Core Viewpoint - The article analyzes the latest A-share holdings of major private equity firms in China, highlighting their investment preferences and market performance as of the end of Q3 2025. Group 1: Overview of Holdings - As of October 31, 2025, 35 private equity firms held a total market value of approximately 718.57 billion yuan in A-shares, with notable firms like Gao Yi and Guo Feng Xing Hua each holding around 230 billion yuan [2][3]. - Among these firms, 18 increased their positions, while 34 reduced their holdings, indicating a preference for long-term investments [2][3]. Group 2: Performance of Major Private Equity Firms - Gao Yi Asset and Guo Feng Xing Hua are the only firms with holdings exceeding 230 billion yuan, while firms like Xuan Yuan Investment and A Ba Ma Investment also showed significant holdings [3][4]. - The average increase in the stock prices of the top holdings by these private equity firms was 26.68%, outperforming the Shanghai Composite Index during the same period [3][4]. Group 3: Notable Stock Performances - A total of 44 stocks held by these private equity firms saw price increases exceeding 50%, with significant contributions from the machinery and electronics sectors [5]. - ST Zhen Tong, heavily invested by A Ba Ma Investment and Xuan Yuan Investment, experienced a remarkable price increase of over 139% in the first three quarters [5]. Group 4: Specific Holdings and Changes - Gao Yi Asset's top holdings include Hikvision and Zijin Mining, with the latter seeing a price increase of over 99% in the first three quarters of 2025 [10][12]. - Xuan Yuan Investment's largest holding is Dongfang Shenghong, with a market value nearing 1.4 billion yuan and a price increase of approximately 16% [14]. Group 5: Investment Strategies - The investment strategies of these private equity firms vary, with 18 firms employing subjective strategies, 11 using quantitative methods, and 4 adopting a combination of both [3][4]. - A Ba Ma Investment, known for its quantitative approach, has shown strong performance, with its holdings primarily in the machinery and electronics sectors [18][19].

以下文章来源于公募排排网 ，作者小满 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 随着公募基金行业驶入高质量发展的"深水区"， 公募基金的非货币市场规模，已成为衡量一家基金公司主动管理能力与市场影响力的核心标 尺 。北京、上海、深圳，作为中国金融资源的三大高地，其汇聚的头部基金公司更是这场"实力竞赛"的领跑者。 公募排排网 整理数据显示，截至2025年三季度末， 纳入统计的 162家基金公司（含有公募资格的券商及券商资管，下同） 非货规模（剔除 ETF联接基金份额/净值）达21.13万亿元，在整体规模35.53万亿元中占比近六成。从办公城市看， 主要分布在北上深，其中坐落在上海的基 金公司最多，达 78家，北京、深圳各38家、33家 。 为此，笔者聚焦北上深及其他城市，揭晓各地区非货规模的基金群像，供投资者参考。 （ 点此查看上海、北京、深圳基金公司非货规模排名 ） 上海基金公司：富国基金非货规模领先！华泰柏瑞基金最赚钱！ 公募排排网 整理数据显示，截至三季度末，上海78家公募基金公司非货规模合计约为8.52 ...

Core Viewpoint - Shenzhen has become a significant hub for quantitative private equity, with a total of 125 firms and an average return of 24.43% in the first three quarters of the year [2]. Group 1: Overview of Quantitative Private Equity in Shenzhen - Shenzhen is one of China's four first-tier cities and a frontier for opening up, attracting world-class financial, professional services, and technology companies [2]. - The city has a solid policy and industrial foundation for the development of quantitative private equity [2]. Group 2: Distribution of Quantitative Private Equity Firms - The majority of quantitative private equity firms are located in Futian District (59 firms) and Nanshan District (53 firms), accounting for nearly 90% of the total [4]. - Futian District is identified as the traditional financial center, while Nanshan is recognized as the technology center of Shenzhen [4]. Group 3: Top Firms in Futian District - The leading firms in Futian District include Chao Quantum Fund and Chengqi Asset, both managing over 10 billion [7]. - The top firms in terms of employee count include Youmeili Investment, Chao Quantum Fund, and Qianhai Guoen Capital, each with over 30 employees [7]. Group 4: Performance of Top Firms - Chengqi Asset achieved the highest average return among its products, with a management scale of over 100 billion [9]. - Chao Quantum Fund, established in 2015, focuses on stock quantitative strategies and has also reached a management scale of over 100 billion [10]. Group 5: Overview of Nanshan District - In Nanshan District, the top firms include Hanrong Investment and Dadao Investment, with the latter being a newly established firm managing over 100 billion [11][14]. - The firms in Nanshan are also characterized by a strong focus on quantitative strategies and advanced technology [11]. Group 6: Performance of Top Firms in Nanshan - Hanrong Investment leads in performance with an average return from its products, while Dadao Investment has also shown strong results since its establishment [13][14]. - The firms in Nanshan are noted for their innovative approaches, including the use of machine learning and advanced statistical methods [13]. Group 7: Other Districts - Other districts such as Longgang, Luohu, Baoan, and Yantian collectively host 13 small-scale quantitative private equity firms, all managing between 0-5 billion [15]. - These firms primarily focus on niche strategies and have smaller employee counts compared to those in Futian and Nanshan [15].

Core Viewpoint - Quantitative investment is transitioning from a marginal role to a mainstream strategy in the volatile A-share market, with Shenzhen Liangdao Investment leveraging its strong quantitative technology foundation and systematic strategy framework to advance in the competitive asset management industry [2]. Company Overview - Shenzhen Liangdao Investment was established in April 2015, with a founding team that has been dedicated to quantitative investment and algorithmic trading since 2010. The company has research centers in Xiamen, Beijing, and Shanghai, and its core personnel have over 10 years of experience in quantitative strategy research and risk control [2]. - The name "Liangdao" signifies the "path of quantitative investment," reflecting a deep understanding of the essence of investment—finding the optimal solution between returns and risks [2]. Performance Highlights - Liangdao Investment's quantitative stock and CTA (Commodity Trading Advisor) products have shown outstanding performance this year. As of September 30, 2025, its "Liangdao Shunfeng No. 1 A-class share" and "Liangdao Chengfeng No. 1 A-class share" ranked in the top 10 for excess returns among similar-sized institutions in their respective strategies [3]. - The "Liangdao CTA Selected No. 17 A-class" product achieved a return of ***%, ranking 4th among private equity firms with over 5 billion in assets [3]. Differentiation Strategies - The company attributes its performance to four key differentiating features: 1. Low correlation with the market, achieved through an independent research system and various machine learning models, resulting in an average correlation of 0.40 with excess returns [8]. 2. Utilization of GNN (Graph Neural Network) technology to uncover hidden style rotation opportunities through dynamic relationships between stocks [8]. 3. A unique alternative database that enhances the robustness and stability of price-volume factors in event-driven markets [8]. 4. A specialized risk control system that combines the Barra system with A-share characteristics, such as additional controls for dividends and micro-cap stocks [8]. AI Model Optimization - Liangdao Investment has made significant improvements to its AI models, focusing on input layer optimization and dynamic graph structure construction, which sets it apart from traditional models [10]. - The company employs AI and machine learning algorithms to explore non-linear relationships between factors and returns, enhancing the ability to capture hidden signals from unstructured data [10]. Risk Control Mechanisms - The company's risk control strategy encompasses pre-trade, in-trade, and post-trade measures, ensuring comprehensive oversight throughout the investment process [12]. - Pre-trade controls involve constraints on major style factors and market characteristics, while in-trade controls utilize third-party systems to monitor trading activities [13][14]. - Post-trade controls are implemented through a self-built system that analyzes account holdings and ensures consistency with investment strategies [15]. Market Adaptation Strategies - To adapt to the rapidly changing styles and themes in the A-share market, Liangdao Investment has developed a "multi-dimensional, multi-model" investment system that allows for quick responses to market changes [16]. - The company regularly updates its factor versions and model training to incorporate the latest market characteristics, ensuring its strategies remain relevant [16]. Future AI Strategy - Liangdao Investment's future AI strategy focuses on four main areas: enhancing AI applications in strategy development, strengthening data mining and analysis capabilities, optimizing risk control systems, and cultivating AI talent [21].

Core Insights - The article provides an overview of the A-share holdings of seven prominent private equity fund managers as of the end of Q3 2025, highlighting their investment strategies and stock performance [2][3]. Group 1: Fund Managers' Holdings - As of the end of Q3 2025, the seven fund managers collectively held shares in 43 A-share companies, with a total market value of approximately 270.87 billion yuan, and an average increase of 30.85% in stock prices for the year [3]. - Among the fund managers, only Feng Liu had a holding value exceeding 100 billion yuan, with a total of 140.2 billion yuan across 12 companies [3]. - The fund managers with more than five holdings include Deng Xiaofeng, Feng Liu, Xia Junjie, and Dong Chengfei [3]. Group 2: Individual Fund Manager Insights - Deng Xiaofeng, managing approximately 94.08 billion yuan across five companies, reduced his stake in Zijin Mining, which saw a significant price increase this year [7][8]. - Feng Liu, with a total holding of 140.2 billion yuan, reduced his position in Hikvision for four consecutive quarters, currently holding 288 million shares valued at 88.26 billion yuan [10]. - Zhuo Liwei increased his stake in Chao Hong Ji, benefiting from a nearly 150% price increase this year, with a total holding value of 1.46 billion yuan [11]. - Xia Junjie managed 11.9 billion yuan across 14 companies, with new investments in four companies, including Huayu Automotive [12]. - Dong Chengfei focused on semiconductor companies, holding 20.63 billion yuan across seven companies, with an average price increase of 65.16% this year [14]. - Jiang Tong reduced her stake in a computer company, with a current holding value of approximately 1.39 billion yuan, reflecting a nearly 50% price increase this year [16]. - Wu Weizhi managed 1.21 billion yuan across three basic chemical companies, with a new investment in Hunan Haili [16][17].

Core Insights - The article discusses the changes in the management scale of the top equity fund managers as of Q3 2025, highlighting significant movements among them [4][5]. Group 1: Fund Manager Rankings - Zhang Kun remains the top fund manager with a total management scale of 565.44 billion, showing an increase of 14.97 billion from Q2 [5]. - Xie Zhiyu's management scale increased by 60.91 billion to 453.57 billion, surpassing Ge Lan to become the second-largest [4][5]. - Ge Lan's management scale is now 435.44 billion, with an increase of 36.36 billion [5]. - New entrants to the top ten include Li Xiaoxing and Yang Ruiwen, while Gong Lili and Fang Min dropped out [4][5]. Group 2: Zhang Kun's Investment Adjustments - Zhang Kun increased his holdings in JD Health by 2.82%, making it his fourth-largest position, while Tencent Holdings remains the largest [6][8]. - He reduced his positions in several liquor and oil stocks, indicating a shift in investment strategy [6][9]. - Zhang Kun emphasizes the long-term potential of China's consumer market and the importance of free cash flow in reflecting intrinsic value [9]. Group 3: Xie Zhiyu's Investment Focus - Xie Zhiyu significantly increased his holdings in electronics, particularly in companies like Luxshare Precision and Chipone Technology, focusing on AI computing and semiconductor sectors [11][12]. - He maintains a cautious yet optimistic approach towards the AI technology wave, highlighting the importance of balancing optimism with caution [13]. Group 4: Ge Lan's Focus on Innovative Drugs - Ge Lan's fund saw an increase in the proportion of top holdings from 54.73% to 62.50%, with significant increases in positions in pharmaceutical companies like WuXi AppTec and Hengrui Medicine [14][17]. - She remains optimistic about the investment value in innovative drugs and medical devices, citing ongoing policy support as a key catalyst [18][19]. Group 5: Liu Yanchun's Strategy - Liu Yanchun reduced his holdings in five A-share companies while increasing investments in medical stocks like Mindray Medical and China Duty Free [20][22]. - He emphasizes the importance of a long-term perspective in navigating economic transitions and the potential for investment opportunities in technology sectors [23]. Group 6: Zhou Weiwen's Investment Strategy - Zhou Weiwen's management scale grew by 42.79 billion, focusing on capturing trends in AI and undervalued sectors [24][27]. - He increased investments in companies related to overseas computing power and servers, while reducing exposure to domestic AI applications [29].

Core Viewpoint - The article discusses the performance of non-debt private equity products in the A-share market, highlighting those that have achieved consecutive positive returns over the years, indicating the fund managers' ability to navigate market fluctuations [2][10]. Summary by Sections 2023 Performance - In 2023, among private equity companies managing over 500 million, there were 1,731 non-debt private equity products, with 1,026 (59.27%) achieving consecutive positive returns [2]. - The threshold for the top 20 products in cumulative returns for 2023 was set at ***% [2]. - The majority of the top 20 products (15) were subjective long strategies, with only one product from a billion-dollar private equity firm, Oriental Harbor [2]. Top Products in 2023 - The top five products based on returns were managed by: - Qian Jun from Chiying Private Equity - Zhou Yifeng from Beiheng Fund - Chen Yongbao from Ding Tai Si Fang (Shenzhen) - Wu Gengxin from Zhun Jin Investment - Shi Hao from Shanghai Ge Ru Private Equity [3]. 2021 Performance - For the period from 2021, there were 855 non-debt private equity products, with 184 (21.52%) achieving consecutive positive returns [10]. - The threshold for the top 20 products in cumulative returns for 2021 was also set at ***% [10]. - Half of the top 20 products were subjective long strategies, with a notable presence of quantitative long products [10]. Top Products in 2021 - The top five products were managed by: - He Wenling from Qianhai Guoen Capital - Liu Zhiyong from Caoben Investment - Li Ting from Gongqingcheng Guangju Xinghe Private Equity - Ma Changhai from Hengbang Zhaofeng - Li Jiabin from Qianhai Haifu Asset [11]. 2019 Performance - In 2019, there were 377 non-debt private equity products, with 54 (14.32%) achieving consecutive positive returns [15]. - The threshold for the top 20 products in cumulative returns for 2019 was set at ***% [15]. - The top 20 products included seven subjective long products, with a mix of quantitative long, macro strategies, and composite strategies [15]. Top Products in 2019 - The top five products were managed by: - Yang Zhongxian from Jilu Asset - Chen Yu from Shennong Investment - Yao Qicong from Jiukun Investment - Liang Wentao from Honghu Private Equity - Yu Zilong from Shanghai Yuanlai Private Equity [16][22].

Company Overview - Shennong Investment was established in 2009 and is a pioneer of the "Premium Investment" concept in China's private equity sector, focusing on value growth stocks with a core philosophy of "following the heroes of the era" [3][4] - As of October 2025, the company manages assets worth 3 billion yuan and has received numerous awards, including 11 Private Equity Golden Bull Awards and 9 Yinghua Awards [4][3] - Shennong Investment has consistently achieved positive returns, ranking first among private equity firms with an average return of ***% in 2023 [4][8] Research Team and Key Personnel - The investment research team is composed of elite members from prestigious institutions such as Peking University and Tsinghua University, utilizing standardized processes to enhance decision-making efficiency [6] Investment Philosophy and System - The core investment philosophy is "Premium Investment," focusing on identifying companies with "heroic" characteristics that can significantly impact China through in-depth research and long-term follow-up [10] - The "Premium Stock Selection" system targets high-growth companies in key sectors such as technology, pharmaceuticals, and consumer goods, emphasizing companies with a market size exceeding 100 billion yuan and a potential for tenfold growth over ten years [11] - The "Five-Dimensional Timing" framework evaluates market drivers including policy, economy, capital, valuation, and technical aspects to assess market phases and risk-return changes [12] Investment Process and Risk Control - The investment process follows a scientific management principle, with a structured approach to research that includes daily reports, weekly reports, and in-depth analyses to identify significant investment opportunities [14] - The risk control system involves preemptive warnings for systemic risks, strict stock selection criteria, and ongoing monitoring of portfolio performance [15] Investment Case Studies - In 2020, Shennong Investment identified a leading automotive stock during a market rebound, achieving a price increase of up to six times [17] - In 2022, the firm pivoted to an online retail company, recognizing its undervaluation and resulting in an 18-fold increase in stock price [18] - In 2023, the firm invested in a leading biopharmaceutical company, capitalizing on the anticipated growth in China's biopharmaceutical sector [19] Competitive Advantages - Shennong Investment has demonstrated strong performance through various market cycles, achieving significant returns in bull markets and managing risks effectively in bear markets [22] - The unique "Premium Investment System" combines stock selection and market timing, validated through years of practical experience [23] - The firm is currently in a "sweet spot" for strategy capacity, allowing for flexible investment approaches and continued growth potential [24] - The elite research team ensures high-quality analysis and the ability to uncover investment opportunities [25] Market Outlook - The current market is viewed as being in the "midpoint of a bull market," with expectations of continued upward movement despite volatility [27] - Structural opportunities exist in future-oriented industries, including manufacturing, new consumption, and innovative pharmaceuticals, which align with Shennong Investment's focus [28] - Three major investment trends are anticipated over the next decade: the smart technology wave, the health and wellness wave, and the new consumption wave, driven by changing demographics and consumer preferences [29][30][31]

Core Insights - As of October 28, 2025, the third-quarter reports for public funds have been released, revealing a total of 109 fund managers managing over 10 billion yuan in active equity funds [3][6]. - The article highlights the performance and management scale changes of these fund managers, particularly focusing on the impact of the strong market performance in the third quarter [6][12]. Fund Manager Performance - Among the 109 fund managers, 41 have over 10 years of experience, with notable names including Zhu Shaoxing and Zhou Weiwen [6]. - The number of fund managers with management scales exceeding 200 billion yuan is 31, while only three managers exceed 400 billion yuan [6]. - A total of 93 fund managers, accounting for 85.32%, saw an increase in their management scale due to the strong market conditions in the third quarter [6]. New Entrants and Growth - 34 fund managers entered the "100 billion club" in the third quarter, with some being newly appointed [7]. - Notably, 11 fund managers saw their management scale double in the third quarter, with the highest growth observed in managers from various firms [10][11]. Investment Focus - The article emphasizes that popular AI computing stocks, such as Xin Yiseng and Zhong Ji Xu Chuang, were held by at least 10 fund managers, reflecting a trend towards AI infrastructure investments [11]. - The performance of these AI stocks was significant, with increases of over 187.96% for Xin Yiseng and 218.27% for Industrial Fulian during the quarter [11]. Top Performing Fund Managers - The top-performing fund manager, Ren Jie from Yongying Fund, achieved a remarkable 217.01% return this year, with a management scale increase of over 10 times [16]. - Liu Jianwei from E Fund ranked third with a 105.11% return, also experiencing substantial growth in management scale [17]. - The article lists the top 20 fund managers based on their year-to-date performance, with a minimum return threshold of 65.41% to make the list [12][14].

Core Insights - The public funds held a total market value of approximately 37,864 billion yuan in A-shares by the end of Q3 2025, marking an increase of over 12,027 billion yuan compared to the end of Q2 2025, primarily driven by a rapid rise in the A-share market, particularly in the ChiNext index which surged over 50% [2][3]. Industry Distribution - The electronics industry had the highest total market value held by funds, amounting to approximately 8,020 billion yuan, significantly surpassing other sectors. This industry also became the largest sector in terms of total market value in A-shares in August 2025 [2][3]. - The power equipment (mainly renewable energy) and pharmaceutical biotechnology sectors also saw substantial holdings, with fund holdings exceeding 4,500 billion yuan and 3,200 billion yuan, respectively. Additionally, the communication, food and beverage, non-bank financial, and non-ferrous metals sectors each had fund holdings exceeding 2,000 billion yuan [2][3]. Changes in Holdings - Compared to Q2, the fund's holdings in the electronics sector increased by over 3,600 billion yuan, while holdings in power equipment and communication sectors rose by more than 1,900 billion yuan each. Conversely, the banking sector saw the largest decrease in holdings, dropping by over 700 billion yuan [3][4]. Top Holdings - By the end of Q3 2025, 55 A-share companies had over 10 billion yuan in fund holdings. Notably, the top heavy-weight stock was Ningde Times, with a total fund holding market value of approximately 2,071 billion yuan, an increase of over 600 billion yuan from Q2, largely due to a stock price increase of over 60% [5][6]. - Other significant stocks included Zhongji Xuchuang and Xinyi Sheng, each with fund holdings exceeding 1,100 billion yuan, reflecting strong market performance [6][9]. Performance of Fund Holdings - The median increase in stock prices for the 55 A-share companies heavily held by funds was 56.45% in the first three quarters of the year, outperforming the ChiNext index during the same period. Notably, 19 stocks, including Shenghong Technology and Xinyi Sheng, achieved over 100% growth [5][6]. - The top 30 A-share companies favored by funds saw a median price increase of 78.57%, significantly outpacing the ChiNext index [9][11]. AI and New Energy Stocks - A total of 38 AI computing stocks were held by funds, with significant holdings in Zhongji Xuchuang and Xinyi Sheng, each exceeding 1,100 billion yuan. The median increase for these stocks was approximately 129%, with 26 stocks doubling in value [13][17]. - In the new energy sector, 33 stocks were held by funds, with Ningde Times leading at over 2,000 billion yuan in holdings. The median increase for these stocks was around 50%, with notable performers like Xian Dao Intelligent achieving over 210% growth [17].