在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临前所未有的配置压力。当传统固收 资产难以覆盖负债成本，权益市场直接投资又面临波动风险时，部分中小型保险机构正尝试借道专业的 资产管理通道，将资金投向以往相对陌生的领域——量化私募。 由于监管规则尚未完全明确，名为"MOM"(管理人中管理人)的模式成为了主流"合规桥梁"。在这一生态 链中，险资、券商资管、量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细合作 与博弈。 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着约3%至4%的刚性负债成本，这决定了其首要目 标是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语 道破险资的"负债驱动"本质。该人士表示，险资投资不仅看收益，更看重"资本消耗"，底层资产不透明 可能导致更高的"资本占用成本和风险"。 这种对"确定性"和"穿透管理"的极致要求，与量化私募长期给外界留下的传统形象产生了直接矛盾。此 前，量化私募的投资常常被描绘成一个"黑箱"——神秘莫测，深不可测。华东一家大型保险资管机构人 士的谨慎态度颇具代表性："我们不投资私募量化产 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临前所未有的配置压力。当传统固收 资产难以覆盖负债成本，权益市场直接投资又面临波动风险时，部分中小型保险机构正尝试借道专业的 资产管理通道，将资金投向以往相对陌生的领域——量化私募。 由于监管规则尚未完全明确，名为"MOM"（管理人中管理人）的模式成为了主流"合规桥梁"。在这一 生态链中，险资、券商资管、量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细 合作与博弈。 ● 本报记者 王辉 黄一灵 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着约3%至4%的刚性负债成本，这决定了其首要目 标是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语 道破险资的"负债驱动"本质。该人士表示，险资投资不仅看收益，更看重"资本消耗"，底层资产不透明 可能导致更高的"资本占用成本和风险"。 这种对"确定性"和"穿透管理"的极致要求，与量化私募长期给外界留下的传统形象产生了直 ...

在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临前所未有的配置压力。当传统固收 资产难以覆盖负债成本，权益市场直接投资又面临波动风险时，部分中小型保险机构正尝试借道专业的 资产管理通道，将资金投向以往相对陌生的领域——量化私募。 由于监管规则尚未完全明确，名为"MOM"（管理人中管理人）的模式成为了主流"合规桥梁"。在这一 生态链中，险资、券商资管、量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细 合作与博弈。 ● 本报记者 王辉 黄一灵 对于为何选择MOM而非直投私募基金或市场化FOF，各方观点揭示了其作为"合规桥梁"的核心价值。 "MOM管理人负责筛选、监控私募，专业化程度高，同时可根据险资需求定制策略，灵活性也高。此 外，通过MOM可隔离险资与私募，合规性更强。"第三方机构格上基金研究员蒋睿分析。 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着约3%至4%的刚性负债成本，这决定了其首要目 标是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语 道破险资的"负债驱动"本质。该人士表示，险资投资不仅看收益，更看重"资本消 ...

在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临配置压力。部分中小型保险机构正 尝试借道专业的资产管理通道，将资金投向以往相对陌生的领域——量化私募。 名为"MOM"（管理人中管理人）的模式成为了主流"合规桥梁"。在这一生态链中，险资、券商资管、 量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细合作与博弈。 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着3%至4%的刚性负债成本，这决定了其首要目标 是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语道 破险资的"负债驱动"本质。 这种对"确定性"和"穿透管理"的极致要求，与量化私募给外界的传统形象产生了矛盾。华东一家大型保 险资管机构人士的谨慎态度颇具代表性："我们不投资私募量化产品。这个业务大型保险机构不会做， 因为风险较大。但据我们了解，一些中小保险资管机构和个别理财公司已经进行了尝试。" 为了撬动险资大客户，头部量化私募开始了一场从内到外的适应性"妥协"与"改造"。 "险资的风控要求严格很多，比如衍生品只能做股指期货且仅限套保，这就要求我们选股要控制在有股 指期货对 ...

Core Viewpoint - The Chinese private equity industry is transitioning from quantitative expansion to qualitative transformation, driven by capital market reforms and long-term capital inflows, as highlighted by the "Golden Yangtze" private equity empowerment plan [3]. Group 1: Private Equity Performance and Fundraising - In 2025, the private equity industry achieved remarkable performance, with 75 billion-level private equity firms reporting an average return of 32.77%, with 98.67% of them generating positive returns [4]. - The top five firms, including Lingjun Investment and Yuanshin Investment, reported annual returns exceeding 50%, with the top three surpassing 70% [4]. - Quantitative private equity emerged as a standout performer, with 45 billion-level quantitative firms achieving an average return of 37.61%, all reporting positive returns [4]. Group 2: Product Registration and Market Trends - The number of registered private equity products reached 12,645 in 2025, doubling year-on-year, with stock strategy products accounting for 65.86% of the total [5]. - The dominance of billion-level private equity firms in product registration reflects their advantages in brand, performance, and channels, leading to a concentration of resources in capable institutions [5]. - The regulatory environment is improving, and long-term capital continues to enter the market, positioning the private equity sector for higher quality development [5]. Group 3: Sales and Platform Development - Longjiang Securities' private equity sales business saw a remarkable growth of approximately 350% in sales scale compared to 2024, with a 47% increase in retained volume [7]. - The "Golden Aircraft Carrier" funding platform has established a five-level funding closed-loop system, connecting various financial institutions and facilitating over 10 billion yuan in investments into private equity [8]. - The platform emphasizes building an open, collaborative, and sustainable service ecosystem, enhancing connections between private equity and wealth management [8]. Group 4: Research and Technological Support - Longjiang Securities provides comprehensive research support to private equity managers through reports, surveys, and strategy discussions, enhancing their decision-making capabilities [9]. - The company is focused on building an intelligent, integrated, and efficient operational and trading support system, improving efficiency and accuracy in key processes [10]. - Customized solutions are offered to different strategy managers, enhancing their execution and asset management capabilities [10]. Group 5: Performance Metrics and Strategy Insights - The second phase of the "Golden Yangtze" private equity empowerment plan in 2025 showcased nearly 3,000 participating products, with an average return of 30% and a median return of 22% [11]. - The index enhancement strategy led the performance with a median return of 42.4%, while quantitative stock selection and subjective long strategies followed closely [11]. - The performance of certain strategies, such as CTA, showed a decline in median returns, reflecting challenges posed by market volatility and liquidity changes [11].

2019年，梁文锋在金牛奖的颁奖仪式上，发表了一篇"神预言"的演讲。 七年过去，里面很多对于量化的预测都已成真！ 今天就跟大家展开聊聊，他到底预测了啥~ 以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 预言一：量化将成为 私募基金 中的主流 2025年7月，百亿级量化私募数量达到44家，历史上首次超过百亿主观私募。 相较于4年前主观称霸的天下，私募行业的格局已发生翻天覆地的变化。 除了头部私募中量化占比的提升，从 产品备案数量 来看，量化也是独占鳌头。 预言一成真的背后，并不是偶然，而是由多重因素催化下必然会走向的结果。 因素1：A股天然适合量化发挥 一个扎心的事实：散户撑起A股半边天，他们更容易受市场情绪扰动，追涨杀跌。 而量化交易的核心逻辑，正是精准捕捉这些"非理性交易红利"。 因素2：投资工具日渐成熟 过去的市场中，量化条件不成熟，投资品种和工具匮乏。 而现在，市场上期权、可转债、商品期货等品种陆续增多，给量化策略提供了更多获取收益、管 理风险的方式。 因素3：量化技术的持续发展 近几年计算机技术发展突飞猛进，今年更是进入到AI新纪元 ...

Core Viewpoint - The influx of various funds into the market since 2025 is expected to continue, driven by domestic wealth reallocation, the return of foreign capital, and the steady entry of long-term funds such as insurance and state-owned enterprises, which will further enhance market dynamics and create positive feedback loops [1][67]. Group 1: Characteristics of Fund Inflow - The current round of fund inflow exhibits three notable characteristics: the weakening of real estate investment attributes leads to longer-term capital market investments by residents, traditional industry overcapacity is gradually being cleared, and the decline in traditional savings and financial product yields makes equity asset allocation inevitable [4][67]. - The resonance of various funds entering the market is more pronounced, with less impact from the slowdown of single fund inflows, supported by long-term capital, resulting in stronger market resilience and continuity compared to previous cycles [6][69]. - Major institutions currently hold around 8% of the free float market value of all A-shares, indicating a balanced pricing power among them, with significant marginal inflows likely to lead market trends [6][69]. Group 2: Active Equity Funds - Active equity funds are expected to see significant marginal improvement in 2026, transitioning from a net outflow of 400 billion yuan in 2025 to a net inflow of 200 billion yuan, driven by the recovery of excess returns and new regulations aligning interests between fund managers and investors [8][71]. - The issuance of active equity funds is recovering, with the first factor being the return of excess returns, as investors compare active and passive funds, favoring those that consistently generate alpha [9][72]. - The outlook for 2026 suggests that high-growth sectors such as AI, innovative pharmaceuticals, and new consumption will enhance the effectiveness of investment, further driving the return of excess returns for active funds [11][73]. Group 3: Foreign Capital - The combination of overseas liquidity easing, renminbi appreciation, and the recovery of PPI is expected to increase foreign capital's willingness to invest in A-shares [21][82]. - The anticipated continuation of loose overseas liquidity, with expectations of two to three interest rate cuts by the Federal Reserve in 2026, will likely encourage foreign capital to flow back into Chinese assets [23][84]. - The recovery of domestic PPI is expected to break the fundamental concerns that have limited foreign capital inflow, with overseas pension funds and sovereign wealth funds likely becoming the main drivers of foreign capital returning to A-shares [28][89]. Group 4: Insurance Capital - Insurance capital is expected to continue increasing its allocation to equity assets, with a projected increase of approximately 1.2 trillion yuan in A+H stocks in 2026, driven by high premium income and policy guidance [30][96]. - The proportion of equity assets held by insurance capital has risen significantly to 15.5%, nearing historical highs, with stock holdings reaching 10% [30][91]. - Smaller insurance companies are anticipated to become the main contributors to equity allocation in 2026, benefiting from policy support and market dynamics [34][95]. Group 5: Private Equity - The demand for financial asset allocation from high-net-worth individuals is expected to support continued net inflows into private equity, driven by declining returns from real estate and industrial investments [38][99]. - The management scale of private equity has seen a significant increase, with stock allocations rising to around 65%, indicating strong market participation [38][99]. - The growth in private equity is primarily demand-driven, reflecting a stronger willingness of high-net-worth individuals to enter the market [38][99].

Group 1 - The private equity market in China is experiencing a "good start" in 2026, with significant interest in quality subjective strategies and continued popularity of quantitative strategies [1][3] - Shanghai Fusheng Asset's actively managed stock private equity product raised 1 billion yuan in a single day, becoming the first "daylight" private equity hit of the year, reportedly selling out in seconds [1][3] - There is a structural characteristic in the current market recovery, with long-term performance-validated quality subjective managers regaining attention while quantitative strategies remain mainstream [3][4] Group 2 - The private equity issuance market has shown a "structured good start" trend, primarily driven by quantitative blue-chip institutions and some outstanding subjective private equity products [3][4] - As of January 9, 2026, 238 private equity securities products have been registered this year, with quantitative products accounting for 47.48% [4] - The sales pace of private equity products has accelerated compared to last year, driven by market policies and increased capital activity, leading to a higher demand for allocations [6][7] Group 3 - Existing clients remain the main source of funding, with new client entry being relatively slow but showing a growth trend [9] - High-net-worth individual clients, especially ultra-high-net-worth clients, are significantly increasing their allocation intentions [9] - Investment strategies are focusing on high-growth sectors, with companies like Shen Nong Investment and Tong Ben Investment targeting AI applications and new consumption as key areas for 2026 [11][12]

Core Viewpoint - The private equity market in China is experiencing a "good start" in 2026, with a notable increase in demand for quality subjective strategies and sustained interest in quantitative strategies [1][3]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 4100 points, leading to a surge in private equity fundraising, exemplified by Shanghai Fusheng Asset's 10 billion yuan product that sold out in seconds [1]. - The current private equity issuance and sales show a "structured good start," with quantitative strategies maintaining high popularity and some outstanding subjective strategy products also experiencing "instant sell-out" phenomena [1][3]. - Compared to last year, the pace of private equity sales has accelerated, with investors showing increased demand for equity assets and quicker decision-making [1][7]. Group 2: Investor Behavior - Existing clients remain the primary source of funding, with new client entry being relatively slow but showing a growth trend [8][9]. - High-net-worth individuals continue to dominate subscription activities, with a notable increase in the willingness of ultra-high-net-worth clients to increase their allocations [8][9]. Group 3: Strategy Focus - Institutions are focusing on high-growth sectors, with a dual investment strategy that includes waiting for results in the innovative drug sector and embracing explosive growth opportunities in AI applications [11]. - The innovative drug sector is expected to capture 20% to 30% of the global market share in the next decade, indicating a significant growth potential [11]. - New consumption and the AI industry chain are identified as key focus areas for investment, driven by long-term growth logic and short-term performance support [12].

Market Performance - The A-share market has experienced a strong recovery since the beginning of 2026, with a record daily trading volume of 3.64 trillion yuan on January 12, marking an increase of nearly 500 billion yuan from the previous trading day [2][3] - Major indices showed significant gains, with the Shanghai Composite Index rising by 1.09% to 4165.29 points, the Shenzhen Component Index increasing by 1.75% to 14366.91 points, and the ChiNext Index up by 1.82% to 3388.34 points [3] Private Equity Market - The private equity issuance market is also thriving, with the billion-level private equity firm Fusheng Asset raising over 1 billion yuan in a single day through a new product, indicating strong investor interest [2][4] - Fusheng Asset's new product was quickly sold out, reportedly within seconds, reflecting high demand from investors [5] Market Drivers - The current market rally is driven by a combination of policy, industry, and capital factors, with a shift from "valuation repair" to "profit verification" expected [4] - Key drivers include the implementation of commercial aerospace action plans, the launch of industrial internet and AI integration projects, and the ongoing benefits from the 14th Five-Year Plan [4] Private Equity Growth - The private equity market has seen a significant increase in new registrations, with 12,645 new private equity securities investment funds registered in 2025, nearly doubling from 6,337 in 2024 [7] - The total size of private equity funds reached 22.09 trillion yuan by the end of November 2025, with private equity securities management surpassing 7 trillion yuan [7] Investment Trends - The low interest rate environment has led to increased demand for equity and alternative assets among high-net-worth individuals and institutional investors, positioning private equity as a key investment choice [8] - The trend towards "head concentration" in the private equity sector is evident, with funds gravitating towards top-tier institutions that demonstrate brand and risk control advantages [8][9]