朋友们，沪指创下新近10年新高了。 在群里、在微信后台，风云君最近是越发感受到大家的投资热情。 还有哪些产品能买？ xx这类策略现在入怎么样？ 以下文章来源于风云君的研究笔记 ，作者专注私募研究的 风云君的研究笔记 . 专注私募研究 先来看看近几年各私募策略在不同市场环境中的表现 大家有没有发现，其实在熊市中做投资决策，其实不怎么纠结，往往是行情来了，或者行情在持 续高涨的时候，我们才会反复犹疑，担心踏空、担心踩高。 所以今天风云君不推荐什么具体的投资策略，因为越是这个时点，我建议投资人更需要关注自己 投资组合的健康程度。 我知道这很难，毕竟有些逆人性，但它非常非常重要，为什么这么说呢？ 2019-2021年，流动性驱动下的权益牛市 2020年三次降准累计释放 1.75 万亿流动性，推动市场进入货币宽松周期；与此同时，新能源补 贴加码、半导体国产替代加速推进等产业政策持续落地，为相关板块注入增长红利，随之催生A股 走出结构化牛市。 这种行情下，主观多头基金经理凭借集中配置白马股的策略操作显著跑赢市场其他策略，主观多 头策略在当时也是风光无限。 2022年，地缘风险催生危机Alpha 前期白马股集中抱团带来的估 ...

期货研究报告 | 金融工程研究 CTA各策略小幅上涨，配置窗口逐步打开 ——招商期货CTA市场跟踪周报 （ 2025年08月04日-2025年08月08日） ·联系人-乔垒 ·联系电话：15805605265 ·zhaojiayu@cmschina.com.cn ·执业资格号: Z0016776 ·qiaolei1@cmschina.com.cn 2025年08月12日 核心观点 ·研究员-赵嘉瑜 ·联系电话：13686866941 | | 商品市场整体下行 | 商品市场整体下行。分板块来看：贵金属指数上涨2.94%，黑色指数上涨1.76%，有色金属指数上涨 1.29%，农产品指数上涨0.72%，工业品指数下跌0.96%，能化指数下跌2.11%；分品种来看：原油指数下 | | --- | --- | --- | | | | 跌6.56%，黄金指数上涨2.22%。 | | 市场回顾 | CTA各策略小幅上涨 | 本周各策略小幅上涨，招商期货CTA中短周期策略指数上涨0.16%，产品池中上涨产品占比72%，招商期 | | | | 货CTA中长周期策略指数上涨0.09%，产品池中上涨产品占比50%。招商期货CTA量 ...

Group 1 - The hedge fund industry had a strong start in the first half of 2025, with portfolio managers successfully navigating market volatility to achieve stable returns [2] - The average return for hedge funds in the first half of 2025 was 5.1%, which is still lower than the nearly 9% return of a 60/40 investment portfolio [3] - Long-term annualized returns for hedge funds since 2020 reached 9.4%, outperforming the 6.5% return of a 60/40 portfolio [4] Group 2 - Quantitative strategies outperformed in the first half of the year, with significant inflows of capital, while stock long/short strategies benefited from market rebounds in recent months [5][6] - CTA and systematic macro strategies performed poorly, with the average return being negative, highlighting the challenges faced by trend-following strategies in a volatile market [7][8] Group 3 - There was a notable increase in interest from investors to increase their exposure to hedge funds, with a net inflow equivalent to 1.3% of assets under management in the first half of 2025 [9][24] - The demand for active long-term stock investment strategies has risen, while interest in passive long-term strategies has decreased significantly [18][19] Group 4 - The biotechnology sector faced significant challenges, with a drastic decline in investor demand and performance, marking it as the worst-performing sector in the first half of the year [14][15] - The healthcare and biotechnology industries are experiencing a period of turmoil, influenced by regulatory changes and market dynamics, leading to a substantial drop in investor interest [15][16] Group 5 - The TMT sub-industry performed well within stock long/short strategies, achieving an average return of 7.0% in the first half of 2025, driven by the ongoing AI boom [22][23] - Investors are increasingly cautious about geopolitical tensions and their impact on market stability, leading to a preference for traditional macro strategies that can hedge against market risks [12]

期货研究报告 | 金融工程研究 CTA多数策略回撤，配置窗口逐步打开 ——招商期货CTA市场跟踪周报 （ 2025年07月28日-2025年08月01日） ·联系人-乔垒 ·联系电话：15805605265 ·研究员-赵嘉瑜 ·联系电话： 13686866941 ·qiaolei1@cmschina.com.cn ·zhaojiayu@cmschina.com.cn ·执业资格号: Z0016776 2025年08月05日 核心观点 | 市场回顾 | 商品市场整体下行 | 商品市场整体下行。分板块来看：农产品指数下跌1.05%，贵金属指数下跌2.54%，有色金属指数下跌3.37%， 工业品指数下跌3.75%，能化指数下跌4.15%，黑色指数下跌4.93%；分品种来看：原油指数上涨2.92%，黄金 指数下跌0.85%。 | | --- | --- | --- | | | CTA多数策略下跌 | 本周多数策略下跌，招商期货CTA中短周期策略指数上涨0.05%，产品池中上涨产品占比44%，招商期货CTA 中长周期策略指数下跌0.79%，产品池中上涨产品占比30%。招商期货CTA量化套利策略指数上涨0.08%，产 品 ...