从3年、5年到7年：有多少股票多头产品能连续正收益？头部私募中仅4家做到！

Core Viewpoint - The A-share market in 2025 is characterized by extreme structural trends, favoring small-cap and growth stocks while large-cap and value styles face pressure. Significant sector differentiation is observed, with industries like non-ferrous metals, communication, and electronics seeing annual gains exceeding 40%, while food and beverage and coal sectors decline [3][4]. Market Trends - From the previous bull market (2019-2021) to the new market cycle, A-share sector rotations have been frequent, reflecting profound industrial changes, shifting from "consumer dominance" to "technology leadership" and moving from the "real estate golden era" to the rise of "new productive forces" [3]. - The performance of sectors has varied significantly over the years, with the household appliances sector leading in 2019 but becoming a laggard by 2021. In contrast, non-ferrous metals, which led in 2025, had a relatively flat performance in the preceding three years [3]. Investment Performance - Among the top private equity firms, 66.84% of stock long products managed to achieve positive returns for three consecutive years from 2023 to 2025, with an average annual return of 16.95%, 29.68%, and 39.31% respectively, significantly outperforming the Shanghai Composite Index [5]. - The top-performing products over the last three years include those from firms like Dongfang Gangwan, Abama Investment, and Hanrong Investment, with cumulative returns averaging 107.44% [5]. Long-term Performance - Only 10.09% of stock long products managed to achieve positive returns for five consecutive years from 2021 to 2025, with an average cumulative return of 140.94% [15]. - A mere 10.91% of stock long products achieved positive returns for seven consecutive years from 2019 to 2025, with an average cumulative return of 273.02% [18]. Notable Fund Managers - Dongfang Gangwan's "Qiting No. 1" led the three-year cumulative return rankings, while Abama Investment's "Abama Chao Feng Po Lang A Class" also showed impressive performance [8][13]. - The investment strategies of these firms emphasize independent thinking and long-term beliefs, with a focus on disruptive technologies like artificial intelligence, which is expected to drive significant advancements in various sectors over the next 5 to 10 years [13][14].