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Core Insights - The subjective long-only strategy remains the core focus in the domestic private equity sector, serving as a benchmark for fund managers' decision-making and a key tool for investors seeking alpha returns [3] - In 2025, major indices in A-shares, Hong Kong stocks, and US stocks recorded varying degrees of gains, with subjective long-only products in private equity achieving commendable performance [3] - As of the end of 2025, the average return for 2048 qualifying subjective long-only products was 37.78%, with 1923 products achieving positive returns, representing a 93.90% positive return rate [4] Performance by Fund Size 100 Billion and Above - In the 100 billion and above category, 184 qualifying products had an average return of 21.61%, with 172 products achieving positive returns (93.48% positive return rate) [5] - The top three products in this category for 2025 were from Yuanxin Investment, Duration Investment, and Silver Leaf Investment [5] 50-100 Billion - For the 50-100 billion category, 114 qualifying products had an average return of 34.52%, with 110 products achieving positive returns (96.49% positive return rate) [12] - The top three products were from Xishirun Investment, Tongyuan Investment, and Shengqi Asset [12] 20-50 Billion - In the 20-50 billion category, 220 qualifying products had an average return of 44.58%, with 204 products achieving positive returns (92.73% positive return rate) [18] - The top three products were from Shanghai Ge Ru Private Equity, Beijing Xiyue, and Qiantu Investment [18] 10-20 Billion - For the 10-20 billion category, 235 qualifying products had an average return of 42.93%, with 225 products achieving positive returns (95.74% positive return rate) [24] - The top three products were from Nengjing Investment, Shanghai Hengsui, and Xinchili Asset [24] 5-10 Billion - In the 5-10 billion category, 337 qualifying products had an average return of 43.37%, with 318 products achieving positive returns (94.36% positive return rate) [30] - The top three products were from Shanghai Yixin Private Equity, Fangxin Wealth, and Shangya Investment [30] Below 5 Billion - For the below 5 billion category, 958 qualifying products had an average return of 36.48%, with 894 products achieving positive returns (93.32% positive return rate) [36] - The top three products were from Longhui Xiang Investment, Chengpu (Shenzhen) Asset, and Guanglong (Shenzhen) Investment [36]