Market Overview - In 2025, the A-share market experienced an overall upward trend, with major indices recording significant gains, including an increase of over 18% in the Shanghai Composite Index and over 49% in the ChiNext Index [1] - The commodity market showed notable differentiation, with precious metals driven by safe-haven attributes and macroeconomic logic, achieving a cumulative annual increase of over 81% [1] Private Fund Performance - By the end of 2025, among 5,192 private funds displayed on the Private Fund Ranking website, the average annual return reached 31.93% [1] - Quantitative long and subjective long strategies performed particularly well, with average returns of 44.74% and 37.71%, respectively [1] - The active rotation in sectors such as consumption, technology, and high-end manufacturing created substantial structural opportunities for equity strategy funds, supported by active market trading and sustained liquidity [1] Strategy Performance Quantitative Long Strategy - The top-performing quantitative long products included 806 funds with an average return of 44.74% [3] - Notable products in this category included Gaia Qingke, Jintong Investment, and Hanrong Investment [4] Subjective Long Strategy - The subjective long strategy had 2,185 funds with an average return of 37.71%, with the highest entry threshold for the top 20 products [4][9] - Leading products in this category came from companies like Nengjing Investment Holdings and Shanghai Ge Ru Private Equity [10] Composite Strategy - The composite strategy saw 427 funds with an average return of 30.77%, with top products from Shuohe Asset and Tianhui Investment [12][15] Macro Strategy - The macro strategy included 133 funds, with the top products from companies like Jiuqi Investment and Luyuan Private Equity [16][18] - Notably, Luyuan Private Equity's product achieved significant returns, highlighting the effectiveness of macro strategies [20] Subjective CTA Strategy - The subjective CTA strategy had 78 funds, with top products from Yizu Investment and Chiying Private Equity [21][24] Quantitative CTA Strategy - The quantitative CTA strategy included 185 funds, with Hua Cheng Private Equity leading with significant returns [25][27] Private FOF Strategy - The private FOF strategy had 56 funds, with an average return of 20.55%, and top products from Shanghai Taiying and Qingdao Hongyun Ruiheng Private Equity [29][31] - The FOF strategy focuses on selecting and allocating multiple private funds to achieve diversified investment [29]

Core Viewpoint - The A-share market experienced a significant upward trend in 2025, with major indices showing considerable gains, including an over 18% increase in the Shanghai Composite Index and a more than 49% rise in the ChiNext Index. Precious metals, driven by their safe-haven properties and macroeconomic logic, saw an impressive annual increase of over 81% [3]. Private Fund Performance - By the end of 2025, the average return for 5,192 private funds displayed on the Private Fund Ranking Network reached 31.93%. Notably, quantitative long and subjective long strategies performed exceptionally well, with average returns of 44.74% and 37.71%, respectively [3][5]. - The active rotation in sectors such as consumption, technology, and high-end manufacturing created substantial structural opportunities for equity strategy funds, further enhanced by active market trading and sustained liquidity [3]. Strategy Performance - Multi-asset strategies, including composite and macro strategies, also performed well, with average returns exceeding 29%. Other mainstream strategies, such as CTA and FOF strategies, achieved average returns above 20% [3]. - The top-performing strategies in 2025 included: - Quantitative Long: Average return of 44.74% - Subjective Long: Average return of 37.71% - Composite Strategy: Average return of 30.77% - Macro Strategy: Average return of 29.01% [5][6][11]. Top Funds by Strategy - The top 20 quantitative long products included firms such as Gaia Qingke, Jintong Investment, and Hanrong Investment, with the top threshold for returns being notably high [6][7]. - The leading subjective long products were from firms like Nengjing Investment Holdings and Shanghai Geryu Private Equity, with a high entry threshold for returns [11][13]. - In the composite strategy category, Shuohe Asset led the performance, followed by Tianhui Investment and Ningbo Shufa Private Equity [17][18]. - For macro strategies, notable performers included Jiuqi Investment and Luyuan Private Equity, with a significant number of products achieving high returns [20][21]. Private Fund of Funds (FOF) - The average return for private FOF products in 2025 was 20.55%, with the top ten funds including Shanghai Taiying and Qingdao Hongyun Ruiheng Private Equity [35][36]. - The leading FOF product, managed by Li Chunyu of Rongzhi Investment, achieved a notable return, emphasizing a focus on diversified asset allocation and risk management [40].