Core Viewpoint - Guanshi Fund, established in 2022, focuses on macro hedging strategies and aims to create long-term sustainable wealth for clients through in-depth analysis of global political and economic trends [1][5]. Company Overview - Guanshi Fund has achieved significant performance, with its "Guanshi Zhaojin Growth No. 1 A-Class Share" yielding ***% in the first half of 2025 and ranking first in net value innovation among futures and derivatives strategies [2]. - As of May 31, 2025, Guanshi Fund's products have an average return of ***% over the past three years, placing it at the top of the private equity rankings [2]. Investment Strategy - The fund employs a flexible approach using stocks, commodities, and bonds, dynamically adjusting its strategies across assets and cycles to enhance adaptability [5]. - The strategy focuses on capturing macroeconomic trends and absolute returns through a combination of macro β and α [5]. Development History - Guanshi Fund was established in January 2022 and completed its registration with the China Securities Investment Fund Industry Association in March 2022 [6]. - By June 2025, the fund's management scale surpassed 1 billion RMB [6]. Core Team - The core team consists of experienced professionals from state-owned banks, possessing extensive backgrounds in investment research and risk management [7][9]. - The founder, He Guojian, has over 20 years of financial experience and has consistently achieved positive returns in macro hedging strategies for five consecutive years [9]. Competitive Advantages - The fund has a mature strategy system based on solid macroeconomic analysis, allowing for a balanced strategic framework [13]. - The team has demonstrated strong market adaptability, successfully navigating multiple market cycles and achieving profits during adverse conditions [15]. - A rigorous risk management framework is in place, ensuring asset safety through comprehensive risk control measures [16]. Product Lines - The macro hedging strategy aims to identify price imbalances in financial assets across multiple markets and industries, capturing global economic discrepancies [17]. - The fund offers various products, including "Guanshi Family No. 2" and "Guanshi Zhaojin Growth No. 1," which focus on different market conditions and investment opportunities [18][20].

Core Viewpoint - The A-share market maintained a narrow fluctuation in May, with all three major indices showing slight gains, leading to a significant number of private equity products reaching historical highs in net value [2][20]. Group 1: Market Performance - In May, the Shanghai Composite Index rose by 2.09%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [2]. - A total of 1,411 private equity products reached historical highs in net value, accounting for approximately 32.88% of the products with performance data available for nearly a year [2]. Group 2: Product Types and Strategies - Among the high-performing products, 654 were quantitative and 757 were non-quantitative [2]. - The majority of products employed stock strategies (717), followed by futures and derivatives strategies (256), bond strategies (207), multi-asset strategies (171), and combination fund products (60) [2]. Group 3: High-Performing Private Equity Products - The top 20 private equity products by strategy were identified, focusing on stock strategies, futures and derivatives strategies, multi-asset strategies, and bond strategies [3][12][16]. - In the stock strategy category, 377 products reached historical highs, with the top five products all being subjective long products, each yielding over ***% in the past year [4][5]. Group 4: Notable Fund Managers and Products - Chen Long from Youbo Capital managed a subjective long product that achieved nearly ***% in the past year, ranking second among stock strategy products [7]. - He Guojian from Guanjin Fund managed a subjective CTA product that also achieved nearly ***% in the past year, ranking second in the futures and derivatives strategy category [11]. Group 5: Billion-Level Private Equity Products - In May, 156 billion-level private equity products reached historical highs, with quantitative products making up 140 of these, representing nearly 90% [20]. - Among these, stock strategy products accounted for over 70%, with 115 products in this category [20]. Group 6: Performance Rankings - The top 10 products by one-year returns among billion-level private equity products had a threshold return of nearly ***%, with the top five products coming from Longqi Technology, Ming Stone Fund, and others [21][22]. - The top three products by three-year returns also had a threshold of over ***%, with leading products from Abama Investment and Ming Stone Fund [23][24].