分策略来看，股票策略表现突出。有业绩记录的6473只股票策略产品中，6026只产品实现正收益，占比 93.09%，平均收益高达25.38%，5%分位数收益达72.23%。股票策略的良好表现得益于市场结构性机会。 2025年以来，A股市场整体震荡向上，中小盘风格主导，科技成长股与资源类周期股轮番发力。 券商中国记者从业内获悉，盘京投资、上海运舟、源乐晟等一批此前有过较大阶段性回撤的知名私募，在本 轮行情中都取得了不错收益，产品业绩显著修复。 多资产策略主要通过跨资产类别配置和灵活调整资产比例，在不同市场环境下分散风险并把握投资机会，今 年以来及时增加股票资产暴露，表现仅次于股票策略。有业绩记录的1279只多资产策略产品中，1150只产品 实现正收益，占比89.91%，平均收益达15.61%，5%分位数收益为52.84%。 值得注意的是，组合基金策略正收益占比居首。有业绩记录的398只产品中，有382只正收益，占比95.98%， 平均收益为14.12%，5%分位数收益为36.38%。 尽管今年商品市场波动不小，但期货及衍生品（CTA）策略表现相对较弱。有业绩记录的1212只期货及衍生 品策略产品中，935只实现正 ...

Core Insights - Since 2025, private equity securities products have shown significant profitability, with an average return of 20.41%, and stock strategy products achieving an impressive average return of 15.38% [1] - As of August 31, there are 10,135 private equity securities products with performance records, of which 9,208 have generated positive returns, resulting in a high positive return ratio of 90.85% [1] - Among various strategies, stock strategies have outperformed, benefiting from the structural market trends in A-shares, with 6,473 stock strategy products recording an average return of 25.38% and a positive return ratio of 93.09% [1] Stock Strategy Analysis - Within stock strategies, quantitative long strategies have excelled in the mid and small-cap market, with 1,303 products showing a positive return ratio of 96.24% and an average return of 31.84% [2] - In contrast, subjective long strategies have a positive return ratio of 92.68% but a lower average return of 25.62%, indicating a significant performance gap compared to quantitative strategies [2] - Multi-asset strategies follow closely with an average return of 15.61%, primarily due to timely allocation to stock assets, with 1,279 products showing a positive return ratio of 89.91% [2] Market Outlook - The rise in the A-share market is attributed to multiple factors, including policy adjustments, improved liquidity, and enhanced economic fundamentals, as analyzed by Fidelity International's economist Liu Peiqian [2] - Upcoming tourism expenditure data and weekly real estate transaction data are expected to serve as important indicators for observing the pace of economic recovery [2] - Looking ahead, the market is anticipated to continue a trend of oscillating upward, with a gradual shift towards large-cap growth stocks, focusing on sectors with low penetration rates such as AI computing power, semiconductor autonomy, solid-state batteries, humanoid robots, satellites, controllable nuclear fusion, and innovative pharmaceuticals [2]

Group 1 - The private equity fund industry in China is experiencing a surge in product registrations, with 1,775 private securities investment fund managers completing 5,461 product registrations in the first half of 2025, representing a year-on-year increase of 53.61% and a more than 100% increase compared to the second half of the previous year, indicating a significant recovery in market confidence and an enhanced willingness for capital allocation [1] - Among the five primary strategies, the stock strategy leads with 3,458 registered products, accounting for 63.32% of the total, reflecting strong enthusiasm for equity asset allocation, driven by factors such as the release of technology innovation policy dividends and robust performance in key sectors like artificial intelligence [1] - Multi-asset strategies and futures and derivatives strategies follow with 802 and 633 registered products, representing 14.69% and 11.59% respectively, highlighting an increased demand for diversified allocation in a low-interest-rate environment [1] Group 2 - Quantitative private equity institutions have shown remarkable performance during the current registration wave, with 27 out of 33 institutions having at least 20 registered products being quantitative, including 18 large-scale institutions with over 10 billion yuan in assets, showcasing their advantages in research capabilities, risk control systems, and brand effects [2] - A total of 2,448 registered quantitative strategy private products were recorded, with stock quantitative strategies dominating at 1,715 products, accounting for 70.06%, and the index enhancement strategy being the most favored with 1,061 products, representing 61.87% of stock quantitative strategies [2] - The small and micro-cap sector is expected to become a blue ocean for excess returns in quantitative strategies, as traditional broad-based index strategies face intensified competition and diminishing excess returns due to increased capital inflow [3]

Group 1 - The A-share market has shown strong fluctuations and rebounds this year, leading to increased confidence among private equity institutions [1] - In the first half of the year, the number of registered private equity securities products reached 5,461, a 53.61% increase compared to the same period last year [1] - Stock strategies remain the dominant strategy for registered products, accounting for 63.32% with 3,458 products [1] Group 2 - Multi-asset strategies and futures and derivatives strategies are the second and third most favored strategies, with 802 and 633 registered products, representing 14.69% and 11.59% respectively [1] - Quantitative private equity products have seen significant growth, with 2,448 products registered, making up 44.83% of the total, a 67.10% increase year-on-year [2] - Among quantitative products, stock strategies dominate with 1,715 products, accounting for 70.06% of the total quantitative products [2] Group 3 - The performance of private equity securities products, especially quantitative strategies, has attracted significant capital allocation due to their outstanding excess return capabilities [3] - The demand for diversified asset allocation has increased significantly in a low-interest-rate environment, reflected in the growing number of multi-asset and futures strategies [3] - The current market conditions suggest that the opportunity cost of equity investment is very low, making the Hong Kong and A-share markets attractive after sufficient adjustments [3]

Core Insights - The overall performance of private equity funds in 2025 has been strong, with an average return of 2.52% as of April 30, 2025 [1] - Multi-asset strategies have led the performance with a return of 2.87% [1] - A total of 12,543 private equity funds have recorded performance data, with 8,758 funds achieving positive returns, representing 69.82% of the total [1]