Group 1 - The article emphasizes the importance of long-term performance in the capital market, highlighting that strategies need to be continuously learned and iterated to achieve sustained profits [1] - It categorizes private equity products into "long-distance running" types, focusing on those with outstanding performance over the past five years and those established for over ten years, referred to as "double ten funds" [1] - As of July 2025, there are 61 private equity products that have been established for ten years, with 32 of them achieving an annualized return of over 10%, accounting for approximately 52% [2] Group 2 - Among the "double ten funds," 14 products reached historical highs in July 2025, with 25 of them being subjective long/short products [2] - Notable private equity firms such as Evolutionary Assets, Shenzhen Yitong Investment, Tonghe Investment, and Zhongrui Huyin each have two products listed among the top performers [3] - The article provides a detailed table of various private equity products, including their strategies, sizes, and performance metrics, showcasing the diversity in the market [4][5] Group 3 - The subjective long/short product "Xi Wa Xiao Niu No. 1," managed by Liang Hong, was established near the peak of the last bull market and has shown significant returns [5][6] - Liang Hong expresses a preference for core companies that can be compared with international leaders, rather than supply chain stocks [6][7] - The article also discusses the performance of quantitative long/short products, noting that the average annualized return for these products over the past five years is 13.27% [12] Group 4 - The multi-asset strategy products have an average annualized return of 10.84% over the past five years, with several products reaching historical highs in July 2025 [16] - The article highlights the performance of bond strategy products, which have an average annualized return of 11.87% over the past five years, with many products achieving historical highs recently [24] - It concludes with a focus on the performance of futures and derivatives strategy products, which also show strong returns and historical highs [20]

Core Viewpoint - The article emphasizes the importance of long-term performance in private equity funds, highlighting that only a few funds can achieve consistent returns over extended periods, thus necessitating continuous learning and strategy iteration in the capital market [1]. Group 1: Long-term Private Equity Products - As of July 2025, there are 61 private equity products that have been established for over 10 years, with 32 of them achieving an annualized return of over 10%, representing approximately 52% of the total [2]. - Among these, 14 funds reached historical highs in July 2025, with subjective long/short products making up 25 of these funds [2]. Group 2: Performance of Specific Funds - The "Xiwa Little Bull No. 1" fund, managed by Liang Hong, was established on May 8, 2015, and has shown significant performance, with annualized returns nearing ***% and returns exceeding ***% this year [5]. - The article lists various funds and their strategies, including subjective long/short and macro strategies, with specific funds achieving notable returns and historical highs [3][4][6]. Group 3: Strategy Performance Rankings - For funds established for over 5 years, there are 1,303 products, with 32 achieving annualized returns exceeding ***% and 132 exceeding ***% [6]. - The top 20 funds in the subjective long/short category have an average annualized return of 9.2%, with the threshold for the top performers being over ***% [6][7]. Group 4: Quantitative and Multi-Asset Strategies - In the quantitative long/short category, 72 products have an average annualized return of 13.27%, with the top 20 funds achieving returns above ***% [13]. - Multi-asset strategy products have an average annualized return of 10.84%, with the top performers coming from firms like Qianhai Guoen Capital and Honghu Private Equity [17]. Group 5: Bond Strategy Performance - The bond strategy products have an average annualized return of 11.87%, with the top products achieving significant returns and historical highs [28].

Core Viewpoint - The article analyzes the performance of quantitative products in the A-share market from 2022 to 2024, highlighting that 39.38% of the 650 quantitative products achieved positive excess returns for three consecutive years, with a notable performance from large-scale private equity firms [2][5][6]. Group 1: Performance of Quantitative Products - In the past three years, the A-share market has experienced significant volatility, with the Shanghai Composite Index fluctuating between 2600 and 3600 points [2]. - Among the 650 quantitative products with performance data, 256 achieved positive excess returns for three consecutive years, representing approximately 39.38% [2][6]. - For large-scale private equity firms (over 10 billion), 179 quantitative products were tracked, with 114 achieving positive excess returns, resulting in a leading performance rate of 63.69% [6][7]. Group 2: Top Performing Private Equity Firms - The top private equity firms with the most quantitative products achieving positive excess returns over three years include JQData (31 products), Ningbo Huanfang (11 products), and Longqi Technology (9 products) [6][7]. - The top three products with the highest excess returns over the past three years are from Abama Investment, Jiukun Investment, and Maoyuan Quantitative [7][10]. Group 3: Performance by Scale of Private Equity - For private equity firms with assets between 50-100 billion, 51 quantitative products were tracked, with only 19 achieving positive excess returns, accounting for 37.25% [14]. - The leading firms in this category include Jun Cheng Asset Management (4 products) and He Fu Investment (2 products) [14][15]. - The top three products in this category are from Liang Kui Private Equity, Ping Fang He Investment, and Jun Cheng Asset Management [14]. Group 4: Performance in Smaller Private Equity Firms - In the 20-50 billion category, 88 quantitative products were tracked, with only 25 achieving positive excess returns, representing 28.41% [21]. - The leading firms include Junfu Investment and Youmeili Investment, each with 3 products achieving positive excess returns [21]. - The top three products in this category are from Qianhai Guoen Capital, Yuehai Yinghe Fund, and Junfu Investment [21]. Group 5: Performance in the Smallest Private Equity Firms - For private equity firms with assets between 0-5 billion, 196 quantitative products were tracked, with 46 achieving positive excess returns, accounting for 23.47% [41]. - The leading firms in this category include Mufeng Investment and Hongtong Investment, each with multiple products achieving positive excess returns [41]. - The top three products in this category are from Ruixin Tiansuan, Hainan Zhiyuan Private Equity, and Yitian Pavilion Asset Management [41].