Core Insights - The article discusses the significance of the surnames "Ma" and "Qian" in the private equity sector, highlighting the number of professionals and companies associated with these names as a metaphor for wealth and progress in the industry [2][6]. Group 1: Surname "Ma" - As of the end of January 2026, there are 327 private equity professionals with the surname "Ma," and 76 company controllers share this surname [2]. - Among the billion-dollar private equity firms, there are 8 individuals with the surname "Ma," with only 6 serving as fund managers, including notable figures such as Ma Zhiwei from Borun Yintai Investment and Ma Kechao from Qianxiang Asset [2]. - In the 50-100 billion range, there are 9 professionals with the surname "Ma," with 4 serving as fund managers, including Ma Xiaoyi from Xishirun Investment and Ma Jun from Shanghai Debei Private Equity [2]. Group 2: Surname "Qian" - There are 94 private equity professionals with the surname "Qian," and 27 company controllers share this surname as of January 2026 [6]. - Notable fund managers in the billion-dollar category include Qian Cheng from Kuan Investment and Qian Wei from Wan Fang Asset, both of whom are also company controllers [6]. - The article lists various private equity firms associated with the surname "Qian," detailing their strategies, years of experience, and company sizes, with Kuan Investment being the largest at over 100 billion [10].

Core Viewpoint - Gao Yi Asset's overseas fund held 13 US stocks with a total market value of approximately $683 million (about 4.7 billion RMB) at the end of Q4 2025, with significant positions in several Chinese concept stocks [2][3]. Summary by Sections Holdings Overview - In Q4 2025, Gao Yi Asset's holdings included 5 companies in the consumer goods sector and 4 in the communication services sector [2]. - The fund initiated positions in 2 new US stocks, increased holdings in 5 stocks, reduced holdings in 2 stocks, and maintained positions in 4 stocks [2]. Major Holdings - The largest holding was Huazhu, with a market value of approximately $243 million, accounting for about 36% of the total US stock holdings, and the stock rose over 20% in Q4 2025 [2]. - The second-largest holding was Pinduoduo, valued at approximately $222 million, representing about 33% of the total US stock holdings, although it saw a decline of 14.21% [3]. A-Share Holdings - Gao Yi Asset's A-share holdings exceeded 23.5 billion RMB, with significant positions in 18 A-share companies as of Q3 2025 [7]. - The fund's A-share investments are primarily managed by Feng Liu and Deng Xiaofeng, focusing on sectors such as non-ferrous metals, electronics, food and beverage, chemicals, and pharmaceuticals [7]. Performance Insights - The stock price of Zijin Mining, a major holding, increased over 99% in the first three quarters of 2025, and further rose over 28% from October 2025 to February 2026 [10]. - Gao Yi Asset actively conducted research on 26 A-share companies in the past month, with notable performance from companies like Wangsu Science & Technology, which surged over 85% [11].

Core Insights - The A-share market has shown a significant upward trend since 2025, with major indices recording gains and a noticeable profit-making effect, leading to a continuous increase in the scale of private equity management [2] - As of January 2026, there are 243 leading private equity firms in China, accounting for less than 4% of the total 7501 private equity institutions [2] Group 1: Head Private Equity Firms - The development trends and backgrounds of the actual controllers of leading private equity firms are of great interest to the market [3] - Among the leading private equity firms, 23 controllers are from Tsinghua University, representing about 9.5% of the total, with 13 being from firms managing over 10 billion [3] - The average industry experience of Tsinghua controllers is approximately 19 years, with a majority focusing on stock strategies [4] Group 2: Tsinghua University Controllers - Tsinghua University controllers predominantly operate in Beijing (9), followed by Shanghai (7) and Shenzhen (4) [5] - Notable figures include Wu Weizhi from Zhongou Ruibo, who has over 30 years of experience and emphasizes fundamental research for growth stock selection [5][6] Group 3: Peking University Controllers - There are 23 controllers from Peking University, also about 9.5%, with 15 managing over 10 billion [6] - The average industry experience for Peking University controllers is around 18 years, with a strong focus on stock strategies [7] Group 4: Fudan University Controllers - Fudan University has 21 controllers, accounting for approximately 8.6%, with 11 managing over 10 billion [8] - The average industry experience for Fudan controllers is about 23 years, with a majority focusing on stock strategies [9] Group 5: Renmin University Controllers - Renmin University has 7 controllers, representing about 2.9%, with 6 managing over 10 billion [11] - The average industry experience for Renmin controllers is around 27 years, primarily focusing on stock strategies [12] Group 6: Zhejiang University Controllers - Zhejiang University has 9 controllers, accounting for about 3.7%, with 3 managing over 10 billion [15] - The average industry experience for Zhejiang controllers is approximately 18 years, with a mix of strategies including multi-asset and stock [16] Group 7: Shanghai Jiao Tong University Controllers - Shanghai Jiao Tong University has 6 controllers, representing about 2.5%, with an equal split between those managing over and under 10 billion [18] - The average industry experience for these controllers is around 20 years, with a majority focusing on stock strategies [19] Group 8: Nankai University Controllers - Nankai University has 9 controllers, also about 3.7%, with 5 managing over 10 billion [20] - The average industry experience for Nankai controllers is approximately 22 years, with a focus on stock strategies [21]

Core Viewpoint - The article discusses the changes in the number of shareholders for A-share companies, indicating that a decrease in shareholder numbers may suggest increased concentration of shares, potentially leading to stock price increases. Conversely, an increase in shareholder numbers may indicate a dispersal of shares, which could negatively impact stock prices. The analysis is based on data as of February 12, 2026, and highlights the importance of considering multiple factors in stock price movements [2]. Summary by Sections Shareholder Changes - As of February 12, 2026, over 1,500 A-share companies have updated their shareholder numbers since the third quarter of 2025. A total of 297 companies have seen a decrease of over 10% in shareholder numbers compared to the end of the third quarter of 2025 [2]. - Among these, 26 stocks have increased by over 40% since October 2025, with five stocks, including XW Communication and BOYING Special Welding, achieving over 100% gains [2]. Companies with Significant Decrease in Shareholder Numbers - The article lists companies with a significant decrease in shareholder numbers, including: - XW Communication: -16.89% decrease, from 89,800 to 74,700 shareholders, with a price increase of 191.28% since October 2025 [3]. - BOYING Special Welding: -13.76% decrease, from 17,000 to 14,700 shareholders, with a price increase of 187.70% [3]. - TIANZHONG Precision Machinery: -16.04% decrease, from 11,200 to 9,400 shareholders, with a price increase of 175.63% [3]. - LITONG Electronics: -14.66% decrease, from 38,600 to 32,900 shareholders, with a price increase of 143.94% [3]. - QIAOYUAN Co.: -15.67% decrease, from 8,500 to 7,200 shareholders, with a price increase of 105.41% [3]. Companies with Over 20% Decrease in Shareholder Numbers - A total of 71 companies have seen a decrease in shareholder numbers exceeding 20%, with 13 companies, including MAIGEMITE and XIMAI Food, experiencing decreases of over 30% [4]. Additional Insights - The article emphasizes that changes in shareholder numbers reflect the concentration or dispersion of shares but are not the sole drivers of stock price movements. It suggests that further analysis is necessary to understand the broader market context [2].

Core Viewpoint - The article highlights the historical significance of the Qian family and the Wuyue Kingdom, emphasizing their contributions to the economic prosperity of the Jiangsu and Zhejiang regions, which have become a hub for private equity in China [2]. Group 1: Historical Context - Qian Liu established the Wuyue Kingdom in 907 AD, with a focus on policies that ensured stability and economic development, laying the foundation for the region's prosperity [2]. - The Qian family has produced numerous talents over the centuries, including over 320 Jinshi (highest degree holders) from the Tang to Song dynasties and notable modern figures in various fields [2]. Group 2: Private Equity Landscape - There are over 2,800 private equity firms located in the historical territory of the Wuyue Kingdom, primarily in Shanghai and Zhejiang, accounting for nearly 40% of the total in China [2]. - Among the top private equity firms with assets over 5 billion, 243 firms exist nationwide, with 128 located in Shanghai and Hangzhou, representing more than half of the total [3]. Group 3: Notable Private Equity Firms - The article lists several prominent private equity firms based in Shanghai and Hangzhou, including Jinglin Asset, Mingchun Investment, and Chongyang Investment, which are recognized for their significant market presence [3][4]. - The data indicates that as of January 2026, there are 25 individuals from the Qian family serving as controlling persons in private equity firms, and 90 family members working as fund managers [7][8].

Group 1 - The recent volatility in precious metal futures prices has captured the attention of investors, while the stock market is cooling down after a previous bull run, suggesting a potential left-side allocation opportunity for stock bulls [2] - The net selling of broad-based ETFs may be nearing its end, with significant net outflows recorded for major ETFs, indicating a historical first in terms of absolute values [4][8] - Following a peak trading volume of 3.94 trillion yuan on January 14, the market has seen a notable decline in trading volume, dropping below 2 trillion yuan for the first time in 2026 [4][5] Group 2 - The decline in trading volume suggests a shift from an influx of new capital to a phase of stockholder competition, which may not signal the end of the bull market but rather a more reasonable investment value compared to previous highs [9] - Investors are encouraged to consider increasing their allocation to stock long strategies, especially if new growth points emerge in the capital market during the holiday period [9]

Core Viewpoint - The article highlights the significant market performance and technological advancements of Zhipu AI, particularly with the launch of its new flagship model GLM-5, which marks a shift in AI programming capabilities from "Vibe Coding" to "Agentic Engineering" [2][6]. Group 1: Market Performance - On February 12, Zhipu AI's stock surged over 40%, reaching a market capitalization of over HKD 170 billion [2]. - A-share companies related to Zhipu AI, such as Shoudu Online and Youkede, also experienced a 20% limit-up [2]. Group 2: Technological Advancements - The GLM-5 model features a substantial upgrade in parameters from 355 billion in GLM-4.7 to 744 billion, and pre-training data increased from 23 trillion tokens to 28.5 trillion tokens [3]. - The new "Slime" framework allows for larger models and complex reinforcement learning tasks, while the integration of the DeepSeek sparse attention mechanism reduces deployment costs without compromising long text performance [3]. Group 3: Competitive Positioning - GLM-5 achieved a state-of-the-art (SOTA) performance in programming and agent tasks, ranking fourth globally and first among open-source models according to the Artificial Analysis Intelligence Index v4.0 [4]. - The model's capabilities are approaching those of Claude Opus 4.5, particularly in complex systems engineering and long-range agent tasks [4]. Group 4: Pricing Strategy - Zhipu AI announced a price increase of at least 30% for its GLM Coding Plan, indicating a shift in pricing logic influenced by overseas models like OpenAI [7]. - The change reflects a transition from a "subsidy for market" approach to a "value for premium" strategy, emphasizing the intrinsic value of foundational models [7].

Core Insights - The A-share market is expected to enter a bull market in 2025, with total trading volume exceeding 400 trillion yuan, setting a historical record, and major indices showing varying degrees of increase [2] - The number of private equity firms managing over 10 billion yuan continues to grow, marking a return to the "double hundred era" with 122 firms reaching this milestone by January 2026, an increase from 112 at the end of 2025 [2] - In January 2026 alone, 8 new firms entered the 10 billion yuan club, while 5 firms returned to this category, indicating a robust expansion in the private equity sector [2] Private Equity Growth - In 2025, 24 private equity firms first crossed the 10 billion yuan threshold, with 10 new firms added by January 2026 [2] - The firms that newly entered the 10 billion yuan category include Guoyuan Xinda, Hengyi Chiying, and others, while 3 firms exited this category [2] - The total number of private equity firms in China that have reached the 10 billion yuan mark is now 122, reflecting a significant growth trend in the industry [2] Shift in Private Equity Strategies - The proportion of subjective private equity firms achieving over 10 billion yuan has declined, particularly during the market adjustment phase from 2022 to 2024 [4] - From 2018 to 2021, 60% of the firms that first crossed the 10 billion yuan mark were subjective private equity firms, while this figure dropped to 33% from 2022 to January 2026 [4][5] - Only 13 subjective private equity firms have maintained their 10 billion yuan status since 2022, indicating challenges faced by this segment [8] Notable Private Equity Firms - Qincheng Asset, established in 2022, reached the 10 billion yuan mark in just 1.5 years, focusing on long-term value investment and fundamental analysis [11] - Renqiao Asset, founded in 2017, emphasizes a systematic contrarian investment approach, prioritizing safety margins and certainty [13] - Fusheng Asset, established in 2015, adopts a bottom-up stock selection strategy, focusing on underlying business barriers and sustainable performance [14] - Rido Investment, founded in 2016, adheres to long-term value investment principles, favoring high cash flow and low valuation companies [15]

Core Insights - Cathie Wood's Ark Invest holds a total of 208 stocks with a market value of approximately $15.1 billion as of Q4 2025, reflecting a decrease of $1.7 billion from the previous quarter [2] - The portfolio saw significant changes with 8 new positions, 110 increased positions, 77 decreased positions, and 8 positions completely sold off, leading to a high concentration in the top ten holdings, which account for 41.72% of the total portfolio [2] Summary by Sections Ark Invest Holdings - The largest holding remains Tesla, with a reduction of 18.81% in shares, amounting to approximately $1.31 billion [6] - Other top holdings such as Shopify and Roku also experienced significant reductions of 17.38% and 20.00% respectively [4] Performance of Key Stocks - Tesla's share count decreased by 671,000 shares, with a current market value of about $1.31 billion [6] - Coinbase, Circle, and BMNR, which were heavily invested in, saw declines of -32.99%, -40.19%, and -47.72% respectively, indicating a challenging environment for these stocks [6] Market Trends and Insights - Other prominent private equity firms like Jinglin and Dongfang Gangwan have also increased their positions in Google, reflecting a consensus on the potential of AI applications in 2026 [6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网最新数据显示，截至2026年1月底，我国百亿私募达到122家，突破历史新高；相比去年12月底的112家，新增10家。 从百亿私募的 办公城市来看，上海地区占57家，北京地区占29家，深圳占10家，杭州和海南澄迈各有5家，百亿私募的办公城市分布地域特征明显。 上海凭借全国金融中心的独特地位，汇集了国内最多私募，截至1月底共有2007家证券类私募，占全国证券类私募的26.76%，其中百亿私募数量 高达57家，有38家集中于上海的浦东新区，其次虹口区有8家。核心策略来看，股票策略私募占据大多数，共有40家，包括桥水中国、重阳投 资、稳博投资等坐落于此。（ 点此领取全名单 ） | 排序 | 公司简称 | 办公辖区 | 核心策略 | 成立时间 | 首破直亿时间 | 实控人 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 诚奇私募 | 浦东新区 | 股票 | 2013/9/24 | 2021/2/4 | 何文奇 | | 2 | 复胜资产 | 浦东新区 | 股票 | | 2015/12/2 20 ...