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Core Viewpoint - The article emphasizes the importance of excess returns (Alpha) as a key performance metric for private equity funds, particularly for quantitative long and market-neutral products, as it reflects the manager's investment research capabilities beyond absolute returns [2][3]. Summary by Sections Excess Returns Overview - Excess returns exclude market fluctuations (Beta) and directly reflect the additional returns generated by the manager through stock selection, timing, and hedging strategies [2]. - As of June 30, 2025, the average excess returns for private equity products over the first half of the year, the past year, and the past three years were 12.45%, 20.15%, and 58.49%, respectively, indicating a cumulative increase over time [2]. Strategy Performance - Among different strategies, quantitative stock selection and other index enhancements (like the CSI 2000 index) showed leading average excess returns over the first half, past year, and past three years, while market-neutral and CSI 300 index enhancements lagged behind [3]. Top Performing Private Equity Funds - In the first half of 2025, 91 private equity funds met the criteria for excess return statistics, with the top 20 funds having a minimum excess return threshold of ***% [5]. - The top 10 funds for excess returns in the first half included Shenzhen Zeyuan, Yunqi Quantitative, and Shanghai Zijie Private Equity, among others [5]. Detailed Fund Performance - Shenzhen Zeyuan led with an average excess return exceeding ***% and an absolute return average of approximately ***% [5][7]. - The second-ranked fund, Shengguanda, had an average excess return close to ***% and an absolute return average of approximately ***% [13]. - The top 20 funds for the past three years included notable names like Jiluo Asset and Guangzhou Shouzheng Yongqi, with 11 funds being over 100 billion in size [14][18]. Consistent Performers - Seven private equity funds consistently ranked in the top 20 for excess returns across the first half, past year, and past three years, including Guangzhou Shouzheng Yongqi and Black Wing Asset [18].