Summary of Key Points from the Conference Call Industry Overview - **Market Environment Review: Equity Market** In 2025, the equity market showed mixed performance with the Shanghai Composite Index rising by 2.76%, Shenzhen Component Index by 0.48%, and ChiNext Index by 0.53% [2][4]. Global markets also performed well, with the S&P 500 increasing by 5.50%, Nasdaq by 5.48%, and the Hang Seng Index by 20.00% [2][4]. - **Market Environment Review: Commodity Market** The Nanhua Commodity Index decreased by 2.09% in 2025, while precious metals increased by 20.74% and agricultural products by 3.20% [6][9]. - **Market Environment Review: Bond Market** The China Government Bond Index rose by 0.86%, the China Credit Bond Index by 1.18%, and the Convertible Bond Index by 7.02% [12][13]. Core Insights and Arguments - **Equity Asset Returns** The performance of various equity indices in 2025 showed significant variation, with MSCI Europe leading at 20.67% and the Shanghai Composite Index lagging at 2.76% [4]. The average return for equity assets was reported at 7.87% for the first half of 2025, with 82.74% of products achieving positive returns [19][20]. - **Private Fund Issuance** There were 4,204 new private fund products registered in 2025, with 957 new securities private funds in June alone [15][16]. - **Performance of Private Fund Strategies** The subjective long/short strategy yielded a return of 10.55% with a maximum drawdown of -15.04% [24]. The quantitative long strategy outperformed with a return of 14.00% and a maximum drawdown of -13.38% [32]. The stock long/short strategy achieved a return of 9.91% with a maximum drawdown of -9.37% [41]. Additional Important Information - **Private Fund Performance by Size** The average return for subjective long/short products varied by size, with products sized between 5 million to 10 million yielding 8.00% and those over 2 billion yielding 8.63% [28][35]. For quantitative long products, those over 2 billion had the highest average return at 20.47% [36]. - **Positive and Negative Return Distribution** The distribution of returns showed that 17.26% of products had negative returns, with an average loss of -3.62% [19][20]. The average position for subjective long/short products was reported at 86.81% [24]. - **Strategy Distribution in Private Fund Registration** The majority of new private fund strategies were categorized as "other," accounting for 82.45% of the total [17]. This summary encapsulates the key points from the conference call, highlighting the performance of various markets and private fund strategies, as well as the overall market environment in 2025.