摘要 中国资本市场改革深化、对外开放及机构资金入市，推动券商机构投研 和交易业务增长，主经纪商（PB）业务需求持续增加，为中资券商带来 发展机遇。 监管强调扶优限劣，新兴业务专业要求增强，同业整合加速，头部券商 业绩结构均衡，风险中性配置策略，促进行业高质量发展，提升头部券 商业绩。 预计 2026 年中资券商板块盈利增速可达 12%，IPO 发行常态化、衍生 品扩容及潜在资本杠杆放宽等政策将提供支持，机构持仓和估值水平有 提升空间。 中资券商应以投研为本，服务公募、私募、保险和外资等增量资金，打 造多资产交易、一站式服务及全球化销售能力，提高资产负债表管理能 力。 居民财富再配置拐点促使资产向金融资产转移，并向权益化、另类化、 全球化方向演变，券商需提供分层差异化服务，加强优质产品供给，打 造以账户为核心的买方模式。 证券 2026 年展望：投资中国优质券商正当时 20260107 Q&A 中资券商在"十五"期间如何加速迈向国际一流投行？ 在"十五"期间，中资券商在大投行业务、金融市场业务和大财富业务等方面 取得了显著进展。首先，大投行业务方面，政策引导和实体经济转型升级的需 求推动了直接融资生态的完善。科 ...

Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, capturing a market share of 6.28% [1] - China International Capital Corporation (CICC) ranks second with an underwriting scale of 1.09 trillion yuan and a market share of 5.37% [1] - The "Guotai Haitong" combination has entered the top three with an underwriting scale exceeding 1 trillion yuan, indicating an increase in industry concentration [1] Group 2: Investment Fund Establishment - Western Securities, in collaboration with Shaanxi State-owned Assets, has established a 2 billion yuan merger and acquisition investment fund focusing on strategic emerging industries [2] - This initiative aims to enhance Western Securities' investment banking capabilities and support regional economic revitalization [2] - The fund is expected to catalyze resource integration in high-end manufacturing and new materials sectors in Shaanxi [2] Group 3: Quantitative Private Equity Trends - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and innovation sectors [3] - There is a notable trend of launching products focused on technology innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Growth of Dividend-themed Funds - The issuance of dividend-themed funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend-themed funds have been issued, raising a cumulative scale of 20.44 billion yuan, significantly higher than the previous period [4] - This trend suggests a growing market preference for stable returns, particularly in sectors with consistent dividend payouts [5]

Core Insights - The A-share market in November faced a downturn, with major indices declining, yet quantitative private equity funds achieved remarkable performance, with over 300 funds reaching historical net value highs and an average annual return of 67.39% for some funds [1][2] Group 1: Performance of Quantitative Private Equity - In November, 389 products from billion-level private equity funds reached historical net value highs, accounting for approximately 61% of the total products [2] - Among these, over 80% were quantitative products, totaling 324, with 18 billion-level quantitative private equity firms having all their products reach new highs [2] - Leading quantitative firms like Lingjun Investment and Ningbo Huansheng Quantitative achieved annual average returns of 67.39% and 52.55%, respectively, with multiple products hitting new net value records [2][3] Group 2: Distribution and Dividend Trends - The total number of private equity products registered in November reached 1,285, marking a 29.28% increase from October, with quantitative products accounting for 43.97% of the total [5] - Since 2025, private equity products have implemented dividends 1,658 times, totaling over 173.38 billion yuan, a significant increase of 236.59% compared to the same period in 2024 [3][4] - Stock strategies have been the primary driver of dividends, with 984 distributions amounting to 132.19 billion yuan, representing 76.24% of the total [3] Group 3: Market Outlook and Investor Sentiment - The increase in product issuance is driven by optimistic market expectations, with 885 private equity firms conducting research on 439 stocks in November [6] - Analysts suggest that the market is transitioning from a single growth style to a balanced approach, focusing on high-prosperity sectors for future rebounds [6] - The anticipated policy support in 2026 is expected to enhance market sentiment and activity, with a slow bull market trend likely to continue [6]

从策略维度看，不同策略私募产品的分红表现呈现显著差异。其中，股票策略以绝对优势占据分红主导 地位，今年以来合计分红984次，分红金额达132.19亿元，金额占比高达76.24%。 多资产策略则依托跨资产配置的灵活性崭露头角，今年以来合计分红232次，分红金额15.01亿元，占比 8.66%。该策略通过在股票、债券、商品等不同资产间动态调整仓位，有效平滑了单一市场波动风险， 而2025年股票市场的结构性机会成为其收益的核心贡献点，使其在复杂市场环境中仍能稳定兑现收益并 回馈投资者。 同比大增超两倍，股票策略占比近八成 【深圳商报讯】(记者陈燕青)在A股市场结构性行情与多资产机会共振的背景下，今年以来私募分红迎 来爆发式增长。私募排排网数据显示，截至11月底，在有业绩展示的私募产品中，今年以来共有产品实 施分红1658次，合计分红金额突破170亿元大关，达173.38亿元，同比大增236.59%。 从管理模式来看，主观私募与量化私募的分红积极性呈现明显分化。其中，非量化私募产品今年以来分 红达1101次，分红金额114.69亿元，占比66.15%；而量化私募产品尽管今年业绩表现抢眼，分红金额却 仅为58.69亿元 ...

（原标题：私募发行大爆发！单月备案量大增近30%） 临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据证券时报·券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中 国记者反映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加 快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无 ...

Core Viewpoint - The private equity fund industry in China is experiencing a surge in product registrations, with November 2025 seeing a significant increase of nearly 30% compared to October, marking the second-highest monthly registration volume of the year [1][3]. Group 1: Registration Data - A total of 1,285 private equity products were registered in November, a substantial rise from 994 in October, reflecting a 29.28% increase [3]. - The strong registration activity indicates a robust desire among private equity firms to "replenish ammunition" before the year-end, potentially boosting market sentiment for the end of the year and early next year [3][8]. Group 2: Strategy Trends - Stock strategies remain the dominant focus for private equity firms, with 849 stock strategy products registered in November, accounting for 66.07% of total registrations [3]. - The demand for diversified asset allocation is growing, with multi-asset strategy products reaching 193 registrations (15.02%) and futures and derivatives strategies at 121 registrations (9.42%) [4]. Group 3: Quantitative Private Equity - Quantitative private equity products accounted for 565 registrations in November, representing 43.97% of all registered products, highlighting the increasing importance of quantitative investment in the private equity sector [6]. - Within quantitative strategies, stock strategies dominate with 402 registrations, making up nearly half of all stock strategy registrations in the market [7]. Group 4: Market Outlook - Private equity firms are optimistic about future market conditions, believing that equity asset valuations are now reasonable and that economic stabilization is underway, prompting proactive product registrations to capture upcoming market opportunities [8]. - The decline in risk-free interest rates has diminished the appeal of traditional fixed-income products, driving investors towards private equity securities with higher return potential [8]. Group 5: Industry Dynamics - The registration data illustrates a pronounced "Matthew Effect" in the private equity industry, with 719 firms registering products in November, and 49 active firms registering five or more products, predominantly large quantitative firms [10]. - Among the top registrants, 30 firms manage over 10 billion, showcasing the advantages of established firms in brand influence, research capabilities, and resource channels [10][11].

临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中国记者反 映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无疑为年末乃至明年初的市场行情注入了一剂强心针。 排排网集团旗下融 ...

0 1 环比激增近三成，创年内备案次高 私募排排网统计数据显示，截至2025年11月30日，11月私募市场共计有1285只私募证券产品完成备案（包含自主发行和担任投顾的产品），较 前一个月的994只相比， 环比大增29.28%，这一数据不仅延续了之前的火热势头，更创下了年内月度备案量的次高， 反映出私募机构在临近年 底时发行产品的强烈意愿，为年末市场注入了一剂"强心针"。 排排网集团旗下 融智投资 FOF基金经理李春瑜 表示，尽管11月A股市场出现调整，私募备案热情依然高涨，主要基于三方面积极因素：首先， 私募机构对后市预期乐观，认为当前权益资产估值已进入合理区间，加之经济呈现企稳态势、企业盈利底部的确认，正积极备案产品以捕捉下一 轮行情机遇。其次，市场无风险收益率持续下行，使得传统固收类产品吸引力减弱，推动投资者进行资产再配置，资金纷纷转向收益潜力更高的 私募证券产品。此外，今年以来私募证券产品整体业绩表现亮眼，尤其是量化策略产品表现更为突出，正收益产品占比超过九成，显著增强了渠 道与高净值客户的配置信心。 02 股票策略仍是备案绝对主力 11月备案的产品中，股票策略产品多达849只，占比高达66.07%， ...

Group 1 - The private equity market is experiencing a surge in product registrations, with November seeing a nearly 30% month-on-month increase, marking the second highest registration volume of the year [1] - A total of 1,285 private equity securities products were registered in November, reflecting a strong willingness among private equity firms to issue products as the year-end approaches [1] - Equity strategies remain the dominant focus for private equity firms, with 849 equity strategy products registered in November, accounting for 66.07% of the total [1] Group 2 - Multi-asset strategies and futures and derivatives strategies are also maintaining high levels of interest, with 193 multi-asset strategy products registered, representing 15.02% of the total [1] - Quantitative private equity products have shown particularly strong performance, with 565 products registered in November, making up 43.97% of the total [2] - Within quantitative strategies, equity strategies dominate with 402 products registered, while futures and derivatives strategies account for 80 products, representing 66.12% of that strategy's total [2]

Group 1 - The private equity market in China is experiencing a surge in product registrations, with November seeing a 29.28% increase compared to the previous month, totaling 1,285 registered private equity securities products, marking the second-highest monthly registration this year [1] - Equity strategies remain the dominant focus for private equity firms, with 849 equity strategy products registered in November, accounting for 66.07% of total registrations, indicating strong investor interest despite recent adjustments in the A-share market [1] - Multi-asset strategies and futures and derivatives strategies are also maintaining high levels of activity, with 193 multi-asset strategy products registered, representing 15.02% of the total [1] Group 2 - Quantitative private equity products are particularly noteworthy, with 565 products registered in November, making up 43.97% of total registrations; equity strategies dominate this category as well, with 402 products registered [2] - A total of 719 private equity firms registered products in November, with 49 firms registering five or more products, highlighting a strong enthusiasm for product registration, especially among leading quantitative firms [2] - Century Frontier leads in product registrations with 20 products, followed by Starstone Investment with 15, and Mingchao Investment, Shanghai Xiaoyong Private Equity, and Tiansuan Quantitative each with 12 products [2] Group 3 - The A-share market has seen fluctuations around the 3,900-point mark, but long-term trends remain positive according to DWSQ, which believes that current adjustments do not alter the medium to long-term bullish outlook for A-shares [3] - Support for market risk appetite is expected from policy and liquidity environments, with expectations of the Federal Reserve entering a rate-cutting phase and overall liquidity in the A-share market remaining ample [3] - Corporate earnings are showing signs of stabilization, with the technology and advanced manufacturing sectors expected to contribute positively to market opportunities due to external demand and technological upgrades [3]