Group 1 - The overall performance of private equity securities products has been strong since 2025, with 90.66% of 12,415 products achieving positive returns and an average return rate of 22.61% [1] - Stock strategies have emerged as the "star strategy" this year, with 91.78% of 8,034 products generating positive returns and an average return rate of 27.07%, driven by structural trends in the A-share market [1] - Multi-asset strategies have also performed well, with 91.31% of 1,496 products achieving positive returns and an average return rate of 18.78%, effectively diversifying risks in a complex market environment [1] Group 2 - Combination funds have shown high success rates, with 95.59% of 431 products achieving positive returns and an average return rate of 16.79%, highlighting the value of professional allocation [2] - Futures and derivatives strategies have remained stable, with 82.51% of 1,338 products generating positive returns and an average return rate of 13.39% [2] - Bond strategies have consistently performed steadily, with 89.61% of 1,116 products achieving positive returns and an average return rate of 7.75% [2] Group 3 - Quantitative long strategies have emerged as a standout in stock strategies, with 96.11% of 1,595 products achieving positive returns and an average return rate of 36.24%, significantly outperforming the overall stock strategy average [2] - Subjective long strategies have underperformed compared to quantitative long strategies, with 90.56% of 5,530 products achieving positive returns and an average return rate of 27.05% [2] Group 4 - In hedging strategies, stock long-short strategies have significantly outperformed stock market neutral strategies, with 92.48% of 226 products achieving positive returns and an average return rate of 18.42% [3] - Stock market neutral strategies have shown a positive return rate of 91.36% among 683 products, with an average return rate of 9.84% [3]

Core Viewpoint - The article emphasizes the strong performance of the Chinese A-share market since April, highlighting a "slow bull" market characterized by significant gains, particularly in the context of private equity fund strategies to capitalize on this trend [2]. Private Equity Strategies Subjective Long Strategy - This strategy benefits directly from the bull market, allowing fund managers to select stocks with high potential for returns, thus achieving significant elasticity in a rising market [3]. - The core logic involves deep value discovery, where fund managers identify undervalued stocks through thorough research, aiming for substantial price appreciation [5]. - Flexibility in position management allows fund managers to adjust stock holdings based on market conditions, maximizing gains during bullish phases [6]. - The strategy aims for significant excess returns (Alpha), outperforming market averages, especially evident in past bull markets where it significantly outperformed the CSI 300 index [7][8]. Quantitative Long Strategy - This strategy utilizes algorithm-driven approaches to capture market uptrends, reducing the risk of missing out on gains due to subjective errors by fund managers [14]. - It combines market beta returns with stable alpha returns, benefiting from increased trading activity and liquidity in a bull market [14]. - Various sub-strategies exist within quantitative long strategies, catering to different risk profiles, from conservative to aggressive investors [15][16]. Macro Strategy - Macro strategies adapt to economic cycles, allowing for flexible asset allocation across stocks, bonds, commodities, and currencies to capture market trends while hedging risks [20]. - In a bull market, these strategies can enhance returns through diversified exposure while mitigating potential downturns [21]. - Performance data indicates that macro strategies have yielded an average return of approximately 13.93% this year, with top-performing funds highlighted [21]. Composite Strategy - Composite strategies employ multiple investment strategies simultaneously, achieving a synergistic effect that enhances overall returns while managing risk [23]. - They provide diversified income sources, reducing reliance on any single market or asset, thus smoothing overall volatility [24]. - Performance data shows an average return of about 17.82% for composite strategies this year, with leading funds identified [24].