今年4月，A股、港股、美股等股票市场均因关税问题出现了较大的波动，但自4月初见底以来，主要股指一路震荡上扬。最终，A股三大指数中的上证指 数、深证成指、创业板指在今年1-7月的涨幅分别约为6.61%、5.71%、8.72%。 在这样的市场环境下，各类资管产品在今年1-7月的整体收益表现较为亮眼。截至2025年7月底，在私募排排网有业绩展示的资管产品共有295只，今年1-7月 收益均值约为3.95%；股票策略资管产品的整体业绩相对领先，收益均值为11.19%；拉长时间来看，资管产品近一年的收益均值约为11.78%，股票策略资管 产品以超33%的平均收益相对领先。 （需要说明的是，不同策略资管产品有着不同的风险、收益特征，高收益往往伴随着高风险，各策略整体收益的高低，不代表策略的优异程度） 为了给读者提供一些参考，笔者根据资管产品的一级策略进行了划分，分别梳理出了5大策略产品中今年1-7月收益居前10的产品。（同一公司管理多只相同 细分策略产品的，仅选收益最高的产品参与排名） 股票策略：国海良时旗下指增产品夺冠，金鹰基金旗下产品居第2 在私募排排网有今年1-7月业绩显示的股票策略资管产品有19只。按照上文规则筛选 ...

Core Viewpoint - The article discusses the performance of various asset management products in the A-share, Hong Kong, and US stock markets from January to July 2025, highlighting significant gains in the context of market fluctuations due to tariff issues [2]. Summary by Category Overall Market Performance - Major stock indices in A-shares, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, saw increases of approximately 6.61%, 5.71%, and 8.72% respectively from January to July 2025 [2]. Asset Management Product Performance - A total of 295 asset management products displayed performance data, achieving an average return of about 3.95% from January to July 2025. Stock strategy products led with an average return of 11.19% [3]. - Over the past year, the average return for asset management products was approximately 11.78%, with stock strategy products achieving over 33% [3]. Top Performing Products by Strategy - **Stock Strategy**: The top three products for January to July 2025 were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Qitai No. 1" [4][6]. - **Futures and Derivatives Strategy**: The top three products were: 1. Dongfeng No. 1 from Shanghai Dongya Futures 2. Ruida Futures' "Ruizhi Wuyou No. 99 Single" 3. CITIC Construction Futures' "Quantitative CTA No. 1" [9][10]. - **Combination Fund**: The leading products were: 1. "Baoyuan FOF" from Zhaoshang Futures 2. "Wanjia Gongying Zhongtai Quantitative 30 Index Enhancement FOF Collection" 3. "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [13][15]. - **Multi-Asset Strategy**: The top three products included: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Jinxin Futures' "Jinxin Yueduan No. 1" 3. Anyuan Futures' "Tiancai Quantitative" [17][19]. - **Bond Strategy**: The leading products were: 1. Dayue Futures' "Xingfeng" 2. Shanghai Zhongqi Futures' "Convertible Bond Arbitrage No. 1" 3. Huajin Securities' "Hongying No. 1" [21][23].

Market Overview - In the first half of 2025, the A-share market showed a fluctuating upward trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Star 50 index surged nearly 40%, reaching a historical high [1] - The domestic futures market was active amid geopolitical changes and increased dollar volatility, with strong performance in precious metals and some non-ferrous metals, while black commodities saw significant declines [1] Asset Management Product Performance - As of June 30, 2025, there were 368 asset management products with performance data, yielding an average return of 2.44% and a median return of 2.03% over the past six months [1] - Among the primary strategies, stock strategy products had the highest average and median returns at 4.96% and 3.58% respectively, outperforming the three major A-share indices during the same period [1] Performance by Strategy Stock Strategy - There were 39 stock strategy products with performance data, with the top three products being "Guohai Liangshi Jinshi No. 2 Index Enhanced" by Guohai Liangshi Futures, "Jinying Xingwen No. 3 Collective" by Jinying Fund, and "Xiangcai Securities Qitai No. 1" by Xiangcai Securities [2][4] Futures and Derivatives Strategy - A total of 104 products were listed under futures and derivatives strategy, with the top three being "Ruida Futures - Ruizhi Wuyou No. 99" by Ruida Futures, "CITIC Jiantou Futures - Quantitative CTA No. 1", and "Xinda Litian No. 3" [7][9] Combination Fund Strategy - There were 104 combination fund products, with the top three being "Zhaoshang Futures - Baoyuan FOF", "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1", and "Penghua Asset - Zhongzheng 500 Index Enhanced FOF" [12][14] Multi-Asset Strategy - The multi-asset strategy saw "Guohai Liangshi Jinshi No. 6" by Guohai Liangshi Futures, "Dayue Futures Haiying No. 1", and "Anliang Futures Tiancai Quantitative" as the top three products [14][18] Bond Strategy - In the bond strategy category, the top three products were "Haitong Futures - Gold No. 1", "Dayue Futures - Xingfeng", and "Shanghai Zhongqi - Convertible Bond Arbitrage No. 1" [20][21]

Core Viewpoint - The A-share market showed a fluctuating upward trend in the first half of 2025, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Securities 50 index surged nearly 40%, reaching a historical high [2]. Summary by Strategy 1. Stock Strategy - Among 39 stock strategy products with performance data, the average return in the past six months was 4.96%, and the median was 3.58%, outperforming the three major A-share indices [3]. - The top three products in terms of performance were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Xiangcai Securities Qitai No. 1" [4][6]. 2. Futures and Derivatives Strategy - There were 104 futures and derivatives strategy products, with the top three being: 1. Ruida Futures' "Ruida Futures - Ruizhi Wuyou No. 99 Single" 2. CITIC Futures' "CITIC Futures - Quantitative CTA No. 1" 3. Xinda Futures' "Xinda Litian No. 3" [9][11]. 3. Combination Fund - A total of 104 combination fund products were analyzed, with the top three being: 1. Zhaoshang Futures' "Zhaoshang Futures - Baoyuan FOF" 2. Wanjia Gongying Asset's "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1 Collection" 3. Penghua Asset's "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [14][15]. 4. Multi-Asset Strategy - In the multi-asset strategy category, the top three products were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Dayue Futures' "Dayue Futures Haiying No. 1" 3. Anliang Futures' "Anliang Futures Tiancai Quantitative" [18][20]. 5. Bond Strategy - There were 90 bond strategy products, with the top three being: 1. Haitong Futures' "Haitong Futures Golden No. 1" 2. Dayue Futures' "Dayue Futures Xingfeng" 3. Shanghai Zhongqi Futures' "Shanghai Zhongqi Convertible Bond Arbitrage No. 1" [22][24].

Core Insights - The average return of asset management products displayed on the private equity platform reached 0.66% in May 2025, with 72.55% of the products showing positive returns [1][2] - Multi-asset strategy products led the performance with an average return of 1.53% in May, while futures and derivatives strategies and stock strategies both achieved over 10% average returns over the past year [1][2] Performance by Strategy - **Futures and Derivatives Strategy**: - Total products: 119 - May average return: 0.27% - Six-month average return: 2.28% - One-year average return: 13.33% - Three-year average return: 26.89% [2] - **Combination Fund**: - Total products: 111 - May average return: 0.87% - Six-month average return: 2.72% - One-year average return: 8.49% - Three-year average return: 8.71% [2] - **Bond Strategy**: - Total products: 66 - May average return: 0.34% - Six-month average return: 2.46% - One-year average return: 4.05% - Three-year average return: 19.36% [2] - **Stock Strategy**: - Total products: 43 - May average return: 1.07% - Six-month average return: 0.79% - One-year average return: 11.70% - Three-year average return: 2.41% [2] - **Multi-Asset Strategy**: - Total products: 32 - May average return: 1.53% - Six-month average return: -0.08% - One-year average return: 4.52% - Three-year average return: 5.12% [2] Top Performers - **Stock Strategy**: - Top three products: 1. "国海良时金时2号指数增强" managed by Guohai Liangshi Futures 2. "野村东方国际君和1号" managed by Nomura Orient International Securities 3. "金鹰行稳致远3号集合" managed by Golden Eagle Fund [3][5] - **Futures and Derivatives Strategy**: - Top three products: 1. "瑞达期货-瑞智无忧99号单一" managed by Ruida Futures 2. "天风天成天赢2号" managed by Tianfeng Tiancheng 3. "瑞达期货-冠优股指2号" managed by Ruida Futures [7][8] - **Combination Fund**: - Top three products: 1. "招商期货-司元" managed by招商期货 2. "汇安基金美来一号" managed by 汇安基金 3. "鹏华资产中证500指数增强FOF" managed by 鹏华资产 [10][11] - **Multi-Asset Strategy**: - Top three products: 1. "五矿期货宏观量化股指转债一号" managed by 五矿期货 2. "金信跃迁一号" managed by 金信期货 3. "广发期货" products [14][16] - **Bond Strategy**: - Top three products: 1. "海通期货黄金1号" managed by 海通期货 2. "华鑫证券鑫鹏可转债" managed by 华鑫证券 3. "海通期货利达1号" managed by 海通期货 [18][19]

Core Insights - The average return of asset management products displayed on the "Private Equity排排网" platform for May 2025 is 0.66%, with 72.55% of products showing positive returns [2][3] - Multi-asset strategy products lead in performance with an average return of 1.53% for May 2025, while stock and derivative strategies have shown over 10% returns in the past year [2][3] Performance by Strategy Futures and Derivatives Strategy - There are 119 products in this category, with an average return of 0.27% for May 2025 and a one-year average return of 13.33% [3][10] - The top three products in this strategy have achieved significant returns, with the highest being managed by 瑞达期货 [8][11] Combination Fund Strategy - A total of 111 products are reported, with an average one-year return of 8.49% and 79.28% of products showing positive returns [12][15] - The leading product in this category is managed by 招商期货, achieving notable returns [12][15] Multi-Asset Strategy - There are 32 products in this category, with a one-year average return of 4.52% and a May 2025 average return of 1.53% [16][18] - The top product is managed by 五矿期货, demonstrating a significant advantage in returns [16][18] Bond Strategy - This category includes 66 products, with an average one-year return of 4.05% and a high positive return rate of 92.42% [19] - The leading product is managed by 海通期货, showcasing strong performance [19]

Core Viewpoint - The A-share market has experienced limited upward movement over the past year, with major indices showing modest gains, while various asset management products have displayed differentiated performance in terms of returns [1][2]. Summary by Category Overall Market Performance - A-share indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, recorded annual gains of approximately 5.61%, 3.26%, and 4.82% respectively [1]. - The futures market, as indicated by the Nanhua Commodity Index, has also shown limited trend-based movements, with most periods characterized by volatility [1]. Asset Management Product Performance - As of April 2025, there were 353 asset management products with reported performance, yielding an average return of 7.96% over the past year [1]. - Futures and derivatives strategy products led the performance with an average return of 10.63%, while combination fund products showed an average return of 1.45% for the same period [1]. Product Strategy Performance - **Stock Strategy**: - 38 products reported an average return of 8.55% over the past year, outperforming the A-share indices [3]. - The top three products in this category were managed by Guohai Liangshi, Nomura Orient International, and Hengtai Yingwo [3][5]. - **Futures and Derivatives Strategy**: - 97 products reported an average return of 10.63% over the past year, with the top three products managed by Ruida Futures, Tianfeng Tiancai, and Guangfa Futures [7][8]. - **Combination Fund**: - 85 products reported an average return of 7.44% over the past year, with the top three managed by招商期货, 汇安基金, and 万家共赢资产 [10][11]. - **Multi-Asset Strategy**: - 27 products reported an average return of 6.52% over the past year, with the top three managed by 五矿期货, 金信期货, and 大越期货 [14][17]. - **Bond Strategy**: - 52 products reported an average return of 4.13% over the past year, with the top three managed by 海通期货 and 华鑫证券 [18][20].