924一周年，各私募策略收益表现如何？

Market Overview - The A-share market initiated a significant bull market on September 24, 2023, driven by a series of policy measures, with core indices showing remarkable gains: the ChiNext Index increased by 97.21%, the Shanghai Composite Index rose by 34.60%, and the Shenzhen Component Index climbed by 58.33% [2][4] - As of September 19, 2025, the total market capitalization of A-shares reached 104 trillion yuan, an increase of approximately 36 trillion yuan over the past year, with around 3,140 stocks rising over 50%, and more than 1,530 stocks doubling in value [4] Private Equity Performance - As of September 19, 2025, the stock strategy index recorded a gain of 45.46%, outperforming the comprehensive index's 35.13% increase, indicating a strong preference for equity investments among investors [6][11] - The average return for subjective long-only strategies was 64.80%, with an average alpha of 19.41% and a Sharpe ratio of 1.60, while quantitative long strategies showed even higher returns, particularly the CSI 1000 index-enhanced strategy, which achieved a return of 94.90% [8][11] Strategy Insights - The report highlights the importance of diversifying investment strategies to mitigate risks, especially in light of recent market volatility and policy changes that could impact stock performance [12] - Investors are encouraged to consider a mix of strategies, including bonds, CTA, and multi-asset strategies, which have shown promising average returns over the past year [12] Notable Trends - The private equity sector has seen an increase in the number of billion-yuan private equity firms, reaching 94, with significant performance from various funds focusing on technology and innovation sectors [14] - The report also notes the strong performance of certain technology stocks, particularly in the AI and robotics sectors, which have attracted substantial investment [14]