罕见反超！9月证券类私募登记超股权类，量化成关键入场券

Core Insights - The private equity industry has significantly contracted in scale, with the number of registered private equity institutions dropping from over 1,000 in the same period of 2022 to just over 100 in the first three quarters of this year, indicating a shift away from the expansion phase [1] - In September, the number of newly registered securities private equity institutions (10) surpassed that of equity private equity institutions (4), breaking the trend of the previous eight months where equity private equity led [2][3] - The new registrations of securities private equity are characterized by a quantitative background, suggesting a growing interest in the secondary market among institutions [1][5] Industry Trends - The overall number of private equity registrations has stabilized after a sharp decline, with 111 registrations in the same period of 2024 compared to 381 in 2023 and 1,020 in 2022, indicating a transition to a phase of strict control and quality improvement [4] - The new private equity registrations this year exhibit three main characteristics: core teams with quantitative investment experience, members with public fund backgrounds, and well-known private equity executives starting their own firms [1][5] Quantitative Strategies - Despite a decrease in the proportion of quantitative products registered in September, stock strategy products still accounted for over 70% of the total, indicating a continued focus on equity markets [1][7] - In September, 652 private equity firms registered a total of 1,028 products, with quantitative products making up 35.41% of the new registrations, reflecting a temporary adjustment in risk appetite rather than a strategic shift [7][9] Notable Registrations - Among the 652 private equity firms registered in September, 47 were billion-yuan firms, and over half (345) were small firms with assets between 0-5 billion yuan [9] - The firm "Liwei" registered the most products in September, with 23, while other billion-yuan firms also contributed significantly to the new registrations [9][10]