本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 截至2026年2月末，百亿规模组中，在私募排排网上至少有3只产品有近5年业绩展示的老牌私募共有26家，近5年收益均值为 93.55% 。 从注册城市来看，上述26家老牌百亿私募主要分布在10个城市，包括上海、深圳、北京、澄迈、宁波、珠海、中山、东莞、杭州、南京，其中 上海的老牌百亿私募数量独占鳌头，占 11席。从核心策略看，股票策略私募多达17家 。 聊到成立十年以上的老牌私募，这批管理人算是实打实经历过好几轮牛熊洗礼的。近五年市场也没少折腾，核心资产估值重构、风格切换频 繁、"黑天鹅"事件不断，能在这段时间里扛住波动、守住净值的，确实是不容易。当然，也有的阶段性掉队，策略体系没跟上节奏。 今天这篇文章，就和大家盘点一下这些经历多轮市场周期的老牌私募（通常指成立十年以上的私募，即2016年3月1日前成立的私募，下同）， 业绩表现如何？（统计样本：在私募排排网上至少有3只产品有近5年业绩展示的老牌私募） 0 1 百亿老牌私募：上海独占鳌头！ 其中， 上 海的复胜资产，由知名 "公奔私"基金经理陆航于2015年创办，公司专注于境内外二级市场股票投资， ...

Core Insights - The dual role of fund managers as actual controllers of companies creates a deep alignment of interests with investors, leading to a triple-check on decision-making: personal wealth responsibility, company reputation protection, and client trust preservation [1] - As of the end of 2025, 13 top subjective private equity controllers have shown performance over the past three years, with an average return rate of 55.01% [1] - The top ten subjective private equity controllers based on average returns over the past three years include notable figures such as Jiang Yunfei from Jiuqi Investment and Dan Bin from Dongfang Gangwan [1][3] Group 1: Performance Overview - The top subjective private equity controllers primarily employ stock strategies, with seven out of ten focusing on this area, while one uses bond strategies and others utilize multi-asset and futures strategies [3] - Dongfang Gangwan's Dan Bin leads with 68 products that meet ranking criteria, achieving an average return exceeding ***% over the past three years [4] - The best-performing product under Dongfang Gangwan is "Dongfang Gangwan Qiting No. 1," which has achieved a cumulative return of ***% over three years [7] Group 2: Individual Fund Insights - Fusheng Asset, led by Lu Hang, has six products that meet ranking criteria, with an average return of ***% over the past three years, ranking third among top subjective private equity controllers [8] - The leading product from Fusheng Asset is "Fusheng Positive Energy No. 2," which has a cumulative return exceeding ***% [9] - Huazhong Hexin, under Yuan Wei, has five products with an average return of ***%, with the standout product being "Huazhong Hexin Big Growth No. 1," which has also exceeded ***% [11][12] Group 3: Market Perspectives - Fusheng Asset emphasizes that short-term investments in non-ferrous metals remain attractive due to macroeconomic support and demand from AI-related capital expenditures [10] - The investment philosophy of Huazhong Hexin focuses on fundamental analysis and shareholder returns, aiming for long-term absolute returns [11] - Xinsizhe Investment, led by Han Guangbin, highlights the importance of company management and the cyclical nature of core assets, advocating for a focus on high-quality investment opportunities [13]

Core Viewpoint - The article discusses the performance of top private equity fund managers who are also actual controllers of their companies, highlighting their dual role and the alignment of interests with investors. The average return rate for the top subjective private equity controllers over the past three years is 55.01% [2]. Group 1: Top Private Equity Managers - The top ten subjective private equity controllers based on average returns over the past three years include: Jiuqi Investment (Jiang Yunfei), Dongfang Gangwan (Dan Bin), Fusheng Asset (Lu Hang), Huazhong Hexin (Yuan Wei), New Thinking Investment (Han Guangbin), Xishirun Investment (Guan Xin), Ningshui Capital (Deng Fei), Ruipu Investment (Cai Haihong), Wanfang Asset (Qian Wei), and Hainan Xiwa & Shanghai Xiwa (Liang Hong) [2][3]. - The threshold for being listed among the top ten subjective private equity controllers is a return rate of ***% [2]. Group 2: Performance of Individual Managers - Dongfang Gangwan, led by Dan Bin, has 68 products with performance data that meet ranking criteria, achieving an average return of over ***% in the past three years [5]. - Fusheng Asset, under Lu Hang, has 6 products that meet ranking criteria, with an average return of ***% over the past three years, ranking third among the top managers [10]. - Huazhong Hexin, led by Yuan Wei, has 5 products with an average return of ***% over the past three years [14]. - New Thinking Investment, managed by Han Guangbin, has 4 products with returns above ***% over the past three years [15]. - Xishirun Investment, led by Guan Xin, has 4 products with an average return of ***%, with the standout product "Xishirun Juyuan No. 1" achieving a return of ***% [17]. Group 3: Investment Strategies and Insights - The majority of the top managers employ stock strategies, with 7 out of 10 focusing on this approach, while others utilize bond and multi-asset strategies [3]. - Dan Bin emphasizes the importance of independent thinking and long-term belief in investment, identifying AI as a significant opportunity for the next 5 to 10 years [9]. - Lu Hang from Fusheng Asset highlights the potential of non-ferrous metals as a high-value investment direction due to macroeconomic support and demand from AI-related sectors [12]. - Yuan Wei advocates for a fundamental analysis approach, focusing on companies with strong shareholder returns and sustainable growth [13].

Core Insights - The article discusses the emergence of "quasi-billion" private equity firms in China, defined as those managing between 5 billion to 10 billion yuan, highlighting their potential to transition into top-tier institutions in the future [3] Group 1: Overview of Quasi-Billion Private Equity Firms - As of December 2025, there are 122 quasi-billion private equity firms in China, up from 110 in Q3 2025 [3] - Among these firms, 66 are subjective, 35 are quantitative, and 18 employ a combination of both investment strategies [3] - The distribution of core strategies shows that 69 firms focus on stock strategies, 10 on bond strategies, 19 on multi-asset strategies, and 10 on futures and derivatives strategies [3] - The majority of these firms are located in Shanghai (54), followed by Beijing (29) and Shenzhen (16) [3] Group 2: Performance of Quasi-Billion Private Equity Firms - In 2025, the average return for 376 products under quasi-billion private equity firms was 29.44%, with 92.02% of products yielding positive returns [5] - The top ten performing quasi-billion private equity firms in 2025 include 盛麒资产, 云起量化, 喜世润投资, and others [5] Group 3: Top Performing Products - The average return for subjective long-only products was 36.28%, with 喜世润投资's product leading the performance [8] - For quantitative long-only products, the average return was 48.95%, significantly outperforming subjective strategies [11] - The top three products in the quantitative long-only category were from 量魁私募, 上海合骥私募, and 安子基金 [11] Group 4: CTA Strategies - The average return for CTA strategy products was 16.65%, with 会世私募, 宏锡基金, and 洛书投资 leading the performance [14] - The only subjective CTA product listed was 嘉鸿基金's product, which also performed well [16] Group 5: Market Neutral Strategies - The average return for market-neutral products was 8.23%, with 量魁私募 and 念空私募 among the top performers [17] Group 6: Multi-Asset Strategies - The average return for multi-asset strategy products was 17.58%, with 喜世润投资 and 洛书投资 leading the performance [21]

Core Viewpoint - The A-share market has shown a clear slow bull characteristic in 2023, with significant returns from sectors like technology growth and resource cycles, leading to an overall increase of over 15% in major indices from January to November, with the ChiNext Index leading at 42.54% [2][3]. Summary by Sections A-share Market Performance - The three major A-share indices have all risen over 15% from January to November, with the ChiNext Index achieving a remarkable 42.54% increase [2]. - A-share indices exhibit lower volatility compared to the Hang Seng Index and Nikkei Index, aligning with the characteristics of a slow bull market [2]. Index Data - The performance data for major indices from January to November is as follows: - CSI 300: 15.04% return, 15.69% annualized volatility, 127.80% turnover rate, 10.49% maximum drawdown - Shanghai Composite: 16.02% return, 14.09% annualized volatility, 245.70% turnover rate, 9.71% maximum drawdown - Shenzhen Component: 24.67% return, 21.71% annualized volatility, 394.74% turnover rate, 14.98% maximum drawdown - ChiNext Index: 42.54% return, 30.21% annualized volatility, 576.46% turnover rate, 20.79% maximum drawdown [3]. Fund Performance - The average return for 2049 subjective long-only products from January to November is 34.39%, significantly outperforming most A-share indices [3]. - Among the 197 subjective long-only products from billion-yuan private equity firms, the average return is 23.72%, with 94.42% of products showing positive returns [4]. Top Performing Funds - The top three subjective long-only products from billion-yuan private equity firms are: 1. Yuanxin Investment's "Yuanxin China Active Growth C" managed by Wang Aoye 2. Jiuku Investment's "Jiuku Value Selection No. 1" managed by Jiang Yunfei 3. Wangzheng Asset's "Wangzheng Win-Win No. 3" managed by Wang Penghui [4][5]. Sector Focus - The focus on gold investment is highlighted, with managers like Guan Xin from Xishirun Investment emphasizing a new "reflexive" cycle in gold prices, suggesting a strategic allocation towards gold as a long-term investment [11][12]. - The performance of funds in the 50-100 billion category shows an average return of 29.83%, with 95.49% of products yielding positive returns [8]. Emerging Trends - The report indicates a trend of adjusting portfolios to optimize returns, with managers actively seeking undervalued quality companies while maintaining a core and satellite investment strategy [7].

Core Viewpoint - The A-share market has shown strong performance in 2023, with significant increases in major indices, leading to a surge in subjective long-only private equity funds achieving impressive returns [2] Group 1: Market Performance - As of October 2023, the Shanghai Composite Index has risen nearly 18%, while the Shenzhen Component Index and the ChiNext Index have increased approximately 28.46% and 48.84%, respectively [2] - In the Hong Kong and US markets, the Hang Seng Index and Hang Seng Tech Index recorded gains of 29.15% and 32.23%, while the S&P 500 and Nasdaq saw increases of over 16% and 22% [2] Group 2: Private Equity Fund Performance - Among 2156 subjective long-only products with performance data, the average return for 2023 is 36.11%, with a median return of 26.50% [3] - There are 111 products that have achieved returns exceeding 100%, and 465 products with returns over 50% [2] - The average and median returns for private equity funds with over 10 billion in assets are both above 20%, with the 20-50 billion category leading at an average return of 43.35% [3] Group 3: Top Performing Funds by Size - In the 100 billion and above category, the average return is 26.88% and the median is 21.44%, with notable funds from Yuanxin Investment and Fusheng Asset [4][5] - The 50-100 billion category has an average return of 33.17% and a median of 26.58%, with top funds from Xishirun Investment [7][9] - For the 20-50 billion category, the average return is 43.35% and the median is 30.43%, with leading products from Nengjing Investment Holdings [10][13] - In the 10-20 billion category, the average return is 40.53% and the median is 36.06%, with top funds from Xinchili Asset and Deyuan Investment [14][17] - The 5-10 billion category shows an average return of 38.94% and a median of 33.79%, with the top fund being from Blue Sapphire Fund [18][22] - In the 0-5 billion category, the average return is 34.62% and the median is 24.24%, with leading products from Longhuixiang Investment and Wanghua Excellence [23][26]