年内54家新私募诞生，险资大举杀入

Group 1 - The core viewpoint of the article highlights the continuous growth and activity in China's private equity securities industry, with 54 new private equity managers registered by December 25, 2025, representing a 10.2% increase from 49 in 2024 [1] - Among the 54 new private equity managers, 53 are domestic enterprises, accounting for 98.15%, indicating that foreign investment firms face lengthy approval processes and compliance hurdles to enter the Chinese market [1] - The majority of new private equity managers, 49 out of 54, have management scales of 0 to 500 million yuan, making up 90.74%, which reflects the "small but beautiful" entrepreneurial characteristics of the industry [1] Group 2 - Notably, three of the new private equity managers, namely Tai Kang Stable (Wuhan), Tai Bao Zhi Yuan (Shanghai), and Yuan He Private Equity, have management scales exceeding 5 billion yuan, with Tai Bao Zhi Yuan surpassing 10 billion yuan [1] - The newly established institutions prominently feature insurance capital backgrounds, with Tai Kang Stable (Wuhan) and Tai Bao Zhi Yuan (Shanghai) fully owned by Tai Kang Asset and Tai Ping Asset, respectively [2] - The increase in the number of private equity managers in 2025 is attributed to multiple factors, including a favorable structural market for A-shares, enhanced regulatory frameworks, and growing demand for diversified asset allocation among residents [2]