Core Insights - The A-share market continued its strong performance in September, with all three major indices rising, while gold prices surged due to multiple factors including the onset of the Federal Reserve's rate cut cycle and central bank gold purchases [2] - Despite the strong market performance, the subjective long/short and quantitative long strategies underperformed in September, with average returns of 3.11% and 1.37% respectively, while macro strategies excelled with an average return of 4.08% [2] - Over a longer time frame, macro strategies have shown superior performance, with average returns of 22.45% and 75.33% over the year and the past three years respectively, highlighting their flexibility in capturing asset rotation opportunities [2] Strategy Performance Summary - **Macro Strategy**: 218 products, average return of 4.08% this year, 22.45% over the year, and 75.33% over three years [3] - **Subjective Long/Short**: 2120 products, average return of 3.11% this year, 34.08% over the year [3] - **Quantitative Long**: 862 products, average return of 1.37% this year, 36.94% over the year [3] - **Other Derivative Strategies**: 16 products, average return of 5.17% this year, 18.77% over the year [3] Top Macro Strategy Products - For products with over 5 billion in assets, the top three macro strategies over the past three years are managed by 久期投资 and 泓湖私募, with average returns of 69.86% [4][5] - The leading product in the 10-50 billion category is "路远睿泽稳增" managed by 路文韬, with significant returns [9] - In the 0-10 billion category, "石泉宏观对冲" managed by 孙旭 leads with impressive returns [12] Notable Fund Managers - 梁文涛 from 泓湖私募 is recognized for his strong performance and has a background in macro strategies [4] - 李蓓 from 半夏投资 has shown a significant rebound in performance this year after previous underperformance [6] - 路文韬 from 路远私募 has focused on gold and military sectors, indicating a strategic shift in asset allocation [9]

私募基金的江湖，从来都是风起云涌。在这个以业绩为王的领域中，基金经理的投资哲学与操作策略，往往深植于其独特的从业背景之中。有人出身公 募，秉承严谨的投研体系与风控传统；有人来自期货市场，擅长衍生工具与波动博弈；还有人源自券商，深谙宏观趋势与资源整合等，这些由背景衍生出 的方法论差异，直接影响了其产品的业绩表现与风险特征。 私募排排网数据显示，截至2025年9月19日，今年来有业绩展示的私募基金经理共2669位，旗下符合排名规则的产品合计5270只，今年来收益均值为 25.57%；分从业背景来看，公募、期货、民间、券商从业背景的基金经理业绩位居前列。 今年来"公募派"基金经理旗下328只符合排名规则产品收益均值为31.26%，险胜"期货派"基金经理业绩，期货从业背景基金经理旗下72只符合排名规则产 品的收益均值为31.21%。 另外，"券商派"基金经理旗下936只符合排名规则产品今年来收益均值为27.66%，不敌"期货派"、"民间派"基金经理业绩。 | 从业背景 | 符合排名的产品数 | 产品规模合计(万元) | 今年来收益均值 | | --- | --- | --- | --- | | 公募 | 328 | ...

Core Viewpoint - The article discusses the performance of private equity fund managers from different backgrounds, highlighting the differences in investment strategies and their impact on fund performance. It emphasizes that the "public fund" managers have outperformed others in terms of returns this year, driven by their rigorous investment research and risk control practices [1][4]. Summary by Category Performance Overview - As of September 19, 2025, there are 2,669 fund managers with performance data, managing a total of 5,270 products, with an average return of 25.57% this year [1]. - Fund managers from public funds achieved an average return of 31.26%, slightly ahead of those from the futures background at 31.21% [1][2]. Fund Manager Backgrounds - The performance of fund managers varies significantly based on their professional backgrounds: - Public Fund Managers: 328 products, total scale of approximately 4.16 billion, average return of 31.26% [3]. - Futures Managers: 72 products, total scale of approximately 609 million, average return of 31.21% [3]. - Private Managers: 119 products, total scale of approximately 1.21 billion, average return of 30.07% [3]. - Securities Managers: 936 products, total scale of approximately 7.65 billion, average return of 27.66% [2][3]. Top Performing Products - The article lists the top-performing products from public fund managers, with "路远睿泽稳增" managed by 路文韬 leading with significant returns [5][6]. - For futures managers, "富延盛世1号" managed by 刘腾蛟 is highlighted as the top product, showcasing strong performance [10][11]. - The "民间派" managers also have notable products, with "泽源多策略2号A类份额" managed by 唐韵捷 leading in returns [12][14]. Trends and Insights - There is a notable trend of public fund managers transitioning to private equity, with 307 departures recorded this year, the highest in five years [4]. - The article indicates a growing interest in sectors like gold and military industries among fund managers, reflecting broader market trends [6].

Core Viewpoint - The A-share market has experienced strong growth this year, with the Shanghai Composite Index reaching a nearly ten-year high and the ChiNext Index increasing by approximately 45% year-to-date, driven primarily by the new technology sector focused on computing power [1] Group 1: Private Equity Companies - A total of 1,056 new private equity firms have been established in the past five years, with 60 firms having at least three products that meet ranking criteria this year [1] - Among the top 20 private equity firms, 12 are subjective private equity firms, while 4 are quantitative and 4 are mixed [1] - The average management scale of the top 20 private equity firms is less than 5 billion [1] Group 2: Top Private Equity Firms - Beijing Xiyue Private Equity has emerged as the champion, with an average return of ***% across its five products this year [2][4] - The only quantitative private equity firm in the top 10 is Juyuan Balanced Fund, which has an average return of ***% across its three products this year [4] - The top 20 private equity firms have a return threshold of ***% to qualify for the ranking [5] Group 3: Private Equity Products - There are 277 products from new private equity firms with management scales above 5 billion that have shown performance this year [5] - Among the top 20 products, 12 are subjective long products and 5 are quantitative products [5] - The average return threshold for the top 20 products is ***% [5] Group 4: Notable Private Equity Managers - Lu Wentao, chairman and fund manager of Luyuan Private Equity, has indicated a strategic shift towards increasing gold holdings while reducing positions in the military industry [7] - Wu Que, general manager of Pansong Asset, emphasizes the importance of long-term validation of market patterns and continuous model iteration to maintain alpha sustainability [8] - Xue Yuxin, founder of Huannian Private Equity, has extensive experience in quantitative strategies and has led the firm since its establishment in May 2023 [9]

Core Viewpoint - The article emphasizes the performance of private equity funds in China's capital market, highlighting the challenges of maintaining top rankings over different time frames amidst market volatility [1]. Group 1: Subjective Long/Short Strategies - A total of 23 private equity products have ranked in the top 20% for short-term (January to August), medium-term (three years), and long-term (five years) performance [1]. - As of August 2025, there are 1,974 subjective long/short private equity products reported for this year, 1,353 for the last three years, and 760 for the last five years [1]. Group 2: Quantitative Long/Short Strategies - 21 products from quantitative long/short strategies have also ranked in the top 50% across all three performance periods [5]. - Among these, 11 products belong to large-scale quantitative private equity firms, indicating a strong presence in the market [5]. Group 3: Futures and Derivatives Strategies - 19 private equity products have achieved top 30% performance across short, medium, and long-term periods in the futures and derivatives category [8]. - As of August 2025, there are 678 products reported for this year, 403 for the last three years, and 162 for the last five years in this strategy [8]. Group 4: Multi-Asset Strategies - 18 multi-asset strategy products have ranked in the top 30% for all three performance periods [12]. - The article notes that large-scale private equity firms like Blackwing Asset and Duration Investment have products listed among the top performers [12]. Group 5: Market Outlook - The market is expected to experience fluctuations, with technology, pharmaceuticals, and new consumption identified as key investment areas for the next decade [4]. - The article mentions that the A-share market is likely to remain in a bullish phase, with significant opportunities in sectors like technology and healthcare [4].

Core Insights - The equity market has returned to a volatile pattern in the past two weeks, with some quantitative and subjective long strategies facing withdrawal pressure, while macro strategies have shown an overall upward trend [1] - As of August 2025, there are 187 macro strategy products with performance data, achieving average returns of 18.68% year-to-date and 5.58% in August, ranking 4th among 16 private equity secondary strategies [1][2] - The proportion of macro strategy products achieving positive returns in August rose significantly to 88.12%, compared to 67.42% in July [1] Summary by Category Macro Strategy Performance - Macro strategies have demonstrated resilience with a year-to-date average return of 18.68% and an August average return of 5.58%, ranking 4th among various strategies [2] - The positive return rate for macro strategies in August was 88.12%, a notable increase from July's 67.42% [1] Top Performing Private Equity Products - In the top 10 private equity products under large private equity firms (over 50 billion), there are 43 macro strategy products with performance data this year [4] - The top three products are managed by 久期投资, with significant returns in August [5][6] - Notable fund managers include 吴星 from 昌都凯丰投资 and 李蓓 from 半夏投资, both of whom have achieved substantial returns this year [7][8] Small to Medium Private Equity Products - Among private equity products with assets under management of 0-50 billion, there are 144 macro strategy products, with the top 10 products having a performance threshold of ***% [10] - The top three products are managed by 京盈智投, 路远私募, and 嘉理资产, showcasing strong performance in the macro strategy space [11] Company Rankings - The top companies in macro strategy include 久期投资, 中安汇富, and 易则投资, with 中安汇富 achieving an average return of ***% this year [13][14] - 中安汇富 focuses on fundamental and pricing research, emphasizing a research-driven investment approach [14]

Core Insights - The equity market has returned to a volatile pattern, with some quantitative and subjective long strategies facing withdrawal pressure, while macro strategies have shown an overall upward trend [2] - As of August 2025, there are 187 macro strategy products with performance data, achieving average returns of 18.68% year-to-date and 5.58% in August, ranking 4th among 16 private equity secondary strategies [2][3] - The proportion of macro strategy products achieving positive returns in August rose significantly to 88.12%, compared to 67.42% in July [2] Performance Summary by Strategy - Macro strategies have 187 products with year-to-date average returns of 18.68% and August average returns of 5.58% [3] - The top-performing strategies include: - Long-short strategies with 777 products, year-to-date average returns of 35.67% and August returns of 8.95% - Subjective long strategies with 1974 products, year-to-date average returns of 30.08% and August returns of 9.19% [3] Top Private Equity Products - In the top 10 private equity products with over 50 billion in scale, there are 43 macro strategy products, with the top 10 threshold for returns being ***% [5] - The top three products are all managed by Duration Investment, with significant returns in August [6][7] - Notable fund managers include Wu Xing from Changdu Kaifeng Investment and Li Bei from Banxia Investment, both of whom have extensive experience and have achieved high returns [7][8] Company Performance Overview - Among companies with at least three macro strategy products, the top three are Duration Investment, Zhong'an Huifu, and Yize Investment, with Zhong'an Huifu achieving an average return of ***% this year [13][14] - Duration Investment leads with five macro strategy products, while Zhong'an Huifu has six, indicating strong performance in the macro strategy sector [14]

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 - Macro strategy, based on macroeconomic analysis for asset allocation, has shown better investment performance during economic cycles, gaining increasing attention in recent years [2] Group 1: Macro Strategy Performance - In mature overseas markets, macro strategy is recognized as a core strategy for hedge funds, particularly excelling during market volatility, as exemplified by Bridgewater's Pure Alpha II, which rose approximately 11.3% in 2025 while the S&P 500 fell over 5% [2] - In the domestic market, macro strategy is still in its early stages but has been developing rapidly, with 131 macro strategy products showing performance in the last six months [2] - Although the average return for macro strategies was negative in May, the long-term performance is impressive, with an average return of 45.67% over the past three years, ranking fourth among all secondary strategies [2][3] Group 2: Performance Rankings - The top 20 macro strategy products in the last six months had a minimum return threshold of ***%, with an average return of ***% [4] - Notable products include "Luyuan Ruize Stable Growth" from Luyuan Private Equity, "Yize Global Macro No. 2" from Yize Investment, and "Duration Macro Multi-Strategy" from Duration Investment, which ranked in the top three [4][8] - Three products from billion-dollar private equity firms made the list, including "Honghu Stable Macro Hedge A" from Honghu Private Equity and "Lerui Stock-Bond Rotation No. 1" from Lerui Asset [4] Group 3: Yearly and Three-Year Performance - The top 20 macro strategy products over the past year had a minimum return threshold of ***%, with the top three being "Shenzhen Shanzhe Private Equity," "Duration Investment," and "Luyuan Private Equity" [9][13] - Over the past three years, the top 20 macro strategy products had a minimum return threshold of ***%, with "Luyuan Ruize Stable Growth" again leading the list [15][19] - The consistent performance of "Luyuan Ruize Stable Growth" across both six-month and three-year periods highlights its strong investment strategy [15]

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]