Core Insights - The private equity quantitative fund managers are positioned at the intersection of finance and technology, acting as "strategy scientists" and "capital managers" who utilize algorithms to interpret the market and execute trades in a highly uncertain financial environment [1] - As of December 2025, there are 1,600 quantitative products with a total scale of approximately 135.05 billion, achieving an average return of 30.91%, significantly outperforming the market [2][3] - Among the 386 quantitative products managed by billion-yuan private equity managers, the average return reached 38.52%, yielding an excess return of 13.59%, marking them as the top performers [2][3] Summary by Scale 100 Billion and Above - In 2025, 49 billion-yuan private equity quantitative managers had three or more products that met ranking criteria, with all achieving positive returns; 32 of them had returns exceeding 30% [3] - The top ten quantitative fund managers in this category include Ma Zhiyu from Lingjun Investment and Wang Chen from Jiukun Investment, both of whom have made significant advancements in AI applications [3][7] 50-100 Billion - The average return for quantitative products in the 50-100 billion category was approximately 27.69%, with 93.45% of products yielding positive returns [9] - The top managers include Shi En from Yunqi Quantitative and Huang Hui from Qianshu Investment, both of whom achieved notable returns [9][12] 20-50 Billion - The average return for this category was around 30.69%, with 97.58% of products generating positive returns [13] - The leading managers are Nie Shouhua and He Jie from Hanrong Investment, who have demonstrated strong performance [13][16] 10-20 Billion - The average return for quantitative products in this range was approximately 28.83%, with 99.46% of products achieving positive returns [17] - Wu Yintong from Longyin Huxiao topped this category, showcasing effective strategies [17][20] 5-10 Billion - The average return for this scale was about 30.26%, with 92.44% of products yielding positive returns [21] - The top managers include Yan Xuejie from Huacheng Private Equity and Cheng Zhitian from Juliang Junheng, both of whom have excelled in their strategies [21][24] 0-5 Billion - The average return for products in this category was approximately 27.56%, with 92.02% of products achieving positive returns [25] - The leading manager is Xie Libo from Jingying Zhito, who has shown strong performance in this segment [25][27]

Core Viewpoint - In 2025, the Chinese market showed significant growth, with major stock markets rising sharply and structural opportunities in various sectors, particularly in technology growth stocks, which drove the ChiNext Index up nearly 50% [2] Market Performance Summary - The performance of major indices in 2025 included: - Shanghai Composite Index: 18.41% increase in January, with a total of 8.74% in September [3] - ChiNext Index: 49.57% increase in January, but a notable drop of over 7% in April due to external shocks [3] - Shenzhen Component Index: 29.87% increase in January, with fluctuations throughout the year [3] - Hang Seng Index: 27.77% increase in January, with varying monthly performance [3] Private Fund Performance Summary - In the private fund market, 2025 saw a total of 5,139 products with data showing an average cumulative return of 31.83%, with only 229 products (4.46%) achieving positive returns for 12 consecutive months [4] - Among the top-performing private funds, 1,006 products had performance data, with 88 (8.75%) achieving positive returns for 12 consecutive months [4] - The top 20 products in the private fund sector had a threshold for cumulative returns, with a majority being quantitative long products [4] Notable Products and Managers - The "Square and Peak Zhongzheng 2000 Index Enhanced 21" managed by Square and Investment achieved significant returns, with the highest monthly return in August [7] - The "Yizu Qinggui Li Dong" managed by Yizu Investment topped the list among private funds under 5 billion, with substantial returns in March and December [10] - The "Hua Nian Progress 2A" managed by Xue Yuxin ranked fifth, showcasing strong performance [11] Excess Return Analysis - In 2025, 802 quantitative long products had data on excess returns, with only 30 (3.74%) achieving positive excess returns for 12 consecutive months [13] - The top 10 products in terms of cumulative excess returns were managed by firms such as Jintong Investment and Ming Stone Fund [14][16]

Core Insights - Quantitative fund managers are professionals focused on quantitative investment, utilizing mathematical models, algorithms, and big data analysis to manage portfolios and create long-term value for investors [1] - The demand for quantitative talent has surged globally due to advancements in AI, leading to a "talent war" among quantitative institutions [1] - Quantitative private equity funds favor highly educated individuals, with 69.11% of quantitative fund managers holding master's or doctoral degrees compared to 56.42% in subjective private equity [1] Performance Overview - As of November, there are 1,637 quantitative products with a total scale of approximately 135.11 billion, achieving an average return of 27.29% from January to November, significantly outperforming the market [2] - Among the 99 billion-yuan quantitative fund managers, the average return is 34.42%, yielding an excess return of 14.04% [2] Performance by Fund Size - For funds over 100 billion: - 386 products with a total scale of 53.81 billion, average return of 34.42%, and excess return of 14.04% [2][3] - For funds between 50-100 billion: - 165 products with a total scale of 17.49 billion, average return of 25.23%, and excess return of 10.31% [2][7] - For funds between 20-50 billion: - 220 products with a total scale of 22.56 billion, average return of 26.62%, and excess return of 12.21% [2][10] - For funds between 10-20 billion: - 176 products with a total scale of 12.60 billion, average return of 25.37%, and excess return of 10.10% [2][12] - For funds between 5-10 billion: - 224 products with a total scale of 12.15 billion, average return of 25.75%, and excess return of 10.84% [2][14] - For funds under 5 billion: - 466 products with a total scale of 16.52 billion, average return of 23.88%, and excess return of 11.19% [2][16] Notable Fund Managers - In the 100 billion category, all fund managers achieved positive returns, with 31 out of 50 managers having returns over 30% [3] - Notable managers include Xu Jin and Wang Chen, both holding doctoral degrees, with significant product performance [3][5] - In the 50-100 billion category, top managers include Shi En and Huang Bo, with average returns of 25.23% [7][9] - In the 20-50 billion category, top managers include Mo Bo and Nie Shouhua, with average returns of 26.62% [10][12] - In the 10-20 billion category, Wu Yintong leads with a strong performance [12][14] - In the 5-10 billion category, Yan Xuejie and Zeng Shuliang are among the top performers [14][15] - In the 0-5 billion category, Xie Libo leads with a notable performance [16][17]