Core Viewpoint - The article emphasizes the importance of the Sharpe ratio as a key metric for evaluating the performance of private equity products, highlighting that a higher Sharpe ratio indicates better risk-adjusted returns and is a significant criterion for investors when selecting funds [1][3]. Summary by Categories 100 Billion and Above - Among the 432 stock strategy products, the average return from January to July is 18.45%, with an average Sharpe ratio of 2.56, indicating strong performance in the 100 billion and above category [2][3]. - The top three products in this category are managed by Wenbo Investment, Kuande Private Equity, and Evolution Asset, all of which are quantitative long strategies [3]. 50-100 Billion - In the 50-100 billion category, there are 158 stock strategy products with an average return of 16.32% and an average Sharpe ratio of 2.21 [6]. - The leading products are from Pingfang Investment, Dadao Investment, and Tiansuan Quantitative, showcasing a mix of quantitative and subjective strategies [6]. 20-50 Billion - The 20-50 billion category includes 265 stock strategy products, with an average return of 18.80% and an average Sharpe ratio of 2.26 [10]. - The top products are managed by Jiuming Investment, Xiangmu Asset, and Zhaorong Hui Li Private Equity, indicating a strong performance in this segment [10]. 10-20 Billion - In the 10-20 billion category, the average return is 23.84% with an average Sharpe ratio of 2.02 [12]. - The leading product is managed by Yangshi Asset, reflecting a notable performance in this size category [12]. 5-10 Billion - The 5-10 billion category has 387 stock strategy products, with an average return of 21.08% and an average Sharpe ratio of 1.69 [16]. - The top products are from Manfeng Asset, Hanxin Fund, and Mingyu Investment, indicating competitive performance [16]. 0-5 Billion - In the 0-5 billion category, there are 1173 stock strategy products with an average return of 17.57% and an average Sharpe ratio of 1.60 [21]. - The leading products are from Hunan Zijin Private Equity, Guangzhou Tianzhanhan, and Quancheng Fund, showing a diverse range of strategies [21].

Core Viewpoint - The article discusses the performance of various private equity strategies in the A-share market amid geopolitical tensions and economic downturns, highlighting the recovery of stock strategies since the "9.24" market event and the strong performance of quantitative long strategies in the first half of 2025 [1][2][4]. Group 1: Private Equity Strategy Performance - As of June 30, 2025, all private equity secondary strategies achieved positive returns in the first half of the year, with quantitative long strategies leading at an average return of 16.31%, followed by subjective long strategies at 10.55% and macro strategies at 9.19% [2][4]. - The total trading volume of the A-share market exceeded 160 trillion yuan in the first half of the year, significantly higher than over 100 trillion yuan in the same period last year, indicating a notable increase in market activity [4]. - The strong performance of quantitative long strategies is attributed to their focus on small-cap stocks, which have performed well, with the CSI 2000 index rising over 15% and the micro-cap stock sector increasing over 40% [4]. Group 2: Top Performing Private Equity Products - As of June 30, 2025, there were 345 quantitative long private equity products with performance data, with the top three products being "Fengshou No. 2," "Liangying Risheng Exclusive No. 1 A Class," and "Baolit Quantitative No. 1," achieving significant excess returns [5][6]. - The top ten quantitative long strategies included products from major firms such as Longqi Technology and Wenbo Investment, with their excess returns also being noteworthy [6][11]. Group 3: Recent Trends in Private Equity Strategies - Over the past year, the top three performing private equity secondary strategies were quantitative long, subjective long, and other derivative strategies, with average returns of 48.32%, 32.00%, and 31.52% respectively [8][10]. - In the last three years, the top three strategies shifted to subjective CTA, other derivative strategies, and bond enhancement, with average returns of 69.36%, 69.29%, and 45.18% respectively, indicating a significant change in market dynamics [12][14].

Core Viewpoint - The A-share market experienced significant volatility in the first half of 2025, leading investors to prioritize the balance of returns and risks when selecting stock strategy products. The Sharpe ratio emerged as a crucial metric for evaluating risk-return profiles of these products [2]. Summary by Relevant Sections Overall Performance - In the first half of 2025, there were 2,891 stock strategy products with a displayed Sharpe ratio, achieving an average return of 12.4% and an average Sharpe ratio of 1.57. The products managed by private equity firms with a scale of 10-20 billion showed the highest average return at 16.39% [2][3]. Performance by Company Size - **100 Billion and Above**: - 420 products with a total scale of 632.37 billion, average return of 11.40%, and a Sharpe ratio of 2.03 [3]. - **50-100 Billion**: - 196 products with a total scale of 244.84 billion, average return of 12.12%, and a Sharpe ratio of 1.97 [3]. - **20-50 Billion**: - 258 products with a total scale of 267.26 billion, average return of 11.78%, and a Sharpe ratio of 1.85 [3]. - **10-20 Billion**: - 309 products with a total scale of 267.01 billion, average return of 16.39%, and a Sharpe ratio of 1.57 [3]. - **5-10 Billion**: - 422 products with a total scale of 250.14 billion, average return of 11.60%, and a Sharpe ratio of 1.50 [3]. - **0-5 Billion**: - 1,286 products with a total scale of 434.97 billion, average return of 12.19%, and a Sharpe ratio of 1.32 [3]. Top Products by Performance - The article highlights the top-performing stock strategy products across different company sizes, focusing on those with returns above the average and high Sharpe ratios. Notable products include: - **100 Billion and Above**: Quantitative long products dominated the top 10, with notable managers from Stable Investment and Wide De Private Equity [4][6]. - **50-100 Billion**: The top products were primarily subjective long and quantitative long strategies, with significant contributions from Qianyan Private Equity [8][10]. - **20-50 Billion**: Quantitative long products were most prevalent, with top managers from Jiuming Investment and Zhao Rong Hui Li Private Equity [13][15]. - **10-20 Billion**: A mix of subjective long products, with top managers from Xiangmu Asset and Haokun Shengfa Asset [18][21]. - **5-10 Billion**: Quantitative long products led the rankings, with top managers from Yangshi Asset and Zeyuan Investment [22][25]. - **0-5 Billion**: Quantitative long products were also prominent, with two products from Guangzhou Tianzhanhan making the top five [26][27].