Core Insights - In July, the number of newly registered private equity funds and product filings reached a record high for the year, indicating a strong growth trend in the private equity sector [2][4]. Group 1: Registration and Filings - In July, 22 new private equity fund managers were registered, marking the highest monthly figure for the year. This includes 6 private securities investment funds and 16 private equity and venture capital funds [2]. - The total number of registered private fund managers reached 19,700 by the end of July, with 11,785 in private equity and venture capital, 7,722 in private securities investment, and 187 in other private investment funds [2]. - A total of 1,698 new products were filed in July, also a record for the year, with a total filing scale of 107.43 billion yuan [4]. Group 2: Product Types and Strategies - The majority of the newly filed products in July were stock strategy products, totaling 887, which accounted for 68.34% of the total filings [5]. - Quantitative funds gained significant attention, with 620 quantitative private securities products filed in July, representing 47.76% of the total filings [5]. - Among the quantitative stock strategy products, 321 were filed under the quantitative long strategy, making up 67.15% of that category [5]. Group 3: Fund Scale and Growth - The total number of existing private funds reached 139,430 by the end of July, with a total scale of 20.68 trillion yuan, showing continuous growth for seven consecutive months [5]. - Among the 676 private securities managers with filed products, the distribution by scale was as follows: 357 managers with 0-500 million yuan, 86 with 500 million-1 billion yuan, and 48 with over 10 billion yuan [6].

Group 1: Investment Rating - No investment rating is mentioned in the report. Group 2: Core Viewpoints - The performance of the subjective CTA strategy line in the second half of 2025 will continue the trend of the first half. The consistency between macro and industrial directions benefits subjective CTA managers, and the source of income will not decline significantly. Also, the probability of position limits is low, which is conducive to the recovery of market liquidity [2][32][35] Group 3: Summary by Directory 1. 2025 H1 Subjective CTA Review 1.1 Subjective CTA Strategy Net Value Performance - In H1 2025, the net value performance of managers in the observation pool was basically the same as that in H1 2024, and the maximum weekly drawdown was smaller. By sector, black and multi - sector managers had prominent returns. By scale, larger - scale managers had more obvious returns [8][11][14] 1.2 2025 H1 Subjective CTA Strategy Income Attribution - In H1 2025, the Nanhua Commodity Index weakened. The decline of coal drove the cost collapse of domestic industrial products. The income acquisition of subjective CTA was divided into two stages. In the first stage (Jan - Mar 2025), precious and non - ferrous metals rose, while domestic industrial products weakened. In the second stage (Apr - May 2025), after the Tomb - sweeping Festival, the market volatility increased, and subjective CTA managers performed well. The cost collapse of industrial products also promoted the performance of quantitative CTA factors [17][19][22] 2. Subjective CTA Strategy Industry Ecological Changes 2.1 Managers' Positions are Generally Low, Paying More Attention to Net Value Drawdown Management - Managers' positions are generally low, focusing on net value drawdown management. The income in H1 2025 came from the smooth trend of some varieties and the improvement of trading win - rate. Changes in trading habits are related to past commodity price fluctuations and capital requirements [26] 2.2 The Proportion of Industrial Hedging has Increased, Possibly Increasing Industrial Discourse Power - As the prices of industrial products such as coal decline, the industrial demand for hedging against price decline risks has increased. The reduction of the inventory transfer ability of factories through traders makes futures hedging a choice, which may increase industrial discourse power in subsequent pricing [30] 3. 2025 H2 Subjective CTA Outlook - The performance of the subjective CTA strategy line in H2 2025 will continue the trend of H1. The consistency between macro and industrial directions remains, and the decline trend of domestic industrial products has not changed. The probability of position limits is low, which is conducive to the recovery of market liquidity [32][33][35]

Core Viewpoint - The performance of private equity funds has been significantly impacted by tariff shocks, leading to a general decline in returns for April, although recent market recovery has shown signs of stabilization in net asset values and management scales, particularly among large private equity firms [1][2][7]. Group 1: Performance Overview - In April, only 20 out of 100 leading long-only private equity products achieved positive returns, indicating that over 80% of products experienced losses [2][3]. - Among large private equity firms, the average return for 49 firms with performance data was -0.46%, with only 34.69% achieving positive returns [5]. - The top-performing large private equity firms included Honghu Private Equity, Evolution Asset, and Lery Asset, while some firms faced losses exceeding 10% [3][5]. Group 2: Strategy Performance - Quantitative strategies among leading private equity firms performed poorly, with only 10% of products yielding positive returns, while market-neutral and quantitative CTA strategies showed better performance [4]. - Mixed strategy large private equity firms outperformed others, with an average return of 0.04%, while subjective long-only strategies suffered the most with an average return of -1.24% [5]. Group 3: Market Dynamics - The number of large private equity managers has increased to 87, up from 84 in March, indicating a slight expansion in the sector [2][8]. - The competitive landscape is intensifying, with a notable increase in the proportion of quantitative large private equity firms, which now account for 43.68% of the total, reflecting a shift in market dynamics [12]. Group 4: New Entrants and Exits - Four large private equity firms exited the billion-dollar club, while seven new or returning firms joined, including Shanghai RuiLiang and Zhuhai Kuande, with a focus on quantitative strategies [9][10]. - The majority of new entrants are quantitative firms, while subjective firms still dominate the large private equity landscape [11].