Group 1 - Since 2025, the A-share market has shown a structural trend with a focus on small and mid-cap stocks, leading to impressive performance from quantitative strategy private equity, with the best achieving a 73% return [1] - As of mid-year, 51 large private equity firms with performance data reported an average return of 10.87% for the first half of the year, with 94.12% of them achieving positive returns [1] - Among the profitable large private equity firms, 21 had returns within 10%, another 21 had returns between 10% and 19.99%, and 6 firms achieved returns of 20% or more [1] Group 2 - In the quantitative long strategy, the quantitative stock selection strategy private equity products have performed well, with an average return rate close to 20%, and the best product exceeding 54% [2] - The quantitative index enhancement strategy private equity products have an average return rate of 17%, with 94% achieving positive returns, and one product exceeding 73% [2] - As of July 14, the number of large private equity firms reached 89, with quantitative private equity firms increasing to 41, surpassing the number of subjective private equity firms for the first time in history [2] Group 3 - Quantitative investment strategies rely on extensive historical data and statistical analysis to identify price change patterns and trading opportunities, characterized by strong systematic features and strict adherence to model results [3] - While quantitative private equity is not the main driver of small-cap stocks, its growth can influence small-cap styles, although the excess returns from quantitative strategies may revert to neutral levels [3] - The primary risk for small and micro-cap styles comes from liquidity concentration, and potential market themes could absorb liquidity from small and micro-cap stocks, leading to corrections [3]

Group 1 - In June, a total of 1,100 private equity securities investment fund products were registered, marking a monthly record high for the year with a month-on-month increase of 26.44% [1] - In the first half of the year, the number of newly registered private equity securities investment funds reached 5,461, representing a year-on-year growth of 53.61% and a month-on-month increase of 100.48% [1][3] - Stock strategies emerged as the main force in private equity registrations for the first half of the year, with 3,458 new stock strategy private equity products accounting for 63.32% of the total registered products [3] Group 2 - Quantitative strategies dominated the market, with 2,448 registered quantitative strategy private equity products, of which 1,715 were stock quantitative strategies, making up 70.06% [3] - The most popular strategy was the index enhancement strategy, with 1,061 registered products, representing 61.87% of stock quantitative strategies, followed by the market-neutral stock strategy with 571 products, accounting for 33.29% [3] - The performance of securities private equity funds was strong in the first half of the year, with quantitative strategies leading, particularly the index enhancement strategy, which had the highest returns [3] Group 3 - Looking ahead to the second half of the year, private equity institutions maintain an optimistic outlook, focusing on technology, consumer sectors, innovative pharmaceuticals, and dividend assets [4] - In June, 751 private equity securities managers participated in A-share listed company research, covering 387 stocks across 28 primary industries, with a total of 1,769 research instances [4] - A total of 46 stocks received significant attention from private equity institutions, each with research frequency of at least 10 times [4]

Core Viewpoint - The recent decline in wealth management yields, combined with a recovery in the capital market, has led to a gradual increase in the sales of private securities investment products [1]. Group 1: Product Registration and Market Trends - A total of 5,461 new private securities investment products were registered in the first half of the year, representing a year-on-year increase of 53.61% and a month-on-month increase of 100.48% [2][3]. - In June alone, 1,100 private securities investment funds were registered, marking a monthly record high for the year with a month-on-month growth of 26.44% [3]. - Stock strategies remain the dominant force in private fund registrations, with 3,458 new stock strategy private products accounting for 63.32% of total registrations [3]. Group 2: Performance of Quantitative Strategies - Quantitative strategies have emerged as a mainstream direction in the market, with 2,448 registered quantitative strategy private products, of which 1,715 are stock quantitative strategies, making up 70.06% [3]. - The index enhancement strategy is particularly favored, with 1,061 registered products, representing 61.87% of stock quantitative strategies [3]. - The top three performing strategies in the first half of the year were the Tongpu 1000 Index Enhancement Private Index (+15.87%), the Tongpu Subjective Growth Private Index (+12.80%), and the Tongpu 500 Index Enhancement Private Index (+10.66%) [5]. Group 3: Market Outlook and Investment Focus - Private institutions are generally optimistic about the market in the second half of the year, focusing on technology, consumption, innovative pharmaceuticals, and dividend assets [9]. - Clear and favorable domestic policies are expected to maintain a relatively loose liquidity environment, reducing the likelihood of systemic risks [9]. - Investment strategies include a focus on high-quality companies in sectors such as AI applications, upstream resources, new consumption, and innovative pharmaceuticals [9].