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].

一、在经历市场出清和估值修复后， 二级市场吸引力显著增强 ，投资者信心回归。结构上从股权私募"一枝独秀"转变为 股权与证券私募"双轮 驱动" ，行业生态更加健康均衡。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 中基协最新数据显示，2025年10月末，私募基金管理规模首次突破22万亿元，刷新了2023年9月末20.81万亿元的历史峰值。其中，存续私募证 券投资基金规模达7.01万亿元，这是该类基金规模首次突破7万亿元。 排排网集团旗下 融智投资 FOF基金经理李春瑜表示，私募基金行业内在结构已经发生了深刻且积极的变化，主要体现在两个方面： 二、竞争格局头部效应持续加剧，尾部出清加速，行业集中度进一步提升。 无论是股权还是证券领域，资金和优质项目都越来越向那些具备强 大投研能力、成熟风控体系和品牌影响力的头部机构集中。 从"头部"私募产品 （本文指的是管理规模1亿以上的产品） 来看，截至2025年11月28日，私募排排网有业绩展示的产品共有5561只， 其中管理 规模在1亿元以上的产品有1119只，占比20.12%，今年来收益均值、中位数分别为32.31%、25.39%；而规模5亿以上的私募 ...

Core Viewpoint - The A-share market has shown strong performance in 2023, with significant increases in major indices, leading to a surge in subjective long-only private equity funds achieving impressive returns [2] Group 1: Market Performance - As of October 2023, the Shanghai Composite Index has risen nearly 18%, while the Shenzhen Component Index and the ChiNext Index have increased approximately 28.46% and 48.84%, respectively [2] - In the Hong Kong and US markets, the Hang Seng Index and Hang Seng Tech Index recorded gains of 29.15% and 32.23%, while the S&P 500 and Nasdaq saw increases of over 16% and 22% [2] Group 2: Private Equity Fund Performance - Among 2156 subjective long-only products with performance data, the average return for 2023 is 36.11%, with a median return of 26.50% [3] - There are 111 products that have achieved returns exceeding 100%, and 465 products with returns over 50% [2] - The average and median returns for private equity funds with over 10 billion in assets are both above 20%, with the 20-50 billion category leading at an average return of 43.35% [3] Group 3: Top Performing Funds by Size - In the 100 billion and above category, the average return is 26.88% and the median is 21.44%, with notable funds from Yuanxin Investment and Fusheng Asset [4][5] - The 50-100 billion category has an average return of 33.17% and a median of 26.58%, with top funds from Xishirun Investment [7][9] - For the 20-50 billion category, the average return is 43.35% and the median is 30.43%, with leading products from Nengjing Investment Holdings [10][13] - In the 10-20 billion category, the average return is 40.53% and the median is 36.06%, with top funds from Xinchili Asset and Deyuan Investment [14][17] - The 5-10 billion category shows an average return of 38.94% and a median of 33.79%, with the top fund being from Blue Sapphire Fund [18][22] - In the 0-5 billion category, the average return is 34.62% and the median is 24.24%, with leading products from Longhuixiang Investment and Wanghua Excellence [23][26]

Core Viewpoint - The A-share market in October experienced high-level fluctuations, with the Shanghai Composite Index showing relative strength, while the Shenzhen Component Index and the ChiNext Index faced pressure. The performance of large-scale private equity funds, particularly those with over 10 billion yuan in assets, stood out in this environment, demonstrating strong research and risk control capabilities [2][3]. Market Performance - In October, the Shanghai Composite Index rose by 1.85%, while the Shenzhen Component Index and ChiNext Index fell by 1.10% and 1.56%, respectively [2]. - The average return of 5,189 private equity products with performance data was 29.04% from January to October, with a mere 0.03% return in October. In contrast, the 662 products under large private equity funds achieved an average return of 1.10% in October and 30.38% year-to-date [2][3]. Private Equity Fund Performance - The performance of private equity funds categorized by size showed that funds with over 10 billion yuan had the highest returns, with an average of 30.38% from January to October [3]. - The average returns for different fund sizes in October were as follows: - 0-5 billion yuan: -0.11% - 5-10 billion yuan: -0.22% - 10-20 billion yuan: -0.12% - 20-50 billion yuan: 0.04% - 50-100 billion yuan: -0.32% - 100 billion yuan and above: 1.10% [3]. Strategy Performance - Among the strategies, stock strategies and multi-asset strategies performed best, with average returns of 33.65% and 23.17%, respectively, from January to October. The quantitative long strategy had the highest average return at 44.65% [3][4]. - The average returns for various strategies in October were: - Multi-asset strategies: 1.67% - Stock strategies: 1.12% - Quantitative long strategies: 1.10% [4][10]. Top Performing Products - The top-performing products in the stock strategy category achieved an average return of 33.65% year-to-date, with the top three products managed by Yuanxin Investment, Jiuku Investment, and Yinye Investment [5]. - In the quantitative long strategy, the top three products were from Longqi Technology, Evolutionary Theory Asset, and Stable Investment, with an average return of 44.65% year-to-date [10][12]. Notable Fund Managers - Wang Aoye from Yuanxin Investment, with a strong background in media and technology, managed a product that achieved significant returns despite market challenges [8]. - Zhu Xiaokang from Longqi Technology, with extensive experience in quantitative strategies, led a product that ranked first in excess returns [13].

Core Viewpoint - In October, A-shares maintained a high-level fluctuation, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. Despite this, 69% of the private equity products from billion-yuan private equity firms reached historical highs in net value, indicating resilience in certain investment strategies amidst market volatility [2][3][4]. Group 1: Market Performance - The overall trading volume in the A-share market shrank compared to previous months, reflecting a cautious market sentiment [2]. - Among billion-yuan private equity products, 407 products achieved historical net value highs, with quantitative products leading the way [2][3]. Group 2: Product Strategy and Performance - The majority of high-performing products were equity strategies, with 327 products, of which 201 were quantitative long strategies and 103 were subjective long strategies [2][3]. - 24 billion-yuan private equity firms had over 80% of their products reach historical highs, with 13 firms achieving 100% of their products hitting new highs [3][4]. Group 3: Notable Firms and Products - Notable firms such as Dongfang Gangwan and Jukun Investment had over 90% of their products reach historical highs, with Dongfang Gangwan leading with 77 out of 80 products achieving this milestone [4][9]. - The top-performing products over the past year were primarily from firms like Yuanxin Investment and Juku Investment, with significant returns attributed to investments in the AI sector [8][12]. Group 4: Long-term Performance - Over the past three years, macro strategy products from firms like Juku Investment and Honghu Private Equity dominated the top rankings, indicating a strong performance in this investment category [12][16]. - The five-year performance rankings were led by Honghu Private Equity and Jukun Investment, showcasing the effectiveness of their investment strategies over a longer horizon [16][19].

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].

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].