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 sustained active sentiment since the "9.24" market event last year, with the Shanghai Composite Index reaching new highs, indicating a potential investment opportunity in the market [2] Summary by Sections Market Performance - As of August 22, 2025, the Shanghai Composite Index has surpassed 3800 points, marking a nearly 10-year high, with a one-year cumulative increase of 34.03% for the index and 73.41% for the ChiNext Index [2] - The margin financing balance has also exceeded 2.1 trillion yuan for the first time in 10 years [2] Fund Performance - As of August 15, 2025, there are 1713 subjective long products with a total scale of approximately 1507.99 billion yuan, with an average one-month return of 9.62%, outperforming quantitative long products which averaged 8.47% [3] Top Performing Private Equity Firms - In the category of private equity firms with over 100 billion yuan, the top three firms based on average one-year returns are: - Fusheng Asset - Jiuqi Investment - Rido Investment [4][5] - Fusheng Asset has six qualifying subjective long products with a total scale of approximately 1.912 billion yuan, achieving a notable one-year return [5] - Rido Investment has 19 qualifying products with a total scale of approximately 12.09 billion yuan, also showing strong performance [5] Performance by Scale - For private equity firms with a scale of 20-100 billion yuan, the top three are: - Tongben Investment - Haokun Shengfa Asset - Shenzhen Dream Factory Investment [6][8] - In the 10-20 billion yuan category, the top three are: - Nengjing Investment Holdings - Jiuge Investment - Longhang Asset [11][13] - For the 5-10 billion yuan category, the top three are: - Yijiu Private Fund - Beijing Xiyue Private Fund - Fuyuan Capital [15][16] - In the 0-5 billion yuan category, the top three are: - Qinxing Fund - Binli Investment - Zhaoyi Investment [17][19] Investment Strategies - The investment strategies of top-performing firms include focusing on sectors such as entertainment, finance, healthcare, and traditional high-dividend assets, indicating a diversified approach to capitalizing on market opportunities [5][6]