Core Viewpoint - The article discusses the ongoing depreciation of the US dollar in 2023, attributing it to various factors including high US fiscal deficits, changes in Federal Reserve policies, and concerns over the safety of dollar assets, leading to a shift in global capital flows towards emerging markets, particularly Chinese assets [3][4]. Group 1: Reasons for the Weak Dollar - Trump's interference with the Federal Reserve's independence and promotion of reciprocal tariffs has triggered a crisis of confidence in the dollar, undermining its institutional trust [5]. - The "weak dollar" policy is a strategic tool for Trump to stimulate manufacturing and export competitiveness, sacrificing some short-term dollar credibility for long-term goals [5]. - The trend of "de-dollarization" has become mainstream, with significant increases in foreign exchange derivatives hedging demand and a rise in dollar short positions among global investors [6][7]. Group 2: Impact of Weak Dollar on Emerging Markets - Historical data shows that during periods of dollar depreciation, emerging markets, including China, tend to perform well, indicating a negative correlation between the dollar index and emerging market indices [13][15]. - The A-share market benefits from a relatively stable or appreciating RMB during weak dollar periods, attracting foreign capital inflows [15][18]. Group 3: Investment Themes in a Weak Dollar Environment - Investment opportunities in Chinese assets include: - Technology growth assets, which are expected to gain value during weak dollar periods, with a focus on long-term growth and scarcity [20]. - Hong Kong stocks, benefiting from global liquidity and domestic profit improvements [20]. - Dividend and low-valuation sectors such as banking and insurance, which are attractive in a high-low market switch [20]. - Funds related to physical assets like copper, gold, and oil, which are prioritized during weak dollar cycles [20]. - Overall, the weak dollar represents not only a current market reality but also a long-term logic for global capital reallocation and institutional credit reassessment, with Chinese assets showing strong appeal due to solid fundamentals and low valuations [21].

Core Viewpoint - The article discusses the performance and characteristics of private equity firms in China, highlighting the advantages of both large and small firms in generating investment returns, while emphasizing the challenges faced by larger firms when exceeding strategy capacity [1][3]. Summary by Sections Overview of Private Equity Firms - Large private equity firms (over 5 billion) are favored for their comprehensive research teams, diverse strategies, and mature risk control, which can lead to sustained investment returns [1]. - However, once a firm's scale exceeds its strategy capacity, returns may decline, making it challenging to be both "large and strong" [1]. Performance Analysis - As of August 2025, there are 6,608 private equity firms established for over five years, with those under 5 billion in scale showing weaker performance over five years compared to larger firms, but outperforming them in the past one and three years [3]. - Among firms with a scale of 5-50 billion, 892 have been identified, with a focus on those that have products meeting ranking criteria for performance evaluation [3]. Recent Performance Rankings - In the past year, the top-performing private equity firm is Jiu Private Equity Fund, achieving an average return of 50.19% [3][6]. - The top 20 firms in the past year include 14 subjective private equity firms, with a majority in the 5-10 billion scale range [4]. Detailed Rankings - The top firms in the past year include: 1. Jiu Private Equity Fund 2. Lei Xing Capital 3. Neng Jing Investment Holdings 4. Berkshire Investment 5. Jiu Ge Investment [5]. - Jiu Private Equity Fund has consistently ranked first over the past three years, with a focus on fundamental research and growth stocks [6]. Three-Year Performance - In the past three years, the average return for the top 20 private equity firms is 53.54%, with a significant number being subjective firms [8]. - Notable firms include Jiu Private Equity Fund, Fu Ying Investment, and Shen Nong Investment, with the latter focusing on value investment in high-quality A-share companies [9][11]. Five-Year Performance - Over the past five years, the average return for the top 20 firms is 78.6%, with subjective firms dominating the rankings [12]. - Heng Bang Zhao Feng leads the five-year performance rankings, emphasizing value-driven investment strategies [13]. Consistent Performers - Only four firms—Heng Bang Zhao Feng, Fu Ying Investment, Long Hang Asset, and You Bo Capital—ranked in the top 20 across one, three, and five-year periods, all employing subjective investment strategies [14].

Core Viewpoint - The A-share market has shown remarkable performance over the past year, with major indices achieving significant gains, particularly the ChiNext Index, which rose nearly 83% [1][2]. A-share Market Performance - The A-share market experienced a "924 market" surge followed by a period of consolidation, ultimately breaking through to reach a nearly 10-year high in August 2025 [1]. - Major indices' performance over the past year includes: - ChiNext Index: +82.87% - Shenzhen Component Index: +52.08% - Shanghai Composite Index: +35.74% [2]. Hong Kong and US Market Performance - The Hong Kong stock market also performed well, with the Hang Seng Technology Index increasing by over 59% [1]. - In contrast, US stock indices lagged behind due to their higher starting positions, with the Nasdaq leading at +21.12% [1]. Private Equity Performance - Private equity stock investment has shown strong performance, with an average return of 65.90% across 307 private equity firms, surpassing the performance of major A-share indices [3]. - Notably, 39 private equity firms achieved returns exceeding 100% over the past year [3]. Top Private Equity Firms by Scale - For firms managing over 100 billion, the top performers include: - Black Wing Asset Management - Liangpai Investment - Ming Stone Fund - Tianyan Capital - Stable Investment [4][6]. - The average return for the top 10 firms in this category is close to ***% [4]. Mid-Scale Private Equity Firms - In the 50-100 billion category, leading firms include: - Tongben Investment - Yuanshin Investment - Super Quantum Fund [8][10]. - The average return for the top 10 firms in this category is also above ***% [8]. Smaller Scale Private Equity Firms - For firms managing 20-50 billion, the top firms include: - Shengguanda - Zhuyun Investment - Liangying Investment [11][12]. - The average return for the top 10 firms in this category exceeds ***% [11]. Performance of Firms Below 20 Billion - In the 10-20 billion category, notable firms include: - Nengjing Investment Holdings - Jiuge Investment - Shenzhen Zeyuan [14][16]. - The average return for the top 10 firms in this category is also above ***% [14]. Performance of Firms Below 10 Billion - In the 5-10 billion category, leading firms include: - Yijiu Private Fund - Beijing Xiyue Private Fund - Fuyuan Capital [18][20]. - The average return for the top 10 firms in this category is above ***% [18]. Overall Insights - Larger scale firms tend to have more quantitative strategies that perform well, while smaller firms often excel with subjective strategies [21].

Core Viewpoint - The article highlights the performance of private equity funds in the range of 5-10 billion, indicating a strong average return of 24.25% year-to-date, with stock strategy products significantly outperforming the market [1][2]. Group 1: Performance Overview - There are 570 products under private equity funds with performance data, totaling approximately 951.82 billion yuan, with an average return of 24.25% this year [1][2]. - Stock strategy products, totaling 470, have an average return of 26.58%, outperforming the market significantly [1][2]. - Futures and derivatives strategy products have lagged behind, with only 25 products showing an average return of 6.04% this year [1][2]. Group 2: Strategy Breakdown - The performance of various strategies is as follows: - Stock Strategy: 470 products, 7,909,036.93 million yuan, 8-month return of 6.23%, year-to-date return of 26.58% [2]. - Multi-Asset Strategy: 79 products, 1,083,120.75 million yuan, 8-month return of 5.79%, year-to-date return of 17.97% [2]. - Futures and Derivatives Strategy: 25 products, 241,368.31 million yuan, 8-month return of 1.24%, year-to-date return of 6.04% [2]. - Bond Strategy: 17 products, 228,625.42 million yuan, 8-month return of 1.32%, year-to-date return of 5.66% [2]. - Combination Fund: 3 products, 56,001.36 million yuan, 8-month return of 9.33%, year-to-date return of 31.87% [2]. Group 3: Quantitative Strategy Performance - There are 76 quantitative long products with an average return of 36.30% year-to-date, outperforming the average [3][4]. - The top three quantitative long products for the year are from Pansong Asset, Beiyang Quantitative, and Zhengying Asset [4]. Group 4: Subjective Long Strategy Performance - 82 subjective long products have an average return of 30.86% year-to-date, benefiting from a strong equity market [7][8]. - The top three subjective long products are from Yuanxin Investment, Tongben Investment, and Kangmand Capital [8]. Group 5: Market Neutral Strategy Performance - 37 market-neutral products have an average return of 6.53% year-to-date, with the top three products from Pansong Investment, Liangkui Private Equity, and Pansong Asset [11][12]. Group 6: Multi-Asset Strategy Performance - 79 multi-asset strategy products have an average return of 14.51% year-to-date, with the top three products from Guoyuan Xinda, Luoshu Investment, and Chanlong Asset [13][14]. Group 7: Futures and Derivatives Strategy Performance - 52 futures and derivatives strategy products have an average return of 8.92% year-to-date, with the top three products from Hongxi Fund, Luoshu Investment, and Jiahong Fund [15][16].

Core Viewpoint - The article highlights the performance of equity funds in the A-share market, noting significant gains in August 2025, with the Shanghai Composite Index reaching a nearly 10-year high and a substantial number of funds achieving record net asset values [3][4]. Summary by Sections Recent Performance of Equity Funds - In August 2025, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13%, indicating a robust market rally [3]. - As of the end of August 2025, there were 9,037 equity funds, with 3,668 funds (approximately 40.59%) reaching historical net asset value highs [3][4]. Top Performing Funds in the Last Year - Among the 1,569 equity funds with performance data, 7 funds achieved over 200% returns in the past year, with a threshold of 150% for the top 20 funds [4][5]. - The top 5 funds based on one-year performance include: 1. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 261% return 2. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 236.45% return 3. China Europe Digital Economy Mixed Initiated A (Code: 018993) - 232% return 4. Debon Xin Xing Value Flexible Allocation Mixed A (Code: 001412) - 222.43% return 5. Xin Ao Performance Driven Mixed C (Code: 016371) - 216.06% return [5][8]. Performance Over Three Years - For the three-year performance, the top 5 funds include: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 245.80% return 2. Huitianfu North Exchange Innovative Selected Two-Year Open Mixed A (Code: 014279) - 187.03% return 3. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 181.13% return [10][11]. Performance Over Five Years - In the five-year performance category, the top 5 funds are: 1. Dongwu Mobile Internet Mixed A (Code: 001323) - 285.32% return 2. Dongwu New Trend Value Line Mixed (Code: 001322) - 276.38% return 3. Jinyuan Shun'an Yuanqi Flexible Allocation Mixed (Code: 004685) - 236.16% return 4. Huashang Yuanheng Mixed A (Code: 004206) - 200.52% return 5. Huashang Runfeng Mixed A (Code: 003598) - 193.05% return [15][19].

Market Overview - In August, A-shares continued to rise strongly, with the Shanghai Composite Index increasing by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] Private Fund Performance - A total of 3,321 private fund products reached historical net asset value highs in August, representing approximately 71.19% of private funds established for over one year [1] - Among these, quantitative products accounted for 1,303, while non-quantitative products made up 2,018 [1] Product Strategy Breakdown - The majority of products employed stock strategies, with 2,135 products (about 64%), followed by multi-asset strategies (471), futures and derivatives strategies (305), bond strategies (302), and combination fund products (108) [1] Company Size Analysis - The largest share of products came from private funds with assets under management (AUM) below 500 million, totaling 1,347 products, which is over 40% of the total [2] - There were 456 products from private funds with AUM exceeding 10 billion [2] Top Performing Private Funds - A list of top-performing private funds was compiled, focusing on those with stock strategies, multi-asset strategies, futures and derivatives strategies, and bond strategies [2] - Notably, 20 private fund companies had all their products reach historical highs in August, with 13 being quantitative and 7 being subjective [2] Long-Term Performance - Among the private funds that reached historical highs, 33 products have been established for over 10 years, with 25 of them achieving annualized returns exceeding 10% [6] - Five products achieved annualized returns over 20%, with four of them being from large private funds [6] Quantitative Strategy Highlights - In the category of quantitative long-only stock strategies, there were 512 products that reached historical highs, with the top performers having a return threshold close to ***% [10] - The leading products in this category were from Hanrong Investment, Liangying Investment, and others [10] Subjective Strategy Highlights - For subjective long-only stock strategies, there were 650 products that reached historical highs, with the top five performers coming from Beijing Xiyue Private Fund, Shanghai Ge Ru Private Fund, and others [15] Multi-Asset Strategy Insights - In the multi-asset strategy category, 286 products reached historical highs, with the top five performers including Tianhui (Shanghai) Private Fund and others [18] Futures and Derivatives Strategy Performance - There were 137 products in the futures and derivatives strategy category that reached historical highs, with the top five coming from Shenyuan Asset and others [23] Bond Strategy Dominance - In the bond strategy category, 204 products reached historical highs, with the top five performers including Jinshi (Xiamen) Asset and others [28]

Core Viewpoint - The article highlights the significance of small to medium-sized private equity firms in the industry, focusing on Guangzhou Tianzhanhan as a representative example of a successful quantitative investment firm [3][4]. Company Overview - Guangzhou Tianzhanhan Private Fund Management Co., Ltd. was established in March 2017 and is located in Tianhe District, Guangzhou. The firm specializes in quantitative investment, particularly in timing strategies for selected targets, aiming for absolute returns through low buying and high selling [4][6]. - As of August 2025, Tianzhanhan's products achieved an average return of ***% from January to August, ranking in the top 10 among quantitative private equity firms in Guangdong [4]. Investment Model - The firm operates with a management scale of 0-5 billion and focuses on quantitative strategies [6]. - The development timeline includes key milestones such as the issuance of representative products and securing seed investments from major financial institutions [6]. Core Team - The core team at Guangzhou Tianzhanhan has extensive experience in quantitative investment, with expertise in computer science, mathematics, and finance. The team has been stable and cohesive for over 10 years, ensuring strong continuity in product strategies [8][20]. Investment Philosophy & Representative Strategies - The core investment philosophy revolves around exploiting market volatility driven by human emotions, using mathematical models to identify price imbalances. The goal is to achieve absolute returns through strategic timing in buying and selling [11][24]. - The firm employs two main strategies: quantitative individual stock timing and quantitative index timing, utilizing proprietary models to predict future trends [12][16]. Strategy Logic - The investment decision-making process combines macro and micro timing analyses, focusing solely on the target assets rather than market indices. This approach aims to maximize profits through precise timing in buying low and selling high [13][21]. Core Advantages - The company has a clear ownership structure and stable operations since its inception in 2017. The focus on individual stock timing rather than market exposure allows for lower correlation with mainstream strategies, reducing competition [20][22]. - The firm emphasizes direct analysis of timing effectiveness, aiming for high win rates and strategy validity, which is relatively rare in the market [23][25].

Core Insights - The article emphasizes that "buying a fund means buying the fund manager," highlighting the critical role of fund managers in determining fund performance [2] - As of the end of August, there are 2,831 fund managers with performance data, managing a total of 5,276 private fund products, with a combined management scale of approximately 465.47 billion yuan and an average return of 22.64% this year, significantly outperforming the market [2][3] Summary by Categories Fund Manager Education and Experience - Nearly 50% of the fund managers hold a master's degree, while 221 have a doctoral degree and 8 are postdoctoral [2] - 244 fund managers have over 20 years of experience, accounting for 38.1%, and only 62 have over 30 years of experience, representing 9.7% [2] Fund Size and Performance - Fund managers from private funds with a scale of 10-20 billion yuan have an average return of 24.99%, leading the performance [3] - Fund managers from private funds with over 100 billion yuan have an average return of 24.78%, while those managing between 50-100 billion yuan have an average return of 20.16% [3] Top Performing Fund Managers - The top three fund managers in the over 100 billion yuan category are Lu Hang from Fusheng Asset, Jiang Yunfei from Duration Investment, and Yin Tao from Stable Investment [6][10] - Lu Hang has 20 years of experience and focuses on growth stocks, with significant returns from new consumer stocks [10] - Yin Tao, with 12 years of experience, utilizes a self-created high-frequency trading method and artificial intelligence in his investment strategy [10] Performance Rankings by Fund Size - In the 50-100 billion yuan category, the top three fund managers are Tong Xun from Tongben Investment, Ni Fei from Kaishi Private Equity, and Zhang Xiangfang from Mingxi Capital [12] - In the 20-50 billion yuan category, Li Jiajia from Haokun Shengfa Asset leads, followed by Shi En from Yunqi Quantitative and Xu Shuang from Zige Investment [17] - In the 10-20 billion yuan category, He Zhenquan from Liangli Private Equity ranks first, with a focus on emerging industry trends [22] - In the 5-10 billion yuan category, Liu Xianglong from Fuyuan Capital tops the list, emphasizing value investment [27]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近1年来，"9·24"行情显著改善了超额收益环境，AI引爆的全球科技革命更为量化投资打开新赛道，量化私募由此掀起新一轮发展浪潮。从区域 分布看，沿海经济发达地区凭借人才、资本、信息与基础设施的复合优势，继续孕育并汇聚全国知名的量化私募机构。 私募排排网数据显示，截至今年 8月底，旗下至少3只产品符合排名规则的量化私募共有164家，近1年、今年来平均收益分别为48.7%、 22.62%。 按照地区划分，在 上海、广东、北京、浙江以及其他地区中， 上海地区的私募数量较多，达 65家，并汇聚了20余家头部私募。从业绩来看，浙 江地区的私募近1年、今年来平均收益均居首位，分别为59.62%、25.3%。 | 办公城市 | | | 至少有3只产品符合排名 近1年平均 今年来平均 规模在50亿以上 规模为0-50亿 | | | | --- | --- | --- | --- | --- | --- | | 所属地区 | 规则的公司数(近1年) | 收益 | 收益 | 的公司数 | 的公司数 | | 上海 | ୧୮ | 47.53% | 21.75% | 21 ...

Core Viewpoint - The article highlights the significant growth in the quantitative private equity sector, with an increase in the number of top-tier firms and their management scale, driven by the popularity of quantitative investment strategies and market trends [1]. Group 1: Growth of Quantitative Private Equity - As of the end of August 2025, the number of top quantitative private equity firms with management scales exceeding 5 billion yuan has risen to 78, marking an approximate 28% increase from January 2025 [1]. - Among these firms, 45 manage over 10 billion yuan, while 33 have management scales between 5 billion and 10 billion yuan [1]. Group 2: Performance of Top Firms - The top quantitative private equity founders, who are also fund managers, have an average return of 28.81% this year, with an average excess return of 11.12% [1]. - The total number of products managed by these founders that meet ranking criteria is 202, with a combined scale of approximately 28.064 billion yuan [1]. Group 3: Notable Founders and Their Strategies - Xie Xiaoyang, founder of Tianyan Capital, has 12 products with a total scale of approximately 2.174 billion yuan, achieving outstanding excess returns [4]. - Liu Xibin, founder of Hongxi Fund, manages 13 products with a total scale of approximately 1.280 billion yuan, focusing on quantitative trend strategies [7]. - The founders of Heiyi Asset, Zhou Yitian and Chen Zehao, have 21 products with a total scale of approximately 2.419 billion yuan, emphasizing risk control and stable returns [10]. Group 4: Emerging Trends and Innovations - Wu Di, founder of Century Frontier, is focusing on AI developments in quantitative strategies, indicating a shift towards building intelligent systems for strategy development [17].