Group 1 - The A-share market showed a fluctuating upward trend in the first half of the year, with small-cap growth style indices performing strongly and significant structural market characteristics [1] - The average return of 50 billion private equity firms reached 10.93% in the first half of the year, significantly outperforming the Shanghai and Shenzhen 300 Index, with 94% of firms achieving positive returns [1] - Among the profitable billion private equity firms, 20 firms had returns within 10%, 21 firms had returns between 10% and 19.99%, and 6 firms had returns of no less than 20% [1] Group 2 - Quantitative private equity firms benefited from the active small-cap market and improved liquidity, achieving an average return of 13.72% in the first half of the year, with all firms reporting positive returns [2] - In the 27 billion private equity firms with returns of no less than 10%, 24 were quantitative firms, indicating a strong performance in this category [2] - The average return of 14 subjective billion private equity firms was 5.51%, with only 85.71% achieving positive returns, showing a significant underperformance compared to quantitative firms [2] Group 3 - Mixed strategy private equity firms outperformed subjective firms, with an average return of 7.62% and 75% achieving positive returns [2] - The market outlook for the second half of the year suggests a potential recovery in profit factors during the mid-year performance window, supported by a favorable liquidity environment [2] - Financial securities indicate that the market may continue to experience wide fluctuations in the third quarter, with ongoing rotation among market styles [3]