突破7万亿！私募基金狂飙突进，百亿机构持续加仓

Core Insights - The private equity fund market in China has reached a significant milestone, with the total number of existing private securities investment funds surpassing 70 trillion yuan for the first time, reaching 7.01 trillion yuan as of October 2025, marking a substantial increase of over 1 trillion yuan from September 2025 [1][4] Group 1: Market Growth - As of October 2025, the total number of private funds has increased to 137,905, with a total scale of 22.05 trillion yuan, reflecting an increase of 660 funds and 1.31 trillion yuan compared to September 2025 [3] - The growth in private securities investment funds is primarily driven by existing funds, as new registrations contribute relatively limited scale increments [5][6] - The significant increase in private securities investment fund scale is attributed to three main factors: explosive growth in quantitative strategies, a favorable market environment highlighting structural opportunities in A-shares, and supportive policies that simplify registration processes [6] Group 2: Investor Sentiment - The stock private equity sentiment is notably optimistic, with the stock private equity position index reaching 82.97% as of November 21, 2025, marking a 1.84% increase from the previous week and a new high for the year [9][10] - The proportion of fully invested (over 80%) private equity funds has risen to 68.99%, indicating a strong bullish sentiment among private equity managers [10][11] - The optimism among private equity firms is further reflected in their increased activity in market research and the participation of listed companies in private equity product subscriptions, creating a synergy between industrial and financial capital [12] Group 3: Industry Dynamics - The number of private fund managers has decreased to 19,367 as of October 2025, down from 20,025 at the beginning of the year, indicating a trend towards quality over quantity in the industry [7] - The concentration of the industry has increased, with the number of large private equity firms rising, leading to a stronger focus on firms with robust research capabilities and risk management [8] - Investors are increasingly prioritizing long-term performance sustainability, compliance, and research investment over short-term returns, reflecting a more regulated and transparent market environment [8]