The 20 trillion private equity industry recovers, and a group of private equity starts to make money!The July list of the second private equity contest of "Golden Yangtze River" was announced

In July, A shares ushered in the fluctuation adjustment, and the major sectors were significantly differentiated. New energy represented by photovoltaic and consumer electronics sectors rose strongly. Medicine, building materials, banks and other weight sectors performed sluggish and dragged the market.

However, the private equity industry performed well as a whole. On the one hand, many private equity rushing indexes, some private equity has gained positive income and opened the model of making money. On the other hand, the scale of private equity management ushered in a large rebound, and the industry began to recover.

According to the latest data released by the China Fund Industry Association, as of the end of July 2022, the management scale of private equity funds reached 2.039 trillion yuan, an increase of 420 billion yuan from the previous month, a month -on -month increase of 2.10%. Above. Among them, the management scale of private equity funds reached 5.98 trillion yuan, an increase of 3.37%month -on -month.

It is worth noting that the economic and financial data in July was significantly lower than the expected, which reflected the weakness of demand. Last week, the central bank exceeded expectations to reduce interest rates. This Monday, the central bank lowered the mortgage interest rate to reduce the pressure on personal mortgage. With the full efforts of the policy, the risk of real estate is expected to be lifted. Some private equity pointed out that after a round of systematic adjustment, the valuation level of A shares is at a historical low, and the liquidity environment is still loose. A shares have already had medium- and long -term investment value.

The Second Golden Yangtze River Real List Trading Competition jointly organized by the Yangtze River Futures, Industrial Bank, Securities Times, Tonghua Shun, and Meicheng Science and Technology in July, the private placement list was released in July, and the performance groups performed brightly.

The list of the contest was released in July, and the major strategy groups performed well

According to the different investment strategies, the competition divides the products into six groups to compete. The event organizing committee will rank each month according to the product performance and release the list.

Specifically, in July, the subjective stock strategy group, quantitative stock strategy group, subjective CTA strategy group, quantitative CTA strategy group, quantitative hedging strategy group, and hybrid strategy group were in the Communist Youth League assets, Duweedu Investment, respectively. , Yinyu Assets, Hanyun Investment, Dinsen Investment, and Fullai assets.

The second "Golden Yangtze River" private equity reality contest of the Yangtze River Securities ranked in July.

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Subjective stock strategy group

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Quantitative stock strategy group

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Subject CTA Strategy Group

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Quantitative CTA Strategy Group

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Quantitative hedging strategy group

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Hybrid strategy group

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The Changjiang Securities and co -organizers and co -organizers are together to build a competitive platform for private equity managers to fully demonstrate the comprehensive ability. In addition to professional competition support and generous gift packages, it continues to provide private equity managers with comprehensive financial services of investment research, transactions, funds, operations, and value -added.

Since the start of the Yangtze Securities Self -Equity Contest, it has integrated the company's sales, self -employed direct investment, and FOF funds and other funds. Carry out national sales to provide managers with a variety of capital services.

Low valuation, loose liquidity, A shares have medium and long -term investment value

Yu Riyu, the manager of Qinyuan Investment Fund, said that the various CTA strategies in the first quarter of this year generally performed well. In the second quarter, especially in June, with the overall decline of the goods, the CTA strategy suffered to varying degrees of retreat, but at the same time risks It was also released well. With the global interest rate hike cycle, various types of assets are expected to maintain higher fluctuations. In view of the low correlation between CTA strategy and other assets such as stocks, especially in good performance under high volatility, we believe that CTA assets still have good allocation value in the second half of the year.

Sun Ning, joint investment director of probability investment, said that in the past year, the A -share market has fluctuated sharply, and the differences in micro -structures at various stages have also been very large, but the probability investment has obtained through a diversified and high difference strategy, and it still obtains it during this period. A better performance. For the future trend of the secondary market, the probability indicates that it needs to invest cautiously. In the future, companies will continue to differentiate, and there will be opportunities in individual stocks and industries. From a macro level, due to the transformation of real estate and non -standard business, the attraction of stocks in all large categories of assets is gradually increasing. In the future, stock market turnover is expected to continue to grow. At the same time, the industrial transformation provides more structured trading opportunities for the market, and the follow -up market is expected to maintain a gentle quantitative strategy operating environment.

Jin Fan, general manager of Hexi Assets, said that our company's technical team monitors and analyzes the market through multiple quantitative models. At present, the market as a whole is still in a high volatility area. The situation and epidemic are repeatedly promoting this abnormal fluctuation. The market market needs to pay attention to whether these data gradually return to normal. If no obvious changes are seen, the market situation in the second half of the year will be similar to the first half of the year.

Li Xuesong, executive director of Becida Assets, said that since it iterated with the Alpha model in early May, the product performance performance is better. The number of votes to reduce the concentration of product single tickets can also reduce the impact of market volatility on performance. The market's change is an inevitable phenomenon. With the expansion of the overall management scale of the quantitative market, pure Alpha, which is independent of the market environment, will be continuously diluted. We can only continuously improve the strategy and strive to obtain long -term stable benefits for investors.

Nie Ping of the Ultra -Genergy Fund COO said that the US CPI data in July showed that American inflation expectations were expected, and the risk of interest rate hikes in the US dollar was expected to gradually release; the risk of fluctuations in the global and crude oil prices brought about by the influence of the Russian and Ukraine War gradually declined The first -tier cities have entered normal management. It is expected that the entire market situation before the 20th National Congress of the Communist Party of China will be mainly stable, and the foundation of A shares as a whole has not changed. As a quantitative private placement, super -capacity will strictly control the style of drifting, and long -term grasping Alpha for investors to produce sustainable returns.

Wang Xianguo, general manager of Huigan Fund, said that since the bottom of the market on April 26, the market has been repaired for two months. In July, many factors have disturbed market confidence. In terms of structure, the small plate index in July is relatively strong, the market index has more recovery, the market differentiation is obvious, and the decline in capital interest rates has a stronger supporting role in small -cap stocks. Based on the tone of policy assistance, the tone of steady growth has not changed, and the trend of economy in the second half of the year has not changed. The equity market has investment opportunities. From the perspective of measuring the risk premium indicator of the equity price ratio, the current value of the current equity assets is significantly better than the bond assets. In the context of the relatively loose currency and maintaining fiscal policy, the fundamentals will be the main line of market attention. We recommend grasping the opportunity to be more certain under the trend of weak recovery. In terms of industry configuration, we are still optimistic about high -growth prosperity tracks, such as technology, new energy, still focus on the focus of focus, and consumption -related ultra -decline sectors.

Huang Shuaipeng, the president of Dingsen Investment, said that although the domestic economy still faces the pressure of downward and the foreign situation is also facing many uncertainty, the most pessimistic period has passed. In the macro background of steady growth and people's livelihood The output of the real economy may continue to emerge in the key industries and key areas. Dingson Investment will continue to discover the potential Alpha revenue during the industry rotation on the basis of quantitative stock selection, and make full use of hedge tools such as options to achieve stable improvement of product net worth.

Zhang Feng, general manager and investment director of Pinfu Investment, said that after a round of systematic adjustment, the A -share valuation level is at a historical low, and the liquidity environment is still loose. We believe that A shares have the value of medium- and long -term investment. The Alpha factor performance is stable. We believe that both market neutral strategies and index enhancement strategies usher in configuration opportunities. Pinfu investment is committed to providing investors with quantitative products with high yields and low fluctuations through large -scale factor mining and model portfolio.

Mao Ming, general manager and investment director of Yangze Investment, said that in the first half of this year, the complex geopolitics influence of this year and the macro environment of domestic and foreign splits caused a large fluctuation in the commodity market. The current premiums of the war on the war are basically returned; the differences in domestic and overseas are mainly reflected in the United States to adopt an over -expected interest rate hike to drag the demand in response to inflation, while the domestic currency environment continues to be relatively loose, and the demand for industrial products is still weak. In the future, it is necessary to pay attention to the situation of Russia and Ukraine. European natural gas is nervous on the impact of power, non -ferrous, and coal energy. At the same time, pay attention to the poor domestic micro -reality. Yangze Investment Multi -Strategy, Multi -Assets, Multi -model, Multi -type data -driven quantitative framework and scientific rigorous risk control measures can better cope with the complex macro and micro market environment in the second half of the year.

You Ganquan, general manager of Haoquan Investment, said that since 2022, the A -share market has been affected by various factors at home and abroad, and it has a significant significant shock; of course, the hardest period in the first half of the year has basically passed. With the gradual improvement of the external environment, it has gradually improved. As well as the gradual recovery of the domestic economy, in the second half of the year, it is cautious and optimistic. We will also continue to manage the product with the core logic of "configuration to adapt to the market and rely on dispersion resistance risks", and strive to make products better.

Liu Wencai, general manager of Duwei Fund, said that in 2022, the A -share market first experienced a wave of 4 months of systemic risk release. Differentiated again, the market in the first eight months of this year tested the manager's investment research and risk control. Benefiting from the booster of the 1,000 -stock index futures and options, the small and medium -sized market value Index 1000 obviously won the Blue Chip of the broader market in July 300. Behind this is the industrial logic of emerging industries such as clean energy, new energy vehicles, high -end manufacturing, and information technology. Under the state's support for "specialized new" corporate policies, it has spawned batch small and medium -sized growth enterprises. The relevant industry chain has constituted China's advantageous competitive industry.

Huang Zhengbo, general manager of Hongyun Shengtai Investment, said that as the manager of the major investment in U.S. stocks and Hong Kong stocks, we are a minority in China and a channel for diversified allocation. For the industry, we pay more attention to investment in the new economy, such as new energy, commercial aerospace and biological engineering fields. From an economic perspective, Sino -US confrontation is also a confrontation between the new and old forces between China and the United States. A typical case is that Tesla+Ningde Times brought the electrification+intelligence era to the traditional automobile industry, creating new supply. This cooperation reflects the cost and innovation advantage brought by globalization. This year's style is limited by the global high inflation restriction on valuation, but I am convinced that the starting point of a new cycle is opening. We pay attention to the positive impact of changes in the economic structure on the stock market. Essence

(CIS)

Responsible editor: Yang Yucheng

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