私募行业再现10亿“日光基”资金入市升温 2025年百亿私募98.59%获正收益

Core Insights - The private equity market in China has started 2026 with a strong performance, highlighted by the rapid fundraising success of Shanghai Fusheng Asset, which raised 1 billion yuan in a single day for its actively managed stock private equity product, marking it as the first "daylight" private equity product of the year [1][3] - The overall performance of private equity funds in 2025 was exceptional, with an average return of 32.66% across 5022 funds, and a staggering 95.02% of these funds reported positive returns [6][8] - The trend indicates a shift in investor preference back towards subjective private equity strategies, as evidenced by the strong performance of Fusheng Asset and other leading firms, which have regained market favor after a period dominated by quantitative strategies [5][6] Fundraising and Market Dynamics - Fusheng Asset's product was sold out within seconds, reflecting a renewed interest from high-net-worth individuals in quality subjective private equity products amid a recovering equity market [1][3] - The Shanghai Composite Index has shown strong performance, reaching a ten-year high of 4121.7 points, contributing to increased market activity and investor confidence [4] - The total margin financing balance exceeded 2.62 trillion yuan, indicating heightened market liquidity and investor engagement [4] Performance Metrics - Fusheng Asset's flagship products have demonstrated remarkable returns, with the "Fusheng Positive Energy No. 2" achieving an 80.19% return in 2025, and the "Fusheng Positive Energy No. 3" yielding a cumulative return of 668.7% since its inception in 2018 [2][3] - The average return for large private equity firms (over 10 billion yuan) was 33.59%, with 98.59% of these firms reporting positive returns, showcasing their robust performance in the market [6][8] Strategy Trends - The private equity landscape is witnessing a strategic shift, with quantitative strategies previously dominating now facing competition from subjective strategies, which are regaining traction due to their strong performance [5][7] - The average return for quantitative long strategies was 45.02%, significantly outperforming subjective long strategies, which averaged 29.51% [7] - The number of large private equity firms has increased, with 113 firms now managing over 10 billion yuan, indicating a growing trend towards larger, more established players in the market [7][8]