主观反超量化！新晋百亿开思夺前三季度主观私募亚军！望正、神农、路远、榕树位列10强

Core Insights - The A-share market has shown a significant divergence in the third quarter, with a strong structural performance in the technology sector providing opportunities for subjective investments to outperform [2] - Quantitative long products achieved average returns of 17.41% in Q3 and 2.55% in the last month, while subjective long products had average returns of 20.43% in Q3 and 4.21% in the last month, indicating a clear advantage for subjective strategies [2] - The number of private equity firms managing over 10 billion yuan has increased, with 42 firms now classified as "billion-yuan private equity" as of September 2025 [3] Group 1: Performance of Billion-Yuan Private Equity - As of September 2025, there are 42 billion-yuan private equity firms, with notable new entrants and returning firms, such as Kaishi Private Equity and Hongchou Investment [3] - The expansion in the number of billion-yuan private equity firms is attributed to the recovery of the A-share market, which has boosted returns on equity assets and increased investor trust in leading private equity firms [3] - Among the 42 firms, 28 are located in Shanghai and Beijing, with only 9 firms having more than 50 employees, indicating a concentration of resources in major cities [3] Group 2: Top Performers in Various Scales - In the billion-yuan category, the top three firms are Fusheng Asset, Kaishi Private Equity, and Jiuqi Investment, with Fusheng Asset achieving an average return of ***% [11][12] - In the 50-100 billion category, the top three firms are Tongben Investment, Shengqi Asset, and Wangzheng Asset, with the average return threshold for the top performers being ***% [12][16] - In the 20-50 billion category, Beijing Xiyue Private Equity leads with an average return of ***%, reflecting a significant increase in its management scale [20] - In the 10-20 billion category, Luyuan Private Equity and Rongshu Investment are the top performers, with Luyuan achieving an average return of ***% [21][24] - In the 5-10 billion category, Fuyuan Capital ranks first with an average return of ***%, emphasizing its commitment to long-term value investment [26][29]