Core Insights - The A-share market has experienced significant growth since the implementation of a comprehensive financial policy on September 24 last year, with the Shanghai Composite Index reaching above 3800 points twice [1] - A total of 429 mixed equity funds and 112 ordinary equity funds have achieved over 100% performance in this period [1] Investment Value Rediscovery - Prior to the rise of technology growth stocks, the A-share market lacked a clear and sustained investment theme, with traditional cyclical and consumer sectors performing poorly due to weak economic expectations [1] - In uncertain times, many investors prioritized stability and safety, leading to a focus on high-dividend sectors [1] - A public fund manager noted a lack of participation in high-dividend stocks due to unfamiliarity with their business models and a belief that their performance was not aligned with growth investment aesthetics [1] Market Style Rotation - Over the past year, there has been a rapid rotation between high-dividend large-cap value stocks and thematic growth stocks such as AI and new productivity sectors [2] Adjustments in Investment Framework - The public fund manager has adjusted their investment framework, recognizing the need to relax stringent requirements for long-term economic moats in industries experiencing explosive growth [3] - The understanding of value has become more pragmatic and diversified, emphasizing the importance of industry prosperity and explosive growth as attractive value forms [3] - This approach aligns more closely with the characteristics of the A-share market, allowing for a more practical investment framework [3] Sector Performance - The PCB (Printed Circuit Board) sector has shown strong performance, benefiting from the explosive demand in AI computing infrastructure and automotive electronics since 2025 [4] Quantitative Private Equity Strategies - Since September 24 last year, the A-share market has shown a trend of oscillating upward, with significant market events occurring at three key points [5] - The first key point was the release of favorable policies in September 2024, which boosted market sentiment and led to a 20% increase in major indices by the end of that month [5] - The second phase involved a market recovery after external disturbances in April 2025, supported by continuous policy efforts, leading to a resurgence in market confidence and a significant increase in margin trading balances [6] - However, by August 2025, the performance of quantitative private equity strategies began to slow down due to a divergence in market performance, with a significant number of stocks declining despite index increases [6] - Many large private equity firms are focusing on artificial intelligence and exploring diversified strategies to enhance portfolio stability, which is seen as the future direction for quantitative private equity [6]

Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in the registration of private securities funds, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record for monthly registrations since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflows, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Among the strategies, equity strategies dominated, accounting for nearly 70% of the registered products, with 887 equity strategy private funds registered, representing a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, accounting for 12.48% of the total, reflecting a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, making up 9.63% of the total, and a slight month-on-month increase of 1.63%, maintaining a stable growth trend [2] - In contrast, the bond strategy and combination fund strategy had relatively low registration numbers, suggesting an increase in investor risk appetite in the current market recovery context [2] Group 3 - The registration activity was led by large-scale private fund institutions, with 676 private institutions completing product registrations, including 48 billion-level private institutions, which accounted for a significant portion of the total registrations [2] - Among the top twelve institutions by registration volume, all were billion-level private institutions, collectively registering 198 private funds, highlighting the dominance of larger players in the market [2] - The quantitative private fund institution Inno (Shanghai) Asset Management registered 7 private funds in July, emphasizing the importance of adaptability, stability, and risk control mechanisms in a complex market environment [3]

Group 1 - In July, the A-share market experienced a significant recovery, leading to a surge in private fund registrations, with 1,298 funds registered, marking an 18% month-on-month increase and setting a new record since 2025 [1] - The increase in private fund registrations is attributed to three main factors: the strong performance of the A-share market boosting investor confidence, the excellent performance of quantitative strategy products attracting substantial capital inflow, and the improved supply from leading institutions enhancing overall competitiveness in the private fund industry [1] - Equity strategy funds dominated the registration landscape, accounting for nearly 70% of total registrations, with 887 equity strategy funds registered, reflecting a 24.58% month-on-month growth [1] Group 2 - The multi-asset strategy is gaining traction, with 162 funds registered in July, representing 12.48% of total registrations and a 5.88% month-on-month increase, indicating a growing demand for diversified investment [2] - The futures and derivatives strategy also showed steady growth, with 125 funds registered, accounting for 9.63% of total registrations, reflecting a slight 1.63% month-on-month increase [2] - The number of registrations for bond and combination fund strategies remained relatively low, suggesting an increase in investor risk appetite amid the market recovery [2] Group 3 - The leading private fund institutions in terms of registration volume are those with assets exceeding 100 billion, with 48 such institutions registering a total of 198 funds in July [2] - Among the 676 private institutions that completed registrations, 12 out of 13 institutions with at least 10 registered funds were 100 billion-level private institutions, highlighting their dominance in the market [2] - Quantitative private fund institutions, such as Inno (Shanghai) Asset Management Co., Ltd., registered 7 funds in July, emphasizing the importance of adaptability and risk control in a complex market environment [3]