本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来随着量化技术的进步，量化投资在单一资产如股票、商品期货、股指期货、可转债等资产中的运用已经较为普遍，同时 一些私募管理人 也开始尝试在 各种 策略方向 量化赋能，如期权、套利、转债、 FOF等各大策略中，均出现量化的身影。 私募排排网数据显示， 量化投资模式下涉及的二级策略有 14种，其中比较热门的十大量化策略分别是： 包括量化多头、量化CTA、股票市场中 性、复合策略、期权策略、套利策略、转债交易策略、宏观策略、股票多空、FOF。 业绩方面来看，截至11月底，1793只量化产品今年来收益均值为27.29%，其中825只量化多头策略今年来收益均值为高达41.12%，以明显优势 领先。其次是复合策略、股票多空策略。 | 二级策略 | 符合排名规则 的量化产品数 | 今年来收益均值 | 今年来夏普均值 | 近3年收益均值 | | --- | --- | --- | --- | --- | | 曹帆亲杀 | 825 | 41.12% | 2.86 | 74.10% | | 量化CTA | 372 | 16.87% | 1.41 | 48.46% ...

Core Viewpoint - The private equity fund industry in China is experiencing a significant surge in product registrations, with a notable increase in quantitative private equity leading the trend as the market approaches year-end [2][3]. Group 1: Private Equity Registration Trends - In November, a total of 1,285 private equity products were registered, marking a 29.28% increase from October's 994 products, achieving the second-highest monthly registration volume of the year [2][3]. - The surge in registrations reflects private equity firms' strong desire to "replenish ammunition" before year-end and into the next year, indicating optimism about future market conditions [3]. Group 2: Market Sentiment and Strategy - Despite a cautious market sentiment in November, private equity firms remain optimistic about future equity asset valuations and economic stabilization, prompting them to register new products [3]. - The decline in risk-free returns has diminished the appeal of traditional fixed-income products, leading investors to reallocate funds towards private equity securities with higher return potential [3]. - The overall performance of private equity securities has been strong, particularly in quantitative strategies, with over 90% of products generating positive returns, boosting investor confidence [3]. Group 3: Product Strategy Breakdown - Stock strategies continue to dominate, with 849 stock strategy products registered in November, accounting for 66.07% of total registrations [4]. - There is a growing demand for diversified asset allocation, with 193 multi-asset strategy products registered, representing 15.02% of the total [5]. - Futures and derivatives strategies also maintained high interest, with 121 products registered, making up 9.42% of the total [6]. Group 4: Quantitative Private Equity Dominance - Quantitative private equity products accounted for 565 registrations in November, representing 43.97% of all registered products, highlighting its significance in the private equity landscape [7]. - Within quantitative strategies, stock strategies are the core focus, with 402 products registered, nearly half of the total stock strategy registrations [8]. - The demand for quantitative long-only strategies is evident, with 310 products registered, indicating a strong market outlook for capturing stock market gains [8]. Group 5: Industry Concentration and Competitive Landscape - 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 [9]. - Among the leading firms, 30 out of 49 active firms manage over 10 billion, showcasing the advantages of established firms in brand influence and research capabilities [9][10]. - Notable firms leading in registrations include Century Frontier with 20 products, followed by Starstone Investment with 15 products, indicating the competitive landscape among top-tier private equity firms [11][12].

Core Insights - The private equity fund market showed strong performance in the first three quarters of 2025, with an average return of 25.00% across 9,363 funds, and 91.48% of products achieving floating profits, surpassing the performance of the CSI 300 index during the same period [1] Group 1: Overall Market Performance - The stock strategy led the market with an average return of 31.19% from 5,976 funds, with 93.52% of products in profit [1] - The multi-asset strategy followed with an average return of 18.92%, and 90.01% of its products achieving floating profits [1] - The combination funds, although fewer in number (290), had a solid average return of 15.93%, with the highest floating profit rate of 95.17% among the five major strategies [1] - Futures and derivatives strategies had average returns of 10.72% and 9.26%, with over 80% of products in profit [1] Group 2: Stock Strategy Sub-Strategies - The quantitative long strategy outperformed with an average return of 35.95%, compared to 32.57% for subjective long strategies [2] - The stock long-short and market-neutral strategies had lower average returns of 17.83% and 8.07%, respectively [2] - Factors contributing to the strong performance of quantitative long strategies included favorable market conditions, high liquidity, increased market volatility, and the ability to process large data sets for risk diversification [2] Group 3: Futures and Derivatives Strategies - Within the futures and derivatives strategies, other derivatives strategies led with an average return of 15.84% [2] - The subjective CTA strategy had an average return of 12.39%, while the quantitative CTA strategy returned 10.44%, with subjective strategies performing better overall [2] - Options strategies had an average return of 8.28% [2] Group 4: Bond Strategy Performance - The convertible bond trading strategy emerged as a standout performer with an average return of 18.35%, significantly higher than pure bond strategies (4.98%), bond enhancement strategies (6.40%), and bond composite strategies (8.60%) [3] - The overall private equity fund market in the first three quarters of 2025 displayed a positive outlook, with notable differentiation in returns across various strategies and sub-strategies, indicating diverse investment opportunities [3]

Group 1 - The private equity market in China has seen a significant increase in product registrations, with a total of 7,907 private securities products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registration landscape, with 5,173 stock strategy products registered this year, accounting for 65.42% of total registrations, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to steady growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, with year-on-year increases of 76.58% and 66.87% [1] - Quantitative private securities products have seen a rising share, with 3,584 quantitative products registered this year, making up 45.33% of total registrations, reflecting a 100.34% year-on-year growth [1] Group 3 - Billion-dollar quantitative private equity firms have become the main contributors to product registrations, with Kwan Der Private Equity leading with 118 registered products, primarily focusing on stock quantitative long strategies, especially those linked to the CSI 500 index [2] - Blackwing Asset follows closely with 112 registered products, also focusing on stock quantitative long and quantitative CTA strategies, with a preference for the CSI 500 index [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-dollar firms, and 25 are billion-dollar quantitative firms, indicating a strong presence of large-scale quantitative private equity in the market [2]

Group 1 - The private equity market in China has seen a significant increase in registered private securities products, with a total of 7,907 products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registered products, with 5,173 stock strategy products accounting for 65.42% of the total, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of the total, respectively [1] - The proportion of quantitative private securities products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of the total, reflecting a 100.34% year-on-year growth [1] Group 3 - Within the quantitative product category, stock strategies are the most prevalent, with 2,601 stock strategy quantitative products, accounting for 72.57% of the total quantitative products [2] - Billion-yuan quantitative private equity firms are leading the registration efforts, with Kuande Private Equity registering 118 products, primarily focused on stock quantitative long strategies [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-yuan firms, and 25 are billion-yuan quantitative firms, indicating a strong presence of large-scale players in the market [2]

Core Insights - In July, the number of newly registered private equity funds and product filings reached a record high for the year, indicating a strong growth trend in the private equity sector [2][4]. Group 1: Registration and Filings - In July, 22 new private equity fund managers were registered, marking the highest monthly figure for the year. This includes 6 private securities investment funds and 16 private equity and venture capital funds [2]. - The total number of registered private fund managers reached 19,700 by the end of July, with 11,785 in private equity and venture capital, 7,722 in private securities investment, and 187 in other private investment funds [2]. - A total of 1,698 new products were filed in July, also a record for the year, with a total filing scale of 107.43 billion yuan [4]. Group 2: Product Types and Strategies - The majority of the newly filed products in July were stock strategy products, totaling 887, which accounted for 68.34% of the total filings [5]. - Quantitative funds gained significant attention, with 620 quantitative private securities products filed in July, representing 47.76% of the total filings [5]. - Among the quantitative stock strategy products, 321 were filed under the quantitative long strategy, making up 67.15% of that category [5]. Group 3: Fund Scale and Growth - The total number of existing private funds reached 139,430 by the end of July, with a total scale of 20.68 trillion yuan, showing continuous growth for seven consecutive months [5]. - Among the 676 private securities managers with filed products, the distribution by scale was as follows: 357 managers with 0-500 million yuan, 86 with 500 million-1 billion yuan, and 48 with over 10 billion yuan [6].

Group 1: Investment Rating - No investment rating is mentioned in the report. Group 2: Core Viewpoints - The performance of the subjective CTA strategy line in the second half of 2025 will continue the trend of the first half. The consistency between macro and industrial directions benefits subjective CTA managers, and the source of income will not decline significantly. Also, the probability of position limits is low, which is conducive to the recovery of market liquidity [2][32][35] Group 3: Summary by Directory 1. 2025 H1 Subjective CTA Review 1.1 Subjective CTA Strategy Net Value Performance - In H1 2025, the net value performance of managers in the observation pool was basically the same as that in H1 2024, and the maximum weekly drawdown was smaller. By sector, black and multi - sector managers had prominent returns. By scale, larger - scale managers had more obvious returns [8][11][14] 1.2 2025 H1 Subjective CTA Strategy Income Attribution - In H1 2025, the Nanhua Commodity Index weakened. The decline of coal drove the cost collapse of domestic industrial products. The income acquisition of subjective CTA was divided into two stages. In the first stage (Jan - Mar 2025), precious and non - ferrous metals rose, while domestic industrial products weakened. In the second stage (Apr - May 2025), after the Tomb - sweeping Festival, the market volatility increased, and subjective CTA managers performed well. The cost collapse of industrial products also promoted the performance of quantitative CTA factors [17][19][22] 2. Subjective CTA Strategy Industry Ecological Changes 2.1 Managers' Positions are Generally Low, Paying More Attention to Net Value Drawdown Management - Managers' positions are generally low, focusing on net value drawdown management. The income in H1 2025 came from the smooth trend of some varieties and the improvement of trading win - rate. Changes in trading habits are related to past commodity price fluctuations and capital requirements [26] 2.2 The Proportion of Industrial Hedging has Increased, Possibly Increasing Industrial Discourse Power - As the prices of industrial products such as coal decline, the industrial demand for hedging against price decline risks has increased. The reduction of the inventory transfer ability of factories through traders makes futures hedging a choice, which may increase industrial discourse power in subsequent pricing [30] 3. 2025 H2 Subjective CTA Outlook - The performance of the subjective CTA strategy line in H2 2025 will continue the trend of H1. The consistency between macro and industrial directions remains, and the decline trend of domestic industrial products has not changed. The probability of position limits is low, which is conducive to the recovery of market liquidity [32][33][35]

Core Viewpoint - The performance of private equity funds has been significantly impacted by tariff shocks, leading to a general decline in returns for April, although recent market recovery has shown signs of stabilization in net asset values and management scales, particularly among large private equity firms [1][2][7]. Group 1: Performance Overview - In April, only 20 out of 100 leading long-only private equity products achieved positive returns, indicating that over 80% of products experienced losses [2][3]. - Among large private equity firms, the average return for 49 firms with performance data was -0.46%, with only 34.69% achieving positive returns [5]. - The top-performing large private equity firms included Honghu Private Equity, Evolution Asset, and Lery Asset, while some firms faced losses exceeding 10% [3][5]. Group 2: Strategy Performance - Quantitative strategies among leading private equity firms performed poorly, with only 10% of products yielding positive returns, while market-neutral and quantitative CTA strategies showed better performance [4]. - Mixed strategy large private equity firms outperformed others, with an average return of 0.04%, while subjective long-only strategies suffered the most with an average return of -1.24% [5]. Group 3: Market Dynamics - The number of large private equity managers has increased to 87, up from 84 in March, indicating a slight expansion in the sector [2][8]. - The competitive landscape is intensifying, with a notable increase in the proportion of quantitative large private equity firms, which now account for 43.68% of the total, reflecting a shift in market dynamics [12]. Group 4: New Entrants and Exits - Four large private equity firms exited the billion-dollar club, while seven new or returning firms joined, including Shanghai RuiLiang and Zhuhai Kuande, with a focus on quantitative strategies [9][10]. - The majority of new entrants are quantitative firms, while subjective firms still dominate the large private equity landscape [11].