Core Viewpoint - The recent strong performance of the A-share market is attributed to long-term valuation compression and the potential for valuation recovery, which has been building up over the past few years [1] Investment Philosophy - The investment philosophy emphasizes "value anchoring and going with the trend," focusing on maintaining a balanced portfolio while adhering to low valuation assets for a more "secure" investment approach [1][5] - The strategy involves a flexible adjustment to market conditions, allowing for rebalancing of positions and combinations based on market dynamics [7] Investment Strategy - The preferred investment model is to focus on low-valuation assets, reflecting a preference for a stable investment style [5] - The approach includes diversified sector allocation and holding assets at different valuation realization stages, rather than concentrating on a single high-risk investment [5] - The focus is on capturing valuation recovery rather than speculative valuation expansion, with a keen eye on risk-reward ratios and certainty [5][6] Market Outlook - The investment outlook remains positive across multiple sectors, including innovative pharmaceuticals, technology, cyclical industries, automotive, and public utilities [10][11] - The innovative pharmaceutical sector is particularly highlighted as a promising area, with expectations for domestic companies to transition from following to leading innovation [10] - The AI sector is noted for its potential, especially in computing power and humanoid robotics, which are expected to become significant markets [11] Sector-Specific Insights - In advanced manufacturing, the shift towards higher value chain segments is seen as crucial for enhancing competitiveness and market returns [11] - The cyclical sector, particularly energy and chemicals, is anticipated to see price stabilization and growth potential due to favorable market conditions [11] - In the automotive sector, the focus is on identifying companies undergoing deep reforms or new product cycles, with an emphasis on smart and robotic trends [11] - The public utilities sector is viewed as presenting medium to long-term investment opportunities due to currently reasonable valuations and expected growth in electricity demand [11] Conclusion - Overall, the A-share market is expected to witness a maturation of shareholder return and market value management systems, with a focus on identifying undervalued assets that show potential for fundamental improvement [12]

Core Insights - The number of private equity firms in China with assets exceeding 10 billion yuan has reached 91 as of August 31, 2025, indicating continuous industry expansion [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45% of the total, while 39 are subjective firms, making up 42.86% [1] - The average return of products from 57 billion-yuan private equity firms in the first eight months of this year was 24.99%, with all achieving positive returns [1][2] Group 1 - The quantitative private equity firms have shown superior performance, with an average return of 28.07% across 37 firms, all achieving positive returns [2] - Factors contributing to the strong performance of quantitative firms include market volatility, accelerated sector rotation, and a favorable small-cap style [2] - The liquidity in the A-share market has remained ample, with daily trading volumes consistently above 1 trillion yuan, facilitating the implementation of quantitative strategies [2] Group 2 - In August, the A-share market experienced a notable rebound, leading to improved performance for subjective private equity firms, which recorded an average return of 19.59% across 16 firms [2] - Four subjective firms achieved average returns exceeding 30% [2]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近1年来，"9·24"行情显著改善了超额收益环境，AI引爆的全球科技革命更为量化投资打开新赛道，量化私募由此掀起新一轮发展浪潮。从区域 分布看，沿海经济发达地区凭借人才、资本、信息与基础设施的复合优势，继续孕育并汇聚全国知名的量化私募机构。 私募排排网数据显示，截至今年 8月底，旗下至少3只产品符合排名规则的量化私募共有164家，近1年、今年来平均收益分别为48.7%、 22.62%。 按照地区划分，在 上海、广东、北京、浙江以及其他地区中， 上海地区的私募数量较多，达 65家，并汇聚了20余家头部私募。从业绩来看，浙 江地区的私募近1年、今年来平均收益均居首位，分别为59.62%、25.3%。 | 办公城市 | | | 至少有3只产品符合排名 近1年平均 今年来平均 规模在50亿以上 规模为0-50亿 | | | | --- | --- | --- | --- | --- | --- | | 所属地区 | 规则的公司数(近1年) | 收益 | 收益 | 的公司数 | 的公司数 | | 上海 | ୧୮ | 47.53% | 21.75% | 21 ...

Core Viewpoint - The recent strong performance of the A-share market is attributed to long-term valuation compression and the subsequent recovery potential, which has been building up over the past few years [1][3]. Investment Philosophy - The investment philosophy emphasizes "value anchoring and going with the trend," focusing on maintaining a balanced portfolio while adhering to low valuation principles for safer investments [1][2]. - The preference for low-valuation assets reflects a stable investment style, favoring diversified sector allocations and different stages of valuation realization [2][4]. Market Strategy - In a strong market environment, capturing the trend of valuation recovery is more important than trying to maximize profits [3][4]. - The approach to investment is flexible, adapting strategies based on market conditions, with a focus on risk-reward ratios and certainty [4][5]. Research and Team Structure - The investment research team consists of nearly 20 members, covering various sectors such as manufacturing, TMT, pharmaceuticals, and consumer services, focusing on both fundamental and technical analysis [4][5]. Sector Focus - The company is optimistic about multiple sectors, including high-end manufacturing, technology, cycles, military, and pharmaceuticals, with a particular emphasis on the innovative drug sector [5][6]. - The innovative drug industry is expected to undergo significant transformation, moving from reliance on technology imports to self-innovation and global market expansion [6][7]. Future Outlook - The company anticipates continued growth in the innovative drug sector, with a focus on tracking key companies' pipeline data and business development progress [6][7]. - Other areas of interest include AI, advanced manufacturing, energy and chemicals, automotive, and public utilities, with specific strategies for each sector [7].

Core Insights - The participation of private equity in the fixed increase (定增) market has significantly rebounded, with over 40 private equity firms participating in more than 40 listed companies' fixed increases this year, totaling nearly 4 billion yuan in allocations [2][3] - The overall floating profit for private equity firms is approximately 44%, indicating a strong performance in the current market [2][3] - There is a notable divergence in performance among private equity firms, with those employing diversified strategies achieving substantial profits, while those heavily invested in single targets have seen minimal returns [2][3][8] Participation Trends - As of September 9, 2023, 41 private equity firms participated in fixed increases across 15 primary industries, with total allocations reaching 3.96 billion yuan [3] - Small and medium-sized private equity firms are the main participants, with 17 firms managing under 500 million yuan collectively receiving 1.1 billion yuan, accounting for 27.79% of total allocations [3] - The market has seen a cautious approach from companies in recent years, but since May 2025, there has been a resurgence in participation focused on undervalued and high-discount projects [3][4] Sector Focus - The electronic sector has attracted significant interest, with private equity firms allocating 1.098 billion yuan, representing 27.7% of total fixed increase allocations [5] - Optimism regarding China's technology industry is driving private equity interest in fixed increase projects, particularly in sectors like AI and computing power, which are expected to show strong growth [6][7] Strategy Evolution - There is a marked increase in internal divergence among private equity firms, with the floating profit ratio varying by as much as 131 percentage points among the 41 participating firms [8] - Firms focusing on diversified investments across multiple projects have outperformed those concentrating on single investments, highlighting the importance of strategy adaptation in a rapidly changing market [8][9] - Many private equity managers are now employing strategies such as diversified investments, liquidity management, and market hedging to balance risk and returns [9]

Core Insights - The number of private equity firms in China with assets exceeding 10 billion yuan has reached 91 as of August 31, 2025, indicating a continuous expansion in the industry [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45% of the total, while 39 are subjective firms, making up 42.86% [1] - The average return of products from 57 billion-yuan private equity firms in the first eight months of this year was 24.99%, with all achieving positive returns [1][2] Group 1: Quantitative Private Equity Performance - The average return of products from 37 billion-yuan quantitative private equity firms was 28.07%, with all firms achieving positive returns [2] - 31 out of 40 firms with average returns exceeding 20% were quantitative firms, highlighting their superior performance [2] - Factors contributing to the strong performance of quantitative firms include market volatility, accelerated sector rotation, and a favorable small-cap style [2] Group 2: Subjective Private Equity Performance - The average return of products from 16 billion-yuan subjective private equity firms was 19.59%, with all firms achieving positive returns as of the end of August [2] - Four subjective firms reported average returns exceeding 30%, indicating a recovery in performance following a market rebound [2]

Core Insights - The average return of 10,135 private equity securities products with performance records is 20.41% year-to-date, as of August 31, 2025 [1] - A total of 9,208 products achieved positive returns, resulting in a positive return rate of 90.85% [1] - The 5th percentile return reached 60.64%, indicating that some products delivered significantly high returns [1] - Equity strategies have shown outstanding performance among the various strategies [1]

Core Insights - The year 2025 is projected to be favorable for private equity firms, with strong performance in private securities products and a resurgence of notable stock private equity funds [1][2] Performance of Private Securities Products - As of August 31, 2025, there are 10,135 private securities products with performance records, achieving an average return of 20.41% this year, with 9,208 products (90.85%) generating positive returns. The 5th percentile return reached 60.64% [3] - Among 6,473 stock strategy products, 6,026 (93.09%) achieved positive returns, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market [3] - Multi-asset strategies have also performed well, with 1,279 products recording an average return of 15.61% and 89.91% achieving positive returns. The 5th percentile return for these products is 52.84% [3] Strategy Performance Breakdown - Combination fund strategies have the highest positive return rate, with 382 out of 398 products (95.98%) achieving positive returns and an average return of 14.12% [4] - Futures and derivatives (CTA) strategies have underperformed, with 935 out of 1,212 products (77.15%) achieving positive returns and an average return of 8.55% [4] - Bond strategies have shown stability, with 715 out of 773 products (92.50%) achieving positive returns and an average return of 7.89% [4] Research Activity of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms have participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [6] - The top private equity firm in research activity is Panjing Investment, with 350 research instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [6][7] International Research Efforts - Many large private equity firms have increased their overseas research efforts, with some firms sending managers and researchers to Africa to investigate overseas mining projects [8]

Core Viewpoint - The year 2025 is expected to be favorable for private equity firms, with significant returns observed in private securities products and a resurgence of star stock private equity funds [1]. Group 1: Performance of Private Equity Products - As of August 31, 2025, 10,135 private securities products recorded an average return of 20.41%, with 9,208 products achieving positive returns, resulting in a positive return rate of 90.85%. The 5th percentile return reached 60.64% [3]. - Among 6,473 stock strategy products, 6,026 achieved positive returns, representing 93.09%, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market, with A-shares showing an upward trend and a focus on small and mid-cap stocks, as well as technology growth and resource cyclical stocks [3]. - Multi-asset strategies also performed well, with 1,279 products recording an average return of 15.61% and a positive return rate of 89.91%. The 5th percentile return for these products was 52.84% [3]. Group 2: Strategy Performance Breakdown - Combination fund strategies had the highest positive return rate, with 398 products showing 95.98% positive returns and an average return of 14.12%, while the 5th percentile return was 36.38% [4]. - Futures and derivatives (CTA) strategies underperformed, with 1,212 products achieving a 77.15% positive return rate and an average return of 8.55%. The 5th percentile return for these products was 37.61% [4]. - Bond strategies remained stable, with 773 products achieving a 92.50% positive return rate and an average return of 7.89%, while the 5th percentile return was 26.59% [4]. Group 3: Research Activities of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [5]. - The top private equity firms in terms of research frequency include Panjing Investment with 350 instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [5][6]. - Many large private equity firms have increased their overseas research efforts, with some focusing on long-term investments in non-ferrous enterprises and conducting multiple research trips to Africa to assess overseas mineral projects [7].

Core Viewpoint - In August, the CSI 300 index rose by 10.33%, marking the third-largest monthly increase in five years, driven by leading tech companies like Cambrian, Yi Zhongtian, and Industrial Fulian [2] Group 1: Performance Overview - The average return for 5,098 private equity products with performance data in August was 6.50% [2] - Among the 582 products from billion-yuan private equity firms, the average return was 5.83% in August [3] - Quantitative long-only products outperformed with an average return of 9.86%, while subjective long-only products only achieved 3.42% [2][3] Group 2: Strategy Performance - The average return for quantitative long-only products was 38.69% year-to-date, while subjective long-only products achieved 15.89% [4][12] - The average return for market-neutral strategies was -1.05% in August, with a year-to-date average of 6.41% [18][19] - Multi-asset strategies had an average return of 17.97% year-to-date, with August returns averaging 5.58% [24] Group 3: Top Performers - The top three quantitative long-only products for the year-to-date were from Longqi Technology, Nianjue Private Equity, and Wenbo Investment [5] - The leading subjective long-only products were from Fusheng Asset, Duration Investment, and Harmony Huiyi Asset [12] - The top multi-asset products were from Duration Investment, Blackwing Asset, and Borun Yintai Investment [24][29]