Core Viewpoint - The stock markets, including A-shares, Hong Kong stocks, and US stocks, experienced significant fluctuations due to tariff issues but ultimately recorded varying degrees of increases in the first seven months of the year, with the CSI 2000 leading A-shares with over 20% growth [2] Market Performance Summary - A-shares: - Shanghai Composite Index increased by 6.61%, with a maximum increase of 16.76% and a maximum drawdown of -9.71% [3] - Shenzhen Component Index rose by 5.71%, with a maximum increase of 20.56% and a maximum drawdown of -14.98% [3] - ChiNext Index grew by 8.72%, with a maximum increase of 33.17% and a maximum drawdown of -20.79% [3] - CSI 300 increased by 3.58%, with a maximum increase of 15.67% and a maximum drawdown of -10.49% [3] - CSI 500 rose by 8.74%, with a maximum increase of 20.22% and a maximum drawdown of -13.80% [3] - CSI 1000 increased by 11.81%, with a maximum increase of 23.24% and a maximum drawdown of -16.87% [3] - CSI 2000 led with a 20.44% increase, a maximum increase of 31.56%, and a maximum drawdown of -19.65% [3] - Hong Kong stocks: - Hang Seng Index increased by 23.50%, with a maximum increase of 35.99% and a maximum drawdown of -19.95% [3] - Hang Seng Tech Index rose by 22.05%, with a maximum increase of 44.61% and a maximum drawdown of -27.91% [3] - US stocks: - Dow Jones Industrial Average increased by 3.73%, with a maximum increase of 19.56% and a maximum drawdown of -16.12% [3] - S&P 500 rose by 7.78%, with a maximum increase of 28.24% and a maximum drawdown of -18.90% [3] - Nasdaq increased by 9.38%, with a maximum increase of 38.71% and a maximum drawdown of -23.87% [3] Private Equity Performance Summary - The overall performance of private equity products under billion-yuan private equity firms was impressive in the first seven months of the year, with an average return of approximately 16.80% [2][3] - Among the 557 billion-yuan private equity products, stock strategy products accounted for over 82%, with an average return of about 18.63%, significantly outperforming the three major A-share indices [4] - Quantitative long strategy products within stock strategies achieved an average return of over 26% [4] Top Performing Products - The top 10 quantitative long products were dominated by quantitative stock selection products, with 8 out of 10 being from this category [8] - Notable top-performing products included those from Longqi Technology, Stable Investment, and Abama Investment [8][12][15] Multi-Asset and Other Strategies - Multi-asset strategy products totaled 54, with an average return of approximately 11% [4] - The top 10 multi-asset products included those from Duration Investment, Black Wing Asset, and others [20][23]

Group 1 - The private securities product registration market is experiencing unprecedented activity, with 1,298 products registered in July, a month-on-month increase of 18%, marking the highest level in nearly 27 months. This reflects a significant recovery in market confidence and a sustained demand for private product allocation [1] - The total number of registered products for the year has reached 6,759, representing a year-on-year increase of over 60%, indicating a clear recovery trend in the private issuance market [1] Group 2 - Quantitative private products have been particularly prominent in this registration wave, with 620 quantitative products registered in July, accounting for 47.77% of the total registered products for the month, and a month-on-month growth of nearly 20% [3] - Among the 13 private firms that registered more than 10 products in July, 11 were quantitative firms, with the top ten spots entirely occupied by quantitative institutions. Wide德 Private Fund led with 31 registered products, followed by Mingcong Investment with 26 [3] - Stock quantitative strategies dominate the quantitative product category, with 478 stock strategy quantitative products registered in July, making up 77.10% of the total quantitative products for the month, and a month-on-month increase of 26.79% [3] Group 3 - Stock strategies continue to play a leading role in private product registrations, with 887 stock strategy products registered in July, accounting for 68.34% of the total registered products, and a month-on-month growth of 24.58% [4] - Multi-asset strategies are emerging as a significant force, with 162 products registered in July, representing 12.48% of the total, and a month-on-month increase of 5.88% [4] - Futures and derivatives strategies, bond strategies, and combination fund strategies also show steady growth, with 125, 48, and 46 products registered respectively, indicating a diversification in investment options for investors [4] Group 4 - A total of 676 private institutions completed product registrations in July, including 48 billion-level private funds and 36 funds with 50 to 100 billion in scale, demonstrating active participation across different scales of private institutions [4]

Core Insights - The A-share market has seen a significant rebound in July, leading to increased investor confidence and a peak in private equity securities product registrations [1][6] - A total of 1,298 private equity securities products were registered in July, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6,759 private equity securities products have been registered, reflecting a year-on-year increase of 61.39% [1] Strategy Breakdown - Stock strategies dominate the registration landscape, with 887 products registered in July, accounting for 68.34% of total registrations and a month-on-month growth of 24.58% [1][3] - Multi-asset strategies have become the second-largest category, with 162 products registered in July, representing 12.48% of total registrations and a month-on-month increase of 5.88% [1][3] - Futures and derivatives strategies have also gained traction, with 125 products registered in July, making up 9.63% of total registrations and a stable month-on-month growth of 1.63% [1][3] Quantitative Products - Quantitative private equity products saw a substantial increase, with 620 products registered in July, accounting for 47.77% of total registrations and a month-on-month growth of 19% [3][5] - Stock strategies are the primary focus within quantitative products, with 478 stock strategy products registered in July, representing 77.1% of total quantitative registrations and a month-on-month increase of 26.79% [4][5] - Among stock quantitative products, index-enhanced products are predominant, with 321 registered in July, accounting for 67.15% of stock quantitative products and a remarkable month-on-month growth of 52.13% [4][5] Market Dynamics - The positive performance of the A-share market, with the Shanghai Composite Index surpassing the 3,600-point mark, has significantly boosted investor enthusiasm and confidence [6] - The private equity sector is experiencing an influx of funds, driven by the superior performance of quantitative strategy products, which are attracting strong asset allocation demand [6] - Continuous optimization in the supply side of the private equity industry, with the emergence of leading institutions and quality products, is enhancing overall competitiveness and improving market perception [6]

Core Viewpoint - Since the "9.24 market" last year, the A-share market has shown a structural slow bull trend, with private equity products focusing on stock strategies achieving strong performance in the first half of this year and over the past year. However, over a longer time frame of three to five years, futures and derivatives strategies have shown stronger performance, with significant increases in commodities like gold and lithium carbonate [2][3]. Summary by Category Private Equity Strategy Performance - As of June 30, 2025, there are 593 futures and derivatives strategy products that meet ranking criteria, with average returns of 39.11% over three years and 97.41% over five years, outperforming other strategies [2][3]. - The average returns for various strategies in the first half of the year and over different time frames are as follows: - Stock Strategy: 12.36% (H1), 36.36% (1 year), 35.48% (3 years), 74.97% (5 years) - Futures and Derivatives Strategy: 5.04% (H1), 18.12% (1 year), 39.43% (3 years), 98.23% (5 years) - Multi-Asset Strategy: 8.20% (H1), 25.76% (1 year), 37.34% (3 years), 95.98% (5 years) - Bond Strategy: 5.54% (H1), 13.01% (1 year), 35.14% (3 years), 82.64% (5 years) - Combination Fund: 6.72% (H1), 20.70% (1 year), 15.06% (3 years), 34.10% (5 years) - Overall Average: 10.08% (H1), 30.13% (1 year), 35.81% (3 years), 80.06% (5 years) [3]. Top Performing Private Equity Firms - Among firms with over 20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Junfu Investment 2. Junchen Asset 3. Loshu Investment - The average returns for these firms are not disclosed due to regulatory requirements [4][5]. - Junfu Investment focuses on a diverse range of asset classes, including commodity strategies and various index enhancements, with eight qualifying products showing returns above a certain threshold [6][9]. Mid-Sized Private Equity Firms - For firms with 5-20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Guanzhi Fund 2. Zhemeng Investment 3. Mingrui (Beijing) Private Equity - The average returns for these firms are also not disclosed [10][12]. Small Private Equity Firms - Among firms with 0-5 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Fuying Investment 2. Qihe New Asset Management 3. Mufeng Investment - The average returns for these firms exceed a certain threshold, with Fuying Investment's top product showing significant returns [15][16].

Core Viewpoint - The performance of private equity funds with assets under management between 0-500 million yuan has shown significant changes in strategies following the "924" market event, with CTA strategies underperforming compared to stock strategies in the latter half of the year [2][4]. Group 1: Performance Overview - As of June 2025, there are 6,534 private equity funds with assets between 0-500 million yuan, accounting for 84.30% of the industry, indicating a substantial presence of smaller fund managers [2]. - The average return for the 0-500 million private equity funds in the first half of 2025 was 10.44%, with a one-year average return of 33.15% [6]. Group 2: Strategy Performance - Among the various strategies, subjective long/short strategies led with an average return of 12.32%, while quantitative long strategies achieved an average return of 15.66% [7][4]. - The average returns for different strategies in the first half of 2025 are as follows: - Subjective Long/Short: 12.57% - Subjective CTA: 11.55% - Macro Strategy: 10.03% - Composite Strategy: 9.99% [6][11]. Group 3: Top Performers - The top three performing private equity funds in the stock strategy category are: - 富延资本 (Fuyuan Capital) - 沁昇基金 (Qinsheng Fund) - 滨利投资 (Binli Investment) [8]. - In the futures and derivatives strategy category, the leading funds are: - 泓熙基金 (Hongxi Fund) - 孚盈投资 (Fuying Investment) - 水木长量 (Shuimu Changliang) [12]. - For multi-asset strategies, the top performers are: - 易则投资 (Yize Investment) - 数弈众城投资 (Shuyi Zhongcheng Investment) [16]. Group 4: Quantitative Fund Performance - The average return for quantitative products in the first half of 2025 was approximately 8.39%, with 83.12% of the products showing positive returns [20]. - The top three quantitative funds based on performance are: - 智信融科 (Zhixin Rongke) - 广州天钲瀚 (Guangzhou Tianzhanhan) - 巨量均衡基金 (Julang Junheng Fund) [22].

Core Insights - The private equity securities products have distributed a significant number of dividends in 2023, with 537 products showing performance and a total of 584 dividend distributions as of June 17 [1][2] - The average return of these dividend-distributing products stands at 10.34%, outperforming the overall average return of 7.87% for 4,596 private equity securities products with performance displays [1] Group 1: Performance and Distribution - Among the dividend-distributing products, stock strategy products are the primary contributors, with 284 products distributing dividends 298 times, accounting for 51.03% of total distributions [1] - The average return for stock strategy products is 12.86%, with 88.03% of these products achieving positive returns [1] - In the futures and derivatives strategy category, 93 products have distributed dividends 100 times, representing 17.12% of total distributions, with an average return of 7.21% and 88.17% of products showing positive returns [1] Group 2: Other Strategies and Institutional Insights - Multi-asset strategy products have distributed dividends 94 times from 84 products, making up 16.10% of total distributions, with an average return of 9.13% and 91.67% achieving positive returns [2] - Bond strategy products have seen 72 dividend distributions from 59 products, accounting for 12.33% of total distributions, with all products achieving positive returns and an average return of 6.08% [2] - A total of 336 private equity institutions have products that have shown performance and distributed dividends, with 108 institutions having at least two products that distributed dividends [2]

Group 1 - The average return of 12,843 private equity securities products as of the end of May is 4.34%, with 9,608 products achieving positive returns, representing 74.81% [1] - Stock strategy private equity products lead the performance this year, with an average return of 4.81% from 8,487 products, and 6,238 products achieving positive returns, accounting for 73.50% [1] - Multi-asset strategy products follow closely, with an average return of 4.14% from 1,439 products, and 1,075 products achieving positive returns, representing 74.70% [1] Group 2 - Futures and derivatives strategy products have an average return of 3.19% from 1,339 products, while combination funds have an average return of 3.09% from 473 products, indicating similar performance [2] - Combination funds show a higher stability with 86.68% of products achieving positive returns compared to futures and derivatives strategies [2] - Bond strategy products have the lowest performance this year, with an average return of 2.42% from 1,105 products, and 959 products achieving positive returns, representing 86.79% [2] Group 3 - Quantitative strategies have strengthened due to the small-cap growth style, with an average return of 8.46% from 1,480 quantitative long equity products, and 1,282 products achieving positive returns, accounting for 86.62% [2] - Subjective long equity strategy products have an average return of 3.98%, which is less than half of the quantitative long equity strategies [2] - Market neutral strategies have an average return of 5.00% from 726 products, outperforming subjective long strategies [3]

Group 1 - The private equity market has faced significant volatility over the past three years, making it challenging for private equity funds to maintain consistent positive returns [1] - As of the end of April this year, only 238 out of 926 private equity products (approximately 25.7%) have achieved positive returns each year since 2021, excluding pure bond strategies and bond-enhanced products [1] - Among the consistently positive return products, 114 are quantitative products and 124 are non-quantitative products, indicating a nearly even split [1] Group 2 - There are 35 "stock quantitative" products with over 500 million in scale that have achieved positive returns each year since 2021, with 16 belonging to billion-scale private equity firms [1] - In the "stock subjective long" category, there are 37 products with similar performance, with 20 from billion-scale private equity firms [1] - The "multi-asset strategy" category includes 33 products with consistent positive returns, with 6 from billion-scale firms and 16 classified as composite strategy products [1] Group 3 - In the "futures and derivatives strategy" category, there are 35 products with over 500 million in scale that have achieved positive returns each year since 2021, with 4 from billion-scale private equity firms [2] - Among these, 25 are quantitative CTA products, 4 are subjective CTA products, and 6 are options strategy products [2] - A total of 47 billion-scale private equity products have achieved positive returns each year since 2021, with 20 being stock subjective long products and 9 being stock market neutral products [2]

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]

Group 1 - Private equity funds in the A-share market have performed well despite ongoing market fluctuations, with an average return of 2.52% as of April 30, 2023, and 69.82% of products achieving positive returns [1] - Multi-asset strategy products have led the market with an average return of 2.87%, surpassing the overall market average, and 70.84% of these products reported positive returns [1] - Stock strategy products also showed strong performance, with an average return of 2.56% and 67.89% of products achieving positive returns, driven by a recovery in the A-share market in April [1] Group 2 - Bond strategy products lagged behind with an average return of 1.87%, but 83.44% of these products still achieved positive returns [2] - Combination funds reported an average return of 2.10%, with 81.02% of products achieving positive returns [2] - Market analysts suggest that ongoing macroeconomic events, such as the US-China tariff negotiations, will continue to create investment opportunities, emphasizing the importance of sector-specific research and stock selection [2] Group 3 - The recent monetary policy easing, including interest rate cuts, is viewed as a short-term positive factor for the market, but long-term effects will depend on the actual economic performance [3] - Historical trends indicate that the impact of monetary policy changes on the market can vary, with initial reactions often leading to volatility before potential reversals occur [3]