Group 1 - The number of billion-dollar private equity firms has surpassed 100, reaching 100 as of October 22, 2025, with an increase of 4 firms since the end of September [1] - Among the 100 billion-dollar private equity firms, quantitative private equity firms are the most numerous, with 46 firms, accounting for 46.00%, followed by subjective private equity firms with 44 firms, accounting for 44.00% [1] - In October, 4 new billion-dollar private equity firms emerged, with 2 being subjective strategy firms, 1 quantitative firm, and 1 mixed strategy firm [1] Group 2 - The core strategy of 76 billion-dollar private equity firms is stock strategy, representing 76.00% of the total, while multi-asset strategy firms account for 13.00%, and bond strategy firms account for 6.00% [2] - In October, among the 4 new billion-dollar private equity firms, 2 adopted stock strategy as their core strategy, while 1 each adopted multi-asset strategy and combination fund strategy [2] - The expansion of billion-dollar private equity firms is primarily driven by subjective private equity firms due to their flexibility in adapting to complex market conditions and their ability to adjust positions based on macroeconomic and policy changes [2]

每经AI快讯，10月22日，私募排排网显示，截至10月22日，百亿私募数量达100家，较9月底的96家新 增4家。其中，量化私募数量最多，共46家，主观私募紧随其后，共44家，混合策略私募有8家，另有2 家机构尚未披露投资模式。 ...

分策略来看，在当前的100家百亿级私募中，量化私募共计46家，占比为46%，主观私募共计44家，占 比为44%，混合策略私募有8家，另有2家机构尚未披露投资模式。 多位业内人士称，9月以来百亿级私募持续扩容，一方面源于A股市场结构性机会演绎，带动私募产品 业绩与规模同步上升，另一方面源于在行业走上规范发展之路的背景下，"头部效应"进一步强化，优质 私募正在分得"更大蛋糕"。 上证报中国证券网讯（记者 马嘉悦）近日，记者从私募排排网处获悉，截至10月22日，百亿级私募数 量达100家，较9月底的96家新增4家。其中，上海新方程私募、望正资产和旌安投资重回百亿阵营，大 道投资则为首次新晋的百亿级私募。 来源：上海证券报·中国证券网 ...

Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, focusing on Shanghai Jinwang Private Fund Management Co., Ltd. as a case study for its unique investment strategies and strong performance in the quantitative investment space [3][4]. Company Overview - Shanghai Jinwang Private Fund Management Co., Ltd. was established in 2012 and specializes in secondary market securities investment, employing strategies such as quantitative stock selection, multi-asset strategies, and long-only stock strategies, emphasizing a balance between returns and risks [4]. - As of September 2025, Jinwang Fund ranks second in average returns among quantitative private funds with a management scale of 0-5 billion, showcasing strong performance in the Shanghai region [4]. Core Team - The core team consists of members with over ten years of quantitative investment experience, including a research team of 3-4 members and a subjective long-only team of 2-3 members, all from prestigious domestic universities with extensive practical strategy research and investment experience [8]. Representative Strategies and Products - **Quantitative Composite Long Strategy**: This strategy combines various approaches, including CTA, stock, and convertible bond strategies, aiming for high returns during market uptrends while minimizing losses during downturns [14][15]. - The strategy architecture allocates 40%-60% to stock strategies, 20%-30% to convertible bond strategies, and 20%-30% to CTA strategies, with a dynamic adjustment mechanism to optimize performance based on market conditions [15]. - **Representative Product**: Jinwang Nuo Cheng Jin Qu Fund, which is designed for investors optimistic about the long-term prospects of the Chinese capital market and can tolerate significant volatility [16][17]. Core Advantages - The quantitative strategies employed by Jinwang Fund demonstrate strong long-term sustainability and replicability, with a focus on achieving stable excess returns on top of market beta [20][21]. - The multi-strategy approach allows for high return elasticity and a diversified asset allocation, which helps in reducing the impact of strategy decay [22].

"我们致力于在产业发展的早期阶段识别出具备核心竞争力和持续创新能力的公司，并通过深度跟踪与 动态评估，把握企业成长的关键节点。"吴刚表示，在具体投研实践中，南土资产注重从宏观趋势、产 业逻辑与公司治理三个维度构建投资框架。公司不仅关注技术的前沿性，更注重技术的商业化落地与产 业链协同效应。 据了解，南土资产重点布局人工智能、机器人、创新药三大赛道，形成了系统的投资研究框架。在人工 智能方面，公司重点关注海外产业链与国产化率提升的领域；在机器人方面，公司看好中国制造能力与 AI技术的深度融合；在创新药方面，公司重点关注中国企业在全球研发体系中日益提升的竞争力。 吴刚表示，南土资产的投资方法论建立在深度产业研究的基础上，公司不仅关注企业的当前价值，更看 重其未来的成长空间。从早期关注传统价值股，到近年来重点布局科技创新领域，对成长性的追求始终 是公司投资进化的核心驱动力。通过深入的产业链研究和企业调研，南土资产力求在科技创新领域实现 从1到N的价值发现。 打造协同发展新范式 在谈及私募机构与科创企业的关系时，吴刚用"共同成长"来概括其中的双向赋能价值。作为科技创新企 业的重要资金支持方，南土资产在提供资本支持的同 ...

Core Insights - The company emphasizes the importance of technology innovation as a core driver for China's economic transformation, focusing on sectors such as artificial intelligence, robotics, and innovative pharmaceuticals [3][4][8] Group 1: Investment Focus - The company maintains a long-term holding ratio of 50%-70% in technology innovation enterprises since the establishment of the Sci-Tech Innovation Board in 2019 [3] - The investment strategy is built on identifying companies with core competitiveness and continuous innovation capabilities at early stages of industry development [4] - The company is particularly focused on enhancing the domestic supply chain and increasing the localization rate in the artificial intelligence sector [3][4] Group 2: Investment Methodology - The investment methodology is based on deep industry research, focusing not only on current value but also on future growth potential [4] - The company constructs its investment framework from three dimensions: macro trends, industry logic, and corporate governance [3] Group 3: Collaborative Development - The company adopts a "co-growth" approach, providing not only capital support but also strategic value and resource empowerment to the companies it invests in [5] - A notable case involved the company increasing its investment in a Sci-Tech Innovation Board enterprise during a downturn, helping the company recover and achieve significant stock price growth [5] Group 4: Social Responsibility - The company integrates social responsibility into its business model, donating performance-related earnings to the Tiger Action Public Welfare Fund, benefiting nearly 100,000 left-behind children [7] - The company believes that social responsibility is a crucial support for healthy organizational development, enhancing its stability and competitive edge [7] Group 5: Future Outlook - The company plans to continue exploring investment opportunities in cutting-edge fields such as artificial intelligence and biomedicine, while also focusing on innovative public welfare models [8]

在人工智能方面，公司重点关注海外产业链与国产化率提升的领域；在机器人方面，公司看好中国制造 能力与AI技术的深度融合；在创新药方面，公司重点关注中国企业在全球研发体系中日益提升的竞争 力。 ● 本报记者 刘英杰 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进知名私募机构南土资产，围绕 科技创新投资逻辑、私募与科创企业双向赋能、行业责任担当等议题展开深入交流，共同探索主观多头 私募在支持科技创新与实体经济中的独特价值。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动优秀投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 构建科创投资生态圈 南土资产创始人吴刚在接受中国证券报记者专访时表示，公司始终坚信，科技创新是引领中国经济转型 的核心驱动力。自2019年科创板设立以来，南土资产就将科创企业作为重点投资方向，持仓比例长期保 持在50%-70%。国内私募行业最初多以传统行业为主要投资方向，但南土资产在科技创新领域逐渐形成 了独特的投资理念和研究框架。 "我们致力于在产业发展的 ...

2025年前三季度，A股市场震荡向上，结构性机会明显，百亿私募凭借专业能力斩获不菲收益。 截止2025年9月30日，前三季度纳入统计的62家百亿私募整体表现亮眼，展现出较强的市场适应能力。 平均收益率达28.80%，其中61家实现正收益，正收益占比高达98.39%，仅有1家百亿私募未能取得正向 回报。 百亿私募作为私募行业头部重要力量，一直备受市场关注。随着A股的走强，百亿私募的数量再次逼近 百家。 私募排排网数据显示，截至2025年9月底，百亿私募数量增至96家，较8月底的91家相比，数量上增加5 家，其中首次新晋的百亿私募有3家，分别为正瀛资产、开思私募和太保致远(上海)私募；另外，红筹 投资和源峰基金重回百亿阵营。 排排网集团旗下融智投资FOF基金经理李春瑜表示，前三季度，百亿级量化私募业绩表现亮眼，背后主 要有三方面因素支撑。首先，市场风格与量化策略优势高度契合。今年以来，中小市值指数持续走强， 与量化模型擅长的中小盘选股和高频交易策略形成共振，为因子收益提供了丰富的来源。其次，量化模 型的系统化运作有效规避了主观情绪干扰，使其在快速轮动的市场环境中能够迅速捕捉交易机会。最 后，策略持续迭代与风控体系 ...

Core Insights - The A-share market has shown a significant divergence in the third quarter, with a strong structural performance in the technology sector providing opportunities for subjective investments to outperform [2] - Quantitative long products achieved average returns of 17.41% in Q3 and 2.55% in the last month, while subjective long products had average returns of 20.43% in Q3 and 4.21% in the last month, indicating a clear advantage for subjective strategies [2] - The number of private equity firms managing over 10 billion yuan has increased, with 42 firms now classified as "billion-yuan private equity" as of September 2025 [3] Group 1: Performance of Billion-Yuan Private Equity - As of September 2025, there are 42 billion-yuan private equity firms, with notable new entrants and returning firms, such as Kaishi Private Equity and Hongchou Investment [3] - The expansion in the number of billion-yuan private equity firms is attributed to the recovery of the A-share market, which has boosted returns on equity assets and increased investor trust in leading private equity firms [3] - Among the 42 firms, 28 are located in Shanghai and Beijing, with only 9 firms having more than 50 employees, indicating a concentration of resources in major cities [3] Group 2: Top Performers in Various Scales - In the billion-yuan category, the top three firms are Fusheng Asset, Kaishi Private Equity, and Jiuqi Investment, with Fusheng Asset achieving an average return of ***% [11][12] - In the 50-100 billion category, the top three firms are Tongben Investment, Shengqi Asset, and Wangzheng Asset, with the average return threshold for the top performers being ***% [12][16] - In the 20-50 billion category, Beijing Xiyue Private Equity leads with an average return of ***%, reflecting a significant increase in its management scale [20] - In the 10-20 billion category, Luyuan Private Equity and Rongshu Investment are the top performers, with Luyuan achieving an average return of ***% [21][24] - In the 5-10 billion category, Fuyuan Capital ranks first with an average return of ***%, emphasizing its commitment to long-term value investment [26][29]

Core Viewpoint - The private equity securities product registration market has significantly rebounded in the first three quarters of 2025, with a total of 8,935 products registered, representing a year-on-year increase of 89.38% [2]. Group 1: Factors Driving Growth - The growth in private equity securities product registrations is driven by three main factors: 1. Continuous improvement in market conditions, with strong performance in small-cap indices like the CSI 1000 and CSI 2000, enhancing investor willingness to allocate funds [2]. 2. Regulatory guidance that has improved industry transparency and credibility, attracting more capital [2]. 3. Active business expansion by private equity firms, with leading firms accelerating product line development and smaller firms seeking growth through new product registrations [2]. Group 2: Strategy Distribution - Among the registered products, equity strategies dominate with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [3]. - Multi-asset strategies follow with 1,278 registrations, representing 14.30% of the total and a year-on-year growth of 84.68% [5]. - Futures and derivatives strategies have 913 registrations, making up 10.22% of the total, with a year-on-year increase of 66.00% [5]. - Bond strategies and combination funds have similar registration numbers, with 363 and 362 products respectively, each around 4% of the total, and year-on-year increases of 75.36% and 79.21% [5]. Group 3: Quantitative Products - Quantitative private equity products have shown remarkable growth, with 3,958 registrations, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [6]. - The surge in quantitative product registrations is attributed to: 1. Superior performance of quantitative strategies compared to subjective strategies in the current market environment, attracting continuous capital inflow [6]. 2. Ongoing technological advancements, including the application of AI and machine learning in strategy development, enhancing model adaptability and profitability [6][7]. 3. Leading quantitative firms leveraging scale advantages to create a virtuous cycle of performance improvement and product registration growth [7]. Group 4: Concentration of Registrations - The number of private equity managers with registered products reached 2,322, with a significant concentration in the number of products registered, as 1,879 managers have 5 or fewer products [12]. - In terms of management scale, the largest group consists of managers with assets under management (AUM) of 0-5 billion, totaling 1,560 [12]. - Notably, among the 26 managers with at least 40 registered products, 23 are billion-dollar managers, indicating a strong concentration of registration among larger firms [14].