Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

Core Viewpoint - The flagship fund "Oriental Harbor Marathon Global" managed by Dan Bin has achieved a historic breakthrough, with its cumulative net value recently surpassing a significant milestone, marking it as one of the few hundred billion private equity products to do so [2][4]. Fund Performance - As of October 24, 2025, the "Oriental Harbor Marathon Global" fund, established on March 29, 2016, has been operational for over 9 years, with cumulative returns approaching ***% and an annualized return exceeding ***% [2]. - Over 95% of the private equity products managed by Dan Bin have reached historical highs recently, with an average return of approximately ***% this year [4][6]. Investment Strategy - Dan Bin's investment strategy focuses on a global perspective, emphasizing value investment principles. The firm seeks to invest in companies that can change the world and those that are not easily influenced by external changes [10][11]. - The firm has shifted its investment focus from primarily Chinese markets to a global scale, particularly targeting leading companies in the AI sector [12][13]. AI Sector Focus - The performance of Oriental Harbor is significantly attributed to its bullish stance on the AI industry, with NVIDIA being a major holding. As of the end of Q3 2025, the firm held 17 US stocks with a total market value of approximately $1.292 billion, reflecting a nearly 15% increase from the previous quarter [8][9]. - Dan Bin believes that the current AI bubble is still in its early stages, with substantial growth potential in the sector, and emphasizes the importance of selectively embracing investment opportunities despite market volatility [13][14].