Core Viewpoint - The article highlights the performance of private equity funds in the range of 5-10 billion, indicating a strong average return of 24.25% year-to-date, with stock strategy products significantly outperforming the market [1][2]. Group 1: Performance Overview - There are 570 products under private equity funds with performance data, totaling approximately 951.82 billion yuan, with an average return of 24.25% this year [1][2]. - Stock strategy products, totaling 470, have an average return of 26.58%, outperforming the market significantly [1][2]. - Futures and derivatives strategy products have lagged behind, with only 25 products showing an average return of 6.04% this year [1][2]. Group 2: Strategy Breakdown - The performance of various strategies is as follows: - Stock Strategy: 470 products, 7,909,036.93 million yuan, 8-month return of 6.23%, year-to-date return of 26.58% [2]. - Multi-Asset Strategy: 79 products, 1,083,120.75 million yuan, 8-month return of 5.79%, year-to-date return of 17.97% [2]. - Futures and Derivatives Strategy: 25 products, 241,368.31 million yuan, 8-month return of 1.24%, year-to-date return of 6.04% [2]. - Bond Strategy: 17 products, 228,625.42 million yuan, 8-month return of 1.32%, year-to-date return of 5.66% [2]. - Combination Fund: 3 products, 56,001.36 million yuan, 8-month return of 9.33%, year-to-date return of 31.87% [2]. Group 3: Quantitative Strategy Performance - There are 76 quantitative long products with an average return of 36.30% year-to-date, outperforming the average [3][4]. - The top three quantitative long products for the year are from Pansong Asset, Beiyang Quantitative, and Zhengying Asset [4]. Group 4: Subjective Long Strategy Performance - 82 subjective long products have an average return of 30.86% year-to-date, benefiting from a strong equity market [7][8]. - The top three subjective long products are from Yuanxin Investment, Tongben Investment, and Kangmand Capital [8]. Group 5: Market Neutral Strategy Performance - 37 market-neutral products have an average return of 6.53% year-to-date, with the top three products from Pansong Investment, Liangkui Private Equity, and Pansong Asset [11][12]. Group 6: Multi-Asset Strategy Performance - 79 multi-asset strategy products have an average return of 14.51% year-to-date, with the top three products from Guoyuan Xinda, Luoshu Investment, and Chanlong Asset [13][14]. Group 7: Futures and Derivatives Strategy Performance - 52 futures and derivatives strategy products have an average return of 8.92% year-to-date, with the top three products from Hongxi Fund, Luoshu Investment, and Jiahong Fund [15][16].

Core Insights - The article discusses the performance and ranking of subjective private equity funds in China, highlighting their reliance on active management and individual fund manager expertise rather than algorithmic strategies [1][2]. Group 1: Overview of Subjective Private Equity - As of August 2025, there are 5,423 subjective private equity firms, accounting for over 70% of the total in the securities investment category [1]. - In the past year, 294 firms have at least three products displayed on the private equity ranking platform, with 213 of them focusing on stock strategies [1]. Group 2: Performance Rankings - Among the 100 billion yuan and above category, the top three firms by average returns are: Jiuzhi Investment, Fusheng Asset, and Rido Investment, with average returns of ***%, ***%, and ***% respectively [2]. - The average return for the 100 billion yuan category is 32.50%, with a total of 186 products meeting ranking criteria [1][2]. Group 3: Notable Firms and Their Strategies - Rido Investment, established in March 2016, has quickly become a leading firm, achieving significant returns through a customer-centric value investment approach [4][5]. - The top firm in the 50-100 billion yuan category is Tongben Investment, with an average return of ***% [7][10]. Group 4: Performance in Smaller Categories - In the 20-50 billion yuan category, Haokun Shengfa Asset leads with an average return of ***%, while in the 10-20 billion yuan category, Nengjing Investment Holdings tops the list with an average return of ***% [11][15]. - The 5-10 billion yuan category sees Yijiu Private Fund at the top, achieving an average return of ***% [18][20]. Group 5: Emerging Trends and Insights - The article emphasizes the importance of fundamental research and value investment strategies among successful private equity firms, particularly in sectors like consumer goods and technology [10][14]. - The performance of these funds suggests a growing confidence in the Chinese stock market, with expectations of a bullish trend in the near future [5][6].

Core Viewpoint - The article discusses the performance of private equity funds in the context of a bullish market trend in A-shares, emphasizing the importance of both offensive and defensive capabilities of these funds to capture investment opportunities and mitigate risks [1][3]. Offensive Capability (Upward Capture Rate) - Offensive capability measures how sensitive a fund is to market uptrends, with a higher value indicating stronger performance against the market. The upward capture rate is calculated as: (Cumulative return of the portfolio during the benchmark's up period + 1) / (Cumulative return of the benchmark during the up period + 1) - 1 [2]. Defensive Capability (Downward Capture Rate) - Defensive capability assesses how well a fund performs during market downturns, with a lower value being preferable. A negative value indicates that the fund can generate positive returns even in a declining market. The downward capture rate is calculated similarly to the upward capture rate but focuses on down periods [3]. Performance Summary of Private Equity Funds - For the year to date, the average return of 4,377 qualifying private equity products is 15.28%, with an average offensive capability of 1.356 and a defensive capability of 0.128. The top three funds in terms of offensive capability among large private equity firms (over 5 billion) are from Yuanxin Investment, Harmony Huiyi Asset, and Longqi Technology [5]. - The top fund, "Yuanxin China Active Growth C Class," managed by Wang Aoye, has achieved significant returns and is noted for its strong offensive capability [5][6]. - In the small private equity category (under 5 billion), the top three funds are from Nengjing Investment Holdings, Hunan Zijin Private Equity, and Jiuge Investment [8]. Recent Performance Trends - Over the past year, the average return of 4,165 qualifying products is 36.34%, with an overall offensive capability of 0.975 and a defensive capability of -0.130. The leading funds in this category are from Jiuqi Investment, Heiyi Asset, and Stable Investment [10]. - The top fund, "Jiuqi Value Selection No. 1," managed by Jiang Yunfei, has demonstrated strong performance metrics [12][13]. Three-Year Performance Overview - For the past three years, the average return of 2,638 qualifying products is 43.03%, with an average offensive capability of 0.881 and a defensive capability of 0.248. The top funds in this category are from Qianhai Bopu Asset, Kaishi Private Equity, and Hainan Xiwa [16]. - The leading fund, "Bopu Value Far-reaching No. 1 A Class," managed by Yuan Hao, has shown impressive performance [18][19].

Core Viewpoint - The A-share market has shown a strong performance, with the Shanghai Composite Index reaching 3700 points, indicating a recovery from previous economic shocks. A trend of gradual growth has emerged since April 27, following the impact of U.S. tariffs, leading to a widening gap between stock strategies and other primary strategies [1]. Summary by Categories Market Performance - The A-share market has entered a four-month trend of gradual growth, with a noticeable recovery in the index [1]. - Quantitative long strategies and subjective long strategies have both performed well, with quantitative long strategies achieving a return of 25.02% and subjective long strategies averaging 5.86% in July [3][4]. Strategy Performance - Among various strategies, subjective long strategies have outperformed quantitative long strategies due to their concentrated positions and flexibility in trading [4]. - The average return for subjective long strategies across different scales of private equity funds has been significant, with the highest returns observed in the 10-20 billion category at 25.43% [18]. Fund Performance - The top-performing subjective long products in the 100 billion category include "和谐汇一医疗创新B类份额" managed by 施跃, achieving a return of ***% [7][5]. - In the 50-100 billion category, "同犇22期" managed by 童驯 led with a return of ***% [14]. - The 20-50 billion category saw "丹羿鹏程1号1期" managed by 王帅 achieving a return of ***% [17]. - In the 10-20 billion category, "能敬价值优选二号" managed by 孙杰 led with a return of ***% [21]. - The 5-10 billion category was topped by "优波三号A类份额" managed by 陈龙 with a return of ***% [24]. - The 0-5 billion category saw "子衿云杉" managed by 邹凯 achieving a return of ***% [28]. Investment Insights - Fund managers are focusing on sectors such as innovative pharmaceuticals and medical devices, indicating a re-evaluation of high-quality assets in China [8]. - The market is currently in a phase where investors are cautious about the sustainability of earnings for companies that have seen significant price increases [8].