杨东 “封盘”！

Core Viewpoint - Ningquan Asset, a well-known private equity firm, announced a "closure" of new investor subscriptions starting from October 30, 2025, while existing investors can still make additional purchases, reflecting cautious market expectations amid a recovering private equity issuance market [1][2]. Group 1: Company Actions - Ningquan Asset will suspend new investor subscriptions for all its funds from October 30, 2025, but existing investors can continue to make additional purchases [2]. - The firm is led by renowned fund manager Yang Dong, who has a history of accurately predicting market risks at critical points [4][5]. Group 2: Market Context - The private equity issuance market remains active, with 806 new private equity securities funds registered in October, up from 721 in September [6]. - In the first three quarters of this year, the number of registered private equity securities funds reached 8,935, a significant increase of 89.38% compared to 4,718 in the same period last year [6][7]. Group 3: Industry Trends - The number of billion-level private equity firms has increased to 108 as of October 28, up from 96 at the end of September, indicating a growing trend in the industry [8]. - Market analysts suggest that the current market environment, particularly above the 4,000-point level, requires a focus on valuation safety and balanced performance [9]. Group 4: Investment Strategies - Investment firms are adjusting their portfolios, with some reducing exposure to overvalued tech stocks while increasing allocations to sectors like renewable energy and consumer goods [9][10]. - The overall market trend has shown structural characteristics, with certain sectors potentially overvalued in the short term, prompting a balanced investment approach [10].