Core Insights - The private equity securities industry experienced a significant surge in product registrations in July, reaching a 27-month high, driven by a strong recovery in the A-share market [1][2][3]. Group 1: Product Registration Statistics - As of July 31, 2025, the total number of registered private equity securities products reached 1,298, marking an 18% month-on-month increase and a 61.39% year-on-year increase with a total of 6,759 products registered this year [2][3]. - Stock strategies dominated the registrations in July, with 887 products accounting for 68.34% of the total, reflecting a 24.58% increase from the previous month [3][4]. - Multi-asset strategies saw 162 products registered, a 5.88% increase, representing 12.48% of the total [3][4]. - Futures and derivatives strategies had 125 products registered, a 1.63% increase, making up 9.63% of the total [3][4]. - Other strategies, including bond strategies and combination funds, also saw increases in registrations, contributing to the overall growth [3][4]. Group 2: Market Environment and Performance - The recovery in the A-share market, with the Shanghai Composite Index surpassing 3,600 points, has significantly boosted investor confidence and risk appetite, leading to increased demand for private equity products [5][6]. - Quantitative strategies have shown strong performance, attracting both institutional and individual investors, further driving the demand for private equity securities [5][6]. - The private equity industry is undergoing a supply optimization, with a focus on high-quality management and innovative products, enhancing overall industry professionalism and transparency [5][6]. Group 3: Leading Institutions - In July, 676 private equity firms registered new products, with 13 firms registering more than 10 products each. Notably, large quantitative firms dominated the top rankings [6][7]. - The top firms by registration volume included Kuande Private Equity with 31 products, Mingnong Investment with 26, and Century Frontier with 22 [6][7]. - Other notable firms included Jiukun Investment and Chengqi Asset, each registering 20 and 17 products respectively, showcasing the competitive landscape among large-scale quantitative private equity firms [6][7]. Group 4: Market Outlook - The market is expected to experience fluctuations, with a focus on structural opportunities as the earnings verification period approaches in mid-August [7]. - Upcoming events, such as the implementation of new tariffs and the results of negotiations, may create cautious market sentiment [7]. - However, there is potential for a bullish trend later in August, supported by favorable macroeconomic policies and increased liquidity, which could enhance market sentiment and attract more capital [7].

Core Insights - Despite overall poor performance of major indices this year, index-enhanced private equity products have shown strong investment capabilities, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [1] - A significant 95.53% of the 649 index-enhanced products reported positive excess returns, indicating robust performance across the board [1] Performance by Management Scale - Top-tier private equity firms have excelled, with 148 index-enhanced products managed by firms with over 10 billion in assets achieving an average return of 7.53% and an average excess return exceeding 10%, with all products reporting positive excess returns [1] - Mid-sized private equity firms also demonstrated strong competitiveness, with products in the 5-10 billion, 20-50 billion, and 0-5 billion asset ranges showing average returns of 6.42%, 6.73%, and 6.20% respectively, all with positive excess returns [1] Performance by Product Size - Products from private equity firms with 50-100 billion in assets showed average returns of 6.51% and excess returns of 8.70%, while those from firms with 10-20 billion in assets had lower performance, with average returns of 4.26% and excess returns of 6.86% [2] Strategy Type Performance - "Other index-enhanced" products emerged as the top performers, with 56 products reporting an average return of 9.69% and an average excess return of 14.47%, all achieving positive excess returns [2] - Air index-enhanced products also performed well, with 240 products showing an average return of 7.10% and an average excess return of 11.02%, with 92.92% of these products achieving positive excess returns [2]