In July, quantitative private equity faced widespread drawdowns, with multiple products from Huansquare dropping over 20% in a single month. Institutions assess that AI has entered the "second half."

According to the Daily Economic News, the July quantitative private equity industry experienced a systemic drawdown, with several institutional products seeing a monthly net value decline of over 20%, turning year-to-date returns from positive to negative. Specifically, among the 9 displayed products under Huansquare Quantitative, 8 have recorded negative returns year-to-date, with all monthly declines in July exceeding 20%, and the maximum drawdown reaching 22.15%; among the 14 products displayed by Mingcong Investment, 9 have recorded negative returns year-to-date; in Jiukun Investment's 15 products, 14 still have positive returns year-to-date, but the monthly drawdown is also significant. In contrast, Yanfeng Investment has shown relatively stable performance.

Regarding this drawdown, multiple institutions believe that this round of adjustment is more due to emotions and trading structures rather than the end of the AI industry trend. Freshwater Spring Investment pointed out that AI is still rapidly developing in terms of model capability enhancement, cost reduction, and the diffusion of application scenarios. Referencing experiences from the internet era, it is normal for there to be fluctuations during the advancement of technological waves. Institutions believe that AI investment is gradually transitioning from the previous focus on computing power infrastructure in the "first half" to "intelligent equity" in the "second half"—that is, a phase where the cost of intelligent usage continues to decline and application scenarios are accelerated in unlocking, providing opportunities for supply chain companies that can offer cost-effective solutions for leading model companies and large cloud vendors.