今年4月，A股、港股、美股等股票市场均因关税问题出现了较大的波动，但自4月初见底以来，主要股指一路震荡上扬。最终，A股三大指数中的上证指 数、深证成指、创业板指在今年1-7月的涨幅分别约为6.61%、5.71%、8.72%。 在这样的市场环境下，各类资管产品在今年1-7月的整体收益表现较为亮眼。截至2025年7月底，在私募排排网有业绩展示的资管产品共有295只，今年1-7月 收益均值约为3.95%；股票策略资管产品的整体业绩相对领先，收益均值为11.19%；拉长时间来看，资管产品近一年的收益均值约为11.78%，股票策略资管 产品以超33%的平均收益相对领先。 （需要说明的是，不同策略资管产品有着不同的风险、收益特征，高收益往往伴随着高风险，各策略整体收益的高低，不代表策略的优异程度） 为了给读者提供一些参考，笔者根据资管产品的一级策略进行了划分，分别梳理出了5大策略产品中今年1-7月收益居前10的产品。（同一公司管理多只相同 细分策略产品的，仅选收益最高的产品参与排名） 股票策略：国海良时旗下指增产品夺冠，金鹰基金旗下产品居第2 在私募排排网有今年1-7月业绩显示的股票策略资管产品有19只。按照上文规则筛选 ...

Market Overview - In the first half of 2025, the A-share market showed a fluctuating upward trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Star 50 index surged nearly 40%, reaching a historical high [1] - The domestic futures market was active amid geopolitical changes and increased dollar volatility, with strong performance in precious metals and some non-ferrous metals, while black commodities saw significant declines [1] Asset Management Product Performance - As of June 30, 2025, there were 368 asset management products with performance data, yielding an average return of 2.44% and a median return of 2.03% over the past six months [1] - Among the primary strategies, stock strategy products had the highest average and median returns at 4.96% and 3.58% respectively, outperforming the three major A-share indices during the same period [1] Performance by Strategy Stock Strategy - There were 39 stock strategy products with performance data, with the top three products being "Guohai Liangshi Jinshi No. 2 Index Enhanced" by Guohai Liangshi Futures, "Jinying Xingwen No. 3 Collective" by Jinying Fund, and "Xiangcai Securities Qitai No. 1" by Xiangcai Securities [2][4] Futures and Derivatives Strategy - A total of 104 products were listed under futures and derivatives strategy, with the top three being "Ruida Futures - Ruizhi Wuyou No. 99" by Ruida Futures, "CITIC Jiantou Futures - Quantitative CTA No. 1", and "Xinda Litian No. 3" [7][9] Combination Fund Strategy - There were 104 combination fund products, with the top three being "Zhaoshang Futures - Baoyuan FOF", "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1", and "Penghua Asset - Zhongzheng 500 Index Enhanced FOF" [12][14] Multi-Asset Strategy - The multi-asset strategy saw "Guohai Liangshi Jinshi No. 6" by Guohai Liangshi Futures, "Dayue Futures Haiying No. 1", and "Anliang Futures Tiancai Quantitative" as the top three products [14][18] Bond Strategy - In the bond strategy category, the top three products were "Haitong Futures - Gold No. 1", "Dayue Futures - Xingfeng", and "Shanghai Zhongqi - Convertible Bond Arbitrage No. 1" [20][21]

Core Viewpoint - The A-share market showed a fluctuating upward trend in the first half of 2025, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Securities 50 index surged nearly 40%, reaching a historical high [2]. Summary by Strategy 1. Stock Strategy - Among 39 stock strategy products with performance data, the average return in the past six months was 4.96%, and the median was 3.58%, outperforming the three major A-share indices [3]. - The top three products in terms of performance were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Xiangcai Securities Qitai No. 1" [4][6]. 2. Futures and Derivatives Strategy - There were 104 futures and derivatives strategy products, with the top three being: 1. Ruida Futures' "Ruida Futures - Ruizhi Wuyou No. 99 Single" 2. CITIC Futures' "CITIC Futures - Quantitative CTA No. 1" 3. Xinda Futures' "Xinda Litian No. 3" [9][11]. 3. Combination Fund - A total of 104 combination fund products were analyzed, with the top three being: 1. Zhaoshang Futures' "Zhaoshang Futures - Baoyuan FOF" 2. Wanjia Gongying Asset's "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1 Collection" 3. Penghua Asset's "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [14][15]. 4. Multi-Asset Strategy - In the multi-asset strategy category, the top three products were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Dayue Futures' "Dayue Futures Haiying No. 1" 3. Anliang Futures' "Anliang Futures Tiancai Quantitative" [18][20]. 5. Bond Strategy - There were 90 bond strategy products, with the top three being: 1. Haitong Futures' "Haitong Futures Golden No. 1" 2. Dayue Futures' "Dayue Futures Xingfeng" 3. Shanghai Zhongqi Futures' "Shanghai Zhongqi Convertible Bond Arbitrage No. 1" [22][24].

Core Insights - The average return of asset management products displayed on the "Private Equity排排网" platform for May 2025 is 0.66%, with 72.55% of products showing positive returns [2][3] - Multi-asset strategy products lead in performance with an average return of 1.53% for May 2025, while stock and derivative strategies have shown over 10% returns in the past year [2][3] Performance by Strategy Futures and Derivatives Strategy - There are 119 products in this category, with an average return of 0.27% for May 2025 and a one-year average return of 13.33% [3][10] - The top three products in this strategy have achieved significant returns, with the highest being managed by 瑞达期货 [8][11] Combination Fund Strategy - A total of 111 products are reported, with an average one-year return of 8.49% and 79.28% of products showing positive returns [12][15] - The leading product in this category is managed by 招商期货, achieving notable returns [12][15] Multi-Asset Strategy - There are 32 products in this category, with a one-year average return of 4.52% and a May 2025 average return of 1.53% [16][18] - The top product is managed by 五矿期货, demonstrating a significant advantage in returns [16][18] Bond Strategy - This category includes 66 products, with an average one-year return of 4.05% and a high positive return rate of 92.42% [19] - The leading product is managed by 海通期货, showcasing strong performance [19]

Investment Rating - The report maintains an "Overweight" rating for banks and securities [9] Core Views - The report highlights the growth in wealth management products and the expansion of ETF assets, driven by the continuous improvement in the capital market's financing reforms [1][2] - It suggests seizing opportunities in high-quality individual stocks, recommending banks like China Merchants Bank and Ningbo Bank, as well as securities firms like GF Securities and Orient Securities [1] Summary by Sections Wealth Management - In May 2025, the total number of wealth management products issued was 5,400, a month-on-month decrease of 9.8% [2][16] - The total outstanding scale of bank wealth management products reached 31.29 trillion yuan, an increase of 0.35 trillion yuan month-on-month, primarily driven by fixed-income products [2][39] - The average yield of bank wealth management products remained stable at 2.52% [2] Public Funds - As of the end of May 2025, the total market size of public funds was 32.03 trillion yuan, with a month-on-month increase of 0.35% and a year-on-year increase of 10% [3][16] - The issuance of public funds in May was 64.1 billion units, a month-on-month decrease of 31% [3][16] - The ETF assets saw a slight increase in net value, with the benchmark credit bond ETF contributing significantly to the growth [3] Securities Asset Management - As of Q4 2024, the scale of securities asset management was 6.10 trillion yuan, a quarter-on-quarter decrease of 3% [4][16] - In May 2025, the new issuance was 1.337 billion units, a month-on-month decrease of 55% [4] Private Funds - By the end of April 2025, the total scale of private fund products was 20.22 trillion yuan, with a month-on-month increase of 1.28% [5][16] - In April, the newly registered scale of private funds was 64.4 billion yuan, a year-on-year increase of 83% [5] Insurance Asset Management - As of Q1 2025, the balance of insurance fund utilization reached 34.93 trillion yuan, an increase of 5% since the beginning of the year [6][16] - The allocation ratio of bonds and stocks increased month-on-month [6] Trusts - In May, the issuance scale of trust products was 17.2 billion yuan, a month-on-month decrease of 64% [7][16]

Investment Rating - The report maintains an "Overweight" rating for banks and securities [10] Core Insights - The report highlights a recovery in wealth management product yields and an increase in the scale of bank wealth management products, with a total scale of 30.95 trillion yuan as of April 2025, up by 2.06 trillion yuan month-on-month [2][3][17] - The report suggests focusing on high-quality individual stocks, recommending China Merchants Bank (招商银行) and securities firms with strong advantages in the wealth management industry, such as Guangfa Securities (广发证券) and Dongfang Securities (东方证券) [2][17] Summary by Sections Bank Wealth Management - In April 2025, the total number of wealth management products issued was 5,985, a decrease of 3.2% month-on-month, while the total scale of bank wealth management products reached 30.95 trillion yuan, an increase of 7.15% month-on-month [3][38] - The overall yield of wealth management products has increased, driven by a strong bond market, although equity product yields have declined due to market volatility [3][18] Public Funds - As of the end of April 2025, the total scale of public funds reached 31.92 trillion yuan, up by 0.99% month-on-month and 9.84% year-on-year [4][17] - The issuance of public funds in April was 92.5 billion units, a decrease of 8.36% month-on-month, while stock ETF shares and net asset values increased by 4% to 2.03 trillion units and 2.95 trillion yuan, respectively [4][17] Securities Asset Management - As of Q4 2024, the scale of securities asset management was 6.10 trillion yuan, down by 3% quarter-on-quarter, with new issuance in April 2025 totaling 2.322 billion units, a decrease of 8.57% [5][17] Private Funds - As of the end of March 2025, the total scale of private funds was 19.97 trillion yuan, with a slight month-on-month increase of 0.17% [6][17] - The newly registered scale of private securities investment funds increased significantly year-on-year, with a total of 329.78 billion yuan, up by 232.74% [6][17] Insurance Asset Management - As of Q4 2024, the balance of insurance funds reached 33.26 trillion yuan, an increase of 15.08% year-on-year, with investments in bonds and stocks both increasing [7][17] Trusts - As of Q2 2024, the total asset scale of the trust industry was 27.00 trillion yuan, an increase of 12.87% year-to-date and 24.52% year-on-year [8][17] - In April 2025, the issuance scale of trust products was 20.555 billion yuan, a significant decrease of 78.84% month-on-month [8][17]