Core Viewpoint - The A-share market's strong rebound has significantly boosted investor confidence, leading to explosive growth in the issuance of new private equity products [1][4]. Group 1: Private Equity Product Issuance - In July, the number of registered private equity securities products reached 1,298, a month-on-month increase of 18%, marking a 27-month high [2][3]. - The total number of registered private equity securities products this year has surged over 60% year-on-year, with quantitative strategies performing particularly well and attracting substantial capital inflows [2][4]. - The cumulative number of registered private equity securities products in the first half of the year reached 5,576, with a total registered scale of 184.13 billion yuan [4]. Group 2: Strategy Distribution - Stock strategies dominated the July registrations, accounting for 887 products, or 68.34% of the total, with a month-on-month growth of 24.58% [5][6]. - Multi-asset strategies and futures/derivatives strategies also showed steady growth, with 162 and 125 products registered in July, respectively [9]. Group 3: Market Dynamics - The strong performance of quantitative strategies has led to a rapid increase in management scale for many quantitative private equity firms, with the top ten registered products all belonging to billion-yuan quantitative institutions [2][6]. - The market's rebound and the outstanding performance of quantitative investments have driven significant capital inflows, reflecting a strong demand for asset allocation [4][7].

Group 1 - The private equity securities fund industry has shown strong performance in 2023, with an average return of 2.52% as of April 30, and nearly 70% of products achieving positive returns [1] - Multi-asset strategy products lead the market with an average return of 2.87%, while stock strategy products follow closely with a return of 2.56% [1] - The performance of futures and derivatives strategies, combination fund strategies, and bond strategies also demonstrated strong market adaptability, with average returns of 2.34%, 2.10%, and 1.87% respectively [1] Group 2 - Index enhancement strategies have delivered impressive results, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [2] - Large private equity firms with over 10 billion in assets have achieved an average return of 7.53% in their index enhancement products, with all products realizing positive excess returns [2] - Smaller private equity firms also performed well, with average returns between 6% to 7% across various asset sizes, maintaining excess returns above 9% [2] Group 3 - The strong performance of index enhancement products is attributed to improved market liquidity, increased trading activity, and high market volatility, which create favorable conditions for excess return generation [3] - The unique "dual-drive" advantage of index enhancement strategies allows them to benefit from overall market gains (Beta returns) while also employing refined Alpha strategies to enhance returns [3] - This structure of "market Beta as a foundation, active Alpha as an enhancement" demonstrates significant competitiveness in the current market environment [3]