Core Viewpoint - The article discusses the performance of non-debt private equity products in the A-share market, highlighting those that have achieved consecutive positive returns over the years, indicating the fund managers' ability to navigate market fluctuations [2][10]. Summary by Sections 2023 Performance - In 2023, among private equity companies managing over 500 million, there were 1,731 non-debt private equity products, with 1,026 (59.27%) achieving consecutive positive returns [2]. - The threshold for the top 20 products in cumulative returns for 2023 was set at ***% [2]. - The majority of the top 20 products (15) were subjective long strategies, with only one product from a billion-dollar private equity firm, Oriental Harbor [2]. Top Products in 2023 - The top five products based on returns were managed by: - Qian Jun from Chiying Private Equity - Zhou Yifeng from Beiheng Fund - Chen Yongbao from Ding Tai Si Fang (Shenzhen) - Wu Gengxin from Zhun Jin Investment - Shi Hao from Shanghai Ge Ru Private Equity [3]. 2021 Performance - For the period from 2021, there were 855 non-debt private equity products, with 184 (21.52%) achieving consecutive positive returns [10]. - The threshold for the top 20 products in cumulative returns for 2021 was also set at ***% [10]. - Half of the top 20 products were subjective long strategies, with a notable presence of quantitative long products [10]. Top Products in 2021 - The top five products were managed by: - He Wenling from Qianhai Guoen Capital - Liu Zhiyong from Caoben Investment - Li Ting from Gongqingcheng Guangju Xinghe Private Equity - Ma Changhai from Hengbang Zhaofeng - Li Jiabin from Qianhai Haifu Asset [11]. 2019 Performance - In 2019, there were 377 non-debt private equity products, with 54 (14.32%) achieving consecutive positive returns [15]. - The threshold for the top 20 products in cumulative returns for 2019 was set at ***% [15]. - The top 20 products included seven subjective long products, with a mix of quantitative long, macro strategies, and composite strategies [15]. Top Products in 2019 - The top five products were managed by: - Yang Zhongxian from Jilu Asset - Chen Yu from Shennong Investment - Yao Qicong from Jiukun Investment - Liang Wentao from Honghu Private Equity - Yu Zilong from Shanghai Yuanlai Private Equity [16][22].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股市场表现强劲，尤其进入七月之后，主要股指呈现加速上行态势。沪指、深成指、创业板指与科创50等指数均创下阶段性新高， 推动A股在三季度全球主要股指中表现突出。其中， 创业板指以 50.40%的涨幅牛冠全球 ，科创50与深证成指也分别录得49.02%和29.25%的亮 眼涨幅，位居第2、3。 | 私募排排网公众号 | 全球主要股指今年来市场表现 Q | 数据来源: Choice, 整理自私募排排网, 截至2025年9月底 | 在 看 话 | | --- | --- | --- | --- | | 排序 | 证券名称 | 今年来涨跌幅(%) | 三季度涨跌幅(%) | | 1 | 创业板指 | 51.20 | 50.40 | | 2 | 科创50 | 51.20 | 49.02 | | 3 | 深证成指 | 29.88 | 29.25 | | 4 | 恒生科技指数 | 44.71 | 21.93 | | 5 | 越南胡志明 | 31.18 | 20.76 | | б | 雅加达综指 | 13.79 | 16.29 | | 7 | 台湾加权 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股市场稳健上行，慢牛格局不断巩固，上证指数一度突破3900点，持续刷新近十年新高。在此背景下，私募行业也交出了一份亮眼 的成绩单，私募排排网数据显示，截至9月30日，4799只符合排名规则的私募产品，前三季度平均收益达29.01%，显著跑赢同期沪深300指数 17.94%的涨幅。 面对市场的持续涨势，哪些产品能真正做到乘风破浪，充分把握机遇？在这种慢牛行情下，制胜关键或在于更强的 "进攻能力"与优秀的"防守能 力" 。 进攻是收益的引擎，决定了净值的高度；防守是复利的基石，决定了行情的长度，二者缺一不可。 进攻能力(上行捕获率) ：衡量反映市场上涨时，基金对市场的敏感程度，代表此基金的进攻能力，进攻能力值越大越好，比1越大， "超涨"动力越强，越 能战胜市场。上行捕获率=（投资组合在基准上涨期间的累计收益率+1）/（基准在上涨期间的累计收益率+1）-1。 防守能力(下行捕获率) ：衡量反映市场下跌时，基金对市场的敏感程度，代表着此基金的防守能力，防守能力值越小越好，如果为负数，则反映基金在下 跌市场里能取得正收益。下行捕获率=（投资组 ...

Market Overview - In August, A-shares continued to rise strongly, with the Shanghai Composite Index increasing by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] Private Fund Performance - A total of 3,321 private fund products reached historical net asset value highs in August, representing approximately 71.19% of private funds established for over one year [1] - Among these, quantitative products accounted for 1,303, while non-quantitative products made up 2,018 [1] Product Strategy Breakdown - The majority of products employed stock strategies, with 2,135 products (about 64%), followed by multi-asset strategies (471), futures and derivatives strategies (305), bond strategies (302), and combination fund products (108) [1] Company Size Analysis - The largest share of products came from private funds with assets under management (AUM) below 500 million, totaling 1,347 products, which is over 40% of the total [2] - There were 456 products from private funds with AUM exceeding 10 billion [2] Top Performing Private Funds - A list of top-performing private funds was compiled, focusing on those with stock strategies, multi-asset strategies, futures and derivatives strategies, and bond strategies [2] - Notably, 20 private fund companies had all their products reach historical highs in August, with 13 being quantitative and 7 being subjective [2] Long-Term Performance - Among the private funds that reached historical highs, 33 products have been established for over 10 years, with 25 of them achieving annualized returns exceeding 10% [6] - Five products achieved annualized returns over 20%, with four of them being from large private funds [6] Quantitative Strategy Highlights - In the category of quantitative long-only stock strategies, there were 512 products that reached historical highs, with the top performers having a return threshold close to ***% [10] - The leading products in this category were from Hanrong Investment, Liangying Investment, and others [10] Subjective Strategy Highlights - For subjective long-only stock strategies, there were 650 products that reached historical highs, with the top five performers coming from Beijing Xiyue Private Fund, Shanghai Ge Ru Private Fund, and others [15] Multi-Asset Strategy Insights - In the multi-asset strategy category, 286 products reached historical highs, with the top five performers including Tianhui (Shanghai) Private Fund and others [18] Futures and Derivatives Strategy Performance - There were 137 products in the futures and derivatives strategy category that reached historical highs, with the top five coming from Shenyuan Asset and others [23] Bond Strategy Dominance - In the bond strategy category, 204 products reached historical highs, with the top five performers including Jinshi (Xiamen) Asset and others [28]

Core Viewpoint - The A-share market has shown a strong performance, with the Shanghai Composite Index reaching 3700 points, indicating a recovery from previous economic shocks. A trend of gradual growth has emerged since April 27, following the impact of U.S. tariffs, leading to a widening gap between stock strategies and other primary strategies [1]. Summary by Categories Market Performance - The A-share market has entered a four-month trend of gradual growth, with a noticeable recovery in the index [1]. - Quantitative long strategies and subjective long strategies have both performed well, with quantitative long strategies achieving a return of 25.02% and subjective long strategies averaging 5.86% in July [3][4]. Strategy Performance - Among various strategies, subjective long strategies have outperformed quantitative long strategies due to their concentrated positions and flexibility in trading [4]. - The average return for subjective long strategies across different scales of private equity funds has been significant, with the highest returns observed in the 10-20 billion category at 25.43% [18]. Fund Performance - The top-performing subjective long products in the 100 billion category include "和谐汇一医疗创新B类份额" managed by 施跃, achieving a return of ***% [7][5]. - In the 50-100 billion category, "同犇22期" managed by 童驯 led with a return of ***% [14]. - The 20-50 billion category saw "丹羿鹏程1号1期" managed by 王帅 achieving a return of ***% [17]. - In the 10-20 billion category, "能敬价值优选二号" managed by 孙杰 led with a return of ***% [21]. - The 5-10 billion category was topped by "优波三号A类份额" managed by 陈龙 with a return of ***% [24]. - The 0-5 billion category saw "子衿云杉" managed by 邹凯 achieving a return of ***% [28]. Investment Insights - Fund managers are focusing on sectors such as innovative pharmaceuticals and medical devices, indicating a re-evaluation of high-quality assets in China [8]. - The market is currently in a phase where investors are cautious about the sustainability of earnings for companies that have seen significant price increases [8].