Core Viewpoint - The A-share market is experiencing a volatile upward trend, with small-cap growth style indices performing strongly, highlighting a structural market characteristic [1][2] Group 1: Performance of Quantitative and Subjective Strategies - Quantitative private equity funds have shown remarkable performance, with many strategies yielding over 30% returns year-to-date as of July 11 [1][2] - In contrast, subjective private equity funds, particularly those with over 100 billion in assets, have lagged behind due to strategy limitations, with an average return of 11.38% for their long-only equity products [3] Group 2: Quantitative Strategy Performance - The 1000 index growth strategy has outperformed, with top performers like Lingjun's 1000 index growth strategy achieving a return of 36.79% and an excess return of 17.4% [3] - The 500 index growth strategies also performed well, with top returns of 33.13% from Xinhong Tianhe and 30.63% from Abama [2][3] - The 300 index growth strategies have underperformed, with the highest return being 19.13% from Lingjun [2] Group 3: Quantitative Stock Selection Strategies - Quantitative stock selection strategies have emerged as the biggest winners, with the highest return reaching 46.26% from Xiaoyong's strategy [4] - Many quantitative private equity firms are promoting "full market stock selection" products, aiming to maximize absolute returns without additional risk [4][5] Group 4: Market Research and Trends - A total of 135 quantitative private equity firms have participated in A-share company research activities this year, covering 395 stocks across 29 industries [6] - The electronics, pharmaceuticals, and machinery sectors have been the most frequently researched, indicating a focus on these industries by quantitative firms [6]

Group 1 - The performance of private equity quantitative strategies has shown significant differences in the volatile stock market environment this year, with 1000 index enhancement strategies benefiting from the small and mid-cap market, achieving returns over 30% [1][2] - The 300 index enhancement strategies have underperformed compared to the 1000 index strategies, with the highest return being 19.13% [1][4] - Quantitative stock selection strategies have demonstrated the most significant performance advantage, with top managers achieving returns far exceeding those of the 1000 and 300 index enhancement strategies, such as Xiaoyong's strategy yielding 46.26% [1][7][8] Group 2 - As of July 11, the top ten private equity 1000 index enhancement strategies all achieved returns exceeding 20%, with notable performances from Lingjun, Xinhong Tianhe, Longqi, and Qilin, all surpassing 30% [2][3] - The top ten institutions in terms of excess returns for the 1000 index strategies achieved over 15%, with Xinhong Tianhe leading at 24.42% [2][3] - The 300 index enhancement strategies have shown weaker overall performance, with Lingjun's strategy achieving the highest return of 19.13% [4][5] Group 3 - The same institution's 300 index enhancement strategy and 1000 index enhancement strategy show a significant performance gap, exemplified by Lingjun's 19.13% return for the 300 index compared to 36.79% for the 1000 index [5] - Market style has influenced the returns of index enhancement strategies, with the current market favoring small and mid-cap stocks, leading to better performance for related strategies [6] - Quantitative stock selection strategies are more flexible, allowing for dynamic adjustments in factor weights and industry exposure, which helps capture structural opportunities and mitigate risks effectively compared to index enhancement strategies [6][10]