Core Insights - Multi-asset strategy products have gained popularity in recent years, with 1,400 products registered from January to October 2025, second only to stock strategy products [2] - The average annual return for multi-asset strategies is 20.37%, with a Sharpe ratio of 1.65, indicating stable performance compared to other strategies [3][4] Performance Overview - The average returns and performance metrics for various private equity strategies are as follows: - Stock Strategy: 29.54% return, 93.14% positive return ratio, Sharpe ratio of 1.56, volatility of 35.96%, and drawdown of 11.20% [3] - Multi-Asset Strategy: 20.37% return, 91.73% positive return ratio, Sharpe ratio of 1.65, volatility of 25.84%, and drawdown of 7.41% [3] - Composite Fund: 18.98% return, 96.34% positive return ratio, Sharpe ratio of 1.89, volatility of 15.61%, and drawdown of 6.62% [3] - Futures and Derivatives Strategy: 13.79% return, 82.49% positive return ratio, Sharpe ratio of 1.11, volatility of 48.73%, and drawdown of 8.06% [3] - Bond Strategy: 8.46% return, 92.10% positive return ratio, Sharpe ratio of 1.93, volatility of 11.76%, and drawdown of 3.21% [3] Reasons for Increased Attention - Single asset strategies face limitations in risk resistance, prompting managers to seek new alpha across asset classes [4] - In a low-interest-rate environment and under new asset management regulations, high-net-worth clients and managers need to balance net value fluctuations with absolute returns, which multi-asset strategies can provide [4] - The proliferation of tools such as risk parity, machine learning factors, and cross-asset real-time risk control platforms has enabled managers to effectively expand and reconstruct their research and investment systems [4] Sub-Strategy Performance - Among sub-strategies, macro strategies exhibit the highest average returns, positive return ratios, and Sharpe ratios [5][6] - Arbitrage strategies show lower volatility and drawdown compared to macro and composite strategies, indicating more stable performance [5]

Core Insights - The article highlights the significant presence of small and medium-sized private fund managers in the industry, with nearly 7,200 managers managing under 2 billion yuan, representing over 90% of the total [3] - The focus is on "Rongzhi Investment," which has achieved outstanding performance with its "Rongzhi Baiche Quantitative FOF No. 2," leading the small and beautiful private FOF funds with a remarkable return for the first three quarters [3][4] Company Overview - Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd. is a private fund manager focusing on securities investment, emphasizing the growth value of excellent Chinese enterprises [5] - The company has issued over 40 private securities investment fund products since its establishment, managing a cumulative scale exceeding 1.2 billion yuan [9] Investment Philosophy & Strategies - Rongzhi Investment centers its investment philosophy around multi-asset allocation, balanced strategies, and diversified management, aiming to achieve long-term risk-return characteristics [21] - The investment strategy involves dynamic adjustments based on macroeconomic conditions, market valuation levels, and emotional cycles, focusing on selecting managers and strategies with differentiated competitive advantages [22] Core Advantages & Highlights - The company benefits from strong platform support from its parent company, providing extensive financial technology, a vast database, and a professional sales platform [25] - The investment research team consists of experienced professionals with deep market insights and robust risk control capabilities [26] - Rongzhi Investment offers flexible, customized FOF strategies tailored to clients' risk tolerance and needs, emphasizing diversified asset allocation [27] Market Context - The article notes a significant shift in Chinese residents' wealth from real estate and deposits to capital markets, highlighting the growing complexity of investment strategies required in this new landscape [28]

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].

日前，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进连云港市首家持牌私募证券投 资基金管理人——连海陆桥基金，围绕其科创投资逻辑、区域产业赋能、企业社会责任等议题展开深入 交流，共同探索国有背景私募在支持科技创新与服务地方经济中的独特路径。 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。本次调研旨在推动多元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。 深耕战略性新兴产业 连海陆桥基金执行董事、总经理刘益鸣在接受中国证券报记者专访时表示，公司自2022年成立以来，始 终将科技创新作为重要投资方向之一，依托股东连云港市金融控股集团的产业背景与区域资源优势，持 续深耕生物医药、人工智能、高端制造等战略性新兴产业。 据悉，连海陆桥基金前身为金控集团证券业务部，早在集团成立初期即通过持股恒瑞医药、远大控股等 本土上市公司，积累了深厚的产业认知与资本运作经验。转为市场化运作的私募基金管理人后，公司延 续了这一基因，在股票策略产品中重点配置创新药板块，持仓比例长期超过50%。 "我们不仅是市场的参与者 ...

Core Viewpoint - The "Xingyao Navigation Plan" aims to create a leading platform for private equity in China's technology innovation sector, focusing on the unique role of state-owned private equity in supporting technological innovation and local economic development [1] Group 1: Investment Strategy - Lianhai Lukuo Fund has prioritized technological innovation since its establishment in 2022, focusing on strategic emerging industries such as biomedicine, artificial intelligence, and high-end manufacturing [1][2] - The fund has maintained a long-term holding of over 50% in innovative drug sectors within its stock strategy products, leveraging its background in the financial industry [1] Group 2: Long-term Growth Assessment - The company emphasizes long-term growth potential by evaluating factors such as R&D investment, patent layout, and policy environment, rather than just current financial performance [2] - Lianhai Lukuo Fund has developed a digital investment research system to enhance its investment strategies and risk assessments [2] Group 3: Social Responsibility - The fund actively promotes social responsibility through initiatives in public welfare, talent development, and investor education [3] - It has established a long-term public welfare mechanism and collaborates with educational institutions to nurture professional talent [3] Group 4: Regional Economic Support - As the only private equity fund manager in Lianyungang, the company plays a crucial role in matching local technology enterprises with long-term funding needs, addressing the gap between short-term funding and long-term projects [3] Group 5: Future Outlook - The company plans to increase investments in the technology sector and enhance its digital research capabilities while continuing to fulfill its social responsibilities [4]

Group 1 - The A-share market has shown a notable profit effect this year, leading to increased enthusiasm for market entry, with the private equity position index reaching a year-high of 81.13% as of November 14, 2025, up 1.05 percentage points from the previous week [1] - The position index for private equity firms with over 10 billion yuan in assets has significantly increased, with full-position firms accounting for 73.41% of the total, while the proportion of medium-position firms has decreased to 18.47% [2] - The rise in private equity positions is driven by three main factors: the upward trend of the A-share market since August, positive policy signals for the long-term health of the capital market, and the ability of large private equity firms to capture structural opportunities through concentrated investments in sectors like technology and innovative pharmaceuticals [2] Group 2 - There has been a high enthusiasm for new product registrations among private equity institutions, with 10,608 new private equity securities investment funds registered this year, a 100.76% increase compared to 5,284 products in the same period of 2024 [3] - Stock strategy remains the dominant strategy for new registrations, with 6,954 new stock strategy private equity funds accounting for 65.55% of the total, followed by multi-asset strategies at 14.08% [3] - The number of new registrations for futures and derivatives strategy private equity funds is 1,062, making up 10.01% of the total, while bond strategy and combination fund private equity products account for less than 5% each [3]

Core Insights - Private equity firms are becoming significant holders of ETFs, with 154 firms entering the top ten holders of 190 newly listed ETFs this year, holding a total of 2.929 billion shares [1][2][11] Group 1: Private Equity Participation - Subjective private equity firms are the main subscribers of ETFs, with 76 firms holding 1.122 billion shares, accounting for 38.31% of the total [2][3] - Quantitative private equity firms follow, with 41 firms holding 0.950 billion shares, representing 32.43% of the total [2][3] - Mixed subjective and quantitative private equity firms are less common, with 37 firms holding 0.857 billion shares, making up 29.26% of the total [2][3] Group 2: Size of Private Equity Firms - Small and medium-sized private equity firms show a stronger preference for ETFs, with 79 small firms holding 1.155 billion shares (39.43%) and 49 medium firms holding 1.154 billion shares (39.40%) [3][4] - In contrast, large private equity firms (26 firms) hold only 0.620 billion shares, accounting for 21.17% of the total [3][4] Group 3: ETF Characteristics and Appeal - ETFs are valued for risk diversification, operational efficiency, cost advantages, strategy flexibility, and liquidity management, making them attractive to private equity firms [5][6] - The total number of ETFs issued this year reached 322, with a total issuance of 244.644 billion shares, marking a year-on-year increase of 79.89% in quantity and 91.83% in volume [6] Group 4: Focus on Sci-Tech Board ETFs - Private equity firms are particularly interested in Sci-Tech Board ETFs, with 48 firms entering the top ten holders of these ETFs, holding a total of 0.820 billion shares [1][6] - Among the ETFs with significant holdings by private equity, those related to the Sci-Tech Board constitute a notable portion, with 4 out of 12 ETFs holding at least 50 million shares [6] Group 5: Controversies Surrounding ETF Investments - There are debates regarding the implications of private equity firms heavily investing in ETFs, with some questioning whether this reflects a lack of research capability [10] - Some private equity firms engage in arbitrage strategies, participating in ETF launches while hedging risks through related index futures [10]

Core Insights - The enthusiasm for private equity product issuance continues to rise as the A-share market increases, with a total of 10,608 private securities investment funds registered this year, reflecting a year-on-year growth of 100.76% [1] Summary by Category Private Equity Market Activity - The issuance of private equity products remains robust, with 994 private securities products registered in October, maintaining a level similar to September but showing a significant increase of over two times compared to the same period last year [1] Strategy Breakdown - Stock strategies dominate the private equity landscape, with 6,954 newly registered stock strategy private funds, accounting for 65.55% of the total [1] - Multi-asset strategy private funds follow with 1,494 new registrations, representing 14.08% of the total [1] - Futures and derivatives strategy private funds saw 1,062 new registrations, making up 10.01% of the total [1] - Bond strategy and combination fund private products had 427 and 419 new registrations respectively, each accounting for less than 5% of the total [1]

Core Viewpoint - The private equity fund industry has seen a significant increase in dividend distributions this year, with 20.42% of products distributing dividends, totaling 151.58 billion yuan, a 263.76% increase compared to the previous year [1] Group 1: Dividend Distribution Overview - As of October 31, 1135 out of 5558 private equity products have distributed dividends, with a total of 1443 distributions [1] - The average return of private equity funds this year is 24%, with over 90% of products achieving positive returns [1] - The increase in dividend distributions is attributed to strong fund performance, investor confidence, and management's ability to convert floating profits into certain income [1] Group 2: Investment Strategy Analysis - Stock strategy products are the main contributors to dividend distributions, with 848 distributions totaling 115.86 billion yuan, accounting for 76.43% of total dividends [2] - Multi-asset strategies have distributed dividends 209 times, amounting to 13.76 billion yuan, representing 9.08% of total distributions [2] - Futures and derivatives strategies and bond strategies have similar dividend amounts, around 9.36 billion yuan and 9.37 billion yuan respectively, each accounting for 6.18% of total distributions [2] Group 3: Management Mode Insights - Subjective private equity products have distributed dividends 943 times, totaling 100.42 billion yuan, which is 66.25% of total distributions, while quantitative products have distributed 51.16 billion yuan, making up 33.75% [3] - The difference in dividend distribution is due to subjective funds focusing on long-term value investment and quantitative funds being more conservative in their distribution decisions [3] - Among private equity institutions, those with over 100 billion yuan in assets have led in dividend distributions, with 152 distributions totaling 54.79 billion yuan, representing 36.14% of total distributions [3]

2025年11月17日，由安永[1]、太保资本及通力律所联合主办的"基遇∞-卓越私基金管理人论坛"在上海成功举办。作为安永构建私募生态圈系列活动全新 升级后的焕新启幕之作，本次论坛汇聚了众多行业精英。太保资本总经理刘龙、财务负责人王晶及核心管理团队、通力律师事务所合伙人史成律师以及众 多顶尖私募基金管理人的合伙人与高级管理人员均应邀出席。安永、太保资本与现场嘉宾围绕构建私募生态圈展开深度交流，并聚焦科技主题，分享了私 募行业最前沿的实践经验和专业见解，引发了热烈讨论与思维碰撞。 安永大中华区金融服务首席合伙人、安永亚太区金融科技及创新首席合伙人忻怡发表了欢迎致辞。忻怡指出： "当前私募行业正面临资产配置逻辑重构、科技创新驱动等多重结构性变迁，面对挑战，没有谁能够独善其身，更没有谁能够独自破局，唯有开放协作、 生态共生才是通向未来的可行之路。忻怡表示，安永希望结合全球视野与本土洞察，为私募行业提供认知、连接及运营三个维度的赋能，并强调真正的生 态价值，不在于规模的简单叠加，而在于通过良好的机制设计，激发'1+1+1趋近无限可能'的协同效应，希望安永可以与太保资本等业内顶尖机构携手打 造资本可溯、风险可控、价值可 ...