Core Viewpoint - The article discusses the performance of established private equity firms (those founded before March 1, 2016) over the past five years, highlighting their resilience through market fluctuations and identifying potential investment opportunities and risks in the current landscape [2]. Group 1: Performance of Established Private Equity Firms - As of February 2026, there are 26 established private equity firms with over 10 billion in assets, showing an average return of 93.55% over the past five years [2]. - Shanghai leads with 11 firms among the 26, while the majority of these firms employ stock strategies, with 17 firms identified [2]. - The average return for firms in the 50-100 billion category is 69.83%, with 15 firms included in this group [7]. Group 2: Notable Firms and Strategies - Focusing on specific firms, Ruisheng Asset, founded by a well-known fund manager, has shown impressive performance with an average return of ***% over nearly five years [5]. - Longqi Technology, established in 2011, has maintained a unique investment approach combining human factors and machine learning, achieving an average return of ***% [6][7]. - Xishirun Investment, managed by an experienced investment professional, has also demonstrated strong performance, with a notable product achieving a return of ***% over five years [8]. Group 3: Market Insights and Future Trends - The article notes that the current investment landscape is influenced by various factors, including geopolitical events and monetary policies, which could affect asset prices, particularly gold, with a suggested entry point around 4000 USD [9]. - The private equity firms are advised to focus on specific business models and market conditions when making investment decisions, especially in sectors like logistics that exhibit low elimination rates [5]. Group 4: Performance by Asset Size - In the 20-50 billion category, 21 firms have an average return of 59.24%, while those in the 10-20 billion range have an impressive average return of 101.70% [10][12]. - The smallest category, 0-5 billion, includes 43 firms with an average return of 62.21%, indicating a diverse performance across different asset sizes [6][19].

Core Viewpoint - In December 2025, a record high of 2,362 private equity products achieved new net asset values, with non-quantitative products accounting for 1,209 and quantitative products for 1,153 [3]. Product Types Summary - Among the products, stock strategy products were the most prevalent, totaling 1,154, representing approximately 49% of the total. Following this, futures and derivatives strategy products accounted for 494, multi-asset strategy products for 447, bond strategy products for 169, and combination fund products for 98 [3]. High-Performing Products Summary - The article highlights the top 20 private equity products by strategy for 2025, focusing on stock strategy (both subjective long and quantitative long), futures and derivatives strategy, and multi-asset strategy, specifically for products with a company size of over 500 million [3]. - Among the high-performing private equity products, 26 have been established for over 10 years, with 22 of these achieving an annualized return exceeding 10% since inception [4]. Quantitative Products Summary - The threshold for the top 20 quantitative long products in 2025 was close to ***%, with companies like Jintong Investment and Hanrong Investment having products in the top 5. Notably, companies such as Longqi Technology, Square and Investment, Evolutionary Asset, Mengxi Investment, and Mingyun Investment had products listed among the top in the billion-dollar private equity category [7][9]. Subjective Long Products Summary - The threshold for the top 20 subjective long products in 2025 was also close to ***%, with Beijing Xiyue Private Equity having products in the top 5. The largest product among the top 20 was "Qiantang Tangxuanjia" from Qiantang Investment, exceeding *** billion in size [10][12]. Futures and Derivatives Strategy Summary - In the top 20 futures and derivatives strategy products for 2025, Yizu Investment led the rankings, with products from Huying Private Equity and Huacheng Private Equity also in the top 5. For multi-asset strategy products, Xishirun Investment had products in the top 5 [14][18].

Company Overview - Shenzhen ZR Investment Co., Ltd. was established in 2015, focusing on subjective long-only equity strategies with a registered capital of 10 million [6][7] - The founder and core fund manager, Wang Zhongyuan, has 32 years of experience, including 9 years in public funds and 10 years in private equity, with a cautious and flexible investment style [6][9] Development History - The company launched its first product "ZR Investment No. 1" in November 2015 and became an observer member of the Asset Management Association of China in May 2018 [7] - By February 2024, the management scale exceeded 500 million [7] Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, aiming for absolute returns while maintaining a low drawdown [10][9] - The strategy includes top-down macro position timing and style rotation, alongside bottom-up selection of growth and value stocks [10][14] Core Advantages - The company boasts a long public performance record of nearly 20 years, with a historical maximum drawdown of only 18% [16][17] - It has achieved positive returns in 9 out of the last 10 years, with an annualized return rate of nearly 17% [18] - The investment approach is diversified, avoiding heavy bets on single industries or stocks, thus capturing sectoral benefits [20] Market Outlook - The company is optimistic about the Hong Kong stock market, which has seen nearly a 20% increase in major indices, driven by new core assets such as high dividend and high repurchase stocks [21] - The macroeconomic environment remains challenging, but the easing monetary policy and demand for asset allocation are expected to support bank-like assets [21][22] Value Creation for Clients - The company assists clients in timing positions to avoid systemic risks, optimizing industry allocations, and controlling drawdowns through diversified investment strategies [22]

Core Viewpoint - The article highlights the significance of small and high-quality private equity fund managers in the industry, focusing on ZhiRuiXing Investment, which specializes in subjective long positions in stocks and has a strong track record in risk control and absolute returns [8][26]. Company Overview - ZhiRuiXing Investment was established in 2015, with a registered capital of 10 million. It is located in Shenzhen and has become a member of the Asset Management Association of China [8][9]. - The founder and core fund manager, Wang Zhongyuan, has 32 years of experience in the industry, including nearly 20 years of public performance records and has managed public funds exceeding 100 billion [8][12]. Development History - The company launched its first product in November 2015 and became an observation member of the China Fund Industry Association in May 2018. It received investments from Guotai Junan and CICC Wealth in 2019 and 2023, respectively [9][10]. - ZhiRuiXing's management scale surpassed 500 million in February 2024, marking its tenth anniversary in January 2025 [9]. Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, aiming for absolute returns while maintaining a low drawdown. The strategy includes flexible and balanced asset allocation, focusing on both growth and value stocks [14][21]. - The company employs a top-down approach for macro position timing and style rotation, while also conducting bottom-up stock selection to identify "gray horse" stocks with growth potential and valuation appeal [16][17]. Core Team - The core team has over ten years of experience in public funds, securities firms, and private equity, ensuring a robust foundation for investment strategies [11]. Performance Metrics - ZhiRuiXing has achieved positive returns in 9 out of the last 10 years, with an annualized return of nearly 17%, successfully navigating multiple market cycles [22][24]. - The maximum historical drawdown of its products is only 18%, showcasing strong risk management capabilities [21]. Market Outlook - The company is optimistic about the Hong Kong stock market, which has seen nearly a 20% increase in major indices. It anticipates continued interest in core assets such as high-dividend stocks, new consumption, and AI-related sectors [26][28]. - The macroeconomic environment presents challenges, but the development of new industries, particularly in AI, is seen as a critical area for future investment opportunities [28].