本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 7月股商强势上涨，股市方面，上证指数单月涨幅达3.74%，站上3600点（8月最新已站上3780点），深证成指涨幅为5.20%，创业板指上涨 8.14%；商品市场方面，南华商品指数月度上涨3.80%，工业品指数上涨4.86%，黑色指数涨幅达8.52%。 如此行情也点燃了投资者信心，私募证券基金产品迎来备案高峰，私募排排网数据显示，7月完成备案的私募证券基金产品数量创出近27个月以 来新高，且备案产品以股票策略、多资产策略、期货及衍生品策略为主。 实际上，当前现有的私募产品同样以这三大策略为主，私募排排网数据显示，截至2025年7月底，以符合排名规则的私募产品数量计共有4425 只， 股票策略、期货及衍生品策略、多资产策略产品数量居前 ，分别为2737只、617只、602只，三大策略产品合计3956只， 占私募产品总数 接近 9成！ 私募排排网数据显示，截至2025年7月底， 符合排名规则的股票策略产品在 3只及以上且有业绩展示的头部私募 合计61家，旗下股票策略产品 共552只，产品规模合计约为875.38亿元。 今年来旗下股票策略产品收益均值前 ...

Group 1 - The core viewpoint of the articles highlights the outstanding performance of private equity funds in the A-share market, with an average return of 11.94% for 11,880 private securities products as of July, 86.97% of which achieved positive returns [1] - Stock strategies have shown particularly strong performance, with 7,760 stock strategy products averaging a return of 14.5%, leading among five major strategies, and 88.2% of these products achieving positive returns [1][2] - Top private equity firms have outperformed the industry average, with 55 billion-level private equity firms averaging a return of 16.6%, and 98.18% of them achieving positive returns [1] Group 2 - Multi-asset strategies follow closely behind stock strategies, with 1,364 multi-asset strategy products averaging a return of 9.59%, and 86.66% of these products achieving positive returns [2] - Combination funds have shown stable performance, with 405 combination funds averaging a return of 8.57%, and 92.10% of these products achieving positive returns [2] - In the bond strategy sector, 1,076 bond strategy products have averaged a return of 5.16%, with 91.54% achieving positive returns [3] Group 3 - The outlook for the market is optimistic, supported by reduced global trade uncertainties and the effectiveness of China's economic structural adjustments, with a focus on sectors like technology, innovative pharmaceuticals, and non-bank financials [3] - The company maintains a high position in its portfolio, particularly in sectors such as overseas AI, domestic computing power, and new consumption [3]

Group 1 - The private securities product registration market is experiencing unprecedented activity, with 1,298 products registered in July, a month-on-month increase of 18%, marking the highest level in nearly 27 months. This reflects a significant recovery in market confidence and a sustained demand for private product allocation [1] - The total number of registered products for the year has reached 6,759, representing a year-on-year increase of over 60%, indicating a clear recovery trend in the private issuance market [1] Group 2 - Quantitative private products have been particularly prominent in this registration wave, with 620 quantitative products registered in July, accounting for 47.77% of the total registered products for the month, and a month-on-month growth of nearly 20% [3] - Among the 13 private firms that registered more than 10 products in July, 11 were quantitative firms, with the top ten spots entirely occupied by quantitative institutions. Wide德 Private Fund led with 31 registered products, followed by Mingcong Investment with 26 [3] - Stock quantitative strategies dominate the quantitative product category, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products for the month, and a month-on-month increase of 26.79% [3] Group 3 - Stock strategies continue to play a leading role in private product registrations, with 887 stock strategy products registered in July, accounting for 68.34% of the total registered products, and a month-on-month growth of 24.58% [4] - Multi-asset strategies are emerging as a significant force, with 162 products registered in July, representing 12.48% of the total, and a month-on-month increase of 5.88% [4] - Futures and derivatives strategies, bond strategies, and combination fund strategies also show steady growth, with 125, 48, and 46 products registered respectively, indicating a diversification in investment options for investors [4] Group 4 - A total of 676 private institutions completed product registrations in July, including 48 billion-level private funds and 36 funds with 50 to 100 billion in scale, demonstrating active participation across different scales of private institutions [4]

Core Viewpoint - The A-share market has seen a revitalization through various themes such as artificial intelligence, robotics, innovative pharmaceuticals, and new consumption, leading to new opportunities for stock strategy private equity products [2] Summary by Categories Stock Strategy Products Performance - As of July 25, there are 2,758 stock strategy products with nearly one year of performance data, averaging a return of 49.04% and a dynamic drawdown of 13.23% [2][3] - Among the four secondary strategies, quantitative long and subjective long products have the highest average returns of 65.01% and 48.24%, respectively [2][3] - Quantitative long products exhibit a lower dynamic drawdown of 10.99% compared to subjective long products at 15.06% [2][3] - The stock market neutral products have the lowest dynamic drawdown at 5.54%, primarily due to their use of shorting to hedge beta risk [2] Top Performing Products - In the quantitative long category, the top three products are managed by Shengguanda, Hainan Shengfeng, and Liangchuang Investment [4][5] - Among 674 quantitative long products, 368 have a dynamic drawdown below the average of 10.99%, accounting for 54.6% [4] - The top products in the quantitative long category are primarily from private equity firms with assets under management between 20-50 billion [4] Subjective Long Products - In the subjective long category, 1,098 out of 1,810 products have a dynamic drawdown below the average of 15.06%, representing 60.66% [10] - The top three products are managed by Qinxing Fund, Beiheng Fund, and Youbo Capital [10][12] Stock Market Neutral Products - In the stock market neutral category, 136 out of 208 products have a dynamic drawdown below the average of 5.54%, which is 65.38% [15] - The top three products are managed by Jiaji Fund, Saisuo Fund, and Liangkui Private Equity [15][17] Stock Long-Short Products - In the stock long-short category, 36 out of 66 products have a dynamic drawdown below the average of 10.47%, accounting for 54.55% [18] - The top three products are managed by Yihua Yinghe Fund, Shengquan Hengyuan, and Beijing Jintai Fund [18][20]

Group 1 - The core viewpoint of the articles highlights that quantitative strategies and leading institutions have become the "core variables" reshaping the private equity industry landscape, with quantitative products accounting for nearly half of the new registrations in the first seven months of the year [1][3][4] - As of July 31, 2023, a total of 6,759 private equity securities products were registered, with 3,081 being quantitative products, representing 45.6% of the total [3][4][5] - The average number of registered products per billion-dollar private equity firm is significantly higher than that of smaller firms, with billion-dollar firms averaging 23.21 products compared to just 1.76 for firms with assets under 5 million [5][6] Group 2 - Among the billion-dollar firms, 38 quantitative private equity firms contributed over 80% of the total registration numbers, surpassing both subjective and combined strategies [2][7] - The registration numbers indicate that quantitative private equity firms, despite being fewer in number, have outperformed subjective firms in terms of product registrations, with an average of 8.06 products per quantitative firm compared to 2.12 for subjective firms [6][7] - Leading firms such as Kuande and Heiyi Asset have registered over 100 products each, showcasing the dominance of quantitative strategies in the billion-dollar private equity sector [2][7]

Quantitative Factors and Models Summary Quantitative Factors and Construction - **Factor Name**: BETA **Construction Idea**: Measures the sensitivity of a stock's returns to market returns, capturing systematic risk exposure [13][28] **Construction Process**: The BETA factor is calculated as the slope coefficient in a regression of a stock's returns against the market index returns over a specified period [13][28] **Evaluation**: This factor performed well during the week, indicating a positive contribution to portfolio returns [13][28] - **Factor Name**: Residual Volatility **Construction Idea**: Captures the idiosyncratic risk of a stock, independent of market movements [13][28] **Construction Process**: Residual volatility is derived from the standard deviation of the residuals in a regression of stock returns against market returns [13][28] **Evaluation**: This factor showed moderate positive performance during the week [13][28] - **Factor Name**: Momentum **Construction Idea**: Reflects the tendency of stocks with strong past performance to continue performing well in the short term [13][28] **Construction Process**: Momentum is calculated as the cumulative return of a stock over a specific look-back period, excluding the most recent month [13][28] **Evaluation**: This factor exhibited slight positive performance during the week [13][28] - **Factor Name**: Value **Construction Idea**: Measures the attractiveness of a stock based on its valuation metrics, such as price-to-earnings or price-to-book ratios [13][28] **Construction Process**: Value is computed using a weighted combination of valuation ratios, normalized across the universe of stocks [13][28] **Evaluation**: This factor underperformed during the week, indicating a negative contribution to portfolio returns [13][28] - **Factor Name**: Leverage **Construction Idea**: Represents the financial risk of a company based on its debt levels relative to equity [13][28] **Construction Process**: Leverage is calculated as the ratio of total debt to total equity for each stock [13][28] **Evaluation**: This factor showed slight negative performance during the week [13][28] - **Factor Name**: Size **Construction Idea**: Captures the performance difference between small-cap and large-cap stocks [13][28] **Construction Process**: Size is measured as the natural logarithm of a company's market capitalization [13][28] **Evaluation**: This factor significantly underperformed during the week, reflecting a preference for larger-cap stocks [13][28] Factor Backtesting Results - **BETA Factor**: Weekly return +0.27%, 1-year Sharpe ratio 2.74, 1-year maximum drawdown 5.40% [13][29] - **Residual Volatility Factor**: Weekly return +0.12%, 1-year Sharpe ratio -3.22, 1-year maximum drawdown 11.67% [13][29] - **Momentum Factor**: Weekly return +0.05%, 1-year Sharpe ratio 2.96, 1-year maximum drawdown 2.47% [13][29] - **Value Factor**: Weekly return -0.25%, 1-year Sharpe ratio -0.18, 1-year maximum drawdown 3.31% [13][29] - **Leverage Factor**: Weekly return -0.28%, 1-year Sharpe ratio 2.96, 1-year maximum drawdown 1.55% [13][29] - **Size Factor**: Weekly return -0.47%, 1-year Sharpe ratio -5.82, 1-year maximum drawdown 17.33% [13][29]

Group 1 - In June, a total of 1,100 private equity securities investment fund products were registered, marking a monthly record high for the year with a month-on-month increase of 26.44% [1] - In the first half of the year, the number of newly registered private equity securities investment funds reached 5,461, representing a year-on-year growth of 53.61% and a month-on-month increase of 100.48% [1][3] - Stock strategies emerged as the main force in private equity registrations for the first half of the year, with 3,458 new stock strategy private equity products accounting for 63.32% of the total registered products [3] Group 2 - Quantitative strategies dominated the market, with 2,448 registered quantitative strategy private equity products, of which 1,715 were stock quantitative strategies, making up 70.06% [3] - The most popular strategy was the index enhancement strategy, with 1,061 registered products, representing 61.87% of stock quantitative strategies, followed by the market-neutral stock strategy with 571 products, accounting for 33.29% [3] - The performance of securities private equity funds was strong in the first half of the year, with quantitative strategies leading, particularly the index enhancement strategy, which had the highest returns [3] Group 3 - Looking ahead to the second half of the year, private equity institutions maintain an optimistic outlook, focusing on technology, consumer sectors, innovative pharmaceuticals, and dividend assets [4] - In June, 751 private equity securities managers participated in A-share listed company research, covering 387 stocks across 28 primary industries, with a total of 1,769 research instances [4] - A total of 46 stocks received significant attention from private equity institutions, each with research frequency of at least 10 times [4]

Group 1 - The average return of stock strategy private equity funds is close to 5% as of the end of May, with over 70% of funds showing positive returns and more than 400 products yielding over 20% this year [1] - Among 12,843 private equity funds with performance records, stock strategy funds lead with an average return of 4.81% and a positive return ratio of 73.5% [1] - The strong performance of stock strategy private equity is attributed to active small-cap stock styles and structural market trends in sectors like innovative drugs, technology, and new consumption [1] Group 2 - As of May 30, 60.96% of large-cap stock private equity funds have over 80% of their positions, indicating a significant bullish stance [2] - The current price-to-earnings ratio of the CSI 300 index is around 12 times, and the Hang Seng index is about 10 times, suggesting that Chinese assets are not overvalued [2] - Private equity funds are increasingly favoring equity assets, particularly in technology and pharmaceutical sectors, with recent group research focusing on leading companies in semiconductors and healthcare [2][3]

Core Insights - The private equity securities fund industry has shown strong performance in the first five months of the year, with an average return of 4.34% across 12,843 funds, and 74.81% of these funds achieving positive returns [1] Group 1: Performance by Strategy - Equity strategies led the market with an average return of 4.81%, with 73.5% of the 8,487 equity funds reporting positive returns [1] - Multi-asset strategies followed with an average return of 4.14%, while futures and derivatives strategies and combination funds had returns of 3.19% and 3.09% respectively [1] - Bond strategies lagged with an average return of 2.42%, indicating a performance gradient among different strategies in the current market environment [1] Group 2: Quantitative Strategies - The strong performance of quantitative strategies is attributed to a favorable market environment characterized by a small-cap growth style [1] - Within equity strategies, quantitative long strategies performed exceptionally well, with an average return of 8.46% and 86.62% of the 1,480 funds achieving positive returns [1] - Market-neutral strategies also performed well, with an average return of 5.00% and a positive return rate of 91.18% [1] Group 3: Futures and Derivatives Strategies - In the futures and derivatives strategies, quantitative CTA strategies had an average return of 3.38%, slightly outperforming subjective CTA strategies at 3.37% [2] - The proportion of funds with positive returns for quantitative CTA strategies was 70.36%, compared to 65.19% for subjective CTA strategies [2] - Other derivatives strategies and options strategies had average returns of 2.45% and 2.41% respectively [2] Group 4: Market Outlook - Leading private equity institutions express optimism for the market, with indications that the A-share market has completed a "bottoming" phase [2] - A prominent private equity firm believes that the A-share market is entering a historic opportunity for asset value reassessment, anticipating significant upward movement [2] - Another firm notes that A-share valuations are currently low, with ample potential funding and a clear policy stance to stabilize the economy and stock market, leading to growing investor confidence [2]

Core Insights - The A-share market has stabilized and shown improved risk appetite since 2025, leading to a surge in high-net-worth clients entering through private equity channels [1] - The private equity sector is experiencing a product registration boom, with a total of 4,361 private equity securities products registered by May 31, 2025, marking a 45.03% increase compared to the same period in 2024 [1] - Stock strategies dominate the private equity landscape, with 2,749 stock strategy products accounting for 63.04% of the registered products in 2025 [2] Group 1: Market Trends - The number of registered private equity products in May 2025 reached 870, a year-on-year increase of 77.19%, indicating strong industry momentum [2] - The market sentiment has been recovering since the significant rebound in September 2024, with private equity products showing renewed interest despite previous market adjustments [2][5] - The overall market environment has improved significantly compared to 2024, with trading volumes exceeding one trillion, benefiting both subjective and quantitative investments [5] Group 2: Quantitative Strategies - Quantitative private equity products have gained significant traction, with 1,930 products registered in 2025, representing 44.26% of the total private equity securities products [4] - Among the registered quantitative products, 1,339 are stock strategy products, making up 69.38% of the total quantitative product registrations [4] - Major quantitative private equity firms dominate the registration landscape, with 31 out of 66 firms having registered more than 10 products being large quantitative firms [4] Group 3: Future Outlook - The private equity industry is expected to see a more pronounced Matthew effect, with an increasing focus on high-quality industry supply enhancing the sector's image and investor confidence [2] - The market is anticipated to shift its focus from overseas risks to domestic factors, with economic fundamentals and policy impacts expected to play a larger role in market performance [3] - The current market conditions are seen as favorable for quantitative strategies, with high trading volumes and liquidity providing ample opportunities for capturing excess returns [5]