Every reporter: Yang Jian Every editor: Ye Feng
With the disclosure of the 2025 annual reports of listed companies, the holdings of top private equity funds have also been unveiled. According to statistics from Private Equity Ranking Network, as of March 30, 2026, products under 17 private equity funds with over 10 billion yuan appeared in the top ten circulating shareholders of 33 A-share annual reports, with heavy positions mainly concentrated in the electronics, basic chemicals, and oil and petrochemical sectors. Among them, Deng Xiaofeng of Gao Yi Asset has heavily invested in Zijin Mining for many years and chose to withdraw after earning over 10 billion yuan.
In addition, the enthusiasm of private equity funds to invest in the market through ETFs is heating up, with ETFs becoming a &#34;standard configuration&#34; for private equity institutions. As of March 26, 2026, 58 private equity institutions have appeared in the top ten holders of 45 newly listed ETFs this year, with the STAR Market and Hong Kong stock theme ETFs being particularly favored by private equity institutions.
Deng Xiaofeng held Zijin Mining for six years, decisively withdrew after earning over 10 billion
Recently, the adjustment actions of Gao Yi Asset, a private equity fund with over 10 billion yuan, have become the focus of market attention. Star fund manager Deng Xiaofeng has heavily invested in Zijin Mining for many years and chose to cash out after achieving over 10 billion yuan in profits, officially exiting the core holdings of the stock.
According to the latest announcement from Zijin Mining regarding the top ten shareholders and top ten unrestricted shareholders before the repurchase of A-share shares, as of March 20, 2026, the company’s tenth circulating shareholder held 125 million shares, while products managed by Deng Xiaofeng have completely exited the top ten circulating shareholders. Zijin Mining's 2025 third-quarter report shows that Deng Xiaofeng's Gao Yi Xiaofeng No. 2 Fund once held 180 million shares of Zijin Mining, while Gao Yi Xiaofeng Hongyuan Fund had already exited the top ten circulating shareholders at that time.
Looking back at the holding process, Deng Xiaofeng began to heavily invest in Zijin Mining in the third quarter of 2019 and has since made multiple wave operations. As of the end of the first quarter of 2023, the total market value of the three products he managed exceeded 11 billion yuan. In terms of stock price performance, since the third quarter of 2019, Zijin Mining has seen a maximum increase of over ten times. With a strategy of bottom building and high-level wave operations, Deng Xiaofeng has accumulated profits of at least 10 billion yuan over six years of holding.
While exiting Zijin Mining, Deng Xiaofeng quickly increased his positions in other targets. The 2025 annual report of Beixin Building Materials shows that his managed Gao Yi Xiaofeng No. 2 and Gao Yi Xiaofeng Hongyuan funds collectively held over 25.3 million shares, an increase of 500,000 shares from the previous period.
Other fund managers at Gao Yi Asset have also made clear layouts: Feng Liu's Gao Yi Linshan No. 1 Yuanwang Fund holds 11.8 million shares of Ruifeng New Materials and 13.5 million shares of Taiji Group; Gao Yi Liwei Selected Weishi Fund holds 10.2018 million shares of Chao Hongji.
Medium-sized private equity funds flock to ETFs! Hong Kong stocks and STAR Market ETFs become popular
While large private equity funds focus on individual stock adjustments, medium-sized private equity funds have launched a wave of ETF allocations, making it a new trend to use index tools to layout the market.
The latest data from Private Equity Ranking Network shows that as of March 26, 2026, 58 private equity institutions have appeared in the top ten holders of 45 newly listed ETFs this year, collectively holding approximately 495 million shares, with the enthusiasm for private equity to invest in ETFs continuing to rise. Among them, medium-sized private equity funds have become the main force in allocations, with 19 funds with a scale of 1 billion to 5 billion yuan collectively holding 231 million shares, accounting for 46.67% of the total shares
From the perspective of holding preferences, the STAR Market and Hong Kong stock-themed ETFs are the most sought after. Data shows that since the beginning of this year, private equity institutions have appeared in the top ten holders of 12 ETFs with &#34;Hang Seng&#34; or &#34;Hong Kong stocks&#34; in their names, holding a total of 141 million shares, accounting for 28.48% of the total shares; among the 16 ETFs with private equity holdings exceeding 10 million shares, Hong Kong-related themes occupy 5 seats, leading in popularity.
In terms of specific holdings, 17 private equity institutions have held more than 10 million shares of ETFs this year: Shanghai Binghao Private Equity ranks first with 63 million shares, appearing in the top ten of 7 newly listed ETFs, including 2 with non-ferrous metal themes; Zhongyi Asset follows closely, laying out 2 ETFs, including 1 with a STAR Market theme; Zhufeng Asset holds 34 million shares, covering 5 ETFs, of which 2 are GEM-themed. In addition, QiLin Investment, Tott (Sanya) Private Equity, Sichuan Development Securities Investment, Yuanfeng Fund, Liwei Private Equity, and other private equity firms with over 10 billion in assets, all hold more than 10 million shares of ETFs.
Institutional Research Surged 38.78% in March, Three Major Lines Favored in April
The A-share bull market that started on September 24, 2024, experienced adjustments due to external factors in early 2026, creating a rare &#34;golden pit&#34; in the market. Data shows that from March to March 26, the Shanghai Composite Index has cumulatively fallen by 5.99%, with over a hundred stocks dropping more than 20%, further exacerbating market style differentiation.
In stark contrast to the market adjustment, the enthusiasm for institutional research among private equity firms has continued to soar. According to Dongfang Caifu Choice data, institutions have conducted a total of 12,497 research sessions since March, a significant increase of 38.78% compared to the previous month, with three major lines—new energy, AI computing power, and high-end manufacturing—becoming the core of research, indicating clear funding layout intentions.
Chen Xingwen of Heiqi Capital believes that the recent adjustments in A-shares have been relatively sufficient, and the rebound window is gradually opening, requiring patience in operations.
From an industry perspective, April is a concentrated disclosure period for annual and quarterly reports, and the market style will shift from theme speculation to performance certainty, with three major directions being particularly favored: first, sectors benefiting from energy security and price increases, including coal, coal chemical, new energy, and energy storage, driven by strong alternative demand due to the Middle East situation, with significant cash flow advantages; second, technology innovation and self-controllable fields, with clear trends in AI computing power, semiconductors, and communication equipment industries, where corrections present good layout opportunities; third, defensive assets such as banks, public utilities, and transportation, which are suitable as ballast for portfolios due to low valuations and stable dividends.
Overall, A-shares are likely to experience narrow fluctuations in April before gradually stabilizing. Although there may be short-term twists and turns, the &#34;second phase of the rise&#34; is merely a matter of time. Investors are advised to make high-low switches, balance allocations, and patiently focus on performance certainty directions for long-term adherence to reap market dividends.
Xing Shi Investment stated that in the short term, A-shares will follow the fluctuations of global risk assets, and the clarification of the Middle East conflict is key to the market trend shift; in the medium to long term, this round of adjustments is mainly due to valuation compression, and the recovery of corporate profits will support market restoration. Currently, A-share valuations are within a reasonable range, China's manufacturing advantages are solid, the iteration and application of AI technology continue to advance, and the profitability of the broader technology sector is strong. Overseas disturbances do not affect domestic policy efforts, and high-cost-performance core assets have mid-term allocation value
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Top private equity firm Gao Yi Asset's Deng Xiaofeng has chosen to exit Zijin Mining after achieving a profit of 10 billion, ending a six-year heavy holding. According to the latest data, the products managed by Deng Xiaofeng are no longer among the top ten circulating shareholders of Zijin Mining. Meanwhile, 58 private equity institutions are actively investing in ETFs, demonstrating enthusiasm for the market, especially in the STAR Market and Hong Kong stock-themed ETFs

腾讯新闻 - 财经

Zijin Mining

GF Fund SSE Science and Technology Innovation Board 50 ETF

Wanjia SSE STAR Growth ETF

Penghua SSE Science and Technology Innovation Board 200 ETF

ChinaAMC SSE Science and Technology Innovation Board 50 ETF

E Fund China Science and Technology Innovation Board 50 Component ETF

ICBCCS SSE Science and Technology Innovation Board 50 ETF

Guotai CES Semiconductor Chip Industry ETF

Bosera SSE STAR New Materials ETF

Bosera STAR 100 ETF

BOC SSE Science and Technology Innovation Board 50 ETF

Penghua SSE Science and Technology Innovation Board Composite ETF

E Fund SSE STAR Growth ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

Penghua SSE STAR Chip ETF

China Merchants CSI Scientific Innovation and Entrepreneurship 50 ETF

Huatai-PB SSE Science and Technology Innovation Board 50 ETF

GTJA Allianz China Science and Technology Innovation Board 50 Component ETF

Harvest SSE Science and Technology Innovation Board Composite Enhanced Strategy ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

Harvest SSE STAR Chip ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Harvest SSE Science and Technology Innovation Board Composite ETF

Top private equity adjustments revealed! After making billions, Gao Yi's Deng Xiaofeng exits Zijin Mining, while 58 private equity firms are keen on ETFs, with three major themes favored in April