本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，截至2025年12月底，国内7522家证券类私募中，"小而美"私募(20亿以下，下同)数量高达7025家，占比为93.39%。在 2025年慢牛行情下，受益于弹性优势，不少"小而美"私募凭借惊艳的业绩脱颖而出，成为行业热门。 与千亿级私募巨头的"航母战斗群"不同，"小而美"私募更像一支支精锐特种部队：它们通常管理规模在20亿以下，投研团队精简高效，投资策略 鲜明聚焦。在2025年的"慢牛"行情中，"船小好调头"的优势被充分放大，一批"小而美"正悄然成为市场焦点。 随着2025年的收官，2025年度"小而美"私募人气私募基金经理、人气私募公司以及人气私募产品也随着曝光 (人气排行榜按2025年1月1日-12月 31日私募页面热度值排序) 0 1 热搜私募公司：观理基金领衔！智信融科位居量化首位！ 2025年度人气位列前20的"小而美"私募中，主观+量化私募占8家，量化私募7家，主观私募5家。按公司规模来看，10-20亿私募最多，共有12 家，5-10亿私募6家，5亿以下私募仅3家上榜。 人气位列前 10的 "小而美" 私募依次为 ...

Core Viewpoint - The A-share market has shown a clear slow bull characteristic in 2023, with significant returns from sectors like technology growth and resource cycles, leading to an overall increase of over 15% in major indices from January to November, with the ChiNext Index leading at 42.54% [2][3]. Summary by Sections A-share Market Performance - The three major A-share indices have all risen over 15% from January to November, with the ChiNext Index achieving a remarkable 42.54% increase [2]. - A-share indices exhibit lower volatility compared to the Hang Seng Index and Nikkei Index, aligning with the characteristics of a slow bull market [2]. Index Data - The performance data for major indices from January to November is as follows: - CSI 300: 15.04% return, 15.69% annualized volatility, 127.80% turnover rate, 10.49% maximum drawdown - Shanghai Composite: 16.02% return, 14.09% annualized volatility, 245.70% turnover rate, 9.71% maximum drawdown - Shenzhen Component: 24.67% return, 21.71% annualized volatility, 394.74% turnover rate, 14.98% maximum drawdown - ChiNext Index: 42.54% return, 30.21% annualized volatility, 576.46% turnover rate, 20.79% maximum drawdown [3]. Fund Performance - The average return for 2049 subjective long-only products from January to November is 34.39%, significantly outperforming most A-share indices [3]. - Among the 197 subjective long-only products from billion-yuan private equity firms, the average return is 23.72%, with 94.42% of products showing positive returns [4]. Top Performing Funds - The top three subjective long-only products from billion-yuan private equity firms are: 1. Yuanxin Investment's "Yuanxin China Active Growth C" managed by Wang Aoye 2. Jiuku Investment's "Jiuku Value Selection No. 1" managed by Jiang Yunfei 3. Wangzheng Asset's "Wangzheng Win-Win No. 3" managed by Wang Penghui [4][5]. Sector Focus - The focus on gold investment is highlighted, with managers like Guan Xin from Xishirun Investment emphasizing a new "reflexive" cycle in gold prices, suggesting a strategic allocation towards gold as a long-term investment [11][12]. - The performance of funds in the 50-100 billion category shows an average return of 29.83%, with 95.49% of products yielding positive returns [8]. Emerging Trends - The report indicates a trend of adjusting portfolios to optimize returns, with managers actively seeking undervalued quality companies while maintaining a core and satellite investment strategy [7].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，截至2025年10月底，0-5亿私募共有6216家，占比高达81.94%，不过，相比今年6月底的6534家已减少318家、相比去年8 月份的6958已减少742家；与之相反的是，百亿私募今年来在不断扩容，最新数量已重回百家以上。在当前激烈的竞争环境下，私募行业发展向 头部集中的态势越发明显。 在优胜劣汰加速的当下，私募行业正经历从"规模竞争"向"能力竞争"的深刻转型，那些能够为投资者带来长期较为稳定回报的"小而美"有望脱颖 而出。为了给予更有价值的参考，本文分别梳理了今年来、近3年、近5年收益前20的小而美私募，供投资者参考 (参与排名的私募需在私募排排 网符合排名规则的产品在3只及以上) 0 1 今年来：龙辉祥投资、京盈智投夺冠亚！ 私募排排网数据显示，截至10月底，0-5亿私募旗下符合排名的1949只产品，今年来收益均值为28.14%，其中正收益产品1833只，占比高达 94.05%。 今年来收益位居前三的小而美私募分别是：龙辉祥投资、京盈智投、墨钜资产。 "小而美" 私募今年来收益TOP20 数据来源:私募管理人(经托管 ...

Core Viewpoint - The A-share market has shown strong performance in 2023, particularly since July, with major indices reaching new highs, making it one of the best-performing markets globally in the third quarter [2][3]. Performance of Major Indices - The ChiNext Index led global performance with a year-to-date increase of 51.20% and a quarterly increase of 50.40% - The STAR 50 Index and the Shenzhen Component Index followed with increases of 51.20% and 29.88% respectively [3][4]. Private Equity Fund Performance - Among 2072 subjective long-only private equity products, only 149 (7.19%) outperformed the ChiNext Index in the third quarter [4][5]. - The average return for private equity products with assets over 2 billion was 83.02%, with the top 10 funds having a minimum return threshold of ***% [5][6]. Top Performing Private Equity Products - The top three funds in the over 2 billion category were: 1. "Ge Ru Qidian" managed by Shi Hao from Shanghai Ge Ru Private Equity, with a return of ***% [6][7]. 2. "Yuanxin China Active Growth C Class" managed by Wang Aoye from Yuanxin Investment, with a return of ***% [7][8]. 3. "Shengqi Baojian" managed by Cai Zhijun from Shengqi Asset, with a return of ***% [8]. Mid-Sized Private Equity Fund Performance - In the 500 million to 2 billion category, 50 funds outperformed the ChiNext Index, with an average return of 112.83% [9][10]. - The top three funds were: 1. "Xinchili Dingeng Selected 28" managed by Shen Longji [10][11]. 2. "Lanshi Zhixing No. 1" managed by Liu Yan [10]. 3. "Deyuan Yangfan No. 1" managed by Wu Zhou [10]. Small-Sized Private Equity Fund Performance - In the 0 to 500 million category, 77 funds outperformed the ChiNext Index, with an average return of 110.44% [12][13]. - The top three funds were: 1. "Zijun Yunsong" managed by Zou Kai from Hunan Zijun Private Equity [13][14]. 2. "Longhui Xiang No. 1" managed by Yang Zhongguang [13]. 3. "Wanghua Zhuoyue High Dividend Value Growth" managed by Qi Kexian [13].