本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，"小而美"（公司规模20亿以下）私募旗下1876只产品，在刚过去的2025年实现31.86%的收益均值，其中75只产品收益在 100%以上(占比4.00%)，收益在50%以上的产品共338只(占比18.12%)，跑赢年度沪深300指数的产品有1087只(占比57.94%)。 具体到二级策略来看，2025年"小而美"私募的量化多头策略收益表现领先，符合排名规则的174只量化多头产品2025年收益均值高达38.97%，其 次958只主观多头收益为36.48%，同样表现不俗；另外83只主观CTA2025年收益均值为29.40%，较为亮眼。 | 二级策略 | 符合排名规则 的产品数 | 2025年收益均值 正收益产品数 | | 正收益占比 | | --- | --- | --- | --- | --- | | 主观多头 | 958 | 36.48% | 894 | 93.32% | | 量化多杀 | 174 | 38.97% | 169 | 97.13% | | 量化CTA | 152 | 23.08% | 135 | 88.82% ...

Core Viewpoint - The article highlights the rise of "small and beautiful" private equity firms in China, which are defined as those managing less than 2 billion yuan, accounting for 93.39% of the total 7,522 private equity firms by the end of 2025. These firms have shown impressive performance in the slow bull market of 2025, leveraging their agility and focused investment strategies to become market favorites [2][3]. Summary by Sections Industry Overview - As of December 2025, there are 7,522 private equity firms in China, with 7,025 classified as "small and beautiful" (under 2 billion yuan), representing 93.39% of the total [2]. - In the 2025 slow bull market, many of these smaller firms have excelled due to their flexible management and focused investment strategies, distinguishing themselves from larger firms [3]. Performance Metrics - The average returns for various firm sizes in 2025 are as follows: - Over 10 billion yuan: 31.47% - 5-10 billion yuan: 33.62% - 0-5 billion yuan: 32.53% - Overall average: 32.19% [3]. - The "small and beautiful" firms are likened to elite special forces, with streamlined teams and clear investment strategies, which have been amplified in the 2025 market conditions [3]. Popular Firms and Managers - The most popular "small and beautiful" private equity firms in 2025 include: 1. Guanli Fund 2. Zhixin Rongke 3. Deyuan Investment 4. Yizu Investment 5. Shanghai Zijie Private Equity [4]. - The top 10 popular fund managers include: - Ling Peng from Huangyuan Investment - Lin Jianwei from Yizu Investment - Xu Qiongna from Bamai Private Equity [9][12]. Popular Products - The top products among "small and beautiful" private equity firms in 2025 are primarily subjective long strategies, with notable mentions including: - Longhui Xiang Investment's "Longhui Xiang No. 1" - Hunan Zijin's "Zijin Yunsong" - Xingbidada's products [15][18]. - The performance of these products has been significant, with many achieving high returns, although specific figures are not disclosed due to compliance requirements [20].

Core Viewpoint - The private equity industry is experiencing a shift from "scale competition" to "capability competition," with a focus on smaller firms that can deliver stable long-term returns [3][9]. Group 1: Current Year Performance - As of October 2025, private equity firms managing between 0-5 billion yuan have a total of 6216 firms, accounting for 81.94% of the market, a decrease from 6534 firms in June 2025 and 6958 firms in August 2024 [3]. - The average return for private equity products under 0-5 billion yuan this year is 28.14%, with 94.05% of products showing positive returns [3][9]. - The top three performing small and beautiful private equity firms this year are Longhui Xiang Investment, Jingying Zhito, and Moku Asset [3][9]. Group 2: Three-Year Performance - Over the past three years, the average return for private equity firms managing 0-5 billion yuan is 72.66%, with 95.17% of products yielding positive returns [9]. - The top three firms in terms of three-year performance are Qinxing Fund, Xinjing Investment, and Mingshe Asset [9]. Group 3: Five-Year Performance - The average return for private equity firms managing 0-5 billion yuan over the last five years is 91.94%, with 95.50% of products showing positive returns [16]. - The top three firms for five-year performance are Longhui Xiang Investment, Tongwei Investment, and Qianhai Quark Asset [16].

Core Viewpoint - The A-share market has entered a phase of volatility influenced by trade disputes and geopolitical conflicts, leading to increased investment uncertainty. Attention is focused on larger private equity firms, while smaller firms are less scrutinized [1]. Summary by Sections Recent Performance of Small Private Equity Firms - In the past six months, private equity firms with assets under 500 million yuan have achieved an average return of 6.84%, outperforming the market significantly [2][3]. - The top 20 firms in this category have a performance threshold of ***% for inclusion [2]. - Among these, Fuyuan Capital leads with an average return of ***% across its eight products [2]. One-Year Performance of Small Private Equity Firms - Over the past year, these firms have achieved an average return of 25.29%, with the top 20 firms having a performance threshold of ***% [5][6]. - Hainan Xiangyuan ranks first with an average return of ***%, managing four products with a total scale of approximately 198 million yuan [5]. Three-Year Performance of Small Private Equity Firms - In the three-year period, the average return for these firms is 45.51%, with the top 20 firms having a performance threshold of ***% [9][10]. - Zhongying Investment leads this category with a return of ***%, managing four products totaling approximately 162 million yuan [9]. Five-Year Performance of Small Private Equity Firms - Over five years, these firms have achieved an average return of 93.49%, with the top 20 firms having a performance threshold of ***% [12][14]. - Baihang Investment tops this list with a return of ***%, managing three products with a total scale of approximately 335 million yuan [13].