Core Viewpoint - A-shares have shown strong performance since early April, with major indices leading global markets in gains, resulting in impressive returns for asset management products, particularly in stock strategies [2][3]. Group 1: Market Performance - As of the end of September, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by approximately 15.84%, 29.88%, and 51.20% respectively in the first three quarters [2]. - The average return for asset management products with performance data reached about 9.66% in the first three quarters, with stock strategy products achieving an average return of 26.72% [2][3]. Group 2: Asset Management Strategies - The top-performing asset management strategies include: - Stock Strategy: Average return of 26.72% with the top 10 products having a minimum return threshold of ***% [3][4]. - Futures and Derivatives Strategy: Average return of 12.15% with the top 10 products having a minimum return threshold of ***% [7][10]. - Multi-Asset Strategy: Average return of 18.79% with the top 10 products having a minimum return threshold of ***% [11][17]. - Combination Fund: Average return of 12.96% with the top 10 products having a minimum return threshold of 10.56% [18][21]. - Bond Strategy: Average return of 4.67% with the top 3 products achieving returns of ***% [22]. Group 3: Top Products and Managers - The top three stock strategy products for the first three quarters are: 1. "兴合逆向低估值集合" managed by 兴合基金 with a return of ***% [4][6]. 2. "国海良时金时2号指数增强" managed by 国海良时期货 with a return of ***% [6]. 3. "金鹰行稳致远3号集合" managed by 金鹰基金 with a return of ***% [4]. - The top three futures and derivatives products are: 1. "上海东亚期货有限公司-东风一号" managed by 上海东亚期货 with a return of ***% [10]. 2. "瑞达期货-瑞智无忧99号单一" managed by 瑞达期货 with a return of ***% [10]. 3. "广发期货安胜指数增强1号" managed by 广发期货 with a return of ***% [10]. - The top three multi-asset products are: 1. "东海纳米双色球1号" managed by 东海期货 with a return of ***% [17]. 2. "金信跃迁一号" managed by 金信期货 with a return of ***% [17]. 3. "国海良时金时6号" managed by 国海良时期货 with a return of ***% [17].

Market Overview - In April, stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant volatility due to tariff issues, but major indices have been on an upward trend since early April [1] - From January to July, the A-share indices saw increases of approximately 6.61% for the Shanghai Composite Index, 5.71% for the Shenzhen Component Index, and 8.72% for the ChiNext Index [1] Asset Management Performance - Various asset management products showed strong performance in the first seven months of the year, with an average return of about 3.95% across 295 products displayed on the private equity platform [1] - Equity strategy asset management products outperformed others with an average return of 11.19%, while the average return for asset management products over the past year was approximately 11.78%, with equity strategy products leading at over 33% [1] Top Performing Products - The top three equity strategy products from January to July are: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhanced" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Qitai No. 1" [4][5] - The top three products in the futures and derivatives strategy category are: 1. Shanghai Dongya Futures' "Dongfeng No. 1" 2. Ruida Futures' "Ruizhi Wuyou No. 99" 3. CITIC Construction Investment Futures' "Quantitative CTA No. 1" [8][10] Manager Profiles - He Xiangqi, the investment manager for Guohai Liangshi, has extensive experience in quantitative investment strategies and manages multiple core products [6] - The investment managers for Jinying Fund's top product include Chen Ying and Fang Chao, both with significant experience in TMT industry research and investment [6] Multi-Asset and Bond Strategies - The top multi-asset strategy products include Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" and Jinxin Futures' "Jinxin Yueduan No. 1" [16][18] - In the bond strategy category, the leading products are Duyue Futures' "Xingfeng" and Shanghai Zhongqi Futures' "Convertible Bond Arbitrage No. 1" [21][22]

Core Viewpoint - The article discusses the performance of various asset management products in the A-share, Hong Kong, and US stock markets from January to July 2025, highlighting significant gains in the context of market fluctuations due to tariff issues [2]. Summary by Category Overall Market Performance - Major stock indices in A-shares, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, saw increases of approximately 6.61%, 5.71%, and 8.72% respectively from January to July 2025 [2]. Asset Management Product Performance - A total of 295 asset management products displayed performance data, achieving an average return of about 3.95% from January to July 2025. Stock strategy products led with an average return of 11.19% [3]. - Over the past year, the average return for asset management products was approximately 11.78%, with stock strategy products achieving over 33% [3]. Top Performing Products by Strategy - **Stock Strategy**: The top three products for January to July 2025 were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Qitai No. 1" [4][6]. - **Futures and Derivatives Strategy**: The top three products were: 1. Dongfeng No. 1 from Shanghai Dongya Futures 2. Ruida Futures' "Ruizhi Wuyou No. 99 Single" 3. CITIC Construction Futures' "Quantitative CTA No. 1" [9][10]. - **Combination Fund**: The leading products were: 1. "Baoyuan FOF" from Zhaoshang Futures 2. "Wanjia Gongying Zhongtai Quantitative 30 Index Enhancement FOF Collection" 3. "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [13][15]. - **Multi-Asset Strategy**: The top three products included: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Jinxin Futures' "Jinxin Yueduan No. 1" 3. Anyuan Futures' "Tiancai Quantitative" [17][19]. - **Bond Strategy**: The leading products were: 1. Dayue Futures' "Xingfeng" 2. Shanghai Zhongqi Futures' "Convertible Bond Arbitrage No. 1" 3. Huajin Securities' "Hongying No. 1" [21][23].

Market Overview - In the first half of 2025, the A-share market showed a fluctuating upward trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Star 50 index surged nearly 40%, reaching a historical high [1] - The domestic futures market was active amid geopolitical changes and increased dollar volatility, with strong performance in precious metals and some non-ferrous metals, while black commodities saw significant declines [1] Asset Management Product Performance - As of June 30, 2025, there were 368 asset management products with performance data, yielding an average return of 2.44% and a median return of 2.03% over the past six months [1] - Among the primary strategies, stock strategy products had the highest average and median returns at 4.96% and 3.58% respectively, outperforming the three major A-share indices during the same period [1] Performance by Strategy Stock Strategy - There were 39 stock strategy products with performance data, with the top three products being "Guohai Liangshi Jinshi No. 2 Index Enhanced" by Guohai Liangshi Futures, "Jinying Xingwen No. 3 Collective" by Jinying Fund, and "Xiangcai Securities Qitai No. 1" by Xiangcai Securities [2][4] Futures and Derivatives Strategy - A total of 104 products were listed under futures and derivatives strategy, with the top three being "Ruida Futures - Ruizhi Wuyou No. 99" by Ruida Futures, "CITIC Jiantou Futures - Quantitative CTA No. 1", and "Xinda Litian No. 3" [7][9] Combination Fund Strategy - There were 104 combination fund products, with the top three being "Zhaoshang Futures - Baoyuan FOF", "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1", and "Penghua Asset - Zhongzheng 500 Index Enhanced FOF" [12][14] Multi-Asset Strategy - The multi-asset strategy saw "Guohai Liangshi Jinshi No. 6" by Guohai Liangshi Futures, "Dayue Futures Haiying No. 1", and "Anliang Futures Tiancai Quantitative" as the top three products [14][18] Bond Strategy - In the bond strategy category, the top three products were "Haitong Futures - Gold No. 1", "Dayue Futures - Xingfeng", and "Shanghai Zhongqi - Convertible Bond Arbitrage No. 1" [20][21]

Core Viewpoint - The A-share market showed a fluctuating upward trend in the first half of 2025, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.76%, 0.48%, and 0.53% respectively, while the North Securities 50 index surged nearly 40%, reaching a historical high [2]. Summary by Strategy 1. Stock Strategy - Among 39 stock strategy products with performance data, the average return in the past six months was 4.96%, and the median was 3.58%, outperforming the three major A-share indices [3]. - The top three products in terms of performance were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 2 Index Enhancement" 2. Jinying Fund's "Jinying Xingwen Zhi Yuan No. 3 Collection" 3. Xiangcai Securities' "Xiangcai Securities Qitai No. 1" [4][6]. 2. Futures and Derivatives Strategy - There were 104 futures and derivatives strategy products, with the top three being: 1. Ruida Futures' "Ruida Futures - Ruizhi Wuyou No. 99 Single" 2. CITIC Futures' "CITIC Futures - Quantitative CTA No. 1" 3. Xinda Futures' "Xinda Litian No. 3" [9][11]. 3. Combination Fund - A total of 104 combination fund products were analyzed, with the top three being: 1. Zhaoshang Futures' "Zhaoshang Futures - Baoyuan FOF" 2. Wanjia Gongying Asset's "Wanjia Gongying Zhongtai Quantitative 30 FOF Active No. 1 Collection" 3. Penghua Asset's "Penghua Asset Zhongzheng 500 Index Enhancement FOF" [14][15]. 4. Multi-Asset Strategy - In the multi-asset strategy category, the top three products were: 1. Guohai Liangshi's "Guohai Liangshi Jinshi No. 6" 2. Dayue Futures' "Dayue Futures Haiying No. 1" 3. Anliang Futures' "Anliang Futures Tiancai Quantitative" [18][20]. 5. Bond Strategy - There were 90 bond strategy products, with the top three being: 1. Haitong Futures' "Haitong Futures Golden No. 1" 2. Dayue Futures' "Dayue Futures Xingfeng" 3. Shanghai Zhongqi Futures' "Shanghai Zhongqi Convertible Bond Arbitrage No. 1" [22][24].