Core Viewpoint - The recent "anti-involution" trend in the Hangzhou futures market has led to significant drawdowns in the net value of several subjective CTA products from private equity institutions, highlighting the need for improved responsiveness to market changes despite a strong foundation in industrial fundamental analysis [1] Group 1: Market Dynamics - The Hangzhou futures market is characterized by a unique ecosystem formed since 2015, integrating "industrial capital + private equity funds + futures asset management" [1] - Major private equity firms such as Donghe Asset Management and Qiantang Yongli Asset Management have deep ties with Yong'an Futures, leveraging frontline intelligence in "warehousing-logistics-production line" [1] - The recent market changes have challenged traditional advantages, with losses attributed to a lag in responding to policy rhythms, emotional capital, and quantitative fund behaviors [1] Group 2: Performance Data - As of August 15, there are 690 futures and derivatives strategy products with performance data this year, with 79 from Hangzhou, ranking third in quantity [2] - The average return for Hangzhou products this year is 11.69%, placing them second overall, while they have shown resilience in the past month [2] - Among the 79 products in Hangzhou, the number of quantitative CTA and subjective CTA products is roughly equal, with subjective CTA strategies yielding higher average returns [2] Group 3: Strategy Breakdown - In Hangzhou, the top ten performing futures and derivatives strategy products have a high entry threshold, with subjective CTA products dominating the rankings [3] - The proportion of products achieving positive returns in the past month among subjective CTA products is 62.07%, indicating the agility of smaller private equity firms [4] - Qiantang Yongli Asset Management stands out as the only private equity firm in the 20-50 billion scale category, showcasing strong investment capabilities [4] Group 4: Institutional Insights - Eight private equity institutions in Hangzhou meet the ranking criteria, with the top three being mixed-type (subjective + quantitative) firms, reflecting the advantages of mixed strategies [4] - Junfu Investment and Qiantang Yongli Asset Management rank second and fifth respectively among 20-50 billion scale private equity firms, demonstrating robust investment styles [4] - Win Private Equity has emerged as a standout institution over the past year, advocating for counter-cyclical investments and showcasing exceptional performance in strategy and risk management [4]

Core Insights - The Hangzhou futures circle has evolved into an ecosystem characterized by "industrial capital + private equity funds + futures asset management" since its rise in 2015, with Yong'an Futures being a leading player in the national "first tier" [1] - The primary reason for the recent losses in the Hangzhou futures circle is attributed to a lag in responding to policy rhythms, emotional capital, and quantitative capital behaviors, despite its traditional advantage in obtaining frontline intelligence [1] - As of August 15, 2025, there are 690 futures and derivatives strategy products with performance displays, with 79 products from Hangzhou, ranking third in quantity [2] Performance Overview - Hangzhou's futures and derivatives strategy products have achieved an average return of 11.69% this year, ranking second, with a near one-month average return of 2.69% [2] - Among the 79 products in Hangzhou, both quantitative CTA and subjective CTA products number around 30 each, with other derivative strategies and subjective CTA strategies averaging over 16% returns, ranking in the top two [2][3] - The top 10 products in Hangzhou have a performance threshold of ***%, with 62% of subjective CTA products showing positive returns in the last month [3][5] Company Rankings - Eight private equity firms in Hangzhou have at least three qualifying products, with the top three being mixed-type (subjective + quantitative) private equity firms [8] - The top three firms by performance are: 1. Zaiying Private Equity with an average return of approximately ***% over the past year [10] 2. Junfu Investment with an average return of approximately ***% over the past year [11] 3. Qiantang Yongli Asset Management with an average return of approximately ***% over the past year [12] - Junfu Investment and Qiantang Yongli Asset Management are both in the 20-50 billion scale range, indicating significant asset management capabilities [8][12]

Core Viewpoint - The article discusses the recent performance of private funds in the Hangzhou futures market, highlighting a significant drawdown in subjective CTA products due to a "de-involution" market trend and a lag in response to policy changes and market sentiment [2][3]. Group 1: Market Overview - The Hangzhou futures market has evolved into an ecosystem of "industrial capital + private funds + futures asset management" since its rise in 2015, with Yong'an Futures being a leading player [2]. - As of August 15, there are 690 futures and derivatives strategy products with performance data, with 79 products from Hangzhou, ranking third in quantity [3]. Group 2: Performance Metrics - The average return for Hangzhou's futures and derivatives strategies this year is 11.69%, ranking second among major cities, with a one-month average return of 2.69% [3]. - Among the 79 products in Hangzhou, both quantitative and subjective CTA products have around 30 offerings each, with other derivatives strategies and subjective CTA strategies averaging over 16% returns this year [4]. Group 3: Product and Company Rankings - In the subjective CTA category, 62% of the products achieved positive returns in the last month, with Qi He New Asset Management leading the performance [7][10]. - The top-performing products in Hangzhou include Qi He Lan Rui No. 5, Qi Cheng Cong Yuan Qian Li No. 1, and Fu Ying Jin Qu No. 1, with specific performance metrics withheld due to regulatory requirements [8][9]. Group 4: Company Performance - Eight private funds in Hangzhou have at least three qualifying products, with Ren Ying Private Fund, Jun Fu Investment, and Qi He New Asset Management being the top three based on performance [10][11]. - Jun Fu Investment ranks second, with an average return of approximately ***% over the past year, while Qi He New Asset Management has a similar performance profile [12][13].