Core Viewpoint - The A-share market has shown a strong performance, with the Shanghai Composite Index reaching 3700 points, indicating a recovery from previous economic shocks. A trend of gradual growth has emerged since April 27, following the impact of U.S. tariffs, leading to a widening gap between stock strategies and other primary strategies [1]. Summary by Categories Market Performance - The A-share market has entered a four-month trend of gradual growth, with a noticeable recovery in the index [1]. - Quantitative long strategies and subjective long strategies have both performed well, with quantitative long strategies achieving a return of 25.02% and subjective long strategies averaging 5.86% in July [3][4]. Strategy Performance - Among various strategies, subjective long strategies have outperformed quantitative long strategies due to their concentrated positions and flexibility in trading [4]. - The average return for subjective long strategies across different scales of private equity funds has been significant, with the highest returns observed in the 10-20 billion category at 25.43% [18]. Fund Performance - The top-performing subjective long products in the 100 billion category include "和谐汇一医疗创新B类份额" managed by 施跃, achieving a return of ***% [7][5]. - In the 50-100 billion category, "同犇22期" managed by 童驯 led with a return of ***% [14]. - The 20-50 billion category saw "丹羿鹏程1号1期" managed by 王帅 achieving a return of ***% [17]. - In the 10-20 billion category, "能敬价值优选二号" managed by 孙杰 led with a return of ***% [21]. - The 5-10 billion category was topped by "优波三号A类份额" managed by 陈龙 with a return of ***% [24]. - The 0-5 billion category saw "子衿云杉" managed by 邹凯 achieving a return of ***% [28]. Investment Insights - Fund managers are focusing on sectors such as innovative pharmaceuticals and medical devices, indicating a re-evaluation of high-quality assets in China [8]. - The market is currently in a phase where investors are cautious about the sustainability of earnings for companies that have seen significant price increases [8].

Core Viewpoint - The article emphasizes the importance of the Sharpe ratio as a key metric for evaluating the performance of private equity products, highlighting that a higher Sharpe ratio indicates better risk-adjusted returns and is a significant criterion for investors when selecting funds [1][3]. Summary by Categories 100 Billion and Above - Among the 432 stock strategy products, the average return from January to July is 18.45%, with an average Sharpe ratio of 2.56, indicating strong performance in the 100 billion and above category [2][3]. - The top three products in this category are managed by Wenbo Investment, Kuande Private Equity, and Evolution Asset, all of which are quantitative long strategies [3]. 50-100 Billion - In the 50-100 billion category, there are 158 stock strategy products with an average return of 16.32% and an average Sharpe ratio of 2.21 [6]. - The leading products are from Pingfang Investment, Dadao Investment, and Tiansuan Quantitative, showcasing a mix of quantitative and subjective strategies [6]. 20-50 Billion - The 20-50 billion category includes 265 stock strategy products, with an average return of 18.80% and an average Sharpe ratio of 2.26 [10]. - The top products are managed by Jiuming Investment, Xiangmu Asset, and Zhaorong Hui Li Private Equity, indicating a strong performance in this segment [10]. 10-20 Billion - In the 10-20 billion category, the average return is 23.84% with an average Sharpe ratio of 2.02 [12]. - The leading product is managed by Yangshi Asset, reflecting a notable performance in this size category [12]. 5-10 Billion - The 5-10 billion category has 387 stock strategy products, with an average return of 21.08% and an average Sharpe ratio of 1.69 [16]. - The top products are from Manfeng Asset, Hanxin Fund, and Mingyu Investment, indicating competitive performance [16]. 0-5 Billion - In the 0-5 billion category, there are 1173 stock strategy products with an average return of 17.57% and an average Sharpe ratio of 1.60 [21]. - The leading products are from Hunan Zijin Private Equity, Guangzhou Tianzhanhan, and Quancheng Fund, showing a diverse range of strategies [21].