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2025年上半年A股市场跌宕起伏，人工智能、人形机器人、军工等板块轮番爆发，私募圈在多变行情中上演激烈博弈与行业震荡。

一、备案热潮与量化内卷：证券私募产品备案量猛增，上半年新备案私募证券投资基金数量高达5461只，较去年上半年同比增长53.61%，较去年下半年环比增幅达100.48%。量化巨头新备案96只领跑。头部量化私募掀起“AI军备竞赛”，鸣石、九坤、宽德等加码超算与AI策略研发，把技术竞争推向白热化。

二、大佬操作冰火两重天：私募大佬但斌因重仓美股英伟达等标的，旗下产品经历剧烈波动后上演“V型反转”，成功翻身；而林园旗下部分产品仍深陷业绩低谷，反差引发市场热议。

三、行业乱象与监管亮剑：高速发展下，私募行业分化加剧，部分机构6个月备案超90只产品，频度达日均1.5只；更有机构涉嫌“挂羊头卖狗肉”，深圳证监局通报曝光利益输送、违规操作甚至“算命修家谱”等乱象，揭开行业灰色角落。

本专题聚焦上半年私募圈三大主线：技术竞赛、大佬沉浮与监管风暴。

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