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This report (chinatimes.net.cn) reporter Zhang Mei reports from Beijing
Despite the overall pressure on the A-share market in the first quarter, the hundred billion private equity firms delivered an impressive performance. According to data from Private Equity Ranking Network, as of March 31, 2026, the overall return of 85 hundred billion private equity firms with performance disclosures in the first quarter was 2.01%, significantly outperforming the decline of -3.89% in the CSI 300 index during the same period.
Among them, as many as 70 hundred billion private equity firms achieved positive returns, accounting for over 80%, reaching 82.35%. Specifically, 55 firms had returns within 5%, 15 firms had returns of no less than 5%, and two firms had returns exceeding 10%. Institutions such as Duration Investment, Evolutionary Asset, Hainan Xiwa, Red Chip Investment, and Hongxi Fund performed particularly well.
Hangzhou Region Leads in Returns
From the perspective of office locations, the hundred billion private equity firms in the Hangzhou region led the nation in overall returns. The five hundred billion private equity firms with performance disclosures in the area achieved an overall return of 3.97% in the first quarter, all of which realized positive returns, with Jing'an Investment, Longqi Technology, and Jiuzhang Asset performing notably well.
Among the three major private equity hubs of Beijing, Shanghai, and Shenzhen, Beijing performed the best, with 16 hundred billion private equity firms with performance disclosures achieving an overall return of 2.41%, and the proportion of positive returns reached 93.75%, with Square Sum Investment, Zhuoshi Investment, and Jiukun Investment standing out. The Shanghai region had the highest number of hundred billion private equity firms (41), with an overall return of 1.93%, and the proportion of positive returns was 78.05%, with Duration Investment, Luoshu Investment, Sixiao Investment, and Mingshi Fund performing well. The Guangzhou and Shenzhen regions ranked at the bottom, with nine hundred billion private equity firms achieving an overall return of only 0.88%, significantly lagging behind the average level of hundred billion private equity firms, with a positive return proportion of 77.78%, and Red Chip Investment, Super Quantum, and Abama Investment performing relatively well. In addition, in other regions outside Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, 14 hundred billion private equity firms achieved an overall return of 2.94%, with a positive return proportion of 78.57%, and Evolutionary Asset, Hainan Xiwa, and Hongxi Fund also made significant contributions.
Increased Enthusiasm for Private Equity Product Filing
In response to the stable performance of hundred billion private equity firms, the enthusiasm for private equity product filings significantly increased in the first quarter. According to data from Private Equity Ranking Network, as of March 31, 1686 private equity securities products were filed in March alone, a month-on-month increase of 22.98%, setting a new monthly filing high in nearly 34 months. Driven by this, a total of 3746 private equity securities products were filed in the first quarter, a substantial increase of 60.70% compared to 2331 products in the same period last year. From the perspective of strategy distribution, stock strategies remain the mainstay of filings, with 2422 products filed in the first quarter, accounting for 64.66% of the total, indicating that investors' confidence in the A-share market has not waned due to short-term fluctuations. Coupled with the increased allocation of equity assets by residents and institutional funds, stock strategies have become the market's first choice due to their large capacity and strong adaptability. Multi-asset strategies followed closely, with 608 products filed, accounting for 16.23%, diversifying allocations through various asset classes such as stocks, bonds, and commodities, aligning with the needs of stable investors
The number of futures and derivatives strategy filings reached 414, accounting for 11.05%. Against the backdrop of escalating geopolitical conflicts and increased volatility in the commodity market, its hedging value and crisis Alpha attributes have gained more attention. The number of combination fund filings was 150, although it only accounted for 4%, the year-on-year growth rate reached 57.89%, indicating a significant increase in filing enthusiasm.
Among leading institutions, large private equity firms have become the main force in product filings. In the first quarter, 93 large private equity firms had product filings, accounting for 73.81% of the total number of large private equity firms. Among the 65 private equity institutions with at least 10 filed products, 40 were large private equity firms, and all of the top 12 in terms of filing quantity were large private equity firms. Notably, MingCheng Investment topped the list with 89 filed products in the first quarter, while Square Sum Investment, Black Wing Asset, YanFu Investment, and WanYan Asset each filed no less than 25 products. It is worth mentioning that some small and medium-sized institutions also performed outstandingly in product filings, with DeBeiRui Private Equity, Beijing FuHua Credit Private Equity, and Shanghai RongXi Private Equity managing smaller scales but filing 11, 10, and 10 products respectively in the first quarter.
Significant Divergence in Returns Across Strategies
Despite the fervor in filings, the performance of various private equity products in the first quarter showed significant divergence.
According to data from Private Equity Ranking, the average return of 12,754 private equity securities products with performance records in the first quarter was 0.65%, with 7,271 achieving positive returns, accounting for 57.01%. Among the five major strategies, futures and derivatives strategies performed the best. Benefiting from increased volatility in bulk commodities and heightened market hedging demand, this strategy effectively captured market opportunities through CTA, arbitrage, and hedging models.
The average return of 1,402 futures and derivatives strategy products with performance records in the first quarter reached 3.43%, with the 5th percentile return as high as 22.85%. Both indicators led among the five major strategies, with the proportion of positive return products at 67.12%, second only to bond strategies.
Multi-asset strategies followed closely, with 1,689 products achieving an average return of 1.59%, and the 5th percentile return reaching 15.66%. A total of 1,072 products achieved positive returns, accounting for 63.47%, balancing both returns and win rates. Combination funds, focusing on diversified allocation and selective management, had 363 products with an average return of 1.18%, and the proportion of positive returns was 65.29%, primarily seeking stability.
Bond strategies maintained a high win rate advantage against the backdrop of a stable bond market, with 1,113 products achieving an average return of 0.44%, but the proportion of positive return products reached 67.48%, ranking first among the five major strategies.
In contrast, stock strategies became the only strategy with an overall loss in the first quarter. Affected by accelerated sector rotation and weak sustainability of hotspots, the average return of 8,187 stock strategy products with performance records was -0.04%, with the proportion of positive return products at only 52.16%, ranking last in both indicators among the five major strategies.
However, leading products still demonstrated strong resilience, with the 5th percentile return reaching 14.56%, close to the overall market level, indicating that managers with strong stock-picking abilities can still create excess returns in structural markets
Zhang Pengyuan, a wealth researcher at Paipai.com, told reporters from Huaxia Times that the core advantage of stock strategies lies in their high return elasticity, which can fully capture the market's upward dividends, especially performing outstandingly in structural markets, with significant long-term compound return potential. The advantage of bond strategies is their higher return certainty, relatively low volatility and drawdown, and smoother net value curves, often serving as a &#34;ballast&#34; in portfolios to provide stability, with good liquidity, making them suitable as alternatives for wealth management or risk-averse allocations. The core advantage of futures and derivatives strategies lies in their low or even negative correlation with stock and bond markets, providing independent sources of returns, especially during trending markets or increased volatility, potentially obtaining &#34;crisis Alpha,&#34; with outstanding hedging and risk-averse functions. The core advantage of multi-asset strategies is to diversify risks through cross-asset (stocks, bonds, commodities, etc.) allocations, utilizing the low correlation between assets to smooth portfolio volatility, striving for relatively balanced performance in different market environments, and demonstrating strong adaptability. The core advantage of fund-of-funds is to achieve secondary risk diversification through the selection of funds and managers, effectively smoothing the style risks of a single strategy or manager, usually providing a more stable investment experience and reducing the difficulty for individual investors in selecting funds.
Jia Xiaolong, director of Heiqi Capital Research Institute, told reporters from Huaxia Times that, looking at the big picture, the five major strategies do not exist in isolation but are interlocking components of an ecosystem. The true wisdom of asset allocation lies in identifying the position of the economic cycle and dynamically adjusting the weight ratios of each strategy: increasing allocations to stocks and commodities during recovery, embracing CTA and cash during stagflation, and heavily investing in bonds and defensive assets during recession. This is not only an optimization solution of mathematical models but also a profound insight into market sentiment and an active overcoming of human weaknesses

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In the first quarter, the performance of private equity funds showed significant differentiation. Despite the pressure on the A-share market, the overall return of 85 private equity funds with over 10 billion yuan in assets was 2.01%, significantly outperforming the CSI 300 index, which was -3.89%. Among them, 70 funds achieved positive returns, accounting for 82.35%. The private equity funds in Hangzhou had the highest overall return at 3.97%. The Beijing region performed the best, with a positive return ratio of 93.75%. The Shanghai region had a return of 1.93%, while the Guangzhou-Shenzhen region had the lowest at only 0.88%. The enthusiasm for filing private equity products increased in the first quarter, with the number of filings reaching a 34-month high

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Harvest SZSE SME-ChiNext Composite 300 ETF

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In the first quarter, the performance of private equity funds showed significant differentiation: stock strategy products overall experienced a slight loss, while 70 institutions with over 10 billion yuan achieved positive returns