Core Insights - The A-share market has shown continuous fluctuations this year, creating structural investment opportunities, with private equity stock strategy products achieving an average return of 7.46% in the first five months of the year [1][2][3] Performance Overview - As of May 31, 2025, 2673 private equity stock strategy products reported an average return of 7.46%, with 2049 products (76.66%) achieving positive returns [2] - Among subjective stock long strategies, 1732 products had an average return of 6.84%, with 1189 (68.65%) showing positive returns; for quantitative stock long strategies, 657 products had an average return of 10.51%, with 613 (93.30%) achieving positive returns [2] - Large private equity firms with over 10 billion yuan in assets had an average return of 6.21%, with 304 products (80.42%) achieving positive returns; their quantitative stock long strategies averaged 11.92% [2] Market Environment - The A-share market has demonstrated resilience, with structural opportunities emerging at the individual stock level, supported by a generally positive market environment [4] - Policy incentives introduced in late September 2024 have positively impacted the market, with the effects gradually reflected in corporate earnings [4] - The overall valuation of the market has increased since 2025, providing further investment opportunities [4] Investment Opportunities - Private equity managers have benefited from a wide range of stock selection opportunities amid market fluctuations, particularly in sectors like technology, consumer goods, and pharmaceuticals [4] - Quantitative strategies have thrived due to significant price volatility in individual stocks, with small-cap stocks providing ample alpha sources [5] Fundraising Outlook - Fundraising for quantitative strategies has shown resilience, while subjective strategies have faced challenges due to performance disparities [6] - Established private equity firms with strong track records are experiencing better subscription rates for new products, while smaller firms struggle with fundraising due to market style shifts [6] - The overall market environment is expected to improve, potentially leading to a recovery in fundraising for private equity stock strategy products [6] Future Expectations - The structural opportunities in the A-share market are anticipated to continue, supported by policy factors, although global economic uncertainties may pose risks [7] - There is a potential for further improvement in the overall performance of private equity stock strategy products throughout the year [7]