私募“巨轮”扩容，“小船”锐减！长期绩优“小而美”私募大盘点！

Core Viewpoint - The private equity industry is experiencing a shift from "scale competition" to "capability competition," with a focus on smaller firms that can deliver stable long-term returns [3][9]. Group 1: Current Year Performance - As of October 2025, private equity firms managing between 0-5 billion yuan have a total of 6216 firms, accounting for 81.94% of the market, a decrease from 6534 firms in June 2025 and 6958 firms in August 2024 [3]. - The average return for private equity products under 0-5 billion yuan this year is 28.14%, with 94.05% of products showing positive returns [3][9]. - The top three performing small and beautiful private equity firms this year are Longhui Xiang Investment, Jingying Zhito, and Moku Asset [3][9]. Group 2: Three-Year Performance - Over the past three years, the average return for private equity firms managing 0-5 billion yuan is 72.66%, with 95.17% of products yielding positive returns [9]. - The top three firms in terms of three-year performance are Qinxing Fund, Xinjing Investment, and Mingshe Asset [9]. Group 3: Five-Year Performance - The average return for private equity firms managing 0-5 billion yuan over the last five years is 91.94%, with 95.50% of products showing positive returns [16]. - The top three firms for five-year performance are Longhui Xiang Investment, Tongwei Investment, and Qianhai Quark Asset [16].