Core Insights - The multi-asset strategy in the domestic private equity sector has seen a strong performance in 2023, with an average return of 24.54% as of October 16, significantly higher than the expected average return of 8.21% for the entire year of 2024 [1][2] - The number of product registrations for multi-asset strategies has increased, reflecting a growing demand from investors for diversified investment approaches amid rising global macroeconomic uncertainties [1][2] Performance and Trends - In the first three quarters of 2023, the number of registered multi-asset strategy products reached 1,278, accounting for 14.30% of total registrations, marking an 84.68% year-on-year increase [2] - In September alone, 155 multi-asset strategy products were registered, representing 15.08% of that month's total [2] Investor Sentiment - High-net-worth clients have shown increased enthusiasm for multi-asset strategy private equity products, recognizing the value of diversification and asset rotation after experiencing market volatility [3] - The demand for multi-asset strategies is driven by the need for stable returns and risk diversification in a low-interest, high-volatility market environment [3][5] Advantages of Multi-Asset Strategies - Multi-asset strategies help reduce non-systematic risk and smooth portfolio volatility by diversifying investments across low-correlation assets such as stocks, bonds, and commodities [4] - These strategies are adaptable to different economic phases, reducing the likelihood of timing errors by investors [4][5] Long-Term Value and Management Challenges - Despite potential drawbacks, such as underperformance in strong single-asset environments, the long-term value of multi-asset strategies remains significant [5][6] - Effective management of multi-asset strategies requires a systematic macro research framework, a comprehensive strategy framework, and robust risk management practices [6][7] Future Outlook - The domestic multi-asset strategy market is still in its early stages compared to developed markets, with increasing demand for absolute returns expected to drive growth [6][7] - The diversification benefits of multi-asset strategies are likely to enhance their importance in the asset management industry as market conditions evolve [7]

重现"双百"格局 值得注意的是，百亿私募的格局悄然生变，量化私募数量升至47家，成为"百亿俱乐部"主力军，将主观 策略私募甩在身后；同时，行业头部效应进一步强化，优胜劣汰加速。 数据来源：私募排排网，许孝如/制表 百亿私募数量是衡量私募业发展和市场温度的一个重要指标。 2020年～2021年，在一轮牛市的推动下，一批私募跨越百亿规模大关。2021年底，百亿私募数量首次突 破100家，私募行业进入百家、百亿的"双百"时代。 随后，百亿私募阵营继续扩容，尤其伴随着量化私募的崛起，百亿私募数量在2023年一度最高达到115 家。然而，到了2024年，在市场持续下行的背景下，私募的规模缩水严重，一批百亿私募掉队。 尤其在去年8月，百亿私募数量一度锐减至80家，一批私募从百亿规模缩水至50亿元～100亿元之间，甚 至有个别私募掉落至50亿元以下，从此一蹶不振。 进入2025年，尤其是下半年以来，A股走出一轮强势上涨行情，上证指数创出十年新高，百亿私募数量 不断增长。私募排排网数据显示，截至2025年10月22日，百亿私募数量增至101家，时隔一年多重返百 家之上，较8月底的91家新增10家。 近两个月，在上证指数创出十 ...

Core Viewpoint - The article presents insights from Li Bei, founder of Banxia Investment, emphasizing the importance of self-awareness and maintaining a balanced investment strategy in the face of market fluctuations. The focus is on achieving investment success through a clear understanding of one's capabilities and the market environment, rather than chasing every opportunity [2][20]. Group 1: Market Performance and Investment Strategy - Li Bei expressed satisfaction with the performance of low-volatility funds, which outperformed the CSI 300 index, achieving returns exceeding 14% as of August 31 [5]. - The investment strategy involves a cautious approach, focusing on areas of expertise and avoiding sectors like technology and small-cap stocks where the firm lacks deep research [6][9]. - The use of the CSI 500 index futures (IC) allows for safer participation in the technology sector, providing enhanced returns while managing risk through lower volatility [9][47]. Group 2: Market Trends and Economic Indicators - The article discusses the ongoing bullish trend in the stock market, suggesting that the current phase is driven by liquidity and risk appetite, with the stock-bond yield spread remaining favorable for equities [26][29]. - Li Bei believes that the stock market's upward trend is still in its early stages, with significant potential for growth as liquidity conditions improve and investor confidence returns [29][36]. - The real estate sector is identified as having a once-in-a-decade opportunity, driven by supply-demand dynamics and improved competitive landscape among surviving firms [38][44]. Group 3: Communication and Investor Relations - Effective communication with investors is crucial, emphasizing the need for transparency and setting realistic expectations to avoid disappointment during performance fluctuations [17][18]. - The approach involves allowing investors to make their own decisions while providing them with a stable framework and honest assessments of market conditions [18][21]. Group 4: Personal Growth and Market Philosophy - Li Bei highlights the importance of self-love and understanding in navigating the investment landscape, advocating for a balanced perspective towards market dynamics and personal well-being [20][24]. - The philosophy of "loving the world while loving oneself" is presented as a guiding principle for maintaining a positive mindset amidst market challenges [21][24].

Core Insights - The article highlights the impressive performance of A-shares, Hong Kong stocks, and US stocks in the first three quarters of 2025, with significant increases in major indices, particularly in the third quarter [2] - The total scale of private securities investment funds in China has increased, with a total scale of 5.93 trillion yuan, up approximately 720 billion yuan from the end of 2024 [2] - A number of private equity firms have achieved substantial growth in management scale, attributed to improved product net values and increased investor trust [2] Private Fund Management Scale - As of the end of September 2025, 471 private equity firms have increased their management scale by at least one tier, with subjective private equity firms accounting for 237 of these [3] - 20 private equity firms have newly entered or returned to the 100 billion yuan management scale category, with 11 of them being quantitative private equity firms [4] - Four private equity firms, including Qianyan Private Equity and Microscopic Bo Yi, have achieved a two-tier increase in management scale, moving from 20-50 billion yuan to over 100 billion yuan [5] Performance Rankings - The top five private equity firms in terms of returns for the first three quarters of 2025 are Fusheng Asset, Wangzheng Asset, Kaishi Private Equity, Duration Investment, and Jukuang Investment, all of which are subjective private equity firms [6] - A total of 69 private equity firms have achieved at least a two-tier increase in management scale, with notable firms like Hanrong Investment and Hainan Shengfeng achieving a three-tier increase [13] Notable Private Equity Firms - Wangzheng Asset, a subjective private equity firm, has four products displayed on the private fund ranking platform, achieving an average return exceeding ***% in the first three quarters [12] - Hainan Shengfeng Private Equity, established in January 2022, has seen its scale increase from 5-10 billion yuan to 50-100 billion yuan, with an average return close to ***% [16] - The article also mentions that 32 private equity firms have entered the "head private equity" category (over 50 billion yuan) in the third quarter, with 17 being quantitative private equity firms [17] Long-term Performance - The article outlines the top private equity firms over the past three years, with Shanghai Zijie Private Equity leading the rankings, achieving significant returns [27] - In the five-year performance rankings, subjective private equity firms dominate, with Fusheng Asset, Duration Investment, and Wangzheng Asset among the top performers [30]

Group 1 - The number of private equity firms with over 10 billion yuan in assets has surpassed 100, reaching 101 as of October 22, 2025, an increase of 5 from 96 at the end of September [1] - Among the 101 firms, quantitative private equity firms are the most numerous, with 47 firms accounting for 46.53%, followed by subjective private equity firms with 44 firms at 43.56%, and mixed strategy firms with 8 firms at 7.92% [1] - The new entrants in October include 2 subjective and 2 quantitative strategy firms, along with 1 mixed strategy firm [1] Group 2 - Stock strategies dominate the core strategies of the private equity firms, with 77 firms employing this strategy, representing 76.24% of the total [2] - Multi-asset strategies account for 12.87% with 13 firms, while bond strategies make up 5.94% with 6 firms [2] - The increase in the number of billion-yuan private equity firms is attributed to the stabilization of the A-share market, leading to improved performance and scale of private equity products [2] Group 3 - The expansion of private equity firms is primarily driven by subjective private equity firms due to their flexibility in adapting to market changes and macroeconomic conditions [3] - Some subjective private equity managers possess extensive investment experience and strong stock-picking abilities, which attract continuous capital inflow [3] - Market conditions are currently characterized by structural valuation concerns, with a focus on sectors like AI applications and cyclical industries nearing capacity clearance [3]

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]

Core Insights - As of October 22, the number of private equity firms with over 10 billion yuan in assets reached 100, an increase of 4 from 96 at the end of September [1] Group 1: Private Equity Firms - The majority of the new private equity firms are quantitative, totaling 46 [1] - Subjective private equity firms follow closely with a total of 44 [1] - There are 8 mixed strategy private equity firms, and 2 firms have not disclosed their investment strategies [1]

Core Viewpoint - The number of billion-level private equity firms has reached 100 as of October 22, 2023, marking an increase of 4 firms since the end of September 2023, driven by structural opportunities in the A-share market and the strengthening of the "head effect" in the industry [1] Group 1: Private Equity Growth - The total number of billion-level private equity firms has increased to 100, up from 96 at the end of September 2023 [1] - New entrants include Shanghai New Equation Private Equity, Wangzheng Asset, and Jing'an Investment, while Dadao Investment is making its debut in the billion-level category [1] Group 2: Strategy Breakdown - Among the 100 billion-level private equity firms, 46 are quantitative private equity firms, accounting for 46% of the total [1] - There are 44 subjective private equity firms, also making up 44% of the total [1] - Additionally, there are 8 mixed strategy private equity firms, and 2 firms have not disclosed their investment models [1] Group 3: Market Dynamics - The expansion of billion-level private equity firms is attributed to the performance and scale increase of private equity products due to structural opportunities in the A-share market [1] - The industry is experiencing a trend towards standardized development, which is enhancing the "head effect" and allowing quality private equity firms to capture a larger share of the market [1]

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 ...