2025 has proven to be a favorable year for private fund institutions. Latest data reveals that private securities products have achieved solid returns across the board, with many star equity private funds regaining momentum.

**Equity Private Funds Show Outstanding Performance**

According to data from Private Fund Ranking Network, as of August 31, 2025, among 10,135 private securities products with performance records, the average return since the beginning of this year reached 20.41%. Of these, 9,208 products achieved positive returns, representing a positive return rate of 90.85%. Many products delivered substantial gains, with the 95th percentile return reaching 60.64%.

Breaking down by strategy, equity strategies demonstrated exceptional performance. Among 6,473 equity strategy products with performance records, 6,026 achieved positive returns, accounting for 93.09% of the total, with an average return of 25.38% and 95th percentile returns reaching 72.23%. The strong performance of equity strategies benefited from structural market opportunities. Since the beginning of 2025, China's A-share market has generally trended upward with fluctuations, dominated by small and mid-cap styles, with technology growth stocks and resource-based cyclical stocks taking turns to drive gains.

Industry sources indicate that a group of well-known private funds that previously experienced significant drawdowns, including Panking Investment, Shanghai Yunzhou, and Yuanlesheng, have all achieved solid returns in this market cycle, with product performance showing significant recovery.

Multi-asset strategies primarily diversify risks and capture investment opportunities across different market environments through cross-asset allocation and flexible asset ratio adjustments. This year, they timely increased equity exposure, performing second only to equity strategies. Among 1,279 multi-asset strategy products with performance records, 1,150 achieved positive returns, representing 89.91% of the total, with an average return of 15.61% and 95th percentile returns of 52.84%.

Notably, fund-of-funds strategies topped the positive return ratio. Among 398 products with performance records, 382 achieved positive returns, representing 95.98% of the total, with an average return of 14.12% and 95th percentile returns of 36.38%.

Despite significant volatility in commodity markets this year, futures and derivatives (CTA) strategies showed relatively weak performance. Among 1,212 futures and derivatives strategy products with performance records, 935 achieved positive returns, representing 77.15% of the total, with an average return of 8.55% and 95th percentile returns of 37.61%, indicating overall weaker performance. Bond strategies performed steadily, with 715 out of 773 products with performance records achieving positive returns, representing 92.50% of the total, with an average return of 7.89% and 95th percentile returns of 26.59%.

**Billion-Yuan Private Funds Increase Research Efforts**

Statistics from Private Fund Ranking Network show that as of September 11, a total of 2,366 private fund institutions have participated in A-share company research visits this year, covering 1,999 individual stocks across 30 Shenwan primary industries, with a combined total of 35,168 research visits.

In the billion-yuan private fund research ranking, as of September 11, Panking Investment topped the list with 350 research visits. Hillhouse Capital, Harmony Asset Management, Fountain-Vest Partners, and Dunhe Asset Management followed, all with over 200 research visits. A total of 13 billion-yuan private funds conducted more than 100 research visits within the year.

Additionally, many large private funds have intensified their overseas research efforts this year. A representative from a billion-yuan private fund revealed that their firm has long-term positions in non-ferrous metal companies, and this year, fund managers and researchers have made multiple trips to Africa to investigate overseas mining projects of related companies.