Core Insights - The private equity industry in China has evolved over the past two decades, transitioning from rapid growth to regulated development, with many firms achieving significant scale and impressive performance across various time frames [2] - As of November 14, 2025, there are 158 established private equity firms over 10 years old, representing 66.38% of top private equity firms and 3.79% of all established firms [2] - The average returns for top private equity firms with at least three products displayed performance over the last year, three years, and five years are 33.8%, 58.77%, and 76.28% respectively [2] Performance Rankings Last Year - In the past year, the top 10 private equity firms had a performance threshold of ***% for inclusion [3] - Among the top 10, subjective private equity firms slightly outnumbered quantitative firms, with 6 subjective and 4 quantitative [3] - Shanghai leads in the number of private equity firms, with 6 firms in the top rankings [3] Last Three Years - The top 10 private equity firms over the last three years also had a performance threshold of ***% [6] - Subjective private equity firms dominated the rankings, with 6 out of the top 10 being subjective [6] - Shanghai firms accounted for a significant portion of the top performers [6] Last Five Years - The top 10 private equity firms over the last five years had a performance threshold of ***% [12] - Subjective private equity firms made up the majority of the top rankings, with 4 subjective, 4 quantitative, and 1 mixed [12] - Both Shanghai and Shenzhen had a strong representation in the top rankings [12] Notable Firms - Ruiyang Investment ranked 5th in the last year, with a focus on industry allocation and stock selection to achieve stable returns [5] - Kaishi Private Equity ranked 2nd in the last three years, emphasizing value investment in Hong Kong stocks [9] - Bopu Technology secured the 2nd position in the last five years, leveraging advanced technology for competitive advantage [14]

Core Viewpoint - The article highlights the significant presence of small to medium-sized private fund managers in the industry, with a focus on "Holding Win Private Fund" as a standout performer in the CTA product category, showcasing impressive returns and innovative strategies [3][4]. Group 1: Company Overview - Nanjing Holding Win Private Fund Management Co., Ltd. was established in 2007 and specializes in the futures market, emphasizing rational investment and risk control [9][10]. - The company has a management scale of approximately 9 billion and operates under a subjective CTA investment model [10]. Group 2: Performance Highlights - As of October 2025, the "Holding Win Jingcheng Suozhi A Class" fund managed by Qian Jun achieved a remarkable return of ***% from January to October, ranking first among CTA products [3]. - The "Holding Win Chizhi Yiheng A Class" fund has also shown outstanding performance, with a cumulative return of ***% in 2023, leading the non-debt private fund products [3][4]. Group 3: Investment Philosophy & Strategies - The core investment philosophy focuses on risk control, advocating for timely stop-loss measures and maintaining light positions to manage risks effectively [15][16]. - The representative strategy, "Holding Win Subjective CTA Trend Tracking Strategy," aims to capture complete trends while managing risks through gradual position adjustments [19]. Group 4: Core Advantages - The company boasts over 20 years of practical experience in the futures market, with a proven track record of effective strategies that have been validated through various market cycles [22]. - A robust risk control system ensures that all completed products have positive returns since inception, demonstrating a commitment to safeguarding investor capital [23]. - The investment approach emphasizes both offense and defense, prioritizing the safety of new capital while locking in profits from existing investments [25]. Group 5: Management Insights - The management maintains a bullish long-term outlook on gold, believing that geopolitical dynamics will continue to support its price increase, with expectations for new highs by the end of the year or early next year [27].

Core Viewpoint - Quantitative products are systematic investment methods based on mathematical models, algorithms, and computer technology, with the ability to generate excess returns being a key indicator of their effectiveness [2] Group 1: Quantitative Excess Rate - The quantitative excess rate is defined as the frequency or probability of a quantitative strategy outperforming a benchmark index over a certain period, calculated as the number of times it beats the benchmark divided by the total observation periods [2] - A higher quantitative excess rate indicates that the strategy can maintain positive excess returns most of the time, reducing the risk of significant drawdowns or prolonged underperformance [2] Group 2: Performance of Billion-Level Quantitative Private Equity - In 2023, 388 quantitative products from billion-level private equity firms achieved an average return of 34.26%, with an excess return of 10.87% and an average excess rate of 61.33%, significantly leading among various scales of private equity [3] - The average performance metrics for different scales of private equity are as follows: - 100 billion and above: 34.26% return, 10.87% excess, 61.33% excess rate - 50-100 billion: 25.20% return, 8.14% excess, 56.48% excess rate - 20-50 billion: 27.19% return, 10.77% excess, 55.91% excess rate - 10-20 billion: 26.56% return, 8.95% excess, 54.63% excess rate - 5-10 billion: 26.05% return, 8.99% excess, 53.59% excess rate - 0-5 billion: 24.37% return, 10.11% excess, 52.63% excess rate - Total: 27.64% return, 9.90% excess, 55.86% excess rate [3] Group 3: Top Performers in Quantitative Strategies - The top three products with the highest excess rates in the CSI 300 index enhancement category are from Minghuo Investment, Ningbo Huanfang Quantitative, and Kuande Private Equity, with the average excess rate for billion-level private equity in this category being 64.59% [4] - In the CSI 500 index enhancement category, the top three products are from Wanyan Asset, Pansong Asset, and Tianyan Capital, with an average excess rate of 67.28% for billion-level private equity [10] - In the CSI 1000 index enhancement category, the top three products are from Microbo Yi, Mengxi Investment, and Yanfeng Investment, with an average excess rate of 76.17% for billion-level private equity [10] Group 4: Quantitative Stock Selection - The average return for quantitative stock selection products in 2023 is 40.45%, with an excess return of 16.55% and an average excess rate of 58.26%, while billion-level private equity in this category has an average excess rate of 65.97% [13] - The top three products in this category are from Jiukun Investment, Tianyan Capital, and Longqi Technology [13]

Core Viewpoint - The article emphasizes the importance of controlling drawdowns in investment, especially in the context of recent market fluctuations, highlighting that achieving low drawdowns alongside high returns is a challenging goal for investors [2]. A-share Market Performance - As of October 2025, the A-share market has experienced varying levels of drawdown, with the Shanghai Composite Index showing the smallest drawdown of nearly 10%, while the ChiNext Index faced a maximum drawdown of approximately 21% [2]. - The performance of major A-share indices from January to October 2025 is as follows: - Shanghai Composite Index: +17.99% with a maximum drawdown of 9.71% - Shenzhen Component Index: +28.46% with a maximum drawdown of 14.98% - ChiNext Index: +48.84% with a maximum drawdown of 20.79% [3]. Private Fund Performance - In the "quantitative long" category, 27 products ranked in the top 30% for both returns and drawdown control, with a total of 825 products analyzed [4]. - The top five performing products in the quantitative long category for the year are from Jiuming Investment, Shengguanda, Evolutionary Asset, Beijing Guanghua Private Equity, and Qianhai Xuhui Asset [4]. - In the "subjective long" category, 29 products ranked in the top 20% for returns and drawdown control, out of 2156 products analyzed [9]. - The top five performing products in the subjective long category are from Junzhou Private Equity, Liangli Private Equity, Shanghai Ruixin Investment, Meigang Capital, and Fengyu Investment [9]. CTA Strategy Performance - In the CTA (Commodity Trading Advisor) category, 22 products ranked in the top 30% for returns and drawdown control, from a total of 557 products analyzed [13]. - The top five performing products in the CTA category are from Hangjingxinghe Asset, Yidao Asset, Zhixin Rongke, Fubeng Investment, and Alpha Private Equity [13]. Multi-Asset Strategy Performance - In the multi-asset strategy category, 29 products ranked in the top 20% for returns and drawdown control, from a total of 710 products analyzed [16]. - The top five performing products in the multi-asset category are from Guoyuan Xinda, Yiqiao Asset, Xiamen Zhendao Private Equity, Shanghai Congrong Investment, and Qianming Asset [16].

Core Insights - The article highlights the rapid growth of quantitative private equity firms, with 852 firms established by November 14, 2025, and 135 new firms founded in the last five years, representing approximately 16% of the total [2][3] - New quantitative private equity firms have shown impressive average returns of 21.11% over the past six months and 36.05% over the past year, significantly outperforming older firms established before November 14, 2020 [2][3] Group 1: Market Overview - As of November 14, 2025, the majority of the 135 new quantitative private equity firms were established between 2021 and 2022, accounting for nearly 90% of the total [2] - The largest segment of private equity firms falls within the 0-5 billion range, with 88 firms, while only 5 firms have surpassed the 100 billion mark [3][4] Group 2: Performance Metrics - Among the new firms, the top 10 in terms of performance over the past six months include 京盈智投, 龙吟虎啸, and 海南磊喧私募, with a minimum return threshold of ***% to qualify for the ranking [9][12] - 京盈智投 has been particularly notable, leading both the six-month and one-year performance rankings with returns of ***% [10][12] Group 3: Strategy and Location - The majority of new quantitative private equity firms focus on stock strategies, with 82 firms, while futures and derivatives strategies have 28 firms, and multi-asset strategies have 17 firms [4] - Most of these firms are located in major cities like Shanghai (57 firms), Beijing (28 firms), and Shenzhen (18 firms), indicating a concentration in key financial hubs [4] Group 4: Notable Firms and Management - The top five firms with over 100 billion in assets under management, all established in 2022, include 齐家私募, 北京正定私募, 上海睿量私募, 磐松资产, and 上海波克私募 [3][6] - 京盈智投, founded in April 2021, is led by谢黎博, who has extensive experience in quantitative investment, and focuses on futures and derivatives strategies [10][12]

Group 1 - The article introduces Huafu Fund Management Co., Ltd., established in 2004 in Shanghai, emphasizing its commitment to integrity, stability, professionalism, and progress in asset management [4][9]. - Huafu Fund has a diverse product matrix covering cash management, pure debt, fixed income+, active equity, index, and FOF, catering to various risk-return profiles of clients [14][15]. - The company has a total asset management scale of 1,033.74 billion, with 645.52 billion in monetary scale and 388.22 billion in non-monetary scale as of September 30, 2025 [13]. Group 2 - The active equity team focuses on deep research to identify companies with strong management, core competitiveness, and significant market potential [19]. - The fixed income team has nearly 20 years of experience and has established a comprehensive credit rating system, ensuring robust risk control mechanisms [20][21]. - The index investment team is dedicated to innovation, having launched several unique products, including the first AI-themed ETF and the first customized regional bond index fund [22]. Group 3 - Huafu Fund has actively engaged in social responsibility, contributing to disaster relief efforts and supporting healthcare workers during the pandemic [26][27]. - The company signed a public welfare cooperation agreement in 2024 with Huatai Securities Public Welfare Foundation to further its commitment to social responsibility [26].

Core Insights - The overall performance of CTA strategies has been strong this year, with precious metals providing significant profit opportunities, while stock indices, black commodities, and agricultural products have also shown favorable upward trends at different times [2] Group 1: Performance Analysis - The average return for short-cycle CTA managers this year is 12.99%, with the highest standard leveraged product achieving a year-to-date return of 42.25%. In contrast, long-cycle CTA managers have an average return of 28.15%, with the highest standard leveraged product reaching 67.96% [6][9] - Long-cycle CTA strategies have shown a clear advantage since the second quarter of this year, attributed to the favorable market conditions for longer-term models [6][9] Group 2: Market Trends - The core reason for the superior performance of long-cycle CTAs this year is that the commodity trend structure is more suited to the characteristics of long-cycle models. This includes stronger trend persistence and a more favorable volatility structure [10][11] - Macro factors, such as the global interest rate cycle being in a downward trend and changes in energy supply and demand, have made this year's commodity market more aligned with mid-term trends rather than short-term fluctuations [11] Group 3: Strategic Value of CTA - Despite the better performance of long-cycle CTAs this year, short-cycle CTAs still hold value. The strategic value of CTAs lies in their ability to provide high annualized returns and low correlation with equity assets, as well as offering defense and hedging during significant market downturns [13]

Core Insights - Multi-asset strategy products have gained popularity in recent years, with 1,400 products registered from January to October 2025, second only to stock strategy products [2] - The average annual return for multi-asset strategies is 20.37%, with a Sharpe ratio of 1.65, indicating stable performance compared to other strategies [3][4] Performance Overview - The average returns and performance metrics for various private equity strategies are as follows: - Stock Strategy: 29.54% return, 93.14% positive return ratio, Sharpe ratio of 1.56, volatility of 35.96%, and drawdown of 11.20% [3] - Multi-Asset Strategy: 20.37% return, 91.73% positive return ratio, Sharpe ratio of 1.65, volatility of 25.84%, and drawdown of 7.41% [3] - Composite Fund: 18.98% return, 96.34% positive return ratio, Sharpe ratio of 1.89, volatility of 15.61%, and drawdown of 6.62% [3] - Futures and Derivatives Strategy: 13.79% return, 82.49% positive return ratio, Sharpe ratio of 1.11, volatility of 48.73%, and drawdown of 8.06% [3] - Bond Strategy: 8.46% return, 92.10% positive return ratio, Sharpe ratio of 1.93, volatility of 11.76%, and drawdown of 3.21% [3] Reasons for Increased Attention - Single asset strategies face limitations in risk resistance, prompting managers to seek new alpha across asset classes [4] - In a low-interest-rate environment and under new asset management regulations, high-net-worth clients and managers need to balance net value fluctuations with absolute returns, which multi-asset strategies can provide [4] - The proliferation of tools such as risk parity, machine learning factors, and cross-asset real-time risk control platforms has enabled managers to effectively expand and reconstruct their research and investment systems [4] Sub-Strategy Performance - Among sub-strategies, macro strategies exhibit the highest average returns, positive return ratios, and Sharpe ratios [5][6] - Arbitrage strategies show lower volatility and drawdown compared to macro and composite strategies, indicating more stable performance [5]

Core Insights - The article highlights the significant presence of small and medium-sized private fund managers in the industry, with nearly 7,200 managers managing under 2 billion yuan, representing over 90% of the total [3] - The focus is on "Rongzhi Investment," which has achieved outstanding performance with its "Rongzhi Baiche Quantitative FOF No. 2," leading the small and beautiful private FOF funds with a remarkable return for the first three quarters [3][4] Company Overview - Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd. is a private fund manager focusing on securities investment, emphasizing the growth value of excellent Chinese enterprises [5] - The company has issued over 40 private securities investment fund products since its establishment, managing a cumulative scale exceeding 1.2 billion yuan [9] Investment Philosophy & Strategies - Rongzhi Investment centers its investment philosophy around multi-asset allocation, balanced strategies, and diversified management, aiming to achieve long-term risk-return characteristics [21] - The investment strategy involves dynamic adjustments based on macroeconomic conditions, market valuation levels, and emotional cycles, focusing on selecting managers and strategies with differentiated competitive advantages [22] Core Advantages & Highlights - The company benefits from strong platform support from its parent company, providing extensive financial technology, a vast database, and a professional sales platform [25] - The investment research team consists of experienced professionals with deep market insights and robust risk control capabilities [26] - Rongzhi Investment offers flexible, customized FOF strategies tailored to clients' risk tolerance and needs, emphasizing diversified asset allocation [27] Market Context - The article notes a significant shift in Chinese residents' wealth from real estate and deposits to capital markets, highlighting the growing complexity of investment strategies required in this new landscape [28]

Core Viewpoint - The article provides an in-depth analysis of Huanfang Quantitative, a leading quantitative private equity firm in China, highlighting its performance, investment strategies, and the background of its founder, Liang Wenfeng [2][8]. Company Overview - Huanfang Quantitative was established in 2015 and is controlled by Liang Wenfeng, who is also the founder of DeepSeek. The firm manages two private equity companies: Ningbo Huanfang Quantitative and JiuZhang Asset [2][8]. - As of October 2025, Huanfang Quantitative ranked second in the private equity sector for quantitative returns, maintaining its position from the previous month, with an average return of ***% across 11 products, all of which reached historical highs in October [2][3]. Performance Metrics - Huanfang Quantitative's management scale has grown to between 70 billion and 80 billion, placing it in the "first tier" of domestic quantitative private equity firms [3]. - The firm has consistently ranked in the top ten for returns over various time frames, including the first half of 2025, the past year, and the past three years [8][14]. Investment Strategies - The firm employs a multi-strategy approach, focusing on quantitative investment driven by artificial intelligence (AI) technology. It has been utilizing machine learning since 2008 and fully integrated deep learning into its trading strategies by 2017 [43][44]. - Huanfang Quantitative's investment philosophy emphasizes long-term value creation through continuous investment in technology and team development [14][43]. Core Team - Liang Wenfeng, the founder, has a notable background in quantitative trading and has received multiple awards, including the Golden Bull Award [18][20]. - The core team includes experts from various fields, such as mathematics, physics, and AI, contributing to the firm's innovative strategies [33][34]. Company Development History - The firm has achieved significant milestones, including surpassing 100 billion in assets under management in 2019 and reaching over 1 trillion in 2021 before adjusting its scale to approximately 600 billion for better risk management [8][14]. - Recent developments include the establishment of a general artificial intelligence laboratory and the launch of the DeepSeek platform, which has gained significant attention for its cost-effective AI solutions [14][20]. Awards and Recognition - Huanfang Quantitative has received numerous accolades, including being listed among the top 50 private equity funds in China and winning the Golden Bull Award multiple times [48][49]. - The firm has also engaged in philanthropic efforts, donating over 2.2 billion to charitable causes [50].