本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，"小而美"（公司规模20亿以下）私募旗下1876只产品，在刚过去的2025年实现31.86%的收益均值，其中75只产品收益在 100%以上(占比4.00%)，收益在50%以上的产品共338只(占比18.12%)，跑赢年度沪深300指数的产品有1087只(占比57.94%)。 具体到二级策略来看，2025年"小而美"私募的量化多头策略收益表现领先，符合排名规则的174只量化多头产品2025年收益均值高达38.97%，其 次958只主观多头收益为36.48%，同样表现不俗；另外83只主观CTA2025年收益均值为29.40%，较为亮眼。 | 二级策略 | 符合排名规则 的产品数 | 2025年收益均值 正收益产品数 | | 正收益占比 | | --- | --- | --- | --- | --- | | 主观多头 | 958 | 36.48% | 894 | 93.32% | | 量化多杀 | 174 | 38.97% | 169 | 97.13% | | 量化CTA | 152 | 23.08% | 135 | 88.82% ...

Core Viewpoint - The article discusses the significant performance of various private equity firms in the A-share market during 2025, highlighting the influence of "hard technology" sectors such as AI, humanoid robots, computing power, non-ferrous metals, and commercial aerospace on market indices like the ChiNext Index and the Sci-Tech 50 Index, which saw substantial gains [3]. Group 1: Market Performance - The A-share market indices showed impressive growth in 2025, with the ChiNext Index rising by 49.57% and the Sci-Tech 50 Index also performing well [4]. - The average return for subjective private equity products reached 35.14%, significantly outperforming the CSI 300 Index [4]. - Notably, 49 private equity firms doubled their annual returns, and 193 firms achieved returns exceeding 50% [4]. Group 2: Private Equity Firms Performance - Among private equity firms with over 10 billion in assets, the top performers included Yuanxin Investment and Fusheng Asset, with the latter achieving a remarkable fundraising success early in the year [6][15]. - The newly established Guoyuan Xinda also made the list, indicating a strong outlook for 2026, with expectations of continued growth in stocks and gold [16]. - In the 50-100 billion category, Shengqi Asset topped the list, followed by Xishirun Investment, both focusing on stock strategies [17][22]. Group 3: Emerging Private Equity Firms - In the 20-50 billion category, Beijing Xiyue Private Equity and Qiantou Investment were the top two firms, both employing stock strategies [23][28]. - For firms in the 10-20 billion range, Fuyuan Capital led with impressive returns, emphasizing a focus on resource stocks and technology for 2026 [29][33]. - In the 5-10 billion category, Qiaogeli Capital and Shanghai Yixin ranked first and second, respectively, with a strong emphasis on stock strategies [34][38]. Group 4: Small Private Equity Firms - Among firms with less than 5 billion in assets, Longhuixiang Investment achieved the highest returns, showcasing the potential for smaller firms in the market [39][44].

Core Insights - In 2025, subjective private equity funds showed a significant recovery in performance, leading to an increase in dividend distributions, with a total of 990 dividends amounting to 11.4693 billion yuan across 772 products [1][2]. Summary by Category Overall Performance - A total of 5777 products were analyzed, with 772 showing performance data, resulting in 990 dividend distributions totaling 11.4693 billion yuan [1][2]. - The distribution of dividends by fund size indicates that funds with assets under 5 billion yuan contributed approximately 2.98 billion yuan, while those over 100 billion yuan contributed around 2.36 billion yuan [1][2]. Funds Over 100 Billion - Among funds over 100 billion yuan, 39 products distributed dividends 2359.8788 million yuan, with an average return of 20.58% [2][3]. - The top three performing funds in this category were from 喜世润投资, 复胜资产, and 睿扬投资 [3]. Funds Between 50-100 Billion - In this category, 27 products distributed dividends totaling 3720.179 million yuan, with an average return of 3.24% [2][3]. - The leading funds were 喜世润投资 and 复胜资产, with notable performance in the "new consumption" investment logic [5]. Funds Between 20-50 Billion - A total of 343 products were analyzed, with 107 distributing dividends amounting to 2.161 billion yuan and an average return of 40.10% [6]. - The top fund in this category was 北京禧悦私募, managed by 吴磊 [7]. Funds Between 10-20 Billion - This category included 344 products, with 74 distributing dividends totaling 1.37 billion yuan and an average return of 33.45% [9]. - The leading fund was 硕和资产, managed by 吕心剑 [10]. Funds Between 5-10 Billion - There were 419 products, with 123 distributing dividends totaling 2.227 billion yuan and an average return of 35.48% [12]. - The top fund was 蓝宝石基金, managed by 刘燕 [13]. Funds Under 5 Billion - This category had 1301 products, with 415 distributing dividends totaling 2.98 billion yuan and an average return of 40.30% [15]. - The leading fund was 龙辉祥投资, managed by 杨仲光 [16].

Core Viewpoint - The article highlights the rise of "small and beautiful" private equity firms in China, which are defined as those managing less than 2 billion yuan, accounting for 93.39% of the total 7,522 private equity firms by the end of 2025. These firms have shown impressive performance in the slow bull market of 2025, leveraging their agility and focused investment strategies to become market favorites [2][3]. Summary by Sections Industry Overview - As of December 2025, there are 7,522 private equity firms in China, with 7,025 classified as "small and beautiful" (under 2 billion yuan), representing 93.39% of the total [2]. - In the 2025 slow bull market, many of these smaller firms have excelled due to their flexible management and focused investment strategies, distinguishing themselves from larger firms [3]. Performance Metrics - The average returns for various firm sizes in 2025 are as follows: - Over 10 billion yuan: 31.47% - 5-10 billion yuan: 33.62% - 0-5 billion yuan: 32.53% - Overall average: 32.19% [3]. - The "small and beautiful" firms are likened to elite special forces, with streamlined teams and clear investment strategies, which have been amplified in the 2025 market conditions [3]. Popular Firms and Managers - The most popular "small and beautiful" private equity firms in 2025 include: 1. Guanli Fund 2. Zhixin Rongke 3. Deyuan Investment 4. Yizu Investment 5. Shanghai Zijie Private Equity [4]. - The top 10 popular fund managers include: - Ling Peng from Huangyuan Investment - Lin Jianwei from Yizu Investment - Xu Qiongna from Bamai Private Equity [9][12]. Popular Products - The top products among "small and beautiful" private equity firms in 2025 are primarily subjective long strategies, with notable mentions including: - Longhui Xiang Investment's "Longhui Xiang No. 1" - Hunan Zijin's "Zijin Yunsong" - Xingbidada's products [15][18]. - The performance of these products has been significant, with many achieving high returns, although specific figures are not disclosed due to compliance requirements [20].

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].

Core Viewpoint - The private equity industry is experiencing a shift from "scale competition" to "capability competition," with a focus on smaller firms that can deliver stable long-term returns [3][9]. Group 1: Current Year Performance - As of October 2025, private equity firms managing between 0-5 billion yuan have a total of 6216 firms, accounting for 81.94% of the market, a decrease from 6534 firms in June 2025 and 6958 firms in August 2024 [3]. - The average return for private equity products under 0-5 billion yuan this year is 28.14%, with 94.05% of products showing positive returns [3][9]. - The top three performing small and beautiful private equity firms this year are Longhui Xiang Investment, Jingying Zhito, and Moku Asset [3][9]. Group 2: Three-Year Performance - Over the past three years, the average return for private equity firms managing 0-5 billion yuan is 72.66%, with 95.17% of products yielding positive returns [9]. - The top three firms in terms of three-year performance are Qinxing Fund, Xinjing Investment, and Mingshe Asset [9]. Group 3: Five-Year Performance - The average return for private equity firms managing 0-5 billion yuan over the last five years is 91.94%, with 95.50% of products showing positive returns [16]. - The top three firms for five-year performance are Longhui Xiang Investment, Tongwei Investment, and Qianhai Quark Asset [16].

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].