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]