私募规模跃升榜揭晓：徐翔旗下坤灵私募跃升4档！23家私募新晋百亿！

Core Insights - In 2025, A-shares, Hong Kong stocks, and US stocks all performed well, with the Shanghai Composite Index rising over 18%, the Shenzhen Component Index nearly 30%, and the ChiNext Index over 49% [3] - The average return for private equity in 2025 was approximately 25%, with 675 private equity firms experiencing significant growth in management scale [3] - The growth in management scale was attributed to either a notable increase in product net value or gaining investor trust, leading to more entrusted funds [3] Group 1: Private Equity Growth - A total of 675 private equity firms saw their management scale increase, with 369 being subjective, 159 quantitative, and 131 using a combination of both strategies [3] - Among the firms that achieved significant growth, 23 new firms entered the billion-yuan private equity club, while 15 firms returned to this status [4] - The new billion-yuan private equity firms included 14 quantitative and 6 subjective firms, with 18 focusing on stock strategies [5] Group 2: Notable Firms and Strategies - Notable firms that achieved a scale increase of more than two tiers included Chengyang Investment, Dadao Investment, and Square and Investment, all of which grew from 20-50 billion yuan to over 100 billion yuan [5][8] - The firm Square and Investment, led by Lü Jieyong, has received over 70 awards and focuses on stock strategies with a strong quantitative approach [10] - Among the 15 firms returning to the billion-yuan club, 8 were subjective and 6 were quantitative, with 12 focusing on stock strategies [11] Group 3: Performance Rankings - The top 20 private equity firms for 2025 were identified, with the threshold for inclusion being a return exceeding a certain percentage [19] - The top five firms based on returns included Shanghai Hengsui Asset, Beijing Xiyue Private Equity, and Qiantou Investment, with a significant number of subjective firms in the rankings [19][20] - The firm Beijing Xiyue Private Equity achieved a scale increase from 5-10 billion yuan to 20-50 billion yuan, ranking second in returns for 2025 [22][23] Group 4: Long-term Performance - Over the past three years, the top-performing private equity firms included Zhongying Investment and Beijing Xiyue Private Equity, both achieving high returns [24] - In the five-year performance rankings, Zhongying Investment ranked first, with a significant number of subjective firms also making the list [27] - The firm Hualong Private Equity, focusing on futures and derivatives, ranked third in three-year returns, showcasing strong performance in the market [26]