今年4月，A股、港股、美股等股票市场均因关税问题出现了较大的波动，但自4月初见底以来，主要股指一路震荡上扬。最终，A股三大指数中的上证指 数、深证成指、创业板指在今年1-7月的涨幅分别约为6.61%、5.71%、8.72%。 在这样的市场环境下，各类资管产品在今年1-7月的整体收益表现较为亮眼。截至2025年7月底，在私募排排网有业绩展示的资管产品共有295只，今年1-7月 收益均值约为3.95%；股票策略资管产品的整体业绩相对领先，收益均值为11.19%；拉长时间来看，资管产品近一年的收益均值约为11.78%，股票策略资管 产品以超33%的平均收益相对领先。 （需要说明的是，不同策略资管产品有着不同的风险、收益特征，高收益往往伴随着高风险，各策略整体收益的高低，不代表策略的优异程度） 为了给读者提供一些参考，笔者根据资管产品的一级策略进行了划分，分别梳理出了5大策略产品中今年1-7月收益居前10的产品。（同一公司管理多只相同 细分策略产品的，仅选收益最高的产品参与排名） 股票策略：国海良时旗下指增产品夺冠，金鹰基金旗下产品居第2 在私募排排网有今年1-7月业绩显示的股票策略资管产品有19只。按照上文规则筛选 ...

Market Overview - In the first half of 2025, the A-share market showed a fluctuating upward trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Star 50 index surged nearly 40%, reaching a historical high [1] - The domestic futures market was active amid geopolitical changes and increased dollar volatility, with strong performance in precious metals and some non-ferrous metals, while black commodities saw significant declines [1] Asset Management Product Performance - As of June 30, 2025, there were 368 asset management products with performance data, yielding an average return of 2.44% and a median return of 2.03% over the past six months [1] - Among the primary strategies, stock strategy products had the highest average and median returns at 4.96% and 3.58% respectively, outperforming the three major A-share indices during the same period [1] Performance by Strategy Stock Strategy - There were 39 stock strategy products with performance data, with the top three products being "Guohai Liangshi Jinshi No. 2 Index Enhanced" by Guohai Liangshi Futures, "Jinying Xingwen No. 3 Collective" by Jinying Fund, and "Xiangcai Securities Qitai No. 1" by Xiangcai Securities [2][4] Futures and Derivatives Strategy - A total of 104 products were listed under futures and derivatives strategy, with the top three being "Ruida Futures - Ruizhi Wuyou No. 99" by Ruida Futures, "CITIC Jiantou Futures - Quantitative CTA No. 1", and "Xinda Litian No. 3" [7][9] Combination Fund Strategy - There were 104 combination fund products, with the top three being "Zhaoshang Futures - Baoyuan FOF", "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1", and "Penghua Asset - Zhongzheng 500 Index Enhanced FOF" [12][14] Multi-Asset Strategy - The multi-asset strategy saw "Guohai Liangshi Jinshi No. 6" by Guohai Liangshi Futures, "Dayue Futures Haiying No. 1", and "Anliang Futures Tiancai Quantitative" as the top three products [14][18] Bond Strategy - In the bond strategy category, the top three products were "Haitong Futures - Gold No. 1", "Dayue Futures - Xingfeng", and "Shanghai Zhongqi - Convertible Bond Arbitrage No. 1" [20][21]

Core Viewpoint - The A-share market showed a fluctuating upward trend in the first half of 2025, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Securities 50 index surged nearly 40%, reaching a historical high [2]. Summary by Strategy 1. Stock Strategy - Among 39 stock strategy products with performance data, the average return in the past six months was 4.96%, and the median was 3.58%, outperforming the three major A-share indices [3]. - The top three products in terms of performance were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Xiangcai Securities Qitai No. 1" [4][6]. 2. Futures and Derivatives Strategy - There were 104 futures and derivatives strategy products, with the top three being: 1. Ruida Futures' "Ruida Futures - Ruizhi Wuyou No. 99 Single" 2. CITIC Futures' "CITIC Futures - Quantitative CTA No. 1" 3. Xinda Futures' "Xinda Litian No. 3" [9][11]. 3. Combination Fund - A total of 104 combination fund products were analyzed, with the top three being: 1. Zhaoshang Futures' "Zhaoshang Futures - Baoyuan FOF" 2. Wanjia Gongying Asset's "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1 Collection" 3. Penghua Asset's "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [14][15]. 4. Multi-Asset Strategy - In the multi-asset strategy category, the top three products were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Dayue Futures' "Dayue Futures Haiying No. 1" 3. Anliang Futures' "Anliang Futures Tiancai Quantitative" [18][20]. 5. Bond Strategy - There were 90 bond strategy products, with the top three being: 1. Haitong Futures' "Haitong Futures Golden No. 1" 2. Dayue Futures' "Dayue Futures Xingfeng" 3. Shanghai Zhongqi Futures' "Shanghai Zhongqi Convertible Bond Arbitrage No. 1" [22][24].