Group 1 - The A-share market has shown a continuous recovery, with over 90% of billion-yuan private equity firms achieving positive returns this year [1] - As of May 31, the average return of 50 billion-yuan private equity firms was 7.07% year-to-date, with 46 firms (92%) reporting positive returns [1] - Among the billion-yuan private equity firms, 13 firms achieved returns of 10% or more, with notable performers including Jinhua Lun, Xinhong Tianhe, Abama Private Equity, and Longqi Technology [1] Group 2 - Quantitative private equity firms have significantly outperformed, with an average return of 9.23% year-to-date, and all 32 firms reporting positive returns [1] - In the high-return category, 9 out of 13 billion-yuan private equity firms with returns of 10% or more are quantitative firms [1] - The subjective billion-yuan private equity firms have an average return of 3.25% this year, with 12 out of 14 firms (85.71%) achieving positive returns [2] Group 3 - The mixed subjective and quantitative billion-yuan private equity firms have an average return of 3.12%, with only 2 out of 4 firms (50%) reporting positive returns [2] - The ongoing US-China trade negotiations are seen as a major factor affecting the A-share market, with potential easing of uncertainties regarding US tariff policies [2] - The market is expected to experience high-frequency fluctuations within a narrow range, with growth, consumption, and cyclical sectors showing potential [3]

Group 1 - The number of billion-dollar private equity managers has increased slightly, reaching 87 as of May 12, up by 3 from March [1] - Four billion-dollar private equity firms have temporarily exited the billion-dollar club, while seven firms have newly entered or returned [1] - Among the seven firms, Shanghai RuiLiang Private Equity, Junzhi Jian Investment, and Zhuhai Kuande are new entrants, while Hongchou Investment, Suijiu Private Equity, Wanyan Asset, and Ruitian Investment have returned [1] Group 2 - The new or returning firms include four quantitative private equity firms: Shanghai RuiLiang, Zhuhai Kuande, Wanyan Asset, and Ruitian Investment [1] - The remaining three firms, Junzhi Jian Investment, Hongchou Investment, and Suijiu Private Equity, are categorized as discretionary private equity firms [1]