本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，A股市场在复杂多变的国内外环境中展现较强韧性，整体呈现"震荡上行、结构分化"的格局。上证指数累计上涨2.75%，深证成 指微涨0.48%，创业板指上涨0.53%，而代表小微盘的北证50指数表现最为亮眼，涨幅高达39.45%。 值得注意的是，上半年A股市场成交规模显著放大，期间A股总成交金额达到162.68万亿元，远远超过2024年同期的101万亿元，显示出 A股市 场活跃度正快速提升！ 在如火如荼的行情之下，百亿私募旗下产品又有怎样的表现？据私募排排网数据，上半年有业绩显示的百亿私募产品共有495只，上半年收益均 值达到10.18%，超额收益均值达到8.84%。虽然 百亿私募旗下产品收益整体表现亮眼，但不同策略之间却分化明显！ 其中，量化多头策略收益 均值高达18.84%，但主观多头收益均值却仅为3.32%。 | 级产品策略 | 二级产品策略 | 私募排排网有业绩显 示的产品数 | 上半年收益均值 | 上半年超额收益均值 | | --- | --- | --- | --- | --- | | | 喜你亲杀 | 194 | 18. ...

Core Viewpoint - The article analyzes the performance of various private equity funds in the first half of 2025, highlighting the average win rates and returns across different fund sizes and strategies, with a notable emphasis on the superiority of quantitative strategies over subjective ones [2][10]. Group 1: Overall Performance - In the first half of 2025, 2,592 stock strategy products had an average win rate of 56.34%, with 979 products achieving a win rate above 60%, accounting for approximately 37.78% [2][4]. - The average win rates by fund size are as follows: over 100 billion (58.22%), 50-100 billion (57.63%), 20-50 billion (57.29%), 10-20 billion (57.08%), 5-10 billion (55.61%), and 0-5 billion (55.40%) [2][4]. Group 2: Performance by Strategy - Among 1,752 subjective long products, the average win rate was 54.76% with an average return of 11.51%, while 592 quantitative long products had an average win rate of 59.38% and an average return of 17.54%, indicating that quantitative products outperformed subjective ones in both metrics [2][10]. Group 3: Top Performing Funds - The top-performing products in the over 100 billion category included "微观博易-宝途二号B类份额" managed by 微观博易, achieving a win rate of ***% and a return of ***% [5][7]. - In the 50-100 billion category, "同犇22期" managed by 同犇投资 had the highest return of ***% and a win rate of ***% [11][13]. - The leading product in the 20-50 billion category was "盛冠达股票量化2号C类份额" managed by 盛冠达, with a win rate of ***% and a return of ***% [16][19]. - For the 10-20 billion category, "上海晨鸣精选A类份额" managed by 晨耀私募 had a win rate of ***% and a return of ***% [20][21]. - In the 5-10 billion category, "量盈日升专享1号A类份额" managed by 量盈投资 achieved a win rate of ***% and a return of ***% [23][25]. - The top product in the 0-5 billion category was "九招股票量化多头一号B类份额" managed by 九招基金, with a win rate of ***% and a return of ***% [27][29].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，受国内外多重因素交织影响，A股市场波动显著加剧，收益与风险的平衡成为投 资者甄选股票策略产品的重要考量维度之一。 夏普比率是衡量风险收益比的一个重要指标 ，计算公式为：夏普比率=（基金预期收益率-无风险 利率）/基金收益的波动率（标准差）。通常情况下，当基金收益相近时，夏普比率越高越好。 2025年上半年，有夏普比率展示的股票策略产品共有2891只，平均收益为12.4%，夏普比率均值 为1.57。 按公司规模划分，规模为 10-20亿的私募旗下股票策略产品平均收益最为突出，达到 16.39%。然而，从夏普比率来看，却呈现出公司规模越大，股票策略产品夏普比率均值越高的 特点。其中，百亿私募成为唯一一个股票策略产品夏普比率均值超过2的规模组。 | 公司规模 | 股票策略产品数量 | 股票策略产品总规 模(亿元) | 上半年收益均值 | 上半年夏普均值 | | --- | --- | --- | --- | --- | | 100亿以上 | 420 | 632.37 | 11.40% | 2.03 | | 50-100亿 | 196 ...

自2024年9月底A股市场经历了快速拉升行情之后，近半年来（2024年12月1日-2025年5月31 日），A股市场基本维持在一个相对高位的震荡态势！A股主要指数多数在近半年收跌，仅代表 小微盘股的中证2000相对强势，上证指数在银行板块的支撑下也只是勉强收红。 | | | 近半年涨跌幅 | 近半年最大涨幅 | 近半年最大回撤 | | --- | --- | --- | --- | --- | | 证券市场 | 指数名称 | (2024-12-01, | (2024-12-01, | (2024-12-01, | | | | 2025-03-31 ) | 2025-03-31 ) | 2025-03-31 ) | | A股 | 上证指数 | 0.63% | 9.93% | -10.54% | | | 深证成指 | -5.38% | 12.44% | -14.98% | | | 创业板指 | -10.38% | 15.27% | -21.16% | | | 沪深300 | -1.95% | 9.86% | -10.90% | | | 中证500 | -3.09% | 14.23% | -13.80% | | | ...