私募备案数量井喷！77%增速！黑翼、宽德领衔，市场信心回来了？

Core Viewpoint - The private equity securities industry in China is experiencing a significant growth trend, with a 45.03% increase in the number of registered products compared to the same period last year, driven by multiple factors including market recovery and regulatory improvements [2][3]. Group 1: Industry Growth - As of May 31, 2025, a total of 4,361 private equity securities products have been registered, marking a monthly increase of 870 products in May alone, which represents a year-on-year growth of 77.19% [2][3]. - The recovery of the A-share market, supported by favorable technology innovation policies and expectations of industrial upgrades, has led to a significant increase in market risk appetite and investor sentiment [3]. Group 2: Regulatory Environment - The continuous optimization of the regulatory environment, including improvements in compliance systems and transparency in information disclosure, has provided a more stable and predictable development environment for market participants, boosting investor confidence [3]. Group 3: Product Performance - The performance of private equity securities products has been impressive, particularly in quantitative products, which have demonstrated significant excess return capabilities, attracting more capital [3]. Group 4: Strategy Distribution - Stock strategies dominate the market, with 2,749 stock strategy products accounting for 63.04% of the total registered products, indicating their core asset allocation status [4]. - Multi-asset strategies and futures/derivatives strategies follow, with 646 and 510 products respectively, showing a growing demand for diversified asset allocation [4]. Group 5: Quantitative Products - Since the beginning of 2025, a total of 1,930 quantitative private equity products have been registered, representing 44.26% of the total market, highlighting the importance of quantitative strategies in the private equity sector [6]. - Within quantitative products, stock strategies are predominant, with 1,339 products registered, making up 69.38% of the total quantitative products [6]. Group 6: Active Institutions - A total of 1,558 private equity institutions have registered products this year, with 1,177 institutions managing between 0-10 billion, 259 managing between 10-50 billion, and 122 managing over 50 billion [9]. - Among the institutions, 190 have been particularly active, registering at least five products, with 66 institutions registering at least ten products [9]. Group 7: Leading Firms - The top quantitative private equity firms include Heiwing Asset and Kuande Private Equity, with 87 and 79 products registered respectively, leading the market in terms of product registration [9][12].