跻身百亿变难了？这13家主观私募突围

Core Insights - The A-share market is expected to enter a bull market in 2025, with total trading volume exceeding 400 trillion yuan, setting a historical record, and major indices showing varying degrees of increase [2] - The number of private equity firms managing over 10 billion yuan continues to grow, marking a return to the "double hundred era" with 122 firms reaching this milestone by January 2026, an increase from 112 at the end of 2025 [2] - In January 2026 alone, 8 new firms entered the 10 billion yuan club, while 5 firms returned to this category, indicating a robust expansion in the private equity sector [2] Private Equity Growth - In 2025, 24 private equity firms first crossed the 10 billion yuan threshold, with 10 new firms added by January 2026 [2] - The firms that newly entered the 10 billion yuan category include Guoyuan Xinda, Hengyi Chiying, and others, while 3 firms exited this category [2] - The total number of private equity firms in China that have reached the 10 billion yuan mark is now 122, reflecting a significant growth trend in the industry [2] Shift in Private Equity Strategies - The proportion of subjective private equity firms achieving over 10 billion yuan has declined, particularly during the market adjustment phase from 2022 to 2024 [4] - From 2018 to 2021, 60% of the firms that first crossed the 10 billion yuan mark were subjective private equity firms, while this figure dropped to 33% from 2022 to January 2026 [4][5] - Only 13 subjective private equity firms have maintained their 10 billion yuan status since 2022, indicating challenges faced by this segment [8] Notable Private Equity Firms - Qincheng Asset, established in 2022, reached the 10 billion yuan mark in just 1.5 years, focusing on long-term value investment and fundamental analysis [11] - Renqiao Asset, founded in 2017, emphasizes a systematic contrarian investment approach, prioritizing safety margins and certainty [13] - Fusheng Asset, established in 2015, adopts a bottom-up stock selection strategy, focusing on underlying business barriers and sustainable performance [14] - Rido Investment, founded in 2016, adheres to long-term value investment principles, favoring high cash flow and low valuation companies [15]