Core Insights - The private equity fund market showed strong performance in the first three quarters of 2025, with an average return of 25.00% across 9,363 funds, and 91.48% of products achieving floating profits, surpassing the performance of the CSI 300 index during the same period [1] Group 1: Overall Market Performance - The stock strategy led the market with an average return of 31.19% from 5,976 funds, with 93.52% of products in profit [1] - The multi-asset strategy followed with an average return of 18.92%, and 90.01% of its products achieving floating profits [1] - The combination funds, although fewer in number (290), had a solid average return of 15.93%, with the highest floating profit rate of 95.17% among the five major strategies [1] - Futures and derivatives strategies had average returns of 10.72% and 9.26%, with over 80% of products in profit [1] Group 2: Stock Strategy Sub-Strategies - The quantitative long strategy outperformed with an average return of 35.95%, compared to 32.57% for subjective long strategies [2] - The stock long-short and market-neutral strategies had lower average returns of 17.83% and 8.07%, respectively [2] - Factors contributing to the strong performance of quantitative long strategies included favorable market conditions, high liquidity, increased market volatility, and the ability to process large data sets for risk diversification [2] Group 3: Futures and Derivatives Strategies - Within the futures and derivatives strategies, other derivatives strategies led with an average return of 15.84% [2] - The subjective CTA strategy had an average return of 12.39%, while the quantitative CTA strategy returned 10.44%, with subjective strategies performing better overall [2] - Options strategies had an average return of 8.28% [2] Group 4: Bond Strategy Performance - The convertible bond trading strategy emerged as a standout performer with an average return of 18.35%, significantly higher than pure bond strategies (4.98%), bond enhancement strategies (6.40%), and bond composite strategies (8.60%) [3] - The overall private equity fund market in the first three quarters of 2025 displayed a positive outlook, with notable differentiation in returns across various strategies and sub-strategies, indicating diverse investment opportunities [3]

Group 1: Investment Rating - No investment rating is mentioned in the report. Group 2: Core Viewpoints - The performance of the subjective CTA strategy line in the second half of 2025 will continue the trend of the first half. The consistency between macro and industrial directions benefits subjective CTA managers, and the source of income will not decline significantly. Also, the probability of position limits is low, which is conducive to the recovery of market liquidity [2][32][35] Group 3: Summary by Directory 1. 2025 H1 Subjective CTA Review 1.1 Subjective CTA Strategy Net Value Performance - In H1 2025, the net value performance of managers in the observation pool was basically the same as that in H1 2024, and the maximum weekly drawdown was smaller. By sector, black and multi - sector managers had prominent returns. By scale, larger - scale managers had more obvious returns [8][11][14] 1.2 2025 H1 Subjective CTA Strategy Income Attribution - In H1 2025, the Nanhua Commodity Index weakened. The decline of coal drove the cost collapse of domestic industrial products. The income acquisition of subjective CTA was divided into two stages. In the first stage (Jan - Mar 2025), precious and non - ferrous metals rose, while domestic industrial products weakened. In the second stage (Apr - May 2025), after the Tomb - sweeping Festival, the market volatility increased, and subjective CTA managers performed well. The cost collapse of industrial products also promoted the performance of quantitative CTA factors [17][19][22] 2. Subjective CTA Strategy Industry Ecological Changes 2.1 Managers' Positions are Generally Low, Paying More Attention to Net Value Drawdown Management - Managers' positions are generally low, focusing on net value drawdown management. The income in H1 2025 came from the smooth trend of some varieties and the improvement of trading win - rate. Changes in trading habits are related to past commodity price fluctuations and capital requirements [26] 2.2 The Proportion of Industrial Hedging has Increased, Possibly Increasing Industrial Discourse Power - As the prices of industrial products such as coal decline, the industrial demand for hedging against price decline risks has increased. The reduction of the inventory transfer ability of factories through traders makes futures hedging a choice, which may increase industrial discourse power in subsequent pricing [30] 3. 2025 H2 Subjective CTA Outlook - The performance of the subjective CTA strategy line in H2 2025 will continue the trend of H1. The consistency between macro and industrial directions remains, and the decline trend of domestic industrial products has not changed. The probability of position limits is low, which is conducive to the recovery of market liquidity [32][33][35]