平均赚超20%！逾九成私募产品年内正收益

Core Viewpoint - The year 2025 is expected to be favorable for private equity firms, with significant returns observed in private securities products and a resurgence of star stock private equity funds [1]. Group 1: Performance of Private Equity Products - As of August 31, 2025, 10,135 private securities products recorded an average return of 20.41%, with 9,208 products achieving positive returns, resulting in a positive return rate of 90.85%. The 5th percentile return reached 60.64% [3]. - Among 6,473 stock strategy products, 6,026 achieved positive returns, representing 93.09%, 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, with A-shares showing an upward trend and a focus on small and mid-cap stocks, as well as technology growth and resource cyclical stocks [3]. - Multi-asset strategies also performed well, with 1,279 products recording an average return of 15.61% and a positive return rate of 89.91%. The 5th percentile return for these products was 52.84% [3]. Group 2: Strategy Performance Breakdown - Combination fund strategies had the highest positive return rate, with 398 products showing 95.98% positive returns and an average return of 14.12%, while the 5th percentile return was 36.38% [4]. - Futures and derivatives (CTA) strategies underperformed, with 1,212 products achieving a 77.15% positive return rate and an average return of 8.55%. The 5th percentile return for these products was 37.61% [4]. - Bond strategies remained stable, with 773 products achieving a 92.50% positive return rate and an average return of 7.89%, while the 5th percentile return was 26.59% [4]. Group 3: Research Activities of Private Equity Firms - As of September 11, 2025, 2,366 private equity firms participated in A-share company research, covering 1,999 stocks across 30 primary industries, with a total of 35,168 research instances [5]. - The top private equity firms in terms of research frequency include Panjing Investment with 350 instances, followed by Gao Yi Asset and He Xie Hui Yi Asset, both exceeding 200 instances [5][6]. - Many large private equity firms have increased their overseas research efforts, with some focusing on long-term investments in non-ferrous enterprises and conducting multiple research trips to Africa to assess overseas mineral projects [7].