Core Viewpoint - The article highlights the resurgence of stock strategy products in 2023, marking a significant performance recovery after nearly five years of stagnation, while CTA (Commodity Trading Advisor) strategies, although still yielding decent returns, are losing visibility in the current bullish market [2][5]. Group 1: Performance of CTA Products - CTA strategies are recognized for their ability to navigate through market volatility, showcasing superior long-term returns compared to stock strategies, with a nearly 90% return over the past five years as per the 排排网 CTA优选指数 [2][5]. - As of the end of October, among private equity firms with over 5 billion in assets, 79 CTA products reported an average return of 10.54% this year, with a five-year average return of 89.62% [5][6]. Group 2: Top Performing CTA Products - The top three CTA products in the 50 billion and above category are managed by 均成资产, 宁水资本, and 宏锡基金, with their respective five-year returns being ***% [6][7]. - In the 20-50 billion category, the leading product is 草本投资's "草本致远1号B类份额," achieving a five-year return of ***% and a strong performance this year [8][9]. - For the 10-20 billion category, 共青城广聚星合私募's "广聚星合禾荃1号" leads with a five-year return of ***% [12][13]. - In the 5-10 billion category, 华澄私募's "华澄二号" tops the list with a five-year return of ***% [15][16]. - Among firms with less than 5 billion, 固利资产's "量磁群英1号" stands out with a five-year return of ***% [18][19]. Group 3: Fund Managers and Strategies - The fund manager for 均成资产, 司维, has a strong background in data analysis and investment management, contributing to the product's diversified strategy [7]. - 邓飞 from 宁水资本 specializes in macro investment and bond trading, focusing on government bond futures [7]. - 刘智勇 from 草本投资 has extensive experience in the oilseed market, enhancing the product's performance through industry knowledge [10][11]. - 李婷 from 共青城广聚星合 has a decade of experience in futures and commodity strategies, leading to the product's strong performance [13][14]. - 颜学阶 from 华澄私募 has been dedicated to quantitative investment for over a decade, refining multi-strategy approaches [17].

Core Viewpoint - The article discusses the performance of non-debt private equity products in the A-share market, highlighting those that have achieved consecutive positive returns over the years, indicating the fund managers' ability to navigate market fluctuations [2][10]. Summary by Sections 2023 Performance - In 2023, among private equity companies managing over 500 million, there were 1,731 non-debt private equity products, with 1,026 (59.27%) achieving consecutive positive returns [2]. - The threshold for the top 20 products in cumulative returns for 2023 was set at ***% [2]. - The majority of the top 20 products (15) were subjective long strategies, with only one product from a billion-dollar private equity firm, Oriental Harbor [2]. Top Products in 2023 - The top five products based on returns were managed by: - Qian Jun from Chiying Private Equity - Zhou Yifeng from Beiheng Fund - Chen Yongbao from Ding Tai Si Fang (Shenzhen) - Wu Gengxin from Zhun Jin Investment - Shi Hao from Shanghai Ge Ru Private Equity [3]. 2021 Performance - For the period from 2021, there were 855 non-debt private equity products, with 184 (21.52%) achieving consecutive positive returns [10]. - The threshold for the top 20 products in cumulative returns for 2021 was also set at ***% [10]. - Half of the top 20 products were subjective long strategies, with a notable presence of quantitative long products [10]. Top Products in 2021 - The top five products were managed by: - He Wenling from Qianhai Guoen Capital - Liu Zhiyong from Caoben Investment - Li Ting from Gongqingcheng Guangju Xinghe Private Equity - Ma Changhai from Hengbang Zhaofeng - Li Jiabin from Qianhai Haifu Asset [11]. 2019 Performance - In 2019, there were 377 non-debt private equity products, with 54 (14.32%) achieving consecutive positive returns [15]. - The threshold for the top 20 products in cumulative returns for 2019 was set at ***% [15]. - The top 20 products included seven subjective long products, with a mix of quantitative long, macro strategies, and composite strategies [15]. Top Products in 2019 - The top five products were managed by: - Yang Zhongxian from Jilu Asset - Chen Yu from Shennong Investment - Yao Qicong from Jiukun Investment - Liang Wentao from Honghu Private Equity - Yu Zilong from Shanghai Yuanlai Private Equity [16][22].

Core Insights - The private equity products have reached record highs in performance, with 60.43% of the 2761 products achieving historical net value highs in July 2025 [1][2] - The A-share market showed a strong upward trend in July 2025, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14% [1] - The majority of high-performing products are equity strategy products, particularly subjective long and quantitative long strategies, which account for approximately 60% of the total [1][2] Product Types - Among the 2761 private equity products, 1214 are quantitative products and 1547 are non-quantitative products [1] - The top strategy is equity strategy products, with 1654 products, followed by multi-asset strategy products (393), futures and derivatives strategy products (327), bond strategy products (290), and combination fund products (97) [1] Company Scale - The largest number of high-performing products comes from private equity firms with assets under management (AUM) below 500 million, totaling 1122 products, which is over 40% of the total [2] - There are 379 products from firms with AUM exceeding 10 billion [2] Long-Established Products - Among the high-performing products, 21 have been established for over 10 years, with 15 of them being subjective long products and 3 being quantitative CTA products [2] - Notably, 15 of these long-established products have annualized returns exceeding 10% [2] Performance Rankings - The article lists the top-performing products in various strategies, including equity, multi-asset, futures, and bond strategies, highlighting their respective managers and performance metrics [4][5][10][15][19][23] - For example, the top products in the subjective long strategy are from Nengjing Investment Holdings, while the leading products in the quantitative long strategy are from companies like Jingqi Investment and Huanrong Investment [10][15] Market Outlook - The current market conditions are described as being in the second phase of a bull market, characterized by a focus on quality growth stocks, particularly in sectors like innovative pharmaceuticals, AI, and stablecoin financial innovations [5]

Core Viewpoint - The article emphasizes the power of compound interest and the challenges of achieving consistent positive returns in the current complex market environment, particularly in the A-share market, where the CSI 300 index has shown significant fluctuations since 2021, with a cumulative decline of 27.65% as of April 30, 2025 [2][3]. Summary by Category Market Performance - Since 2021, the CSI 300 index has experienced annual returns of -5.20%, -21.63%, -11.38%, 14.68%, and -4.18%, with only one year showing positive returns [2]. - The cumulative return from 2021 to April 30, 2025, is -27.65%, indicating a challenging environment for private equity funds to achieve consistent positive returns [2]. Private Equity Fund Performance - As of April 2025, among 926 private equity products (excluding pure bond strategies), only 238 products (approximately 25.7%) have achieved positive returns each year since 2021 [3]. - The successful products are nearly evenly split between quantitative (114 products) and non-quantitative (124 products) strategies [3]. Top Performing Products - The top five products with the highest cumulative returns since 2021 are from JiLu Asset, Shanghai Liangyu Private Equity, JiuKun Investment, and Guangzhou Shouzheng Yiqi [4]. - Notable products achieving over ***% returns since 2021 include JiuKun's "JiuKun Day Enjoy CSI 1000 Index Enhanced No. 1" and Liang Kui's "Liang Kui Xiang Shui Lu Mountain No. 5" [4][12]. Strategy Breakdown - In the quantitative strategy category, there are 35 products that have achieved positive returns each year since 2021, with 16 being from large private equity firms [3][13]. - The subjective long-only equity strategy has 37 products with consistent positive returns, with 20 from large private equity firms [13][14]. Multi-Asset and Other Strategies - There are 33 multi-asset strategy products that have shown positive returns each year since 2021, with 6 from large private equity firms [18]. - In the futures and derivatives strategy category, 35 products have achieved positive returns since 2021, with 4 from large private equity firms [24]. - The bond strategy category has 15 products with consistent positive returns, with 1 from a large private equity firm [27]. Overall Trends - A total of 47 large private equity products have achieved positive returns each year since 2021, with a significant representation from subjective long-only equity strategies [31].