本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在波动的市场，五年时间足以见证数轮牛熊的更迭。对于投资者而言，最大的痛点往往并非选不到短期的"冠军基"，而是难以找到那只真正能让 人"拿得住、睡得着"的产品。 如果我们将目光从"短期暴利"转向"长期复利"，一个极其苛刻却又极具价值的筛选标准浮出水面： 近 5年年化≥ 10%， 并且 每年的回撤 ≤ 10%。 10%的年化收益，在单边牛市中或许显得并不耀眼；但10%的年度回撤控制，是恐慌性下跌中管理人防御能力的印证之一。 私募排排网数据显示，在近5年有业绩显示的1639只产品中 (剔除债券策略，下同) ， 同时满足近 5年年化≥ 10%， 并且 每年回撤 ≤ 10% 的私 募产品仅有 65只，占比为3.96%。 0 1 百亿私募仅10只产品，旌安、鸣石旗下多产品在列！ 私募排排网数据显示，截至2026年2月底，百亿私募旗下有近5年业绩显示的267只产品中，同时满足 近 5年年化≥ 10%， 并且 每年回撤 ≤ 10% 的私募产品仅有 10只 (占比仅为3.75%)。其中有5只产品为多资产策略，3只股票策略，2只期货及衍生品策略。 | 序号 | | ...

Core Viewpoint - The A-share market continued its strong performance in 2025, with the Shanghai Composite Index returning to 4000 points after ten years and the ChiNext Index rising approximately 50% throughout the year. This growth was driven by breakthroughs in the technology sector, liquidity easing, and policy support, but also experienced significant market differentiation and volatility [3]. Group 1: Private Fund Performance - As of December 31, 2025, there were 3,270 stock strategy products with reported returns and Sharpe ratios, achieving an average return of 37.36% and an average Sharpe ratio of 1.67. Products from funds with over 10 billion in assets had a higher average Sharpe ratio of 2.18 [3]. - The high returns of private equity products are often accompanied by high risks, with the Sharpe ratio serving as a key indicator for assessing the risk-adjusted performance of investment portfolios [3]. Group 2: Top Products by Fund Size - In the category of funds over 100 billion, there were 499 products with an average return of 34.7% and an average Sharpe ratio of 2.18. The top three products were managed by Wang Yiping from Evolutionary Asset, Zhu Xiaokang from Longqi Technology, and Xu Jikan from Mingshi Fund [5][6]. - For funds between 50-100 billion, 204 products reported an average return of 36.93% and an average Sharpe ratio of 2.11, with the top three managed by Shi En from Yunqi Quantitative, Liang Tao from Liangkui Private Fund, and Lin Ziyang from Hainan Shengfeng Private Fund [8][10]. - In the 20-50 billion category, 351 products had an average return of 39.76% and an average Sharpe ratio of 1.76, with the top three managed by Zhong Yinhui from Xiangmu Asset and Liu Xuhui from Hainan Zhengren Quantitative Private Fund [12][13]. - For funds in the 10-20 billion range, 409 products achieved an average return of 45.27% and an average Sharpe ratio of 1.66, with the top three managed by Zheng Bin and Zou Qixiang from Yangshi Asset [15][17]. - In the 5-10 billion category, 477 products had an average return of 38.71% and an average Sharpe ratio of 1.54, with the top three managed by Liu Li and Zhu Chaona from Qiheju Asset [19][20]. - For funds under 5 billion, 1,330 products reported an average return of 34.88% and an average Sharpe ratio of 1.43, with the top three managed by Wu Ziqiang and Ding Xu from Duwi Fund [21][22].