Core Viewpoint - The article discusses the performance of subjective, quantitative, and mixed private equity funds, highlighting that mixed funds have shown competitive returns despite the rising popularity of quantitative funds this year [1]. Summary by Sections Performance Overview - As of August 2025, quantitative private equity funds have 353 firms with 1,277 products, yielding an average return of 20.76% this year. In contrast, mixed private equity funds have 328 firms with 783 products, achieving an average return of 22.17%, outperforming quantitative funds [1][2]. Performance by Fund Size - For funds over 100 billion, quantitative funds have an average return of 28.07%, while mixed funds yield 18.08%. In the 50-100 billion category, quantitative funds return 24.92% compared to 13.83% for mixed funds. In the 20-50 billion range, quantitative funds yield 19.05% against 18.63% for mixed funds. For 10-20 billion, mixed funds return 20.44% while quantitative funds yield 23.50%. In the 5-10 billion category, mixed funds achieve 23.50% compared to 16.51% for quantitative funds. Lastly, in the 0-5 billion category, mixed funds yield 22.82% against 19.40% for quantitative funds [2]. Top Performing Mixed Funds - The article lists the top 10 mixed private equity funds by size, with specific firms highlighted for their performance. For funds over 50 billion, the top three are Xuan Yuan Investment, Shi Feng Asset, and Changdu Kaifeng Investment. For 20-50 billion, the leaders are Lu Xiu Investment, Qi Yuan Asset, and Tong Xiao Investment. In the 10-20 billion category, Shenzhen Zeyuan, Liang Li Private Equity, and Liu Miao Xing (Beijing) Private Equity lead. For 5-10 billion, the top three are Zhong Min Hui Jin, De Yuan Investment, and Hong Qiao Fund. Lastly, in the 0-5 billion category, Jin Ta Ke Asset, Jia Xin Rong Cheng, and Zhe Yun Private Equity are the top performers [3][4][7][11][15][19]. Notable Firms and Strategies - Xuan Yuan Investment, established in 2015, focuses on a dual strategy of subjective and quantitative investments, achieving significant returns through a balanced quantitative strategy that integrates fundamental analysis with quantitative factors [5][6]. Lu Xiu Investment, also established in 2015, specializes in technology growth stocks and quantitative selection strategies, achieving notable returns this year [9]. Shenzhen Zeyuan, founded in 2015, has a strong focus on the North Exchange, leveraging its growth potential for investment [11]. Jin Ta Ke Asset, established in 2017, employs AI technology in its investment strategies, covering various approaches including quantitative hedging and long positions in stocks [19].

Core Viewpoint - The A-share market showed a strong upward trend in June, with the Shanghai Composite Index rising by 2.90%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [2] Private Fund Performance - In June, 2010 private fund products reached historical net value highs, accounting for approximately 45.68% of the private funds with performance data available for nearly one year [2] - Among these, quantitative products numbered 965, while non-quantitative products totaled 1045 [2] - The majority of products employed stock strategies, with 1153 products, followed by multi-asset strategies (272), bond strategies (257), futures and derivatives strategies (256), and combination fund products (72) [2] Company Scale Analysis - The largest number of products came from private funds with a scale below 500 million, totaling 790 products, which is nearly 40% of the total [3] - There were 283 products from private funds with a scale of 10 billion or more [3] Top Performing Products - The top-performing products in the quantitative long stock strategy category included 522 products, with the highest return threshold exceeding ***% [3] - The leading product was "Zeyuan Zhicheng Beta Quantitative No. 1 A Class" managed by Zhou Lihua from Shenzhen Zeyuan, with a recent scale of approximately *** billion and a one-year return close to ***% [5][10] - In the subjective long stock strategy category, the top product was "Xiyue San Shi A Class" managed by Wu Lei from Beijing Xiyue, with a recent scale of approximately 25.73 million and a one-year return close to ***% [10] Multi-Asset Strategy - The top product in the multi-asset strategy category was "Luyuan Ruize Stable Growth" managed by Lu Wentao, with a recent scale of approximately *** billion and a one-year return of about ***% [13] Futures and Derivatives Strategy - In the futures and derivatives strategy category, "Junfu Zhongzheng 500 Index Enhanced No. 1" managed by Wang Jiazhen and Dai Hangxiao from Junfu Investment had a recent scale of approximately *** million and a one-year return of about ***% [17] Bond Strategy - The leading product in the bond strategy category was "Hansheng New Millennium No. 1" managed by Yang Shangmeng from Shanghai Hanhong, focusing on convertible bond trading [19] Billion-Level Private Fund Insights - In June, 283 products from billion-level private funds reached historical highs, with quantitative products making up 87.6% of this total [21] - Notably, 13 billion-level private funds had 10 or more products reaching new highs, with 聚宽投资 leading with 41 products [22]

Core Viewpoint - In May, A-shares saw collective gains across major indices, with the Shanghai Composite Index, ChiNext Index, and Shenzhen Component Index rising by 2.09%, 2.32%, and 1.42% respectively, indicating a market recovery despite a lack of clear leading sectors [2][3] Fund Managers - Lin Yuan and Dan Bin maintained their positions as the top two popular fund managers, with Lin Yuan's average return over the past year being ***% and Dan Bin's being ***% [7][9] - Dan Bin's overseas fund, Oriental Harbor Investment Fund, had a total holding value of approximately 62 billion RMB, with several U.S. stocks achieving over 10% gains in May [9][10] - Dong Chengfei, ranked 12th, announced a suspension of new client subscriptions for his managed products starting June 8, marking his first "closure" action after three years of private management [11][12] Popular Private Equity Firms - The top five popular private equity firms include Liangpai Investment, Ningbo Huansheng Quantitative, Honghu Private Equity, Guoyuan Xinda, and Hainan Shengfeng Private Equity, with several firms seeing a rise in popularity compared to April [13][14] Popular Private Equity Products - The top private equity products include "Luyuan Ruicheng Hui Zeng" managed by Luyuan Private Equity, with a product scale of approximately *** billion and average returns of ***% over the past year [24][26] - "Zeyuan Zhicheng Beite Quantitative No. 1 A Class" managed by Shenzhen Zeyuan achieved the highest performance among the listed products, with a scale of approximately *** billion and returns of ***% [26][28]

Core Viewpoint - The article highlights the increasing popularity of dividend-paying assets in the market, with A-shares expected to distribute over 2.39 trillion yuan in dividends in 2024, setting a new historical record. The focus is on the dividend distribution of private equity funds in 2024, with 23.36% of the analyzed products expected to pay dividends [2][3]. Summary by Category Private Equity Fund Dividend Distribution - Among 3938 private equity products with performance data, 920 are expected to distribute dividends in 2024, representing 23.36% of the total [2]. - The leading private equity firm in terms of the number of dividend-paying products is Junfu Investment, with 17 products expected to pay dividends in 2024 [2][3]. Performance of Dividend-Paying Products - Continuous dividends indicate strong profit-generating capabilities, with only 14 products having paid dividends for five consecutive years, showcasing impressive performance [4]. - The average return for private equity products that will distribute dividends in 2024 varies by fund size, with notable performances in different categories [6][12][15]. Performance by Fund Size - **100 Billion+ Yuan Private Equity**: 13.75% of products are expected to pay dividends, with an average return of 21.05% for these products [6][7]. - **50-100 Billion Yuan Private Equity**: 16.17% of products are expected to pay dividends, with an average return of 15.33% [10]. - **20-50 Billion Yuan Private Equity**: 35.96% of products are expected to pay dividends, with an average return of 18.22% [12][13]. - **10-20 Billion Yuan Private Equity**: 24.46% of products are expected to pay dividends, with an average return of 21.66% [15][16]. - **5-10 Billion Yuan Private Equity**: 26.83% of products are expected to pay dividends, with an average return of 20.03% [19][20]. - **0-5 Billion Yuan Private Equity**: 25.39% of products are expected to pay dividends, with an average return of 25.58% [22]. Notable Products and Managers - Junfu Investment's "Junfu Gold Enhanced No. 2" achieved a return of ***% in 2024 and paid dividends twice, leading in the 20-50 billion yuan category [12][14]. - The top-performing product in the 100 billion+ category is "Yanfeng Exclusive Small Cap Index Enhanced No. 1" from Yanfeng Investment, with a return of ***% [8][9]. - In the 50-100 billion category, "Square and Ding Sheng Zhong Zheng 2000 Index Enhanced No. 21A" from Square and Investment paid dividends twice and achieved a return of ***% [10][11].