Core Viewpoint - The A-share market has experienced significant fluctuations over the past five years, with a notable decline in risk appetite due to multiple factors such as the Russia-Ukraine conflict, global interest rate hikes, and recurring pandemic issues. However, a recent policy initiative on September 24 has led to a surge in market liquidity and a series of active themes, resulting in major stock indices reaching new highs recently [2]. Group 1: Private Fund Performance - Among private fund managers, only a small portion have successfully navigated the market fluctuations over the past five years, with 121 managers achieving top rankings across 1, 3, and 5-year periods, yielding average returns of 38.65%, 42.11%, and 70.27% respectively [2][3]. - In the top-tier private fund category (over 5 billion), mid-tier (10-50 billion), and small-tier (0-10 billion), 29 managers ranked in the top 50% across all periods, accounting for 23.97% of the total [2][3]. Group 2: Top Managers in Tiered Private Funds - In the top-tier private funds, 8 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, representing 20.51% of the group [4][5]. - All 8 top-tier managers belong to firms with over 10 billion in assets, with subjective private fund managers dominating the top three positions [5][8]. Group 3: Mid-Tier Private Fund Managers - In mid-tier private funds, 7 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, making up 29.17% of this category [9][12]. - The majority of these managers are from firms with 20-50 billion in assets, with subjective private fund managers being the most prevalent [9][12]. Group 4: Small-Tier Private Fund Managers - In small-tier private funds, 14 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, accounting for 24.14% of this group [13][15]. - Most of these managers are from firms with 0-5 billion in assets, with subjective private fund managers dominating the rankings [13][15].

Core Viewpoint - The A-share market has shown a significant upward trend in July, leading to considerable gains for domestic private equity funds with over 100 billion yuan in assets under management, as evidenced by a 5.10% average return for 532 products, with a 93.23% positive return rate [1][2]. Group 1: Changes in Private Equity Landscape - As of the end of July, there are 90 private equity firms managing over 100 billion yuan, an increase from 88 at the end of June, with 4 quantitative firms rising to this level and 3 subjective firms dropping out [1][2]. - The ratio of quantitative to subjective private equity firms has reached 44:39, indicating a shift in the industry dynamics [1][2]. - In just six months, the number of quantitative private equity firms has equaled that of subjective firms, marking a significant turnaround from previous years [2]. Group 2: Performance of Private Equity Firms - For the first seven months of the year, quantitative private equity firms have outperformed subjective ones, with an average return of 21.58% compared to 10.60% for subjective firms [7][8]. - All quantitative private equity firms achieved positive returns in the first seven months, with the top three performers being稳博投资, 阿巴马投资, and 天演资本 [8][9]. - The top quantitative firm, 稳博投资, has a total of 8 products with an average return of ***% for the first seven months [11]. Group 3: Emerging Private Equity Firms - The number of quasi-100 billion private equity firms has increased to 108, with 11 new firms added since June, predominantly in the quantitative category [5][17]. - The top three quasi-100 billion quantitative firms for the first seven months are 天算量化, 鸣熙资产, and 嘉石大岩, showcasing strong performance in the sector [18][20]. Group 4: Subjective Private Equity Performance - The top three subjective private equity firms for the first seven months are 复胜资产, 日斗投资, and 久期投资, indicating a recovery in their performance [12][15]. - 复胜资产 has a total of 6 products with an average return of ***% for the first seven months, benefiting from the surge in new consumption [15][16].

Core Viewpoint - The article highlights the growing prominence of quantitative private equity funds, which have outperformed subjective funds in terms of absolute and excess returns, leading to an increase in the number of billion-yuan quantitative private equity firms [2][17]. Group 1: Market Overview - As of July 25, 2025, there are 90 billion-yuan private equity firms, with quantitative firms increasing to 44, while subjective firms decreased to 39, indicating a shift in market dynamics [2][8]. - The distribution of billion-yuan private equity firms is concentrated in major cities, with Shanghai leading at 39 firms, followed by Beijing with 24 and Shenzhen with 6 [8]. Group 2: Firm Changes - Three subjective private equity firms exited the billion-yuan club: Hongchou Investment, Suijiu Investment, and Heyuan Fund, while three new firms entered, including two quantitative firms: Qianyan Private Equity and Shanghai Boke Private Equity [4][5][6]. - The newly established Shanghai Boke Private Equity is noted for its young age, having been founded in July 2022, and aims to provide a comprehensive fund management platform [6][7]. Group 3: Performance Metrics - Among the billion-yuan private equity firms, 42 have shown positive returns this year, with the top three performers being Fusheng Asset, Qukou Investment, and Wenbo Investment [15][21]. - Quantitative private equity firms have significantly outperformed subjective firms this year, with average returns for quantitative firms being higher than those for subjective firms [17][21]. Group 4: Investment Strategies - The majority of billion-yuan private equity firms focus on stock investment strategies, totaling 69 firms, followed by multi-asset strategies with 12 firms and bond strategies with 6 firms [9][19]. - Wenbo Investment, established in 2014, utilizes a unique quantitative investment model that analyzes economic data to develop various investment strategies [19].

Market Overview - The A-share market showed a slight increase in the first half of the year, with total trading volume reaching 162.68 trillion yuan, significantly higher than 101 trillion yuan in the same period last year, indicating increased market activity [1][2] - Despite low index returns, the average return of private equity stock strategies was 14.04%, outperforming market benchmarks like the CSI 300 and Shanghai Composite Index [1][2] Private Equity Performance - A total of 303 private equity firms met the ranking criteria, with an average return of 14.04% across their products [2] - Private equity firms with assets under management (AUM) of 50-100 billion yuan and 10-20 billion yuan showed particularly strong performance, with average returns of 15.95% and 18.36% respectively [1][2] Top Performers by AUM 100 Billion and Above - The top private equity firm, Fusheng Asset, achieved a return of ***%, primarily using a subjective investment strategy, while most others in this category employed quantitative strategies [3][5] - Other notable firms included Longqi Technology and Wenbo Investment, with a strong emphasis on quantitative approaches [3][5] 50-100 Billion - Tongben Investment led this category with a return of ***%, focusing on fundamental analysis and value investing, particularly in consumer goods [7][9] - Tiansuan Quantitative ranked second, recognized for its use of AI in quantitative investment [7][9] 20-50 Billion - Yunqi Quantitative topped this segment with a return of ***%, utilizing advanced modeling and AI technologies [10][12] - Xiangcheng Capital and Zige Investment followed closely, both employing subjective investment strategies [10][12] 10-20 Billion - Nengjing Investment Holdings achieved the highest return in this category at ***%, with a focus on trend investing and industry research [15][17] - Morning Yao Private Equity ranked second, capitalizing on opportunities in the Beijing Stock Exchange [15][18] 5-10 Billion - Fuyuan Capital led with a return of ***%, emphasizing value investment and a strong focus on the Hong Kong consumer market [19][21] - Other firms like Jiu Private Equity Fund and Youbo Capital also performed well [19][21] 0-5 Billion - Qinxing Fund topped this category with a return of ***%, benefiting from a strong performance in the Hong Kong market [22][23] - Other firms included Binli Investment and Weifang Fund, maintaining a focus on subjective investment strategies [22][23]

Core Viewpoint - The article discusses the performance comparison between quantitative and subjective private equity funds over the past three years, highlighting that the market environment favors quantitative strategies due to significant volatility and structural characteristics in the A-share market [2][3]. Performance Overview - As of June 2025, there are 83 quantitative private equity firms and 163 subjective private equity firms with three or more products showing performance data over the past three years [2]. - The median return for quantitative private equity is higher than that of subjective private equity, while the average return for subjective private equity is higher than that of quantitative private equity [2]. Scale Comparison - In the 100 billion and above scale group, quantitative private equity outperformed subjective private equity, with the top performer being Abama Investment [4][6]. - In the 20-50 billion scale group, subjective private equity showed better overall returns compared to other scale groups [3][4]. Top Performers - The top ten quantitative private equity firms in the 100 billion and above scale include Abama Investment, Tianyan Capital, and Maoyuan Quantitative, with the performance threshold exceeding ***% [4][6]. - The top five subjective private equity firms in the same scale include Junzhijian Investment and Oriental Harbor, with significant contributions from heavy investments in stocks like Nvidia [7][10]. 10-100 Billion Scale - In the 10-100 billion scale group, subjective private equity firms outperformed quantitative firms, with the top five being Guangzhou Shouzheng Yongqi and Oak Asset Management [10][12]. Below 10 Billion Scale - In the below 10 billion scale group, subjective private equity firms also led in performance, with the top five including Mufeng Investment and Huacheng Private Equity [17][20].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 上半年A股市场整体表现波澜不惊，主流指数呈现低个位数的小幅上涨趋势。尽管指数收益较低，但A股市场成交规模却显著放大，期间A股总 成交金额达到162.68万亿元，远超去年同期的101万亿元，显示出A股市场活跃度已大幅提升！ 在这样的行情之下，私募管理人的股票策略收益表现如何？经私募排排网统计，上半年符合排名规则（旗下有3只及以上股票策略产品展示业 绩）的私募数量达到303家，旗下产品平均收益为14.04%，整体表现明显强于沪深300、上证指数等市场基准。其中， 50-100亿、10-20亿规模 的私募平均收益表现较好，产品收益均值分别为15.95%及18.36% 。 那么，哪些私募的股票策略收益排名靠前？为方便投资者进行参考，本文将从"旗下有3只及以上股票策略产品展示业绩"的私募中，按照 100亿 以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿六个规模维度 ，筛选出上半年股票策略收益排名前十的私募。 0 1 百亿以上：复胜资产夺冠！龙旗科技、稳博投资等入围！ 在100亿以上规模的私募中，股票策略收益排名前10的上榜门槛为 * ...

Core Viewpoint - In the first half of the year, quantitative private equity funds have outperformed actively managed equity funds, driven by multiple positive factors such as technological iteration, market liquidity, and a strong small-cap style, leading to an increased allocation in investor asset portfolios [1][5]. Performance Highlights - Longqi Technology has excelled in the quantitative private equity sector, ranking 6th with an average return of ***% across its 16 products in the first half of the year [1][10]. - Over the past three years, Longqi Technology has consistently ranked at the top, showcasing its "long-distance running" spirit and cultural ethos [1][5]. Strategy and Innovation - Longqi Technology's strong performance is attributed to three main factors: diversification and adaptability of strategies, long-termism in strategy accumulation, and high collaboration efficiency within the research team [11][12][17]. - The firm employs a multi-factor model with a current structure of 70% price-volume factors, 20% fundamental factors, and 10% alternative factors, allowing for stable excess returns amid market volatility [6][11]. Market Position and Trends - The company has successfully navigated multiple market cycles since its establishment in 2011, earning accolades such as the "Golden Bull Award" for three consecutive years [5][17]. - Longqi Technology emphasizes a long-term investment philosophy, viewing investment as a marathon rather than a sprint, which has contributed to its sustained performance [17][18]. Team and Culture - The company fosters a culture of innovation and collaboration, with a focus on developing talent in quantitative research, particularly in mathematical and statistical fields [21][22]. - Longqi's office environment, located in a serene natural setting, is designed to minimize distractions and enhance focus on research and development [19]. Future Outlook - Longqi Technology plans to continue expanding its product lines, focusing on A-share market quantitative investments, and adapting to market conditions and investor needs [22][24]. - The firm maintains a cautious yet open approach towards AI integration in its strategies, aiming to leverage AI's potential while avoiding overfitting risks [23][24].

Core Viewpoint - The private equity stock strategy has achieved a return of 10% in the first half of the year, with quantitative strategies significantly outperforming subjective long strategies [1][2]. Summary by Sections Overall Performance - As of June 30, 2023, the average return of 10,041 private equity securities products was 8.32%, with over 80% achieving positive returns [3]. - Among various strategies, stock strategies led with an average return of 10%, followed by multi-asset strategies at 7.28%, and combination funds, bond strategies, and futures/derivatives strategies at 6.05%, 3.83%, and 3.82% respectively [3]. Quantitative vs. Subjective Strategies - Quantitative long strategies showed a remarkable return of 15.42%, while subjective long strategies had a return of 9.23% [9]. - In the first half of the year, 93.32% of quantitative long strategy products achieved positive returns, compared to less than 80% for subjective long strategies [9]. - The strong performance of quantitative strategies is attributed to their focus on small-cap stocks, which outperformed larger indices [9][10]. Market Conditions and Future Outlook - The market environment has been characterized by high trading volumes and volatility, benefiting quantitative strategies that capitalize on pricing discrepancies in small-cap stocks [9]. - Looking ahead, sectors such as military industry, artificial intelligence hardware and applications, and certain consumer electronics are expected to improve, presenting potential investment opportunities [7].

Group 1 - The number of quantitative managers in the "Billion Private Equity Club" has surpassed subjective managers for the first time, with 41 quantitative managers compared to 40 subjective managers [2] - The total number of billion private equity firms remains at 89, but the proportion of quantitative managers has increased significantly from 33 to 41, while subjective managers decreased from 46 to 41 [2] - In the first half of the year, 93% of 1243 quantitative long funds achieved positive returns with an average return of 15.42%, while only 79% of subjective long funds achieved positive returns with an average return of 9.23% [2] Group 2 - The active trading of small-cap stocks and improved overall market liquidity have created a favorable environment for quantitative models [3] - Despite the increase in leading quantitative managers, there remains a significant gap in total management scale, with a ratio of approximately 3:1 between subjective and quantitative management scales [3] - Notable subjective managers continue to attract funding, indicating that excellent subjective stock picking remains a core competitive advantage in the market [3] Group 3 - Discussions on the superiority of subjective versus quantitative strategies have emerged, with a perspective that both can coexist and serve different purposes [4] - Quantitative investment is characterized by diversification and rational decision-making, while subjective strategies can exploit specific industry opportunities for long-term excess returns [4]

Group 1 - The forum discussed the transformation of investment strategies in the context of China's economic changes, highlighting the shift towards subjective investment strategies and the growing interest in the Hong Kong stock market [1][2][5] - Participants noted that the Chinese stock market, particularly the Hong Kong market, is seen as a significant opportunity due to the emergence of new economic sectors and the influx of capital [2][5][6] Group 2 - The past decade has seen a major shift in China's economic logic, leading to a re-evaluation of the stock market, with emerging industries like AI and robotics presenting new opportunities [2][4] - The panelists emphasized the importance of adapting investment strategies to current market conditions, suggesting a blend of subjective and quantitative approaches to enhance performance [4][5] Group 3 - The Hong Kong market is viewed as a key player in China's new economy, with significant potential for growth due to its representation of innovative sectors and the return of capital from overseas [5][6] - The discussion highlighted the structural bull market characteristics in the Chinese equity market, with a focus on high-quality companies listed in Hong Kong [5][6]