Core Viewpoint - The article highlights the performance of private equity funds in the first half of 2025, focusing on dividend distribution, with a total dividend amount of 56.55 billion yuan across 558 dividend-paying products, representing a 14.09% share of the total 4166 products, and an average return of 13.43% for these dividend products, significantly higher than the overall average of 10.04% for all products [2][3][4]. Group 1: Overall Performance - In the first half of 2025, 558 private equity products distributed dividends totaling 56.55 billion yuan, with an average return of 13.43% for these products [2][3]. - The dividend distribution is categorized by fund size, with the highest average returns observed in smaller funds (0-5 billion yuan) at 15.05% [2][3][4]. - The total number of dividend-paying products across different fund sizes includes 59 products from funds over 100 billion yuan, 21 from 50-100 billion yuan, 44 from 20-50 billion yuan, 58 from 10-20 billion yuan, 115 from 5-10 billion yuan, and 261 from 0-5 billion yuan [3][10][14][22]. Group 2: Performance by Fund Size - For funds over 100 billion yuan, 59 products paid dividends totaling approximately 15.59 billion yuan, with an average return of 13.79% [5][10]. - In the 50-100 billion yuan category, 21 products distributed about 5.97 billion yuan in dividends, yielding an average return of 10.23% [10][11]. - The 20-50 billion yuan funds had 44 products with a total dividend of 7.32 billion yuan and an average return of 8.58% [14][16]. - Funds in the 10-20 billion yuan range had 58 products with dividends totaling 6.30 billion yuan and an average return of 12.75% [18][19]. - The 5-10 billion yuan funds had 115 products distributing 9.39 billion yuan in dividends, with an average return of 12.37% [22][24]. - The smallest funds (0-5 billion yuan) had 261 products with dividends of 11.99 billion yuan and an impressive average return of 15.05% [26][27]. Group 3: Top Dividend Distributors - The top three private equity managers by dividend amount in the over 100 billion yuan category were Dayou Investment, Yanfeng Investment, and Kuande Investment [5][7]. - In the 50-100 billion yuan category, the leading managers were Liangkui Private Equity, Hu'an Hexin, and Runzhou Private Equity [10][11]. - For the 20-50 billion yuan category, the top managers included Shenzhen Shanzhe Private Equity, Gao Xinquan Zhiling Sanlian Private Equity, and He Yi Investment [14][16]. - In the 10-20 billion yuan category, the leaders were Hainan Chuiyun Private Equity, Xingran Private Equity Investment, and Rongsheng Fund [18][19]. - The top managers in the 5-10 billion yuan category were Jintian Cheng Asset, Qianli Asset, and Riyu Muka Asset [22][24]. - For the smallest funds (0-5 billion yuan), the top managers were Fuyuan Capital, Jifan Asset, and Rouwei Asset [26][27].

Core Viewpoint - Quantitative long strategies have become an important choice for institutional investors and high-net-worth individuals in asset allocation due to their data-driven investment logic, strict discipline, and systematic execution [2] Group 1: One-Year Low Drawdown Performance - The top-performing quantitative long products in terms of low drawdown over the past year include "Xingran Army Selected Class A" from Xingran Private Investment, which achieved a drawdown of only ***% [3] - "Boyi Weihuaxiang No. 3 Class B" from Boyi Asset ranked second with a drawdown of ***%, achieving absolute returns of ***% and excess returns of ***% [3][4] - Four products from billion-yuan private equity firms also made the top 20 list, all maintaining drawdowns within ***% [4] Group 2: Three-Year Low Drawdown Performance - The top product over the past three years is "Dingyuan Yinuo Value Discovery" from Dingyuan Innovation, with a drawdown of only ***% and an excess return of ***% [6] - The number of private equity products using quantitative stock selection strategies increased to 15, accounting for 75% of the top 20 list [6] - "Jilu No. 11" from Jilu Asset and "Shouzheng Yiqi Longzhu No. 1 Class A" from Guangzhou Shouzheng also ranked highly, with drawdowns of ***% and ***%, respectively [6] Group 3: Five-Year Low Drawdown Performance - "Jilu Asset Quantitative Hedging" topped the five-year low drawdown list with a drawdown of ***%, showing a consistent upward trend in net value since its inception [12] - The number of quantitative stock selection products decreased to 9 in the five-year category, indicating a shift in strategy classification [12] - Products from Dragon Flag Technology, Jingqi Investment, and Shengquan Hengyuan also performed well, with drawdowns maintained within ***% [17]