%百亿量化私募年内收益率超20%，最差收益也超10%。而百亿主观私募收益分化严重， 头部私募收益高达56.86%，而垫底的4家百亿主观私募年内收益率不足6%，包括投资大佬但斌的东方港 湾和林园的林园投资。 今年新增12家百亿量化私募 根据私募排排网数据，截至2025年9月19日，国内百亿私募数量已增至94家，较2024年底的87家实现显 著扩容。这一增长态势背后，量化私募的强势崛起成为最突出的行业特征。当前94家百亿私募中，投资 模式为量化的私募有45家，几乎占据半壁江山。 与2024年底的格局相比，量化、主观、混合型（"主观+量化" ...

Group 1 - The driving force behind the current market trend is the participation of rational funds, high-net-worth individuals, and corporate clients, leading to a significant institutional characteristic of incremental capital [1] - The current funding structure indicates that the market will primarily focus on high-prosperity industry trends or assets with sustainable cash returns, particularly in resources, new productive forces (AI, innovative drugs), and overseas expansion [1] - If the consensus on the nature of the market (structural bull) is established, funds seeking yield elasticity are likely to either maintain stable positions or engage in high-low trading within prosperous sectors, rather than blindly expanding into other sectors [1] Group 2 - The A-share index is currently in a consolidation phase, with the potential for directional selection depending on recent domestic and international events [2] - The attractiveness of current A-share valuations and the impact of "anti-involution" policies and demand-side policies will be crucial for the market's future performance [2] - As the National Day holiday approaches, a decrease in trading willingness is expected, potentially prolonging the market's consolidation phase [2]

Core Insights - The number of private equity firms in China with assets exceeding 10 billion yuan has reached 91 as of August 31, 2025, indicating a continuous expansion in the industry [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45% of the total, while 39 are subjective firms, making up 42.86% [1] - The average return of products from 57 billion-yuan private equity firms in the first eight months of this year was 24.99%, with all achieving positive returns [1][2] Group 1: Quantitative Private Equity Performance - The average return of products from 37 billion-yuan quantitative private equity firms was 28.07%, with all firms achieving positive returns [2] - 31 out of 40 firms with average returns exceeding 20% were quantitative firms, highlighting their superior performance [2] - Factors contributing to the strong performance of quantitative firms include market volatility, accelerated sector rotation, and a favorable small-cap style [2] Group 2: Subjective Private Equity Performance - The average return of products from 16 billion-yuan subjective private equity firms was 19.59%, with all firms achieving positive returns as of the end of August [2] - Four subjective firms reported average returns exceeding 30%, indicating a recovery in performance following a market rebound [2]

今年以来，A股市场交投相对活跃，成交额基本维持在万亿以上水平，8月份A股市场单日成交额一度突破3万亿大关。与此同时，A股三大指数也表现亮 眼，上证指数创下近10年新高。 这样的市场环境，为量化投资提供了较好的"施展拳脚"的机会。因此，今年来，量化私募整体业绩表现亮眼。截至2025年8月底，在私募排排网有3只以上 产品有今年来业绩展示的量化私募共有173家，今年来收益均值约为22.36%，跑赢了同期的上证指数、深证成指（涨幅分别为15.10%、21.91%）。 又有哪些私募在今年脱颖而出呢？为了给读者提供一些参考，笔者按照公司规模分类（100亿元以上、50-100亿元、20-50亿元、10-20亿元、5-10亿元、5 亿元以下），分别梳理出了各规模组中今年1-8月收益居前10的量化私募（旗下有3只以上私募产品在排排网有今年1-8月业绩展示）。 百亿量化：稳博、阿巴马、天演居前3，诚奇、金戈量锐排名上升 百亿量化私募作为量化私募中的头部公司，备受市场关注。据私募排排网数据，截至2025年8月底，百亿量化私募共有45家。 按核心策略来划分，股票策略私募占38家，占比超8成；多资产策略私募占6家，期货及衍生品策略私募 ...

Group 1 - The A-share market has performed well this year, but subjective stock private equity is facing challenges as investors redeem their investments despite high net asset values [1][2] - Quantitative private equity has outperformed subjective private equity in recent years, leading to a shift in investor preference towards quantitative products [1][3] - As of August 8, 2025, subjective long-only stock strategy products have an average return of 16.54%, while quantitative long-only stock strategy products have an average return of 24.36% [2] Group 2 - The number of private equity securities products registered reached 6,759 by July 31, 2025, marking a year-on-year increase of 61.39% [4] - As of July 2025, there are 90 billion-level private equity firms, with 44 being quantitative, representing 48.49% of the total [4] - The rapid growth of quantitative private equity is attributed to their superior performance, although market conditions may eventually favor subjective stock performance [4]

Group 1 - The market has shown a clear preference for small and micro-cap stocks this year, with the CSI 2000 index rising over 25% and the micro-cap stock sector increasing over 65% [1] - Quantitative private equity products focused on small and mid-cap stocks have performed exceptionally well, with an average return of 15.04% for 1,529 qualifying quantitative products from January to July [1][3] - The best-performing strategies among private equity products include "Other Index Increase" with an average return of 28.84% and "CSI 1000 Index Increase" with 27.00% [3] Group 2 - As of July 2025, quantitative private equity firms managing over 100 billion yuan had an average return of 20.53%, showcasing their strategic and risk management advantages [4] - The top three firms in this category are Stable Investment, Abama Investment, and Tianyan Capital, with average returns of ***%, ***%, and ***% respectively [4] - Stable Investment, founded in 2014, has a strong focus on quantitative trading across various asset classes and has developed a unique research methodology based on AI and machine learning [7][8] Group 3 - In the 50-100 billion yuan category, Tianxuan Quantitative leads with an average return of 14.27%, followed by Mingxi Asset and Jiashi Dayan [10] - Tianxuan Quantitative, established in 2014, utilizes AI technology for stock and futures quantitative investment, with a team comprising graduates from prestigious universities [12][13] Group 4 - The 20-50 billion yuan category is led by Yunqi Quantitative, with an average return of ***%, followed by Xiangmu Asset and Guangzhou Shouzheng Yiqi [16] - Yunqi Quantitative, founded in 2021, employs multi-factor stock selection and dynamic risk control strategies [16] Group 5 - In the 10-20 billion yuan category, Shanghai Zijie Private Equity tops the list with an average return of ***%, followed by Yanhui Investment and Yangshi Asset [17][19] - Shanghai Zijie Private Equity, established in 2015, focuses on quantitative hedging and value investing [19] Group 6 - The 5-10 billion yuan category is led by Liangchuang Investment with an average return of ***%, followed by Wuliang Capital and Shanghai Hanhong Private Equity [20] - Liangchuang Investment, founded in 2016, covers a wide range of asset classes and has developed proprietary trading and risk management systems [22] Group 7 - In the 0-5 billion yuan category, Quancheng Fund ranks first with an average return of ***%, followed by Hangzhou Jinshi Asset and Guangzhou Tiantianhan [23][26] - Quancheng Fund, established in 2021, focuses on secondary market investments and employs a data-driven approach to trading [26]

Core Viewpoint - The emergence of DeepSeek has positioned Huanshang Quantitative as a "tech newcomer," but the recent exposure of corruption related to "brokerage commissions" has raised concerns about DeepSeek's future [2]. Group 1: Incident Overview - A scandal involving over 100 million yuan in "commission kickbacks" has thrust Huanshang Quantitative back into the public and regulatory spotlight, revealing hidden connections between brokerages and quantitative private equity [2]. - The scandal centers around Huanshang's market director, Li Cheng, who allegedly colluded with a staff member from China Merchants Securities to exploit a commission structure, resulting in kickbacks totaling 118 million yuan over six years [2][6]. Group 2: Company Background - Founded in 2015 by Liang Wenfeng, Huanshang Quantitative has grown from an initial investment of 100,000 yuan to become the first domestic quantitative hedge fund to raise over 100 billion yuan [3]. - Li Cheng, who joined Huanshang in 2017, previously worked at China Merchants Securities and has been a key representative for the company [3][5]. Group 3: Financial Operations - The kickback scheme involved creating a network for profit distribution, where Li Cheng used his position to channel high-frequency trading business through a fictitious broker, resulting in significant commissions [6][7]. - The commission structure allowed for substantial earnings, with Li Cheng reportedly earning over 20 million yuan from the scheme [6]. Group 4: Regulatory Context - The practice of commission kickbacks has been prohibited by regulatory bodies since 2002, yet some brokerages have found ways to circumvent these rules [7]. - The scandal highlights a broader issue of compliance and governance within the financial industry, particularly in the context of high-frequency trading [18]. Group 5: Strategic Shift - Huanshang Quantitative is attempting to transition from a quantitative trading firm to an AI technology platform, aiming to leverage its capabilities in model algorithms and data engineering [15][16]. - The company has ceased raising new asset management products, indicating a strategic pivot towards AI development and a response to the ongoing regulatory scrutiny [15][16]. Group 6: Future Challenges - The dual identity of Huanshang as both a tech innovator and a participant in traditional financial misconduct presents a significant challenge for its public image and operational strategy [14][18]. - The company is actively seeking compliance and legal expertise to strengthen its governance framework in light of the recent scandal [18].

Group 1 - The private securities product registration market is experiencing unprecedented activity, with 1,298 products registered in July, a month-on-month increase of 18%, marking the highest level in nearly 27 months. This reflects a significant recovery in market confidence and a sustained demand for private product allocation [1] - The total number of registered products for the year has reached 6,759, representing a year-on-year increase of over 60%, indicating a clear recovery trend in the private issuance market [1] Group 2 - Quantitative private products have been particularly prominent in this registration wave, with 620 quantitative products registered in July, accounting for 47.77% of the total registered products for the month, and a month-on-month growth of nearly 20% [3] - Among the 13 private firms that registered more than 10 products in July, 11 were quantitative firms, with the top ten spots entirely occupied by quantitative institutions. Wide德 Private Fund led with 31 registered products, followed by Mingcong Investment with 26 [3] - Stock quantitative strategies dominate the quantitative product category, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products for the month, and a month-on-month increase of 26.79% [3] Group 3 - Stock strategies continue to play a leading role in private product registrations, with 887 stock strategy products registered in July, accounting for 68.34% of the total registered products, and a month-on-month growth of 24.58% [4] - Multi-asset strategies are emerging as a significant force, with 162 products registered in July, representing 12.48% of the total, and a month-on-month increase of 5.88% [4] - Futures and derivatives strategies, bond strategies, and combination fund strategies also show steady growth, with 125, 48, and 46 products registered respectively, indicating a diversification in investment options for investors [4] Group 4 - A total of 676 private institutions completed product registrations in July, including 48 billion-level private funds and 36 funds with 50 to 100 billion in scale, demonstrating active participation across different scales of private institutions [4]

Core Viewpoint - The quantitative private equity industry is experiencing renewed interest, with trading commission rates and rebate issues becoming focal points [1] Group 1: Trading Commission Rates - The trading commission rates for quantitative private equity firms generally range from 0.01% to 0.015%, with significant variations based on the firm's scale, strategy, and business relationships [1][2] - Larger quantitative firms, due to their high trading frequency and capital scale, often negotiate lower base trading rates, typically between 0.01% and 0.02% [2] - Smaller firms, despite having lower management scales, also engage in high-frequency trading, leading to substantial trading volumes [2] - The commission structure can be viewed as a combination of fixed and variable rates, with the breakeven point for trading commissions generally set around 0.012% [3] Group 2: Cost Implications - A quantitative private equity firm with a scale of 10 billion yuan and an annual turnover rate exceeding 200 times could incur annual trading commission expenses of approximately 200 million yuan, assuming an average commission rate of 0.01% [4] - Recent regulatory changes have significantly increased high-frequency trading costs, compelling firms to reduce trading frequency and turnover rates [4] Group 3: Compliance and Rebate Issues - Commission rebates are explicitly prohibited by regulations, raising compliance concerns within the industry [5] - The return of commissions not only violates regulatory guidelines but also reflects a lack of internal risk control and compliance mechanisms [6] - Various regulations, including the Securities Brokerage Business Management Measures, explicitly forbid the return of commissions or any form of non-compliant incentives to investors [6][7]

Core Viewpoint - The private equity market is experiencing a significant rebound, with a record number of private securities fund products being registered in July 2025, driven by improved investor confidence and strong performance of quantitative strategies [2][3]. Group 1: Market Overview - In July 2025, a total of 1,298 private securities fund products were registered, marking an 18.00% month-on-month increase and the highest level in nearly 27 months [2]. - Year-to-date, the number of registered private securities fund products reached 6,759, reflecting a year-on-year increase of 61.39% [2]. - The A-share market's positive performance, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor participation and confidence [2]. Group 2: Strategy Performance - Stock strategies dominated the market, with 887 products registered in July, accounting for 68.34% of the total, and a month-on-month growth of 24.58% [3][4]. - Multi-asset strategies are gaining traction, with 162 products registered, representing 12.48% of the total, and a month-on-month increase of 5.88% [3][4]. - The registration of futures and derivatives strategies remained stable, with 125 products registered, accounting for 9.63% of the total [4]. Group 3: Quantitative Products - Quantitative products saw a significant increase, with 620 products registered in July, representing 47.77% of the total, and a month-on-month growth of 19.00% [5][6]. - Year-to-date, the number of registered quantitative products reached 3,081, accounting for 45.58% of the total, with a year-on-year increase of 77.68% [5]. Group 4: Leading Firms - In July, 676 private equity firms registered products, with 48 firms managing over 10 billion, indicating a strong presence of large-scale private equity firms [9][10]. - Leading firms in the quantitative space include Kuande, Mingfa, and Century Frontier, each managing over 100 billion and focusing primarily on index enhancement strategies [10][11].