降息在即，黄金新高，宏观策略脱颖而出！半夏李蓓今年业绩跻身前5

Core Insights - The equity market has returned to a volatile pattern, with some quantitative and subjective long strategies facing withdrawal pressure, while macro strategies have shown an overall upward trend [2] - As of August 2025, there are 187 macro strategy products with performance data, achieving average returns of 18.68% year-to-date and 5.58% in August, ranking 4th among 16 private equity secondary strategies [2][3] - The proportion of macro strategy products achieving positive returns in August rose significantly to 88.12%, compared to 67.42% in July [2] Performance Summary by Strategy - Macro strategies have 187 products with year-to-date average returns of 18.68% and August average returns of 5.58% [3] - The top-performing strategies include: - Long-short strategies with 777 products, year-to-date average returns of 35.67% and August returns of 8.95% - Subjective long strategies with 1974 products, year-to-date average returns of 30.08% and August returns of 9.19% [3] Top Private Equity Products - In the top 10 private equity products with over 50 billion in scale, there are 43 macro strategy products, with the top 10 threshold for returns being ***% [5] - The top three products are all managed by Duration Investment, with significant returns in August [6][7] - Notable fund managers include Wu Xing from Changdu Kaifeng Investment and Li Bei from Banxia Investment, both of whom have extensive experience and have achieved high returns [7][8] Company Performance Overview - Among companies with at least three macro strategy products, the top three are Duration Investment, Zhong'an Huifu, and Yize Investment, with Zhong'an Huifu achieving an average return of ***% this year [13][14] - Duration Investment leads with five macro strategy products, while Zhong'an Huifu has six, indicating strong performance in the macro strategy sector [14]