Core Viewpoint - The A-share market has shown a clear slow bull characteristic in 2023, with significant returns from sectors like technology growth and resource cycles, leading to an overall increase of over 15% in major indices from January to November, with the ChiNext Index leading at 42.54% [2][3]. Summary by Sections A-share Market Performance - The three major A-share indices have all risen over 15% from January to November, with the ChiNext Index achieving a remarkable 42.54% increase [2]. - A-share indices exhibit lower volatility compared to the Hang Seng Index and Nikkei Index, aligning with the characteristics of a slow bull market [2]. Index Data - The performance data for major indices from January to November is as follows: - CSI 300: 15.04% return, 15.69% annualized volatility, 127.80% turnover rate, 10.49% maximum drawdown - Shanghai Composite: 16.02% return, 14.09% annualized volatility, 245.70% turnover rate, 9.71% maximum drawdown - Shenzhen Component: 24.67% return, 21.71% annualized volatility, 394.74% turnover rate, 14.98% maximum drawdown - ChiNext Index: 42.54% return, 30.21% annualized volatility, 576.46% turnover rate, 20.79% maximum drawdown [3]. Fund Performance - The average return for 2049 subjective long-only products from January to November is 34.39%, significantly outperforming most A-share indices [3]. - Among the 197 subjective long-only products from billion-yuan private equity firms, the average return is 23.72%, with 94.42% of products showing positive returns [4]. Top Performing Funds - The top three subjective long-only products from billion-yuan private equity firms are: 1. Yuanxin Investment's "Yuanxin China Active Growth C" managed by Wang Aoye 2. Jiuku Investment's "Jiuku Value Selection No. 1" managed by Jiang Yunfei 3. Wangzheng Asset's "Wangzheng Win-Win No. 3" managed by Wang Penghui [4][5]. Sector Focus - The focus on gold investment is highlighted, with managers like Guan Xin from Xishirun Investment emphasizing a new "reflexive" cycle in gold prices, suggesting a strategic allocation towards gold as a long-term investment [11][12]. - The performance of funds in the 50-100 billion category shows an average return of 29.83%, with 95.49% of products yielding positive returns [8]. Emerging Trends - The report indicates a trend of adjusting portfolios to optimize returns, with managers actively seeking undervalued quality companies while maintaining a core and satellite investment strategy [7].

Core Insights - The market has recovered from the impact of tariffs since April, providing opportunities for private equity stock strategy products, with significant performance differences between subjective long and quantitative long strategies [2] - From April to June, themes like AI computing power and humanoid robots gained traction, benefiting quantitative long products due to their advantages in diversified and programmatic trading [2] - From July to September, A-share indices reached new highs, leading to a notable recovery in the performance of subjective long products focusing on popular sectors [2] Performance Summary - As of October 17, 2025, there are 2,112 subjective long products and 862 quantitative long products with nearly six months of performance data, yielding average returns of 29.62% and 29.43% respectively [2] - In the category of private equity funds with assets over 5 billion, subjective long products outperformed quantitative long products [4] Top Performing Products - In the 50 billion and above category, the top subjective long products include those managed by Wang Aoye, Guan Xin, and Cai Zhijun, with average returns of 34.77% [5][6] - The top three products in the 10-50 billion category are managed by Shi Hao, Zhang Hui, and Tang Yunjie, with the average return for subjective long products at 29.8% [11][12] Quantitative Long Products - In the 10-50 billion category, the top three quantitative long products are managed by Jin Teng, Wang Xiao, and Yin Tao, with an average return of 31.89% [8][9] - The top performing quantitative long product in the 0-10 billion category is managed by Wu Yufeng, with significant recent gains attributed to investments in Bitcoin and AI leaders [20][21] Market Trends - The article highlights a shift towards AI and technology investments, with notable holdings in companies like Nvidia and Google by leading fund managers [7][24] - The "deep earth economy" concept is emerging, with potential market opportunities exceeding trillions [24]

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].