Market Overview - The Shanghai Composite Index increased by 75.18 points, or 2.11%, reaching a closing price of 3635.13, with a high of 3645.37 and a low of 3547.16, indicating a volatility of 2.76% and a total trading volume of 3.47 trillion yuan [1] - The ChiNext Index rose by 11.33 points, or 0.49%, closing at 2333.96, with a high of 2372.68 and a low of 2304.48, showing a volatility of 2.94% and a total trading volume of 2.50 trillion yuan [1] Private Equity and Fund Management - In July, 676 private equity firms registered 1298 products, marking an 18% month-on-month increase and the highest number in nearly 27 months [3] - Among the newly registered products, 13 firms launched more than 10 products each, with 11 of the 44 billion-yuan quantitative private equity firms adding a total of 286 new funds [3] - The average return of quantitative private equity products reached 28.54% by the end of July 2025, outperforming the average return of subjective long-only products [3] Financing Trends - The financing heat in small-cap stocks is significantly higher than in large-cap stocks, with the overall financing transaction volume in the A-share market accounting for 21.9% of total trading volume [4] - The financing balance as a percentage of free float market value shows similar trends, with the CSI 1000 and CSI 2000 indices exceeding their 2015 peaks [4]