Core Viewpoint - The A-share market has shown sustained active sentiment since the "9.24" market event last year, with the Shanghai Composite Index reaching new highs, indicating a potential investment opportunity in the market [2] Summary by Sections Market Performance - As of August 22, 2025, the Shanghai Composite Index has surpassed 3800 points, marking a nearly 10-year high, with a one-year cumulative increase of 34.03% for the index and 73.41% for the ChiNext Index [2] - The margin financing balance has also exceeded 2.1 trillion yuan for the first time in 10 years [2] Fund Performance - As of August 15, 2025, there are 1713 subjective long products with a total scale of approximately 1507.99 billion yuan, with an average one-month return of 9.62%, outperforming quantitative long products which averaged 8.47% [3] Top Performing Private Equity Firms - In the category of private equity firms with over 100 billion yuan, the top three firms based on average one-year returns are: - Fusheng Asset - Jiuqi Investment - Rido Investment [4][5] - Fusheng Asset has six qualifying subjective long products with a total scale of approximately 1.912 billion yuan, achieving a notable one-year return [5] - Rido Investment has 19 qualifying products with a total scale of approximately 12.09 billion yuan, also showing strong performance [5] Performance by Scale - For private equity firms with a scale of 20-100 billion yuan, the top three are: - Tongben Investment - Haokun Shengfa Asset - Shenzhen Dream Factory Investment [6][8] - In the 10-20 billion yuan category, the top three are: - Nengjing Investment Holdings - Jiuge Investment - Longhang Asset [11][13] - For the 5-10 billion yuan category, the top three are: - Yijiu Private Fund - Beijing Xiyue Private Fund - Fuyuan Capital [15][16] - In the 0-5 billion yuan category, the top three are: - Qinxing Fund - Binli Investment - Zhaoyi Investment [17][19] Investment Strategies - The investment strategies of top-performing firms include focusing on sectors such as entertainment, finance, healthcare, and traditional high-dividend assets, indicating a diversified approach to capitalizing on market opportunities [5][6]

自4月7日美国关税冲击后，A股一路上行，上证指数一度站上3600。一般而言，在趋势性行情中，主观投资的基金经理能够凭借市场趋势和行业方向，集 中投资于优势个股，更加精准地把握结构性机会，获取超越市场的业绩表现。相比量化的分散布局，依赖高波动获取超额收益，这时主观投资的收益弹性 将更加明显。 私募排排网数据统计，从主观产品来看，私募排排网数据显示，截至7月25日，1231只量化私募旗下产品近1个月收益均值为4.74%，而2303只主观私募旗 下产品近1个月收益均值高达5.74%。 那么，今年来哪些主观私募基金经理抓住了这次A股的趋势性行情？为了给予更有价值信息，本文按50亿以上、20-50亿、10-20亿、5-10亿、0-5亿不同规 模私募，分别梳理出今年来私募基金经理主观多头产品榜，供投资者参考(所选私募基金经理需在私募排排网有业绩显示的主观多头产品在3只及以上) 50亿以上：童驯、陆航夺冠亚军！梁宏、王文创新高！但斌收复年内失地！ 私募排排网数据显示，截至7月25日，头部(50亿以上)私募旗下符合排名规则的主观多头产品共162只，今年来收益均值高达11.91%，正收益产品数共156 只，正收益占比高达96. ...

Core Viewpoint - The A-share market has seen a revitalization through various themes such as artificial intelligence, robotics, innovative pharmaceuticals, and new consumption, leading to new opportunities for stock strategy private equity products [2] Summary by Categories Stock Strategy Products Performance - As of July 25, there are 2,758 stock strategy products with nearly one year of performance data, averaging a return of 49.04% and a dynamic drawdown of 13.23% [2][3] - Among the four secondary strategies, quantitative long and subjective long products have the highest average returns of 65.01% and 48.24%, respectively [2][3] - Quantitative long products exhibit a lower dynamic drawdown of 10.99% compared to subjective long products at 15.06% [2][3] - The stock market neutral products have the lowest dynamic drawdown at 5.54%, primarily due to their use of shorting to hedge beta risk [2] Top Performing Products - In the quantitative long category, the top three products are managed by Shengguanda, Hainan Shengfeng, and Liangchuang Investment [4][5] - Among 674 quantitative long products, 368 have a dynamic drawdown below the average of 10.99%, accounting for 54.6% [4] - The top products in the quantitative long category are primarily from private equity firms with assets under management between 20-50 billion [4] Subjective Long Products - In the subjective long category, 1,098 out of 1,810 products have a dynamic drawdown below the average of 15.06%, representing 60.66% [10] - The top three products are managed by Qinxing Fund, Beiheng Fund, and Youbo Capital [10][12] Stock Market Neutral Products - In the stock market neutral category, 136 out of 208 products have a dynamic drawdown below the average of 5.54%, which is 65.38% [15] - The top three products are managed by Jiaji Fund, Saisuo Fund, and Liangkui Private Equity [15][17] Stock Long-Short Products - In the stock long-short category, 36 out of 66 products have a dynamic drawdown below the average of 10.47%, accounting for 54.55% [18] - The top three products are managed by Yihua Yinghe Fund, Shengquan Hengyuan, and Beijing Jintai Fund [18][20]

Core Viewpoint - The article discusses the performance of subjective private equity funds in the A-share market, highlighting the advantages of subjective investment strategies over quantitative approaches in capturing structural opportunities and achieving superior returns [2][4]. Group 1: Performance of Subjective Private Equity Funds - As of July 25, 2023, the average return of subjective private equity funds was 5.74%, compared to 4.74% for quantitative funds [2]. - The average return for subjective long-only products in the top tier (over 5 billion) was 11.91%, with 96.30% of products showing positive returns [2][3]. - The top three fund managers in the over 50 billion category were Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset [2][3]. Group 2: Fund Manager Rankings by Size - In the 20-50 billion category, the average return was 15.32%, with 91.16% of products showing positive returns. The top managers were Xu Hongbing from Shenzhen Dream Factory Investment, Chen Yu from Shennong Investment, and He Xiao from Orange Capital [5][6]. - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns. The leading managers were Sun Jie from Nengjing Investment, Zhai Jingyong from Rongshu Investment, and Ding Yushuang from Chenyao Private Fund [8][9]. - In the 5-10 billion category, the average return was 22.88%, with 91.99% of products showing positive returns. The top managers were Liu Xianglong from Fuyuan Capital, Chen Long from Youbo Capital, and Han Yongfeng from Jiu Private Fund [11][12]. - In the 0-5 billion category, the average return was 18.36%, with 90.24% of products showing positive returns. The top managers were Yao Yong from Qinxing Fund, Xian Lisheng from Weifang Fund, and Li Linkai from Xinjing Investment [15][16]. Group 3: Investment Strategies and Market Trends - Tong Xun and Lu Hang successfully captured the "new consumption" trend, leading to their top performance in the market [4]. - Chen Yu from Shennong Investment focused on innovative pharmaceuticals, benefiting from the sector's strong performance this year [7][8]. - Liu Xianglong from Fuyuan Capital emphasized high-growth new consumption companies, indicating a strategic focus on sectors poised for recovery [12][13].

Core Insights - The private equity industry has witnessed three significant phenomena in the first half of the year, primarily centered around quantitative investment and AI advancements [2] - Quantitative private equity has outperformed subjective strategies, with average returns of 17.54% for 592 quantitative long products compared to 11.57% for 1,758 subjective long products [21] - The number of quantitative private equity firms managing over 10 billion yuan has surpassed that of subjective firms for the first time, with 41 quantitative firms compared to 40 subjective firms [2][28] Group 1: AI Breakthroughs in Quantitative Investment - The launch of the DeepSeek AI model has marked a new era for quantitative investment, gaining significant attention both domestically and globally [3] - DeepSeek has topped the download charts in China and the US, surpassing even ChatGPT in the US [3] - Several quantitative private equity firms have made notable advancements in AI, such as Jiukun Investment's collaboration with Microsoft and NianKong Technology's new training framework [3][4] Group 2: Advantages of Quantitative Private Equity in AI - Quantitative investment benefits from rich data resources accumulated over time, which aids in training and optimizing AI models [5] - The effectiveness of AI models can be validated through real-time performance tracking in quantitative strategies, allowing for timely adjustments [6] - The high demands of quantitative investment drive continuous innovation in AI technology, enhancing computational capabilities and processing speeds [8] Group 3: Performance Comparison - In the first half of the year, the average return for 194 quantitative long products from billion-yuan private equity firms was 18.84%, significantly outperforming the 4.80% average return of 171 subjective long products [21] - The top three billion-yuan private equity firms based on excess returns for quantitative products were Longqi Technology, Stable Investment, and Xinhong Tianhe [22] Group 4: Growth of Billion-Yuan Quantitative Firms - As of June 30, the number of billion-yuan quantitative private equity firms reached 41, surpassing subjective firms for the first time [28] - The overall number of billion-yuan private equity firms has increased to 90, with both quantitative and subjective firms showing growth [28][29]

Core Viewpoint - The article discusses the performance of the A-share market in the first half of the year, highlighting significant events in the fund industry and the rise of AI in quantitative investment strategies, particularly through the DeepSeek model developed by Huanfang Quantitative. Group 1: A-share Market Performance - In the first half of the year, the A-share market experienced volatility, with major indices rising; the Shanghai Composite Index increased by 2.76% and the Northern Securities 50 Index surged by 39.45%, reaching a historical high [2] - The market showed a clear structural differentiation, with a resonance between technology and dividend sectors [2] Group 2: Fund Industry Developments - Several major events in the fund industry sparked market discussions, including the emergence of DeepSeek in January and the collective support from prominent private equity firms for the Chinese market in April [2][3] - In May, a systematic reform document for the public fund market was released, marking a shift from a focus on scale to a focus on returns [2][6] Group 3: AI and Quantitative Investment - The launch of DeepSeek-R1, an AI model by Huanfang Quantitative, has garnered significant attention due to its cost-effectiveness, being approximately one-tenth the training cost of GPT-4, while achieving complex logical reasoning capabilities [3] - As of May 27, 15 major quantitative private equity firms have reported substantial progress in AI applications [4] Group 4: Fund Manager Responses to Market Conditions - In April, notable fund managers expressed confidence in Chinese assets despite tariff impacts, with some increasing their positions significantly [6][7] - Data shows that as of May 31, the number of billion-dollar quantitative private equity firms is approaching that of subjective private equity firms, indicating a growing trend in quantitative strategies [7] Group 5: Public Fund Systematic Reform - The systematic reform plan for public funds aims to shift the focus from "scale" to "returns," with specific measures to adjust performance compensation for fund managers based on their performance relative to benchmarks [16] - As of June 30, 2025, only 12.37% of actively managed equity funds exceeded their performance benchmarks by more than 10% over three years [16] Group 6: ETF Market Growth - The total scale of domestic ETFs surpassed 4 trillion yuan for the first time in April, driven by significant inflows from state-owned funds during market volatility [18] - The increase in ETF scale reflects a broader trend of institutional investment in the market, particularly during critical periods [18]

Market Performance - In April, the A-share market exhibited a V-shaped trend, but all three major indices closed lower, with the Shanghai Composite Index down by 1.70%, the Shenzhen Component Index down by 5.75%, and the ChiNext Index down by 7.40% [1] Private Fund Performance - Despite the market downturn, many private fund products reached historical highs in net value in April, with 974 private fund products achieving this milestone [1] - Among these, 406 were quantitative products and 568 were non-quantitative products [1] - The most common product strategy was equity strategy, with 333 products, followed by futures and derivatives strategy with 282 products, multi-asset strategy with 168 products, bond strategy with 160 products, and combination fund products with 31 products [1] Billion-Level Private Funds - A total of 71 products from billion-level private funds reached historical highs in April, with quantitative products making up 49 of these, nearly 70% [1] - The equity strategy was the most prevalent among these products, with 29 products, accounting for nearly 40% [1] Top Performers - Ten billion-level private funds had three or more products reaching new highs, with notable contributions from博润银泰投资 (9 products), 合晟资产 (7 products), and others [2] - The threshold for the top 10 private fund products in terms of returns over the past year was close to 26%, with four of these being quantitative long products [2] - The top five products in terms of returns came from博润银泰投资, 泓湖私募, 乐瑞资产, and宽德私募, with the latter holding two positions [2] Overall Private Fund Market - As of April 30, the average return for all private securities funds was 2.52%, with 8,758 products, or 69.82%, achieving positive returns, indicating a strong profit-making effect [2] - Quantitative long strategies significantly outperformed subjective long strategies, with an average return of 4.77% for 1,424 quantitative long products compared to 1.95% for 5,994 subjective long products [2] - The issuance of private fund products has seen a recovery, with nearly 3,500 new private securities investment funds registered this year, representing a nearly 40% increase compared to the same period last year [2]

Group 1 - The overall economic outlook indicates a divergence between the US and Europe, with the US showing signs of short-term cooling while maintaining a strong economic foundation, whereas Europe continues to struggle with weak economic performance [4][23]. - The US economy is experiencing a marginal slowdown, with GDP growth forecasts declining, particularly in private consumption and trade deficits, while private investment remains robust [5][22]. - Inflation in the US is showing signs of persistence, with CPI inflation rebounding over the past four months, indicating a potential for sustained inflation levels above 2% [9][12]. Group 2 - The European Central Bank (ECB) is expected to continue lowering interest rates, potentially reaching 2% this year, as the Eurozone economy remains weak and requires stimulus [23][25]. - Japan's economy is on a recovery path, with expectations of interest rate hikes above 1% this year, supported by rising wages and inflation [30][32]. - The global interest rate environment is likely to exceed market expectations, with the US Federal Reserve maintaining high rates and the ECB facing risks of inflation interrupting its rate-cutting path [35]. Group 3 - The Chinese economy is showing signs of recovery post-Spring Festival, with consumer spending rebounding and real estate sales improving in major cities [36][37]. - Credit growth in China has surged, with January seeing a record high in new loans, although the sustainability of this growth remains uncertain [48][54]. - Inflation data in China reflects seasonal trends, with CPI rising due to increased consumer spending during the holiday period, while PPI remains subdued due to seasonal production slowdowns [43][50]. Group 4 - The US stock market is under increasing pressure due to economic indicators showing a downturn, with S&P 500 profit growth forecasts declining [64]. - The outlook for US Treasury bonds suggests a volatile environment, with recommendations to favor short to medium-duration bonds due to the high coupon advantage [67][68]. - The currency market is influenced heavily by tariff policies, with the US dollar expected to remain strong despite potential short-term corrections [72][73].