Core Insights - The article highlights the performance of top private equity founders in the past six months, showcasing their investment strategies and product performance [2][4]. Group 1: Performance Overview - As of October 24, 2025, 25 private equity founders had over 10 products each that met ranking criteria, with a total of 432 products and a combined scale of approximately 71.11 billion yuan, achieving an average return of 22.86% [2]. - The top 10 private equity founders based on performance include: Dan Bin from Dongfang Gangwan, Wang Wen from Rido Investment, Xie Xiaoyang from Tianyan Capital, Gao Simeng from Jukuan Investment, Liang Yong from Haiziyuan Investment, Zhu Xiaokang from Longqi Technology, Liang Hong from Hainan Xiwa, Zou Yitian from Heiyi Asset, Lin Ziyang from Hainan Shengfeng Private Equity, and Gao Kang from Yanfu Investment [2][3]. Group 2: Individual Founder Insights - **Dongfang Gangwan (Dan Bin)**: Managed 69 products with a total scale of approximately 10.02 billion yuan, achieving an average return of ***% in the past six months, leading the rankings [5][7]. - **Rido Investment (Wang Wen)**: Managed 18 products with a total scale of approximately 13.68 billion yuan, with most products achieving returns above ***%, ranking second [8][9]. - **Tianyan Capital (Xie Xiaoyang)**: Managed 12 products with a total scale of approximately 2.25 billion yuan, primarily focusing on quantitative stock selection, with returns above ***% [10]. - **Jukuan Investment (Gao Simeng)**: Managed 42 products with a total scale of approximately 3.38 billion yuan, achieving an average return of ***% [11]. - **Haiziyuan Investment (Liang Yong)**: Managed 11 products with a total scale of approximately 1.27 billion yuan, ranking fifth with an average return of ***% [13]. - **Longqi Technology (Zhu Xiaokang)**: Managed 16 products with a total scale of approximately 2.66 billion yuan, achieving an average return of ***% [16]. - **Hainan Xiwa (Liang Hong)**: Managed 23 products with a total scale of approximately 4.51 billion yuan, with most products achieving returns above ***% [18]. - **Heiyi Asset (Zou Yitian)**: Managed 19 products with a total scale of approximately 2.36 billion yuan, achieving an average return of ***% [20]. - **Hainan Shengfeng Private Equity (Lin Ziyang)**: Managed 12 products with a total scale of approximately 2.33 billion yuan, ranking ninth with an average return of ***% [24].

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].

Market Overview - In July, A-shares experienced a strong upward trend, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14% [1] - The total market turnover remained above 1.5 trillion, indicating active trading, while the financing balance climbed to 1.9 trillion by late July, reflecting a positive market sentiment [1] Private Equity Performance - A total of 379 private equity products reached historical highs in July, representing 71.64% of the total number of billion-yuan private equity products with performance data available for nearly one year [1] - Among these, 289 were quantitative products and 90 were non-quantitative, with stock strategy products being the most prevalent, accounting for approximately 83.38% [1] Top Performing Private Equity Firms - 28 billion-yuan private equity firms had all their products reach historical highs in July, with 18 firms having more than three products achieving this milestone [2] - Notable firms include Junzhijian Investment, Rido Investment, and Tianyan Capital, with a significant number of their products achieving new highs [2] Performance Rankings - The average returns for private equity firms from January to July were led by Wobo Investment, Abama Investment, Tianyan Capital, Rido Investment, and Ningbo Huanfang Quantitative [3] - Over the past three years, the top five firms based on average returns were Junzhijian Investment, Rido Investment, Abama Investment, Tianyan Capital, and Maoyuan Quantitative [3] Notable Products - The top products achieving historical highs in the past year included those from Heiyi Asset, Longqi Technology, and Rido Investment, with the threshold for the top 20 products exceeding a certain percentage [7] - The leading product was "Heiyi Wind 2 B Class" from Heiyi Asset, with a recent scale of approximately *** million and nearly ***% return over the past year [9] Long-term Performance - Over the past five years, the top products were from Rido Investment, Fusheng Asset, and Jiukun Investment, with Rido Investment holding three of the top five positions [14] - The champion product was "Rido Qian Niu Value No. 1" from Rido Investment, with a recent scale of approximately *** billion and over ***% return in the past five years [16] Investment Insights - Rido Investment's chairman expressed optimism about the A-share market, suggesting it is in a historical opportunity for value reassessment, particularly favoring the entertainment and financial sectors [17]