Core Viewpoint - The article discusses the performance of private equity products in the A-share market over the past three years, highlighting the scarcity of products that have maintained impressive returns and drawdown performance amidst market volatility caused by geopolitical conflicts, the pandemic, and trade wars [2]. Summary by Categories Overall Performance of Private Equity Products - In 2023, the average return for 662 private equity products with over 10 billion in assets was 30.15%, with an average Sharpe ratio of 2.53. Over the past three years, 430 of these products achieved an average return of 79.96% and a Sharpe ratio of 1.12 [3]. Performance by Company Size - 100 billion and above: 662 products, 30.15% return, 2.53 Sharpe; 430 products, 79.96% return, 1.12 Sharpe - 50-100 billion: 372 products, 25.59% return, 2.15 Sharpe; 242 products, 53.73% return, 0.88 Sharpe - 20-50 billion: 630 products, 29.42% return, 2.29 Sharpe; 388 products, 75.14% return, 1.33 Sharpe - 10-20 billion: 573 products, 30.50% return, 2.25 Sharpe; 328 products, 74.08% return, 1.07 Sharpe - 5-10 billion: 745 products, 31.57% return, 1.91 Sharpe; 449 products, 82.89% return, 0.91 Sharpe - 0-5 billion: 2057 products, 28.59% return, 1.82 Sharpe; 1169 products, 72.52% return, 0.84 Sharpe - Total: 5039 products, 29.34% return, 2.06 Sharpe; 3006 products, 74.13% return, 0.98 Sharpe [3]. Top Performing Private Equity Products - The top three subjective long products over the past three years are from Junzhijian Investment, Kaishi Private Equity, and Dongfang Gangwan, with average returns of 99.85% and a Sharpe ratio of approximately 1.04 [4]. - The leading product is "Junzhijian Junyue" managed by Zhang Yong, with significant returns and a high Sharpe ratio [5][6]. - The top three quantitative long products are from Ming Shi Fund, Maoyuan Quantitative, and Abama Investment, with an average return of 85.34% and a Sharpe ratio of approximately 1.02 [7]. - The leading product is "Ming Shi Spring 28" managed by Yang Kun, achieving high returns and a notable Sharpe ratio [8][9]. - The top three market-neutral products are from Ping Fang He Investment, Mengxi Investment, and Ming Huan Investment, with an average return of 85.34% and a Sharpe ratio of approximately 1.02 [10]. - The leading product is "Ping Fang He Cai Ying Ping Heng 1" managed by Lü Jieyong and Fang Zhuangxi, with impressive returns and a high Sharpe ratio [12]. - The top three multi-asset strategy products are from Borun Yintai Investment, Ming Huan Investment, and Honghu Private Equity, with an average return of 64.79% and a Sharpe ratio of approximately 1.09 [13].

Core Insights - The A-share market has been performing strongly, but there is a noticeable divergence in sector performance, with previously popular quantitative products now struggling to outperform the market [1] - A resurgence of subjective products has been observed, with many previously quiet funds beginning to recover in net value, indicating a "subjective comeback" trend [1] Fund Manager Rankings - As of September 14, among the top 20 fund managers, 15 are from subjective private equity, dominating the rankings [1] - The top-ranked fund manager is Dan Bin, whose products have shown significant returns over the past month and year [3] - The second-ranked manager, Shi Zhi, and others in the top 8 are primarily from smaller private equity firms with assets under 5 billion [2] Performance of Specific Funds - Dan Bin's "Oriental Harbor Marathon Global A Class" has achieved a high cumulative net value and significant returns since inception [3] - Xu Qiongna, ranked 8th, has also seen impressive performance from her funds, particularly "Jinban Capital No. 5," which has shown the highest returns this year [6][7] Market Trends and Predictions - The current market is seen as being in a "slow bull" phase, with expectations of continued recovery driven by policy support and changes in industry supply-demand dynamics [8] - Chen Yu, a prominent fund manager, believes the market is at a pivotal point, similar to historical trends, and anticipates a long-term bull market driven by technological advancements [12][13] Notable Fund Managers - Li Jianfei and Shi Jianghui from Guoyuan Xinda are notable for having two fund managers listed among the top ranks, indicating strong performance across their funds [9] - Cai Yingming from Longhang Asset is recognized for focusing on undervalued, high-cost-performance targets, with his fund "Longhang No. 1" showing significant returns [14][15]

Core Viewpoint - The A-share market has been performing strongly, but there is a noticeable divergence in sector performance. Quantitative investment products, previously favored by the market, are now struggling to outperform the market index, while subjective products are experiencing a resurgence in net value [1]. Group 1: Market Performance - As of September 14, 2025, among the top 20 fund managers, 15 are from subjective private equity, dominating the rankings [1]. - The top 8 positions in the popularity rankings are all held by subjective fund managers, indicating a shift in investor preference [1]. Group 2: Fund Manager Rankings - The top fund manager is Dan Bin from Dongfang Gangwan, with a significant number of products achieving high returns this year and over the past three years [5]. - Xu Qionna from Bamai Private Equity ranks 8th, with her products showing strong performance due to strategic investments in undervalued financial sectors [9]. - Li Jianfei and Shi Jianghui from Guoyuan Xinda are notable for being the only firm with two fund managers in the top rankings, both demonstrating solid average returns [10]. Group 3: Investment Strategies - Dan Bin emphasizes the importance of technology stocks, with major holdings in companies like Nvidia and Google, which recently surpassed a market cap of 3 trillion [6]. - Xu Qionna focuses on identifying undervalued growth opportunities rather than following market trends, contributing to her funds' strong performance [9]. - Chen Yu from Shennong Investment believes the market is currently in a bullish phase and anticipates a long-term bull market driven by technological advancements [17]. Group 4: Fund Performance Insights - Dan Bin's products have shown significant returns, with the "Marathon Global A Class" achieving a high cumulative net value [5]. - Xu Qionna's "Jinzhu Capital No. 5" has also performed exceptionally well, reflecting her investment strategy's effectiveness [7]. - Cai Yingming from Longhang Asset highlights the importance of selecting undervalued, high-quality stocks, which has led to impressive performance in recent market conditions [21].