私募老将谁赚的更多？邹文、但斌中长期亮眼！复胜陆航、久阳润泉胡军程连上三榜！

Core Viewpoint - The article emphasizes the importance of experience in investment, particularly in the A-share market, which has undergone multiple bull and bear cycles over the past two decades. It highlights the performance of seasoned private fund managers and their ability to adapt to different market conditions [2]. Summary by Relevant Sections Performance of Veteran Fund Managers - As of December 2025, there are over 30,000 private fund managers in China, with only 770 having more than 20 years of experience and managing over 500 million yuan [2]. - The top three private fund managers over the past five years are Hu Jun Cheng (Jiu Yang Run Quan), Wang Sheng Zhi (Qian Hai Kua Ke Asset), and Zou Wen (Ri Dou Investment), with average returns of ***% [3][4]. Top Fund Managers and Their Strategies - Hu Jun Cheng leads with an average return of ***% over five years, focusing on deep research, heavy investment, and long-term holding strategies [5]. - The top ten fund managers in the past five years include a mix of strategies, primarily in stocks and multi-assets, with notable names like Lu Hang (Fu Sheng Asset) and Chen Long (You Bo Capital) [4][6]. Recent Performance Trends - In 2025, the top three fund managers are Luo Hua Sen (Shanghai Heng Sui Asset), Jiang Yun Fei (Ju Qi Investment), and Zhai Jing Yong (Rong Shu Investment), with average returns of ***% [11][12]. - Jiang Yun Fei has consistently ranked high across multiple time frames, indicating strong performance in the bond market [14]. Market Outlook and Investment Opportunities - Hu Jun Cheng predicts future investment opportunities in technology, pharmaceuticals, consumer goods, finance, and cyclical sectors, suggesting that A-share valuations are currently low and that a long-term bull market is likely [6]. - The article notes that AI applications are expected to see significant growth in 2026, with many institutions agreeing on this outlook [10].