幻方量化与它的“杭州效应”，悄悄赢了北上广深！2025中国私募地区榜揭晓！

Core Insights - The article highlights the performance of private equity firms in China, particularly focusing on the returns of private equity products in major cities by the end of 2025, with a notable emphasis on the strong performance of firms in Hangzhou [2][3]. Group 1: Overall Market Performance - As of December 2025, there are 7,518 private equity firms in China, with 5,422 located in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou), accounting for 72.12% of the total [2]. - The average returns for private equity products in first-tier cities for 2025 are as follows: Beijing 31.81%, Shanghai 31.98%, Guangzhou 33.56%, Shenzhen 34.22%, and Hangzhou 42.46% [3]. Group 2: Hangzhou Private Equity Performance - Hangzhou's private equity products have an impressive average return of 42.46%, with a high positive return rate of 98.70% among 307 products [3][6]. - The top three private equity firms in Hangzhou for 2025 are: Nongfu Private Equity, Haokun Shengfa Asset, and Yunqi Quantitative, with Nongfu leading the pack [6][12]. Group 3: Beijing Private Equity Performance - In Beijing, there are 1,242 private equity firms, with an average return of 31.81% for 679 products [13][14]. - The top three private equity firms in Beijing for 2025 are: Beijing Xiyue Private Equity, Qiaogeli Capital, and Huacheng Private Equity [14][19]. Group 4: Shanghai Private Equity Performance - Shanghai hosts 2,012 private equity firms, with an average return of 31.98% for 1,428 products [20][21]. - The leading private equity firms in Shanghai for 2025 are: Shanghai Hengsui Asset, Shanghai Yixin Private Equity, and Haiseng Fund [21][26]. Group 5: Guangzhou Private Equity Performance - Guangzhou has 441 private equity firms, with an average return of 33.56% for 275 products [27][28]. - The top three private equity firms in Guangzhou for 2025 are: Jingyan Private Equity, Hainan Xiangyuan Private Equity, and Sanhe Chuangying [28][32]. Group 6: Shenzhen Private Equity Performance - Shenzhen has 1,256 private equity firms, with an average return of 34.22% for 843 products [33][34]. - The leading private equity firms in Shenzhen for 2025 are: Qiantou Investment, Fuyuan Capital, and Zhongying Investment [34][39]. Group 7: Other Regions Private Equity Performance - Outside the major cities, there are 2,096 private equity firms, with an average return of 28.52% for 1,213 products [40][41]. - The top three private equity firms in other regions for 2025 are: Luyuan Private Equity, Lanbaoshi Fund, and Zhihua Asset Management [41][45].