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 Equity PaiPaiWang statistics, based on the disclosed 2025 annual reports of listed companies, there are 25 products under private funds at the “billion-yuan” scale. They appear in the top 10 circulating shareholders lists of 60 companies, with a total market value of RMB 28.185 billion. Judging from buying/increasing positions, multiple listed companies that have “new growth engines” for performance growth are favored by private funds. For example: as of the end of 2025, the Gaoyi Lingshan No. 1 Overseas Vision Fund managed by Feng Liu, fund manager of Gaoyi Assets, continuously increased its holdings of CNBM New Materials for two consecutive quarters. In addition, products under Zhenryou Investment newly entered the top 10 circulating shareholders list of Debang Lighting in the fourth quarter, while products under Renqiao Asset increased their holdings of Chengtou Holding in the same period.

In the view of industry insiders, as the effects of policy measures gradually become evident, with incremental capital continuing to flow into equity assets, the earnings-driven market trend is expected to be further played out.

Feng Liu keeps increasing holdings of high-quality stocks

On March 31, the 2025 annual report released by CNBM New Materials showed that as of the end of 2025, the Gaoyi Lingshan No. 1 Overseas Vision Fund held 28.5 million shares, with an ending holding market value of RMB 1.32 billion. Compared with the end of the third quarter, it increased its holdings by 7 million shares. Also increasing its holdings of CNBM New Materials in the fourth quarter of 2025 was Hong Kong Securities Clearing Company Limited, which increased its holdings by 3.464 million shares.

It is worth noting that this is not Feng Liu’s first time increasing his stake in CNBM New Materials.

In the third quarter of 2025, the Gaoyi Lingshan No. 1 Overseas Vision Fund newly entered the top 10 circulating shareholders list of CNBM New Materials, jumping to become its second-largest circulating shareholder. At the end of the period, the fund held 21.5 million shares.

Public information shows that CNBM New Materials is a new energy materials company engaged in the 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 RMB 48.14 billion in 2025, up 19.68% year over year; and attributable net profit to the parent company of RMB 1.567 billion, up 6.84% year over year.

Billion-yuan private funds target the “new growth engine”

Not only Gaoyi Assets where Feng Liu is based, but multiple “billion-yuan” private funds have also set their sights on high-quality stocks.

According to the annual report recently released by Chengtou Holding, as of the end of 2025, the Foreign Trade Trust—Renqiao Zeyuan Stock Private Securities Investment Fund held 27.4865 million shares, up nearly 6.2 million shares compared with the end of the third quarter.

The annual report of Chengtou Holding shows that in 2025, the company achieved operating revenue of RMB 14.457 billion, up 53.27% year over year; and realized net profit of RMB 289 million, up 19.19% year over year.

China Resources Shuanghe is also one of the targets that Renqiao Asset added to its holdings 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, up 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 RMB 11 billion; and net profit attributable to shareholders of listed companies of RMB 1.65 billion, up 1.18%.

Debang Lighting’s recently released annual report shows that as of the end of 2025, the Foreign Trade Trust—Zhongyang Target Return No. 1 Securities Investment Collective Funds Trust Scheme newly entered the company’s top 10 circulating shareholders list, with an ending holding of 4.8653 million shares.

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

Betting on an earnings-driven market trend

In the eyes of leading private fund managers, with incremental capital continuing to enter and corporate earnings gradually recovering, this year is expected to see an earnings-driven structural market trend unfold.

Dengshuiquan Investment believes that although geopolitical conflicts in the Middle East may continue to ferment in the short term, when viewed over a longer time horizon, as A-share listed companies continue to disclose their financial reports, market attention is expected to gradually return to fundamentals, and certainty in earnings growth will become the primary source of returns. Especially after short-term disruptions, the investment value-for-money of some current assets has become even more prominent.

StarStone Investment’s analysis states that although the development of the Middle East situation still has uncertainty in the short term, after going through short-term adjustments, valuation risk in A-shares has been further released. Going forward, a rebound in corporate earnings is expected to drive stock market performance. Specifically, China’s manufacturing strengths are clear at present. In the field of artificial intelligence, technological iterations and application rollouts are still advancing. In the broadly defined technology sector, there are good opportunities to realize earnings, and China’s core assets with stability and high value for money offer mid-term opportunities.

(Editor: Xu Nannan)

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