Affected by geopolitical conflicts, US tariff policies, and other factors, global stock markets rose overall in the first half of the year. A-share markets showed an 'N-shaped' trend, with Hong Kong stocks performing even stronger, while US stocks experienced a 'V-shaped reversal'. As of the end of June 2025, there were 5420 listed A-share companies, an increase of 37 compared to the end of 2024; the total market value exceeded 100 trillion yuan, setting a new historical high; the North China Securities 50 Index soared by 39.45% in the first half of the year, leading the global increase; industries such as non-ferrous metals (17.93%) and enterprise services (16.85%) led the rise, while sectors like coal (-10.02%) and real estate (-6.52%) were under pressure.
Looking at the sub-strategies of private equity funds, in the primary strategy category, the average return of equity strategies in the first half of 2025 was 12.36%, showing the strongest performance; futures and derivatives strategies have been superior for the past 3-5 years; in the secondary strategy category, the average return of quantitative long positions in equity was 16.31% in the first half of the year, and the average return of quantitative long strategies in the past year was 48.32%, both leading the way. In the past three years, subjective CTA and other derivatives strategies have led in average return.
Frost & Sullivan (Frost & Sulivan, abbreviated as 'Frost & Sullivan') released the '2025 China Private Equity Fund White Paper' (hereinafter referred to as the White Paper). The White Paper conducts an in-depth analysis of the private equity fund industry in China for the first half of 2025, systematically presenting industry dynamics from three major dimensions: including an overview of the basic market for securities investment in China, covering the stock, bond, and futures markets; the current development status of private equity securities investment funds in China, focusing on the two core entities of managers and products; and the performance of private equity securities investment funds in China, analyzing strategy returns in depth.
