DeepSeek创始人Liang Wenfeng旗下量化对冲基金Zhejiang High-Flyer Asset Management在2025年实现平均56.6%回报，带动其资金规模与潜在“弹药库”上升；该机构管理规模超过700亿元人民币（约100亿美元）。在管理规模超过100亿元人民币的中国量化基金中，High-Flyer位列第二，仅次于Ningbo Lingjun Investment Management Partnership（回报超过70%）。Liang仍持有High-Flyer多数股权且数年前已停止对外募资；DeepSeek亦由High-Flyer于2023年孵化，Liang同样持有多数股权。
按1%管理费与20%业绩报酬的假设，High-Flyer去年的强劲表现可能带来超过7亿美元收入，数量级远高于报道中DeepSeek开发其AI模型所需的不足600万美元预算（该成本说法被部分竞争者质疑）。两位核心管理线亦显示高回报：联合创始人Xu Jin管理的两只产品平均上涨58.6%；CEO Simon Lu管理的八只产品平均56%。Lu在股票策略的风险调整后收益排名中居首，至12月19日Sharpe ratio为2.8%。
该表现处于中国量化基金的整体繁荣背景下：2025年中国量化基金平均回报为30.5%，超过全球同行的两倍以上；其中长多（long-only）策略平均回报35%，较主观（discretionary）同行高出逾10个百分点。行业规模扩张同样显著：管理规模超过50亿元人民币的量化机构数量截至11月30日增至91家，而2024年末为63家。PaiPaiWang排名基于基金公司自愿共享数据的产品池，但监管收紧披露规则使该样本池在去年缩小。
DeepSeek founder Liang Wenfeng’s quantitative hedge fund, Zhejiang High-Flyer Asset Management, posted an average 56.6% return in 2025, expanding the potential war chest behind DeepSeek; the manager oversees more than 70 billion yuan (about $10 billion). Among Chinese quant funds managing over 10 billion yuan, High-Flyer ranked second, behind only Ningbo Lingjun Investment Management Partnership with gains of more than 70%. Liang still holds a majority stake in High-Flyer and stopped taking outside money years ago; DeepSeek was incubated by High-Flyer in 2023, and Liang also owns a majority stake in the AI startup.
Assuming a 1% management fee and 20% performance fee, High-Flyer’s 2025 run could have generated more than $700 million in revenue, orders of magnitude above the reported sub-$6 million budget DeepSeek said it needed to build its headline AI model (a figure some rivals dispute). Performance within the firm was similarly elevated: two products run by cofounder Xu Jin averaged 58.6%, while eight products managed by CEO Simon Lu averaged 56%. Lu ranked No. 1 on risk-adjusted returns for stock strategies, with a Sharpe ratio of 2.8 as of Dec. 19.
The surge reflects a bumper year for China’s quant industry: Chinese quant funds averaged 30.5% in 2025, more than double global peers. Long-only quant strategies averaged 35%, beating discretionary rivals by more than 10 percentage points. Sector breadth also grew, with the number of quants managing more than 5 billion yuan rising to 91 as of Nov. 30 from 63 at end-2024. PaiPaiWang rankings rely on voluntarily shared product data, and the reporting pool shrank after regulators tightened disclosure rules.