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指增私募晒半年度成绩单:平均收益达17.32%
Guo Ji Jin Rong Bao·2025-07-16 12:09

Core Insights - The performance of index-enhanced private equity products was outstanding in the first half of 2025, with an average return of 17.32% and an average excess return of 14.17% across 705 products, indicating that nearly all products outperformed their benchmark indices [1][2]. Group 1: Performance by Scale - Large-scale private equity (over 5 billion) showed a significant advantage, with 267 products achieving an average return of 18.3% and an average excess return of 14.51%, where 265 products had positive excess returns, accounting for 99.25% [2][3]. - Medium-scale private equity (20 to 50 billion) had 152 products with an average return of 17.3% and an average excess return of 14.37%, with 96.71% of products showing positive excess returns [3]. - Small-scale private equity (0 to 10 billion) had 286 products with an average return of 16.41% and an average excess return of 13.75%, with 89.51% of products achieving positive excess returns [3]. Group 2: Market Trends and Strategies - The market exhibited a significant small-cap style dominance, which positively impacted the performance of index-enhanced products linked to small-cap indices, with 76 other index-enhanced products and 258 air index-enhanced products achieving average returns of 20.84% and 17.88%, respectively [3]. - The performance of CSI 300 index-enhanced products lagged, with an average return of 6.31% and an average excess return of 6.28%, reflecting the overall weak performance of the CSI 300 index [4]. - Factors contributing to the strong performance of index-enhanced private equity products included structural characteristics of the A-share market, high individual stock volatility, and favorable trading conditions due to high average daily trading volume [4][5]. Group 3: Regulatory Environment - The relaxation of merger and acquisition policies by regulatory authorities led to an increase in significant asset restructuring cases, boosting market confidence and improving liquidity, which provided favorable conditions for the implementation of quantitative strategies [5].