Group 1 - The A-share market has shown a strong upward trend, with the Shanghai Composite Index closing at 3771.10 points, up 0.13% on August 21 [1] - Notably, some prominent investors, including a fund manager from Da Cheng Fund and a private equity figure in Shanghai, have missed out on the bull market, sparking discussions among investors [1] - The core product managed by Ren Zesong, a former top public fund manager, has seen its net value decrease by 26% since its inception in 2016, closing at 0.737 yuan as of August 15, 2023 [1][3] Group 2 - Ren Zesong's investment style has been characterized by significant volatility, with a rapid shift from the new energy vehicle sector to artificial intelligence stocks in early 2023, which later faced a downturn [2] - Despite the challenges, Ren Zesong remains optimistic about the AI sector, suggesting it could lead to strong structural market performance [2] - The product "Ji Yuan-Xiang Rui No. 1" experienced a significant drop in net value, falling to 0.648 yuan, a 24.65% decline, before recovering to 0.936 yuan by February 23, 2024 [3] Group 3 - The overall performance of private equity funds has been strong since 2025, with an average annual return of 11.94% for 11,880 private equity securities products, and 86.97% of these products achieving positive returns [5] - Stock strategy products have particularly excelled, with an average return of 14.50%, and the top 5% of these products achieving returns as high as 42.44% [5] Group 4 - Analysts attribute the phenomenon of missing out on the bull market to a lack of timely adjustments in investment strategies, particularly for those heavily invested in single sectors [7] - The current market transition from a "retail market" to an "institutional market" necessitates a deeper understanding of capital market dynamics and trends to avoid missing investment opportunities [7][8] - The ongoing bull market is driven by significant policy changes and a focus on technology, high-end manufacturing, and consumer recovery, indicating a need for investors to adapt their strategies accordingly [8]

Core Viewpoint - The A-share market is experiencing a bull market, with the Shanghai Composite Index approaching 3790 points, yet some prominent investors are missing out on this opportunity, leading to discussions about "missing the bull market" among investors [1][9]. Group 1: Performance of Key Fund Managers - Ren Zesong, a former top public fund manager, has seen his product "Jiyuan-Xiangrui No. 1" decline in value, with a unit net value of only 0.7370 yuan as of August 15, 2025, representing a nearly 26% decrease since its inception in May 2016 [3][4][7]. - Despite a strong market performance, Ren Zesong's other private fund products have not been publicly disclosed, and his investment style has shown significant volatility since transitioning to private equity [4][8]. - The performance of Ren Zesong's fund has been particularly poor during the recent bull market, contrasting sharply with the overall positive performance of private equity funds in 2025 [9][10]. Group 2: Market Trends and Investor Behavior - The overall private equity market has performed well in 2025, with an average return of 11.94% for 11,880 private equity securities products, and 86.97% of these products achieving positive returns [9]. - The bull market has been driven by various factors, including policy changes and market expectations, but some fund managers have failed to adapt their strategies, leading to missed opportunities [10][11]. - The current bull market is characterized by a focus on technology, high-end manufacturing upgrades, and consumer recovery, with a shift in capital towards new sectors [10][11].