Core Viewpoint - The article emphasizes the strong performance of the Chinese A-share market since April, highlighting a "slow bull" market characterized by significant gains, particularly in the context of private equity fund strategies to capitalize on this trend [2]. Private Equity Strategies Subjective Long Strategy - This strategy benefits directly from the bull market, allowing fund managers to select stocks with high potential for returns, thus achieving significant elasticity in a rising market [3]. - The core logic involves deep value discovery, where fund managers identify undervalued stocks through thorough research, aiming for substantial price appreciation [5]. - Flexibility in position management allows fund managers to adjust stock holdings based on market conditions, maximizing gains during bullish phases [6]. - The strategy aims for significant excess returns (Alpha), outperforming market averages, especially evident in past bull markets where it significantly outperformed the CSI 300 index [7][8]. Quantitative Long Strategy - This strategy utilizes algorithm-driven approaches to capture market uptrends, reducing the risk of missing out on gains due to subjective errors by fund managers [14]. - It combines market beta returns with stable alpha returns, benefiting from increased trading activity and liquidity in a bull market [14]. - Various sub-strategies exist within quantitative long strategies, catering to different risk profiles, from conservative to aggressive investors [15][16]. Macro Strategy - Macro strategies adapt to economic cycles, allowing for flexible asset allocation across stocks, bonds, commodities, and currencies to capture market trends while hedging risks [20]. - In a bull market, these strategies can enhance returns through diversified exposure while mitigating potential downturns [21]. - Performance data indicates that macro strategies have yielded an average return of approximately 13.93% this year, with top-performing funds highlighted [21]. Composite Strategy - Composite strategies employ multiple investment strategies simultaneously, achieving a synergistic effect that enhances overall returns while managing risk [23]. - They provide diversified income sources, reducing reliance on any single market or asset, thus smoothing overall volatility [24]. - Performance data shows an average return of about 17.82% for composite strategies this year, with leading funds identified [24].

Core Insights - The report indicates a decline in the average annualized yield of selected bank wealth management products, with a one-year investment yield of 0.92% and a six-month investment yield of 0.59% over the past three months [1][2] - The comprehensive yield index for low-risk six-month investment cycle products increased slightly, while the one-year investment cycle products also saw a minor rise, indicating a slowdown in growth [2] - The weighted average yield of collective trust products decreased, with short-term and long-term products showing declines as well [2][3] Banking Wealth Management Market - The average annualized yield of selected cash management products was 1.42%, down 4 basis points from June 1, 2025, and down 185 basis points from the baseline period of April 4, 2021 [1] - The yield for low-risk six-month investment cycle products was 0.59%, up 1 basis point month-on-month, but down 21 basis points over the past six months [1] Trust Market - The weighted average yield of collective trust products fell by 11 basis points to 5.40%, with short-term products at 5.06% (down 9 basis points) and long-term products at 5.55% (down 13 basis points) [2] Public Fund Market - The average seven-day annualized yield of money market funds was 1.33%, down 2 basis points month-on-month and down 115 basis points from the peak in December 2020 [2] - Bond funds increased by 1.13%, mixed funds by 3.64%, and stock funds by 3.14% over the past six months [2] Private Fund Market - The composite strategy private funds saw a six-month increase of 4.69%, while stock strategy private funds increased by 4.17% over the same period [3]

Group 1 - The core viewpoint of the report indicates that the average annualized yield of selected cash management products in the national bank wealth management market has increased to 1.55% as of April 27, 2025, compared to a decrease of 172 basis points from the baseline period [1] - The comprehensive yield index for medium and low-risk six-month investment cycle products in the national bank wealth management market reached 115.45 points in April, reflecting a month-on-month increase of 0.21% and a growth of 15.45% from the baseline period [2] - The weighted average yield of collective trust products in the trust market decreased by 6 basis points to 5.61% in April, with short-term products dropping to 5.27% and long-term products to 5.78% [2] Group 2 - The average seven-day annualized yield of money market funds was 1.41% in April, down 3 basis points from the previous month and 107 basis points from the peak in December 2020 [2] - The bond fund yield index fell to 76.89 points in April, a decrease of 2.65 points from the previous month and a decline of 23.11 points from the December 2020 baseline [3] - The composite strategy private equity fund saw a six-month increase of 0.53%, while the stock strategy private equity fund had a six-month increase of 0.22% [3]