The emergence of the private equity rebalancing trajectory at the hundred-billion level, focusing on listed companies' profit growth and proactive deployment.

According to private placement ranking website statistics, based on the disclosed annual reports of listed companies for 2025, there are 25 products under private fund managers at the “billion-level” that appear in the top ten tradable shareholders lists of 60 companies, with a total market value held of RMB 28.19B. Judging by the add-on buying actions, multiple listed companies that have “new growth engines” for performance have attracted private fund managers’ attention. For example: as of the end of 2025, the Gao Yi asset fund manager Feng Liu’s Gao Yi Linshan No. 1 Overseas-Viewing Fund increased its position in CNW (Zhongwei) New Materials in two consecutive quarters; in the fourth quarter, the products under Zhenyuan Investment newly entered the top ten tradable shareholders list of Debang Lighting; and the products under Renqiao Asset added to their positions in Chengdu Investment Holdings in the same period.

In the view of industry insiders, as policy effects gradually become apparent and incremental capital continues to flow into equity assets, the market trend driven by earnings is expected to be further played out.

Feng Liu continues to add to high-quality stocks

On March 31, the 2025 annual report released by CNW (Zhongwei) New Materials shows that, as of the end of 2025, the Gao Yi Linshan No. 1 Overseas-Viewing Fund held 28.5 million shares, with a market value of 1.32 billion yuan at period end. Compared with the end of the third quarter, it increased its holdings by 7 million shares. In the fourth quarter of 2025, the company was also added to by the Hong Kong Securities Clearing Company Limited, which increased its holdings by 3.46M shares.

It is worth noting that this is not the first time Feng Liu has increased his position in CNW (Zhongwei) New Materials.

In the third quarter of 2025, the Gao Yi Linshan No. 1 Overseas-Viewing Fund newly entered CNW (Zhongwei) New Materials into its top ten tradable shareholders list, jumping to become its second-largest tradable shareholder. At the end of the period, the number of shares held was 21.5 million shares.

Public information shows that CNW (Zhongwei) New Materials is a new energy materials enterprise engaged in R&D, production, and sales of new energy battery cathode materials and precursors. Benefiting from the rapid growth of the global new energy market and the continued release of the company’s integrated production capacity, the company achieved operating revenue of 48.14 billion yuan in 2025, up 19.68%; and attributable net profit of 1.57B yuan, up 6.84%.

Billion-level private funds target “new growth engines”

Not only Gao Yi Asset where Feng Liu is located—many other billion-level private funds are also eyeing high-quality stocks.

According to the annual report recently released by Chengdu Investment Holdings, as of the end of 2025, the Foreign Trade Trust - Renqiao Zeyuan stock private securities investment fund held 27.4865 million shares, an increase of nearly 620k shares compared with the end of the third quarter.

The annual report of Chengdu Investment Holdings shows that in 2025, the company achieved operating revenue of 620k yuan, up 53.27%; and net profit of 289 million yuan, up 19.19%.

China Resources Shuanghe is also one of the targets that Renqiao Asset added to in the fourth quarter of 2025. According to the annual report of China Resources Shuanghe, as of the end of 2025, the Foreign Trade Trust - Renqiao Zeyuan stock private securities investment fund held 3.654 million shares, an increase of 1.1803 million shares compared with the end of the third quarter.

The annual report of China Resources Shuanghe shows that in 2025, the company achieved operating revenue of 11 billion yuan; and net profit attributable to shareholders of the listed company of 1.65 billion yuan, up 1.18%.

The annual report recently released by Debang Lighting shows that, as of the end of 2025, the Foreign Trade Trust - Zhenyuan Target Return Phase 1 securities investment collective fund trust plan newly entered the company’s top ten tradable shareholders list, with holdings of 4.8653 million shares at period end.

Public information shows that Debang Lighting focuses on the general lighting industry. In 2025, due to the contraction in the global lighting market total and product upgrades, the general lighting main business of the company faced pressure. However, benefiting from the further growth of China’s new energy vehicle penetration rate in 2025, the vehicle-mounted business became a new growth engine for Debang Lighting. In 2025, the vehicle-mounted business achieved operating revenue of 672 million yuan, up 12.69%, and the gross margin increased by 1.99 percentage points to 17.8%.

Betting on an earnings-driven market trend

In the view of top-tier private fund managers, with incremental capital continuously entering and enterprises’ earnings steadily recovering, this year is expected to play out a structural market trend driven by earnings.

According to Dan Shuiquan Investment, although geopolitical conflicts in the Middle East may still continue to ferment in the short term, when looking at a longer time horizon, as A-share listed companies disclose their financial reports one after another, market attention is expected to gradually return to fundamentals, and the certainty of earnings growth will become the main source of returns. Especially after experiencing short-term disruptions, the investment value of certain current assets has become more prominent.

Shixing Investment analysis states that although developments in the Middle East situation still involve uncertainty in the short term, after experiencing short-term adjustments, valuation risks of A-shares have been further released. In the future, a rebound in corporate earnings is expected to drive stock market performance. Specifically, at present China’s manufacturing advantages are clear; in the field of artificial intelligence, technological iteration and application rollout are still progressing; in the broadly defined technology sector, there are good opportunities to realize earnings; and there are mid-term opportunities for stable, high value-for-money core Chinese assets.

(Editor: Xu Nannan)

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