Core Viewpoint - The article discusses the performance of major stock markets in July 2025, highlighting the upward trends in A-shares, Hong Kong stocks, and US stocks, along with the popularity of certain private equity fund managers and companies based on user searches on the platform [1][2]. Market Performance - In July, the A-share market saw the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increase by 3.74%, 5.2%, and 8.14% respectively, with the Shanghai Composite Index surpassing 3600 points for the first time since October 8, 2024 [1]. - The Hong Kong market's three major indices also rose over 2%, with the Hang Seng Index leading at 2.91% [1]. - All three major US stock indices recorded gains, with the Nasdaq Index achieving the highest increase of 3.7% [1]. Popular Fund Managers - The top three popular fund managers in July are Dan Bin, Lin Yuan, and Wu Yuefeng, with Dan Bin's popularity rising significantly [1][3]. - Dan Bin's average return for the year reached ***% as of July, with a near 3-month rebound of ***% [6]. - Wu Yuefeng's fund "Jia Yue Monthly Wind Investment Genesis" reported a return of ***% for the year, with a near 3-month return close to ***% [7]. Popular Private Equity Companies - The top three private equity companies are Longqi Technology, Shanghai Xiaoyong Private Equity, and Mengxi Investment, all showing significant increases in popularity [9][11]. - Longqi Technology's average return for its 16 products this year is ***%, with the "Longqi Technology Innovation Selected No. 1 C Class" achieving the highest return of ***% [14]. - Shanghai Xiaoyong Private Equity has seen its company scale increase from 20-50 billion to over 50 billion, marking its rise as a leading quantitative private equity firm [14]. Popular Private Equity Products - The top five popular private equity products include those managed by Hainan Shengfeng Private Equity, Longqi Technology, and Road Far Private Equity, with Longqi Technology having two products in the top five [16][18]. - The product "Longqi Stock Quantitative Multi-Head No. 1" managed by Zhu Xiaokang is among the top performers [18].

Core Insights - The recent performance of Wu Yuefeng's managed fund, Jia Yue Yue Feng Investment Chuangshi Hao, has seen a significant recovery, with a net value increase of 114% over the past three months, reaching 0.79 as of July 11, 2023, after hitting a low of 0.36 in early April 2023 [2][3] - The fund experienced a dramatic decline after an initial surge of 50% in the first half of 2023, with a maximum drawdown of 76% since its inception [3] - Wu Yuefeng's investment style contrasts sharply with his previous employers, who favored a more conservative approach, highlighting a shift towards a more aggressive investment strategy at Jia Yue Investment [5] Fund Performance - The fund's net value increased by 26.77% over a five-day trading period from April 21 to April 25, 2023, indicating a volatile but potentially lucrative trading strategy [2] - Despite the recent recovery, the fund's current scale has decreased from 150 million yuan to approximately 50 million yuan [2] - Other funds managed by Jia Yue Investment, such as Jia Yue Jishi and Jia Yue Bailu, are showing slight profits, with net values of 1.49 and 1.02 respectively [6] Management Background - Wu Yuefeng has a history of working in stable investment environments, having held positions at Tianan Insurance and Anbang Asset Management, where he achieved returns between 64% and 96% during his tenure at Fengjing Capital [5] - His decision to join Jia Yue Investment was driven by a desire for a more aggressive investment approach, allowing for greater flexibility in strategy [5] - Wu Yuefeng is also known for his active presence on social media, with a significant following on Weibo, although he has not posted since January 2024 [5]

Core Viewpoint - The article highlights the trend of "East Rising, West Declining" in the investment landscape, particularly focusing on the shift of domestic private equity from U.S. stocks to Hong Kong and A-shares due to ongoing declines in the U.S. stock market [1][3]. Group 1: Market Trends - The well-known private equity "Yuefeng" has seen its fund, Jiayue Yuefeng Investment Genesis, drop below 0.4 yuan, marking it as a rare "three-mao fund" in the industry [2][3]. - The U.S. stock market has faced significant declines in 2023, with the Dow Jones down 1.28%, NASDAQ down 10.42%, and S&P 500 down 4.59% in the first quarter [3]. - Domestic private equity firms are increasingly withdrawing from the U.S. market, with many reallocating their investments to Hong Kong and A-shares [3][4]. Group 2: Investment Shifts - High-profile investors like Gao Yuncheng from Jinglin Asset have completely eliminated U.S. company assets from their portfolios, focusing instead on Chinese assets, particularly in Hong Kong [4]. - A significant portion of private equity professionals have reportedly cleared their U.S. stock holdings, with expectations of widespread losses among U.S. hedge funds in the first quarter [4]. Group 3: Capital Inflows - In March, southbound funds purchased a total of 160.282 billion HKD, marking the second-highest net buying record in history [5]. - Despite recent pullbacks in the technology sector, market funds continue to flow into Hong Kong's internet technology assets, indicating strong investor interest [5]. Group 4: Future Outlook - The market is currently in a phase of performance verification, with expectations for a brief period of adjustment in April, but a long-term upward trend is anticipated [6]. - Companies with strong performance and growth potential in the technology sector are viewed as favorable investment opportunities during market downturns [6].