Changjiang Securities(SZ:000783) 券商中国·2026-01-20 09:32Core Viewpoint - The Chinese private equity industry is transitioning from quantitative expansion to qualitative transformation, driven by capital market reforms and long-term capital inflows, as highlighted by the "Golden Yangtze" private equity empowerment plan [3]. Group 1: Private Equity Performance and Fundraising - In 2025, the private equity industry achieved remarkable performance, with 75 billion-level private equity firms reporting an average return of 32.77%, with 98.67% of them generating positive returns [4]. - The top five firms, including Lingjun Investment and Yuanshin Investment, reported annual returns exceeding 50%, with the top three surpassing 70% [4]. - Quantitative private equity emerged as a standout performer, with 45 billion-level quantitative firms achieving an average return of 37.61%, all reporting positive returns [4]. Group 2: Product Registration and Market Trends - The number of registered private equity products reached 12,645 in 2025, doubling year-on-year, with stock strategy products accounting for 65.86% of the total [5]. - The dominance of billion-level private equity firms in product registration reflects their advantages in brand, performance, and channels, leading to a concentration of resources in capable institutions [5]. - The regulatory environment is improving, and long-term capital continues to enter the market, positioning the private equity sector for higher quality development [5]. Group 3: Sales and Platform Development - Longjiang Securities' private equity sales business saw a remarkable growth of approximately 350% in sales scale compared to 2024, with a 47% increase in retained volume [7]. - The "Golden Aircraft Carrier" funding platform has established a five-level funding closed-loop system, connecting various financial institutions and facilitating over 10 billion yuan in investments into private equity [8]. - The platform emphasizes building an open, collaborative, and sustainable service ecosystem, enhancing connections between private equity and wealth management [8]. Group 4: Research and Technological Support - Longjiang Securities provides comprehensive research support to private equity managers through reports, surveys, and strategy discussions, enhancing their decision-making capabilities [9]. - The company is focused on building an intelligent, integrated, and efficient operational and trading support system, improving efficiency and accuracy in key processes [10]. - Customized solutions are offered to different strategy managers, enhancing their execution and asset management capabilities [10]. Group 5: Performance Metrics and Strategy Insights - The second phase of the "Golden Yangtze" private equity empowerment plan in 2025 showcased nearly 3,000 participating products, with an average return of 30% and a median return of 22% [11]. - The index enhancement strategy led the performance with a median return of 42.4%, while quantitative stock selection and subjective long strategies followed closely [11]. - The performance of certain strategies, such as CTA, showed a decline in median returns, reflecting challenges posed by market volatility and liquidity changes [11].