很多同行消失了......

Core Viewpoint - The private equity industry in China is witnessing a shift from single-strategy approaches, such as CTA, to multi-strategy products due to declining returns and limited capacity in single strategies [1][3][8]. Group 1: Industry Trends - Many CTA private equity firms have significantly reduced in size, with one firm shrinking from over 10 billion to less than 500 million [1][3]. - The emergence of multi-strategy products is becoming mainstream, with the number of multi-asset strategy private equity products reaching 122 in October, accounting for 12.27% of total registrations [1][8]. - The limitations of single strategies are becoming more apparent, as the futures market capacity is much smaller compared to the stock market, leading to a decline in many CTA firms [3][10]. Group 2: Multi-Strategy Implementation - Firms are adopting various methods to implement multi-strategy approaches, such as using quantitative methods for product layout, combining different asset classes to balance risk and return [5][6]. - The transition to multi-strategy requires a complete overhaul of existing frameworks, including trading systems and risk management standards, as the underlying logic and methodologies differ significantly between CTA and quantitative stock strategies [7][9]. - Successful firms are integrating macroeconomic research teams to support their multi-strategy frameworks, ensuring a comprehensive approach to investment and risk management [6][7]. Group 3: Market Dynamics - The low-interest-rate environment and evolving investor maturity are driving demand for distinctive multi-strategy products, which are becoming a key option for high-net-worth clients [9][10]. - Compared to mature markets, the domestic multi-asset strategy sector in China is still in its early stages, with significant growth potential as wealth management trends evolve [10].