你能接受多少回撤，去换多少收益？

Core Viewpoint - The article discusses the performance of private equity products in China over the past five years, highlighting the challenges faced by fund managers and the limited number of products that achieved both an annualized return of over 10% and a maximum drawdown of under 20% [2][3]. Group 1: Private Equity Product Performance - Among 6110 products with performance data, only 262 products (4.29%) achieved an annualized return exceeding 10% while maintaining a maximum drawdown within 20% over the five-year period from February 2021 to February 2026 [2]. - In the category of subjective long-only products, only 83 out of 2445 (3.39%) met the same criteria, with 17 of these products belonging to Junzhijian Investment [3]. Group 2: Notable Products and Managers - Junzhijian Investment stands out as the only large private equity firm with 17 subjective long-only products that performed well over the past five years, managed by Zhang Youjun and Zhang Yichi [4]. - The "Junjijian Junxin" product achieved significant returns, although specific performance figures are not disclosed due to regulatory requirements [4]. - Other notable products include "Jiming Quantitative Trend A" managed by Ye Yonghao, which achieved an annualized return of ***% with a maximum drawdown of ***% [5]. Group 3: Quantitative Long-Only Products - Among 1069 quantitative long-only products, only 11 (1.03%) met the criteria of over 10% annualized return and under 20% maximum drawdown [6]. - Dragon Flag Technology's "Dragon Flag Superstar No. 1" is highlighted as a successful product in this category, with performance figures also withheld [9]. Group 4: CTA Strategy Products - A total of 45 CTA strategy products (7.18%) achieved an annualized return exceeding 10% while keeping maximum drawdown under 20% [10]. Group 5: Composite Strategy Products - There are 509 composite strategy products, with 36 (7.07%) meeting the performance criteria of over 10% annualized return and under 20% maximum drawdown [14]. - Notable firms in this category include Guoyuan Xinda and Jingan Investment, with specific products achieving significant returns [15]. Group 6: Macro Strategy Products - Among 292 macro strategy products, only 10 (3.42%) achieved the desired performance metrics [17]. - Ning Shui Capital's "Ning Shui New Regulation Phase I" is noted for its strong performance, managed by founder Deng Fei [18][19].