Common meaning:

Advantages males have because of their biology (physical characteristics and mental makeup).

Hidden meaning of the Equity religion: 

Unearned advantages that males have because they are part of a dominant group.

Discussion:

Followers of Equity believe that males are not stronger than females and that males cannot throw things farther. Any advantage that males have over females is a result of them being members of a dominant group.

Back in the real world, it has been clearly demonstrated that males are stronger than females due to larger muscle mass created by higher levels of testosterone. Males also tend to be more accurate throwers than females, which makes sense because for a very long time throwing objects to hunt and fight was primarily a male activity.

The Equityists think that there are some invisible advantages that men have over women today, but this is just not true. In Western society today there is clear evidence that females are more advantaged than males. There are universities that have 20% more female students than male and yet they continue to operate programs to encourage females to attend and nothing is provided for male students.

All of this makes sense when we remember that the males are evil.