Core Viewpoint - The A-share market has shown strong performance in 2023, particularly since July, with major indices reaching new highs, making it one of the best-performing markets globally in the third quarter [2][3]. Performance of Major Indices - The ChiNext Index led global performance with a year-to-date increase of 51.20% and a quarterly increase of 50.40% - The STAR 50 Index and the Shenzhen Component Index followed with increases of 51.20% and 29.88% respectively [3][4]. Private Equity Fund Performance - Among 2072 subjective long-only private equity products, only 149 (7.19%) outperformed the ChiNext Index in the third quarter [4][5]. - The average return for private equity products with assets over 2 billion was 83.02%, with the top 10 funds having a minimum return threshold of ***% [5][6]. Top Performing Private Equity Products - The top three funds in the over 2 billion category were: 1. "Ge Ru Qidian" managed by Shi Hao from Shanghai Ge Ru Private Equity, with a return of ***% [6][7]. 2. "Yuanxin China Active Growth C Class" managed by Wang Aoye from Yuanxin Investment, with a return of ***% [7][8]. 3. "Shengqi Baojian" managed by Cai Zhijun from Shengqi Asset, with a return of ***% [8]. Mid-Sized Private Equity Fund Performance - In the 500 million to 2 billion category, 50 funds outperformed the ChiNext Index, with an average return of 112.83% [9][10]. - The top three funds were: 1. "Xinchili Dingeng Selected 28" managed by Shen Longji [10][11]. 2. "Lanshi Zhixing No. 1" managed by Liu Yan [10]. 3. "Deyuan Yangfan No. 1" managed by Wu Zhou [10]. Small-Sized Private Equity Fund Performance - In the 0 to 500 million category, 77 funds outperformed the ChiNext Index, with an average return of 110.44% [12][13]. - The top three funds were: 1. "Zijun Yunsong" managed by Zou Kai from Hunan Zijun Private Equity [13][14]. 2. "Longhui Xiang No. 1" managed by Yang Zhongguang [13]. 3. "Wanghua Zhuoyue High Dividend Value Growth" managed by Qi Kexian [13].

Core Viewpoint - The A-share market has shown a steady upward trend in 2023, with the Shanghai Composite Index surpassing 3900 points, marking a nearly ten-year high. The private equity industry has also reported impressive performance, with an average return of 29.01% for private equity products in the first three quarters, significantly outperforming the 17.94% increase of the CSI 300 Index [2]. Group 1: Market Performance - As of September 30, 2023, 4799 private equity products reported an average return of 29.01%, outperforming the CSI 300 Index [2]. - The average return for private equity products with over 10 billion in assets was 28.70%, with an average offensive ability of 1.0266 and defensive ability of 0.1578 [3]. Group 2: Offensive and Defensive Capabilities - Offensive ability (upward capture rate) measures a fund's sensitivity to market increases, with higher values indicating stronger performance against the market. The formula is: (Portfolio cumulative return during benchmark increase + 1) / (Benchmark cumulative return during increase + 1) - 1 [3]. - Defensive ability (downward capture rate) measures a fund's sensitivity to market declines, with lower values being preferable. A negative value indicates positive returns during market downturns. The formula is: (Portfolio cumulative return during benchmark decrease + 1) / (Benchmark cumulative return during decrease + 1) - 1 [3]. Group 3: Top Private Equity Products - The top three private equity products with over 100 billion in assets are: 1. "复胜正能量二号" from 复胜资产 2. "开思瑋石" from 开思私募 3. "和谐汇一医疗创新B类份额" from 和谐汇一资产 [4][5]. - The top product in the 50-100 billion category is "远信中国积极成长C类份额" from 远信投资, followed by "康曼德003A号主动管理型" from 康曼德资本 [8][9]. - In the 20-50 billion category, "歌汝奇点" from 上海歌汝私募 ranks first, followed by "盛麒宝鉴" from 盛麒资产 [11][12]. - The leading product in the 10-20 billion category is "信持力定增精选28号" from 信持力资产 [14][15]. - The top product in the 5-10 billion category is "蓝宝石知行一号" from 蓝宝石基金 [18]. - In the 0-5 billion category, "子衿云杉" from 湖南子衿私募 ranks first [20][21].

Core Viewpoint - The article highlights the performance of private equity funds in the range of 5-10 billion, indicating a strong average return of 24.25% year-to-date, with stock strategy products significantly outperforming the market [1][2]. Group 1: Performance Overview - There are 570 products under private equity funds with performance data, totaling approximately 951.82 billion yuan, with an average return of 24.25% this year [1][2]. - Stock strategy products, totaling 470, have an average return of 26.58%, outperforming the market significantly [1][2]. - Futures and derivatives strategy products have lagged behind, with only 25 products showing an average return of 6.04% this year [1][2]. Group 2: Strategy Breakdown - The performance of various strategies is as follows: - Stock Strategy: 470 products, 7,909,036.93 million yuan, 8-month return of 6.23%, year-to-date return of 26.58% [2]. - Multi-Asset Strategy: 79 products, 1,083,120.75 million yuan, 8-month return of 5.79%, year-to-date return of 17.97% [2]. - Futures and Derivatives Strategy: 25 products, 241,368.31 million yuan, 8-month return of 1.24%, year-to-date return of 6.04% [2]. - Bond Strategy: 17 products, 228,625.42 million yuan, 8-month return of 1.32%, year-to-date return of 5.66% [2]. - Combination Fund: 3 products, 56,001.36 million yuan, 8-month return of 9.33%, year-to-date return of 31.87% [2]. Group 3: Quantitative Strategy Performance - There are 76 quantitative long products with an average return of 36.30% year-to-date, outperforming the average [3][4]. - The top three quantitative long products for the year are from Pansong Asset, Beiyang Quantitative, and Zhengying Asset [4]. Group 4: Subjective Long Strategy Performance - 82 subjective long products have an average return of 30.86% year-to-date, benefiting from a strong equity market [7][8]. - The top three subjective long products are from Yuanxin Investment, Tongben Investment, and Kangmand Capital [8]. Group 5: Market Neutral Strategy Performance - 37 market-neutral products have an average return of 6.53% year-to-date, with the top three products from Pansong Investment, Liangkui Private Equity, and Pansong Asset [11][12]. Group 6: Multi-Asset Strategy Performance - 79 multi-asset strategy products have an average return of 14.51% year-to-date, with the top three products from Guoyuan Xinda, Luoshu Investment, and Chanlong Asset [13][14]. Group 7: Futures and Derivatives Strategy Performance - 52 futures and derivatives strategy products have an average return of 8.92% year-to-date, with the top three products from Hongxi Fund, Luoshu Investment, and Jiahong Fund [15][16].