平均赚超20%，逾九成私募产品年内正收益

Core Insights - The year 2025 is projected to be favorable for private equity firms, with strong performance in private securities products and a resurgence of notable stock private equity funds [1][2] Performance of Private Securities Products - As of August 31, 2025, there are 10,135 private securities products with performance records, achieving an average return of 20.41% this year, with 9,208 products (90.85%) generating positive returns. The 5th percentile return reached 60.64% [3] - Among 6,473 stock strategy products, 6,026 (93.09%) achieved positive returns, with an average return of 25.38% and a 5th percentile return of 72.23%. This strong performance is attributed to structural opportunities in the market [3] - Multi-asset strategies have also performed well, with 1,279 products recording an average return of 15.61% and 89.91% achieving positive returns. The 5th percentile return for these products is 52.84% [3] Strategy Performance Breakdown - Combination fund strategies have the highest positive return rate, with 382 out of 398 products (95.98%) achieving positive returns and an average return of 14.12% [4] - Futures and derivatives (CTA) strategies have underperformed, with 935 out of 1,212 products (77.15%) achieving positive returns and an average return of 8.55% [4] - Bond strategies have shown stability, with 715 out of 773 products (92.50%) achieving positive returns and an average return of 7.89% [4] Research Activity of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms have participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [6] - The top private equity firm in research activity is Panjing Investment, with 350 research instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [6][7] International Research Efforts - Many large private equity firms have increased their overseas research efforts, with some firms sending managers and researchers to Africa to investigate overseas mining projects [8]