Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In H1 2025, the global stock market showed an overall upward trend despite geopolitical conflicts and US tariff policies. The A-share market presented an "N-shaped" trend, the Hong Kong stock market was stronger, and the US stock market experienced a "V-shaped" reversal. The bond market was active with significant growth in issuance, and the futures market also saw increases in trading volume and turnover. The development of China's private securities investment fund industry showed mixed trends, with a decline in the number of registered fund managers but an increase in the number and scale of private securities investment fund filings in H1 2025. In terms of performance, the stock strategy had the strongest average return in H1 2025, while the futures and derivatives strategy was more dominant in the past 3 and 5 years [4][5][6]. Summary According to the Table of Contents Chapter 1: Overview of China's Securities Investment Foundation Market Stock Market - As of the end of June 2025, the number of A-share listed companies reached 5,420, an increase of 37 from the end of 2024, and the total market value exceeded 100 trillion yuan, up 6.5% from the end of 2024, hitting a record high. The growth was mainly due to the recovery of the IPO market [12][15]. - In H1 2025, the A-share market showed an "N-shaped" trend. The Shanghai Composite Index rose 2.76%, the Shenzhen Component Index rose 0.48%, the ChiNext Index rose 0.53%, and the North Exchange 50 Index soared 39.45%. The Hong Kong stock market was stronger, and the US stock market experienced a "V-shaped" reversal [16][17]. - As of the end of H1 2025, the Sci-Tech Innovation Comprehensive Index had the highest price-to-earnings ratio, and the North Exchange 50 and CSI 2000 were at historical high valuations, while the CSI 300 and Shanghai Composite Index were at medium to low historical levels [18][19]. - In H1 2025, the A-share trading volume reached 13 trillion shares, and the turnover reached 162.65 trillion yuan, with year-on-year increases of 37.64% and 59.9% respectively. The daily average turnover was 13,902 billion yuan, up about 61% year-on-year [20][24]. - In H1 2025, 23 out of 35 industries in the Wind secondary industry classification rose. The non-ferrous metals, enterprise services, and household products industries led the gains, while the coal, real estate, and daily consumer retail industries led the losses [32][35]. - In H1 2025, the small-cap growth style index of A-shares performed the strongest, followed by the large-cap value index. As of June 30, the margin trading balance of A-shares was 18,504.53 billion yuan, indicating the dominance of the long side [36][41]. Bond Market - In H1 2025, the total number of bond issuances in the market was 24,267, with an issuance amount of 44.6 trillion yuan. The issuance of interest rate bonds reached 16.9 trillion yuan, and short-term and medium-short-term bonds dominated the issuance [43][44]. - From March to June 2025, due to weak economic recovery momentum, the bidding interest rate of government bonds and the issuance interest rate of policy bank bonds declined [47][49]. - In H1 2025, the issuance interest rate of credit bonds showed a "first rising then falling" trend, mainly affected by liquidity tightening and policy uncertainty at the beginning of the year and then declining under the influence of loose monetary policy and improved market supply and demand [53][57]. - In H1 2025, the interbank bond market was the most active in the secondary market. Among different types of bonds, government bonds in interest rate bonds and financial bonds in credit bonds had the highest trading volumes [59][63]. - In H1 2025, the 1-year government bond yield rose 26BP to 1.34%, and the 10-year government bond yield fell 3BP to 1.65%. The yield curve showed different trends in different periods [65][66]. - In H1 2025, the Wande Short-term Pure Bond Fund Index and the Wande Medium and Long-term Pure Bond Fund Index both showed a "first falling then rising" trend, with an overall upward trend in oscillation. The short-term bond fund index had better gains and volatility than the medium and long-term pure bond fund index [67][69]. Futures Market - In H1 2025, the cumulative trading volume of the national futures market was 4.076 billion lots, and the cumulative turnover was 339.73 trillion yuan, with year-on-year increases of 17.82% and 20.68% respectively. The precious metals sector had the highest turnover, reaching 59.57 trillion yuan, up 66.05% year-on-year [70][74]. - As of the end of H1 2025, the domestic commodity futures market's settled funds were 428.366 billion yuan, a year-on-year increase of 16.05%. The precious metals industry had the largest inflow of funds, while the chemical industry had the largest outflow [76][81]. - In H1 2025, the commodity futures market showed a significant differentiation trend. Precious metals and some non-ferrous metals performed strongly, while coal, coke, steel, and energy and chemical products were dragged down by weak demand [82][86]. Chapter 2: Development Status of China's Private Securities Investment Fund Industry Private Securities Investment Fund Managers - The number of registered private securities investment fund managers in China has shown a significant downward trend in recent years, from 1,605 in 2017 to 49 in 2024, mainly due to tightened regulatory policies and intensified industry competition. In H1 2025, 25 managers were registered, an increase of 4 from the same period last year [88][92]. - The number of existing private securities investment fund managers in China has shown a trend of "first increasing then decreasing," from 8,467 in 2017 to 7,761 at the end of June 2025, due to tightened regulation and intensified market competition [93][97]. - Private securities investment fund managers in China are highly concentrated in economically developed and policy-advantaged regions. The top six regions in terms of managed fund scale are Shanghai, Beijing, Shenzhen, Zhejiang (excluding Ningbo), Guangdong (excluding Shenzhen), and Ningbo, with a CR6 of 88.7% [98][100]. Private Securities Investment Funds - The number and scale of private securities investment funds filed for approval in China have shown a trend of "first increasing then decreasing" in recent years. In H1 2025, both the number and scale increased significantly compared to the same period last year, mainly due to the recovery of the market environment [101][107]. - In H1 2025, the number of private securities products filed for approval reached 5,461, a year-on-year increase of 53.6%. The stock strategy was the mainstream strategy. The number of quantitative private products filed for approval was 2,448, a year-on-year increase of 67.1%, and the quantitative long strategy in the stock strategy was the mainstream [108][112]. - The number of existing private securities investment funds in China has shown a trend of "first increasing then decreasing," while the fund scale has fluctuated. In H1 2025, the number of existing funds continued to decrease, while the scale increased with the recovery of the A-share market [113][118]. Chapter 3: Performance of China's Private Securities Investment Funds Private First-level Strategies - According to investment targets and methods, private funds can be divided into 5 first-level strategies and 17 second-level strategies. In H1 2025, the stock strategy had the strongest average return. In the past 3 and 5 years, the futures and derivatives strategy was more dominant [120][123]. Stock and Bond Strategies - In H1 2025, among private companies meeting the ranking rules of Simuwang, the average return rate of stock strategy products was 14.04%, and small and medium-sized private funds performed better. In 2024, the average return of private bond strategy products was 11.89%, and the bond enhancement strategy performed the best [125][126]. Private Second-level Strategies - In H1 2025, the stock quantitative long strategy performed the best, with an average return of 16.31%. In the past 1 year, the quantitative long strategy was still the best, and in the past 3 years, the subjective CTA and other derivatives strategies had the best returns [127].

Core Viewpoint - The recent decline in wealth management yields, combined with a recovery in the capital market, has led to a gradual increase in the sales of private securities investment products [1]. Group 1: Product Registration and Market Trends - In the first half of the year, a total of 5,461 new private securities investment products were registered, marking a year-on-year increase of 53.61% and a month-on-month increase of 100.48% [2][3]. - In June alone, 1,100 private securities investment funds were registered, achieving a monthly record high for the year with a month-on-month growth of 26.44% [3]. - Stock strategies remain the dominant force in private fund registrations, with 3,458 new stock strategy private products accounting for 63.32% of the total registered products [3]. Group 2: Performance of Investment Strategies - Quantitative strategies have emerged as a mainstream direction in the market, with 2,448 registered quantitative strategy private products, of which 1,715 are stock quantitative strategies, representing 70.06% [3]. - The most favored strategy within stock quantitative strategies is the index enhancement strategy, with 1,061 registered products, making up 61.87% of the stock quantitative strategies [3]. - The top three performing strategies in the first half of the year were the Tangpu 1000 Index Enhanced Private Index (+15.87%), Tangpu Subjective Growth Private Index (+12.80%), and Tangpu 500 Index Enhanced Private Index (+10.66%) [5]. Group 3: Market Outlook and Investment Focus - Private equity institutions are generally optimistic about the market in the second half of the year, focusing on sectors such as technology, consumer goods, innovative pharmaceuticals, and dividend assets [8]. - The liquidity environment is expected to remain relatively loose, reducing the likelihood of systemic risks, as domestic policies are anticipated to become more proactive [8]. - Investment strategies proposed include a focus on high-quality companies in undervalued sectors, particularly in the internet, electronics, and automotive industries, alongside a focus on high-potential innovative growth companies [8].

Core Viewpoint - The recent decline in wealth management yields, combined with a recovery in the capital market, has led to a gradual increase in the sales of private securities investment products [1]. Group 1: Product Registration and Market Trends - A total of 5,461 new private securities investment products were registered in the first half of the year, representing a year-on-year increase of 53.61% and a month-on-month increase of 100.48% [2][3]. - In June alone, 1,100 private securities investment funds were registered, marking a monthly record high for the year with a month-on-month growth of 26.44% [3]. - Stock strategies remain the dominant force in private fund registrations, with 3,458 new stock strategy private products accounting for 63.32% of total registrations [3]. Group 2: Performance of Quantitative Strategies - Quantitative strategies have emerged as a mainstream direction in the market, with 2,448 registered quantitative strategy private products, of which 1,715 are stock quantitative strategies, making up 70.06% [3]. - The index enhancement strategy is particularly favored, with 1,061 registered products, representing 61.87% of stock quantitative strategies [3]. - The top three performing strategies in the first half of the year were the Tongpu 1000 Index Enhancement Private Index (+15.87%), the Tongpu Subjective Growth Private Index (+12.80%), and the Tongpu 500 Index Enhancement Private Index (+10.66%) [5]. Group 3: Market Outlook and Investment Focus - Private institutions are generally optimistic about the market in the second half of the year, focusing on technology, consumption, innovative pharmaceuticals, and dividend assets [9]. - Clear and favorable domestic policies are expected to maintain a relatively loose liquidity environment, reducing the likelihood of systemic risks [9]. - Investment strategies include a focus on high-quality companies in sectors such as AI applications, upstream resources, new consumption, and innovative pharmaceuticals [9].

Group 1: Securities Asset Management Business - Nine securities firms have asset management business scales exceeding 100 billion, with CITIC Securities leading at 343.24 billion [1][2] - The total number of securities asset management products reached 22,482, with a total scale of 5.93 trillion, accounting for 9.23% of the overall asset management market [1][2] - FOF products show significant return differentiation, with strategic allocation products performing exceptionally well, indicating market preference for specific strategies [2] Group 2: Bond ETFs - The first batch of 10 sci-tech bond ETFs sold out on the first day, each with a fundraising cap of 3 billion, indicating strong market demand [3] - The total scale of bond ETFs reached 389.94 billion before the launch of the new products, with expectations to surpass 400 billion following the successful fundraising [3] - The success of these bond ETFs may enhance brand influence for related companies and attract more investors to the bond ETF sector [3] Group 3: Private Securities Products - The number of newly registered private securities products doubled compared to the previous month, with a total of 1,100 products registered in June, marking a significant increase [5] - In the first half of the year, the number of new private securities investment funds reached 5,461, a year-on-year increase of 53.61% [5] - The increase in private product registrations reflects a growing expectation for capital market recovery and a shift in funds towards private sectors [5][6] Group 4: Talent Movement in Asset Management - Sun Jianbo, a former champion fund manager, joined Wanlian Asset Management as Vice General Manager, indicating a significant talent movement in the asset management industry [4] - Wanlian Asset Management aims to expand its capital and pursue public fund licenses, reflecting a strategic focus on growth in asset management [4] - The influx of experienced professionals into the asset management sector may enhance competition and resource allocation within the industry [4]

Group 1 - The core viewpoint is that the sales of private securities investment products are gradually increasing due to the continuous decline in financial product yields and a recovery in the capital market [1] Group 2 - In the first half of the year, a total of 5,461 new private securities investment products were registered, representing a year-on-year increase of 53.61% and a month-on-month increase of 100.48% [2] - In June alone, 1,100 private securities investment fund products were registered, marking a monthly increase of 26.44% and the second-highest monthly figure of the year [2] - Stock strategies remain the dominant force in private fund registrations, with 3,458 new stock strategy private products accounting for 63.32% of the total [2] - Quantitative stock strategies are particularly popular, with 1,715 registered products, making up 70.06% of the quantitative strategy private products [2] Group 3 - The decline in deposit rates, with one-year fixed deposit rates falling below 1%, has contributed to the growth in private product issuance as they offer relatively higher returns [3] - The top three performing strategies in the first half of the year were the Tangpu 1000 Index Enhanced Private Index (+15.87%), Tangpu Subjective Growth Private Index (+12.80%), and Tangpu 500 Index Enhanced Private Index (+10.66%) [3] - Among the 33 private institutions with at least 20 registered products, 27 are quantitative private institutions, with 18 being large-scale institutions managing over 10 billion [3] - As of June, 2,010 private products reached historical net asset value highs, representing approximately 45.68% of those with nearly one year of performance data [3] Group 4 - Private institutions are generally optimistic about the second half of the year, focusing on sectors such as technology, consumption, innovative pharmaceuticals, and dividend assets [4] - The liquidity environment is expected to remain relatively loose, reducing the probability of systemic risks [4] - A total of 751 private securities managers participated in A-share listed company research, covering 387 stocks across 28 industries, with a total of 1,769 research instances [4] - The strategy for future market positioning includes a focus on high-quality companies that are undervalued, particularly in the internet, electronics, and automotive sectors [4]