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]

Group 1 - The average return of 12,843 private equity securities products as of the end of May is 4.34%, with 9,608 products achieving positive returns, representing 74.81% [1] - Stock strategy private equity products lead the performance this year, with an average return of 4.81% from 8,487 products, and 6,238 products achieving positive returns, accounting for 73.50% [1] - Multi-asset strategy products follow closely, with an average return of 4.14% from 1,439 products, and 1,075 products achieving positive returns, representing 74.70% [1] Group 2 - Futures and derivatives strategy products have an average return of 3.19% from 1,339 products, while combination funds have an average return of 3.09% from 473 products, indicating similar performance [2] - Combination funds show a higher stability with 86.68% of products achieving positive returns compared to futures and derivatives strategies [2] - Bond strategy products have the lowest performance this year, with an average return of 2.42% from 1,105 products, and 959 products achieving positive returns, representing 86.79% [2] Group 3 - Quantitative strategies have strengthened due to the small-cap growth style, with an average return of 8.46% from 1,480 quantitative long equity products, and 1,282 products achieving positive returns, accounting for 86.62% [2] - Subjective long equity strategy products have an average return of 3.98%, which is less than half of the quantitative long equity strategies [2] - Market neutral strategies have an average return of 5.00% from 726 products, outperforming subjective long strategies [3]

Group 1 - Ant International plans to apply for a stablecoin license in Hong Kong, with the application to be submitted after the relevant channels open on August 1 [1] - The People's Bank of China and the State Administration of Foreign Exchange allow banks in Fujian to handle cross-border RMB payments for Taiwanese residents purchasing legal real estate [2] - The National Development and Reform Commission supports Shenzhen in launching a pilot program for a combined cross-border fund pool, with a transaction volume reaching $340 billion [3] Group 2 - Shanghai Jing'an District encourages private enterprises to engage in high-quality mergers and acquisitions and accelerate the application of "blockchain + finance" innovations [4] - New China Life Insurance plans to invest up to 15 billion RMB in private equity fund shares to optimize asset-liability matching and improve capital efficiency [5] - Nanjing aims to enhance its core robotics industry scale to 10 billion RMB by 2027, fostering at least five mass production enterprises [6] Group 3 - Elon Musk calls for the EU to expedite the approval of Tesla's Full Self-Driving technology, emphasizing its potential to reduce traffic injuries [7][8] - TrendForce predicts that HBM4 will begin mass production in Q2 2026, with HBM3e expected to dominate the market in 2025 [8] - The Ying Shiman Group launches its first A-share index-enhanced private fund, indicating increased foreign investment in China [10]

全球投资管理公司英仕曼集团今日宣布，其中国的全资子公司英仕曼（上海）投资管理，正式推出在中 国市场的首个自主管理的股票指数增强策略产品——英仕曼美量中证 500 指数增强策略。该产品已在中 基协完成备案。英仕曼 Numeric 高级投资经理方子昂表示，随着中国经济的稳健增长，A 股市场作为全 球第二大股票市场，不仅具有显著的配置价值潜力，其独特的市场结构和投资者行为特征也可以为量化 策略提供了丰富的 alpha 来源。（记者 闫军） ...

点评：杨华辉卸任兴业证券党委书记，苏军良接棒，引发市场对闽系券商资源整合的猜测。杨华辉任职 期间推动兴业证券总资产大幅增长，苏军良亦有丰富经验。此人事变动，可能让兴业证券股价面临新的 估值考量，对券商板块关注度有所提升，但市场整体或仍维持观望态势，等待更多实质性信息。 NO.2 创纪录！这只ETF"巨无霸"单次分红有望突破80亿元 6月11日，华泰柏瑞基金发布公告称，旗下沪深300ETF（510300）将实施现金分红，拟每10份分红0.88 元，按照6月10日统计的基金规模来计算，分红规模有望突破80亿元，或刷新ETF单次分红纪录。今年 以来，A股上市公司的分红稳定性、持续性和可预期性显著提升，带动权益ETF分红热情高涨，部分高 分红的成分股也成为权益ETF的重要收益来源。截至目前，2025年以来全市场ETF（含联接基金）累计 分红金额已超百亿，显示出ETF产品较强的分红意愿及分红能力。 ｜2025年6月12日 星期四｜ 点评：华泰柏瑞沪深300ETF拟分红超80亿元，创ETF单次分红纪录，此消息体现了基金的盈利能力。 对金融、消费等ETF成分股行业板块，显示高分红股票受青睐。整体看，提升市场对权益类ETF产 ...

近日，小微盘市场活跃，6月9日中证2000增强ETF（159552）涨1.31%，再次刷新上市以来的新高。近5日涨4.25%，近10日涨4.99%，今年以来累计涨 24.33%。 今年以来，小微盘持续飙涨，中证2000指数涨幅12.33%，显著跑赢主流宽基指数。 数据来源：wind，截至2025.6.9 成交热度也在持续上升，6月9日成交额占万得全A指数达30.33%，接近2020年以来的历史新高。 数据来源：wind，截至2025.6.9 【小微盘为何持续飙涨？三重因素共振】 机构指出，流动性是中小盘行情的关键支撑因素。回看历史情况，在国内剩余流动性上升的阶段，市场风险偏好程度增加，小盘往往占优。今年5月，一揽 子超预期稳增长重要举措发布。央行降准，释放1万亿长期流动性，LPR、银行间利率整体下行。银河证券认为，5月7日的一揽子货币政策并非宽松的顶 点，未来1至2个季度，持续的宽松政策或将陆续推出，有望继续支撑中小盘行情。 另一方面，中小企业获益于科技创新，今年以来产销持续改善。1—4月规模以上工业中小企业增加值同比增长8.2%，营业收入达25.8万亿元。其中装备制造 业、原材料制造业因技术升级带动需求增长 ...

Core Viewpoint - The private equity securities product issuance has significantly rebounded this year, indicating a renewed interest in the industry driven by improved market sentiment and regulatory conditions [1][2][3]. Group 1: Private Equity Product Issuance - In the first five months of this year, a total of 4,361 private equity securities products were registered, representing a 45.03% increase compared to the same period last year [2][3]. - The number of products registered in May alone reached 870, showing a remarkable year-on-year growth of 77.19% [2][3]. - The resurgence in private equity product issuance is attributed to multiple factors, including a stabilizing A-share market and favorable policies in technology innovation and industrial upgrades [3]. Group 2: Market Dynamics and Investor Sentiment - The private equity industry has seen a recovery in management scale, with the total size exceeding 20.22 trillion yuan, including over 5 trillion yuan in private securities funds [4]. - The performance of private equity products, particularly quantitative strategies, has attracted significant investor interest, leading to increased allocations [3][5]. - The market sentiment has improved post-tariff shocks, with institutions expressing confidence in the long-term potential of the A-share market [7][8]. Group 3: Quantitative Products - Quantitative products have become particularly popular, with 1,930 products registered this year, accounting for 44.26% of all private equity securities products [5][6]. - Among the registered quantitative products, 1,339 are stock strategy products, making up 69.38% of the total [5]. - The top five firms in terms of product registration this year are all quantitative firms, indicating their dominance in the market [6].

Group 1 - Market sentiment indicators have declined further, with the sentiment score dropping to 1.75 from 2.5, indicating a bearish outlook [1][7]. - The proportion of financing balance and the 300RSI index scores have decreased, reflecting increased bearish sentiment among investors [11][14]. - The total trading volume in the A-share market has shown a slight increase, with a daily trading volume of 1.17 trillion RMB and a decrease in daily trading volume to 954.58 million shares [17][18]. Group 2 - The trend scores for industries such as communication, media, computer, and textile have shown significant increases, with communication and real estate industries seeing a rise of 41.67% in short-term trend scores [33][34]. - The model indicates a preference for small-cap growth stocks, with a strong signal for small-cap style dominance and weak differentiation between growth and value styles [35][36]. - The industry performance shows that communication, basic chemicals, non-ferrous metals, and steel have strong price trends, while industries like home appliances, food and beverage, and automotive are underperforming [29][30].

Group 1 - The private equity securities fund market is showing a strong recovery trend, with 4,361 funds registered in the first five months, a year-on-year increase of 45.03% [1] - In May alone, 870 funds were registered, representing a significant year-on-year growth of 77.19%, indicating a new wave of development in the private equity industry [1] Group 2 - Quantitative private equity funds are leading the market recovery, with 1,930 funds registered in the first five months, accounting for 44.26% of the total registered private equity securities funds [3] - Among the 66 private equity institutions with at least 10 registered products, 40 are large institutions, with 31 being quantitative private equity firms, highlighting the strong growth of leading quantitative firms [3] - The majority of quantitative private equity products focus on stock strategies, with 1,339 products registered, making up 69.38% of the total quantitative products [3] Group 3 - Stock strategies remain dominant, with 2,749 stock strategy products registered, representing 63.04% of the total 4,361 private equity securities funds [4] - Multi-asset strategies and futures and derivatives strategies rank second and third, with 646 and 510 products registered, accounting for 14.81% and 11.69% respectively [4] - The distribution of strategies reflects an increasing demand for diversified investment options among investors [4] Group 4 - There are 1,558 private equity fund managers with registered products, with 1,177 small firms managing under 1 billion yuan and registering 2,062 products [4] - Medium-sized firms managing between 1 billion and 5 billion yuan have 259 firms with 914 registered products, while large firms managing over 5 billion yuan have 122 firms with 1,385 registered products [4]

Group 1 - The private equity securities industry in China has shown significant growth in the first five months of this year, with a total of 4,361 registered private equity securities products, representing a 45.03% increase compared to the same period last year [1] - In May alone, the number of registered products reached 870, marking a year-on-year increase of 77.19%, indicating a strong development momentum in the industry [1] - Equity strategies dominate the market, with 2,749 equity strategy products accounting for 63.04% of the total registered products, highlighting their position as core allocation assets [1] Group 2 - Quantitative private equity products have seen a total of 1,930 registrations this year, making up 44.26% of all registered private equity securities products, underscoring the importance of quantitative strategies in the private equity sector [1] - Within quantitative products, 1,339 are focused on equity strategies, representing 69.38% of the total quantitative product registrations, followed by futures and derivatives strategies with 299 products (15.49%) [2] - The majority of quantitative equity products are derived from index enhancement strategies, with 850 registrations, accounting for 63.48% of the total equity quantitative products [2] Group 3 - A total of 1,558 private equity securities institutions have registered products this year, with 1,177 small-scale private equity firms (0-1 billion) registering 2,062 products [2] - Among the 190 active private equity institutions, 66 have registered at least 10 products, with large-scale quantitative private equity firms making up 40 of these [3] - The leading private equity firm in terms of product registrations is Blackwing Asset Management, with 87 products, followed closely by Kuan De Private Equity with 79 products [3]