Key Points - The core viewpoint of the article highlights the impact of external shocks on the equity market, leading to increased risk aversion and an overall market pullback in April 2025 [2][8]. Group 1: Equity Market Performance - In April 2025, the CSI 300 index experienced a monthly decline of 3.00%, while the CSI 500 index fell by 3.86%, and the CSI 1000 index saw a decrease of 4.44% [2]. - Strictly constrained monthly excess returns for the CSI 300 were 0.21%, for the CSI 500 were -0.07%, and for the CSI 1000 were 1.12% [2]. - Smart Beta strategies yielded monthly excess returns of 0.09% for the CSI 300, 0.31% for the CSI 500, and 1.20% for the CSI 1000 [2]. - Rotation strategies provided monthly excess returns of 0.13% for the CSI 300, 0.29% for the CSI 500, and 1.59% for the CSI 1000 [2]. Group 2: Private Equity Strategies - In the private equity sector, long strategies showed the least decline with the CSI 300 index down by only 2.64%, while quantitative stock selection strategies had a return of -2.72% [3]. - Absolute return strategies performed well, with ETF arbitrage strategies achieving an annualized return of 14.46% and market-neutral strategies at 6.17% [3]. - Convertible bond strategies underperformed with a return of -0.95%, but had a smaller drawdown compared to other long strategies [3]. - In commodity and derivatives strategies, quantitative CTA strategies led with an annualized return of 10.49%, while futures arbitrage strategies followed at 6.07% [3]. Group 3: Private Fund Issuance and Registration - As of the end of March 2025, there were 19,951 active private fund managers managing 142,278 funds with a total scale of 19.97 trillion yuan [4]. - In March 2025, 1,423 new private funds were registered with a total scale of 631.3 billion yuan, including 1,072 private securities investment funds with a scale of 329.78 billion yuan [4]. - A total of 2,127 private securities investment funds were liquidated, while 85,614 private securities investment funds remained active with a total scale of 5.25 trillion yuan [4].
【金融工程】关税风波引发权益市场下跌,量化策略超额表现优异——策略指数跟踪月报(2025年5月期)
华宝财富魔方·2025-05-16 10:00