重要市场风向标有变：前三季度私募备案量激增，百亿私募扩围

Core Insights - The private equity fund market is experiencing significant growth, with a notable increase in the number of registered private securities products, indicating a shift in market dynamics [1][4]. Group 1: Market Growth - A total of 8,935 private securities products were registered in the first three quarters of 2025, representing a substantial year-on-year increase of 89.38% compared to 4,718 products in the same period last year [1][4]. - The number of quantitative private equity products reached 3,958, accounting for 44.30% of all registered private securities products, with a year-on-year growth of 102.66% [5][1]. Group 2: Strategy Preferences - Among the registered products, stock strategy products led with 5,849 registrations, making up 65.46% of the total, followed by multi-asset strategies at 1,278 (14.3%) and futures and derivatives strategies at 913 (10.22%) [3][5]. - The growth in stock strategy registrations is attributed to the strong performance of the A-share market and the opportunities presented by structural market trends, particularly in technology, new energy, and consumer sectors [3][5]. Group 3: Billion-Dollar Private Equity Managers - The number of billion-dollar private equity managers increased to 96 by the end of September 2025, up from 91 at the end of August, with three new entrants: Zhengying Asset, Kaishi Private Equity, and Taibao Zhiyuan (Shanghai) Private Equity [8][1]. - Among the 26 private equity managers with at least 40 registered products, 23 are billion-dollar managers, representing 88.46% of the total [7]. Group 4: Performance Metrics - The average return for 62 billion-dollar private equity managers in the first three quarters was 28.80%, with 61 achieving positive returns [9]. - Among the billion-dollar quantitative private equity managers, the average return was 31.90%, outperforming the 24.56% average return of 19 billion-dollar subjective private equity managers [10].