Core Insights - In October 2023, the A-share market showed a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively [1] - A total of 2,448 private equity products reached historical net value highs in October, accounting for approximately 48.60% of private equity products established for over one year [1] - Among the products, 1,367 were non-quantitative, while 1,081 were quantitative [1] Product Types - The majority of products were stock strategy products, totaling 1,344, which represents about 54.9% of the total [1] - Multi-asset strategy products accounted for 397, futures and derivatives strategy products for 383, bond strategy products for 224, and combination fund products for 100 [1] Company Scale - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products, which is about 35% [1] - There were 430 products from firms with over 10 billion in assets [1] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity, 14 quantitative, and 8 being a combination of both [2][3] - Notable firms include Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity, with several firms having over 10 products reaching new highs [3] Top Performing Strategies - The top-performing products in the stock strategy category included subjective long and quantitative long strategies, with a focus on the top 20 private equity products by return over the past year [1][6] - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with notable managers like Dan Bin and Wang Yiping each managing two products [7] Quantitative Strategy Insights - Among the quantitative private equity products, Ningbo Huanfang Quantitative had 11 products with a near-average return of ***% over the past year [6] - Jiukun Investment had 18 products with returns exceeding ***% [6] Futures and Derivatives Strategy - In the futures and derivatives strategy category, there were 197 products, with the top five returns coming from firms like Yizu Investment and Chiwin Private Equity [20][23] Multi-Asset Strategy - The multi-asset strategy category had 245 products, with the top-performing product being managed by Luyuan Private Equity, which has been operational for over seven years [24][27]

Core Insights - In October 2023, A-shares experienced a high-level fluctuation, with the Shanghai Composite Index slightly rising by 1.85%, while the Shenzhen Component and ChiNext Index fell by 1.1% and 1.56% respectively [2] - A total of 2,448 private equity products reached historical highs in net value, accounting for approximately 48.60% of private equity products established for over one year [2][3] - Among these products, 1,367 were non-quantitative, while 1,081 were quantitative [2] - The majority of products employed stock strategies, with 1,344 products (approximately 54.9%), followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Product Types - Non-quantitative products accounted for 1,367, while quantitative products made up 1,081 [2] - Stock strategy products were the most prevalent, with 1,344 products, followed by multi-asset strategies (397), futures and derivatives strategies (383), bond strategies (224), and combination fund products (100) [2] Company Size - The largest number of products came from private equity firms with assets under 500 million, totaling 864 products (35% of the total) [3] - There were 430 products from firms with over 10 billion in assets [3] High-Performing Private Equity Firms - A total of 42 private equity firms had all their products reach historical highs in October, with 20 being subjective private equity firms, 14 quantitative, and 8 combining both strategies [4][5] - Among these, five firms with over 10 billion in assets included Ningbo Huanfang Quantitative, Century Frontier, Jiukun Investment, Qilin Investment, and Honghu Private Equity [5] Notable Products - The "Double Ten Fund" category, which includes products established for over 10 years with annualized returns exceeding 10%, had 18 products, with 13 being subjective long products [9] - Notable high-performing products included those from Beijing Xiyue Private Equity, which topped the subjective long product category, and Jiukun Investment, which had 18 products with significant returns [19][27] Strategy Performance - In the futures and derivatives strategy category, 197 products reached historical highs, with the top five products coming from Yizu Investment and Chiying Private Equity [20] - The multi-asset strategy category had 245 products, with the top performers being from Lu Yuan Private Equity and Hai Sheng Fund [24][27]

Core Viewpoint - The A-share market showed a strong upward trend in June, with the Shanghai Composite Index rising by 2.90%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [2] Private Fund Performance - In June, 2010 private fund products reached historical net value highs, accounting for approximately 45.68% of the private funds with performance data available for nearly one year [2] - Among these, quantitative products numbered 965, while non-quantitative products totaled 1045 [2] - The majority of products employed stock strategies, with 1153 products, followed by multi-asset strategies (272), bond strategies (257), futures and derivatives strategies (256), and combination fund products (72) [2] Company Scale Analysis - The largest number of products came from private funds with a scale below 500 million, totaling 790 products, which is nearly 40% of the total [3] - There were 283 products from private funds with a scale of 10 billion or more [3] Top Performing Products - The top-performing products in the quantitative long stock strategy category included 522 products, with the highest return threshold exceeding ***% [3] - The leading product was "Zeyuan Zhicheng Beta Quantitative No. 1 A Class" managed by Zhou Lihua from Shenzhen Zeyuan, with a recent scale of approximately *** billion and a one-year return close to ***% [5][10] - In the subjective long stock strategy category, the top product was "Xiyue San Shi A Class" managed by Wu Lei from Beijing Xiyue, with a recent scale of approximately 25.73 million and a one-year return close to ***% [10] Multi-Asset Strategy - The top product in the multi-asset strategy category was "Luyuan Ruize Stable Growth" managed by Lu Wentao, with a recent scale of approximately *** billion and a one-year return of about ***% [13] Futures and Derivatives Strategy - In the futures and derivatives strategy category, "Junfu Zhongzheng 500 Index Enhanced No. 1" managed by Wang Jiazhen and Dai Hangxiao from Junfu Investment had a recent scale of approximately *** million and a one-year return of about ***% [17] Bond Strategy - The leading product in the bond strategy category was "Hansheng New Millennium No. 1" managed by Yang Shangmeng from Shanghai Hanhong, focusing on convertible bond trading [19] Billion-Level Private Fund Insights - In June, 283 products from billion-level private funds reached historical highs, with quantitative products making up 87.6% of this total [21] - Notably, 13 billion-level private funds had 10 or more products reaching new highs, with 聚宽投资 leading with 41 products [22]