Core Insights - The number of private equity securities products registered in October reached 994, representing a year-on-year increase of 205.85% [1] Strategy Distribution - Stock strategy products dominated the registration, with 679 products accounting for 68.31% of the total, indicating strong demand for equity assets among investors [1] - Multi-asset strategy products gained popularity, with 122 products registered, making up 12.27% of the total, positioning them as the second most common strategy type [1] Private Equity Institution Types - Subjective private equity institutions maintained a dominant position, comprising over 70% of the total, while purely quantitative private equity institutions accounted for about 10% [1] - Despite the smaller share, quantitative private equity products showed a "reverse" trend, with their registration numbers exceeding 40% of the total private equity products, highlighting their growing appeal among investors [1]

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance exceeding the market benchmark by over 10% [40]. Core Insights - The banking wealth management sector is expected to experience stable growth, with projections for 2026 estimating a scale increase to 35-36 trillion yuan, driven by a low interest rate environment prompting a shift from traditional savings to net-value financial products [1]. - The industry will focus more on scenario-based product development, enhancing customer engagement through tailored offerings for various life stages, such as education and retirement planning [2]. - There is a growing demand for standardized wealth management products among corporate clients, leading to the development of flexible, stable-yield products to meet liquidity management needs [2]. - Pure bond wealth management products will continue to play a stabilizing role within the wealth management framework, with expectations for gradual stabilization in their scale [3]. - Multi-asset strategies are becoming a significant growth area, allowing for diversification and enhanced yield while managing overall volatility [3]. - Wealth management funds are increasingly inclined to invest in ETF products, particularly credit bond ETFs and mixed equity-debt ETFs, due to their transparency, low fees, and liquidity [3]. - The investment scope will expand beyond traditional assets to include alternative investments such as cross-border assets, convertible bonds, public REITs, precious metals, and commodities [3]. - Wealth management institutions are expected to enhance collaboration with public funds to leverage active management capabilities, improving overall asset allocation efficiency [3]. - The licensing for wealth management subsidiaries is likely to be further relaxed, particularly benefiting regional banks in central and western China, promoting balanced financial services [5]. - Some wealth management subsidiaries will establish specialized sub-companies to explore differentiated development paths, focusing on multi-asset allocation and wealth advisory services [5]. Summary by Sections - **Current Scale and Growth**: As of October, the total scale of wealth management products reached 31.6 trillion yuan, with a month-on-month increase of 0.8 trillion yuan, indicating a recovery phase [1][11]. - **Performance Metrics**: The weighted average annualized yield for banking wealth management products in October was 2.88%, reflecting a month-on-month increase of 120 basis points [10]. - **New Product Launches**: In October, the initial fundraising scale for newly launched products was 272.7 billion yuan, primarily consisting of fixed-income products, with the average performance benchmark for new products declining to 2.36% [18].

01 同比增幅达 205.85% ！私募备案展现极强韧性 尽管10月因国庆长假缺少一周工作日，但私募产品备案仍展现出极强的韧性。私募排排网最新数据显示，截至2025年10月31日，全市场当月完 成备案的私募证券产品数量达994只 （包含自主发行和担任投顾的产品） ，较9月全月的1038只仅环比小幅下降4.24%，若与9月同期的829只相 比，反而环比增幅达19.90%。若纵向对比去年10月的325只，同比增幅更是飙升至205.85%，这一系列数据清晰印证了当前私募证券产品市场依 旧延续今年以来的火热态势。 排排网集团旗下 融智投资 的FOF基金经理李春瑜表示，10月份私募证券产品备案热度上升，是多方因素共同推动的结果。从投资者角度来看， 随着沪指突破4000点，市场结构性机会凸显，再加上私募产品今年以来的收益表现亮眼，投资者的配置需求持续走高。销售方面，以第三方为 主的销售机构在营销上持续发力，通过多样化的推广方式进一步点燃了投资者的认购热情。市场环境上，北向资金稳步流入，资金面保持宽松， 为私募机构的运作提供了有利条件。同时私募机构也积极把握市场机遇，一方面努力提升产品收益，另一方面加强策略和产品创新，更精 ...

Core Insights - The multi-asset strategy in the domestic private equity sector has seen a strong performance this year, with an average return of 24.54% as of October 16, significantly higher than the average return of 8.21% for the entire year of 2024 [1] - The number of product registrations for multi-asset strategies has increased, reflecting a growing demand from investors for diversified investment approaches amid global macroeconomic uncertainties [1][2] Performance and Growth - In the first three quarters of this year, the number of registered multi-asset strategy products reached 1,278, accounting for 14.30% of total registrations, marking an 84.68% year-on-year increase [2] - In September alone, 155 multi-asset strategy products were registered, representing 15.08% of the total registrations for that month [2] Investor Sentiment - High-net-worth clients have shown increased enthusiasm for multi-asset strategy private equity products, recognizing the value of diversification and asset rotation after experiencing market volatility [2] - Investors are increasingly aware of the benefits of multi-asset strategies, which can capture opportunities in both equity and commodity markets while maintaining better drawdown control [2][3] Advantages of Multi-Asset Strategies - Multi-asset strategies are favored for their ability to reduce non-systematic risk and smooth portfolio volatility through diversification across low-correlated assets [4] - These strategies are adaptable to different economic phases, reducing the likelihood of timing errors by investors [4] - They provide better options for conservative investors, matching various risk preferences [4] Long-term Value and Challenges - Despite their advantages, multi-asset strategies may underperform in environments where single assets are strong, and they can face simultaneous downturns during periods of low liquidity [6] - Nonetheless, many professionals believe in the significant long-term value of multi-asset strategies, especially in rapidly changing market conditions [6] Management Capabilities - Effective multi-asset strategies require managers to have a systematic macro research framework and a comprehensive risk management system [7] - Managers should focus on macroeconomic research, broad asset coverage, quantitative models, and awareness of geopolitical risks [7][8] Future Outlook - The development of multi-asset strategies in China is still in its early stages, with expectations for significant growth driven by increasing demand for absolute returns in a low-interest-rate environment [8] - The inherent diversification of multi-asset strategies is expected to highlight their long-term value, even amid concerns about high asset prices [8]

Core Insights - The multi-asset strategy in the domestic private equity sector has seen a strong performance in 2023, with an average return of 24.54% as of October 16, significantly higher than the expected average return of 8.21% for the entire year of 2024 [1][2] - The number of product registrations for multi-asset strategies has increased, reflecting a growing demand from investors for diversified investment approaches amid rising global macroeconomic uncertainties [1][2] Performance and Trends - In the first three quarters of 2023, the number of registered multi-asset strategy products reached 1,278, accounting for 14.30% of total registrations, marking an 84.68% year-on-year increase [2] - In September alone, 155 multi-asset strategy products were registered, representing 15.08% of that month's total [2] Investor Sentiment - High-net-worth clients have shown increased enthusiasm for multi-asset strategy private equity products, recognizing the value of diversification and asset rotation after experiencing market volatility [3] - The demand for multi-asset strategies is driven by the need for stable returns and risk diversification in a low-interest, high-volatility market environment [3][5] Advantages of Multi-Asset Strategies - Multi-asset strategies help reduce non-systematic risk and smooth portfolio volatility by diversifying investments across low-correlation assets such as stocks, bonds, and commodities [4] - These strategies are adaptable to different economic phases, reducing the likelihood of timing errors by investors [4][5] Long-Term Value and Management Challenges - Despite potential drawbacks, such as underperformance in strong single-asset environments, the long-term value of multi-asset strategies remains significant [5][6] - Effective management of multi-asset strategies requires a systematic macro research framework, a comprehensive strategy framework, and robust risk management practices [6][7] Future Outlook - The domestic multi-asset strategy market is still in its early stages compared to developed markets, with increasing demand for absolute returns expected to drive growth [6][7] - The diversification benefits of multi-asset strategies are likely to enhance their importance in the asset management industry as market conditions evolve [7]

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][3]. Group 1: Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed (FOF) fund completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][3]. - This fund is a mixed bond-type FOF, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [3]. - The fund adopts a low-volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [3][9]. Group 2: Market Trends and Demand - There has been a notable trend this year towards bond-mixed FOF products, attracting substantial capital. For instance, the Fuguo Yinghe Zhenxuan 3-Month Holding and Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [3]. - Other FOF products, such as Nanfang Stable 3-Month Holding and Ping An Yingxiang Multi-Asset 6-Month Holding, also reported initial fundraising scales exceeding 2.7 billion yuan [3]. - The performance benchmarks of these large-scale bond-mixed FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, gold, and deposits, indicating a shift towards multi-asset strategies [5][9].

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][2][5]. Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][5]. - This FOF product is a mixed bond type, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [5]. - The fund adopts a low volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [5][10]. Market Trends - There has been a notable trend this year in the issuance of mixed bond-type FOF products, attracting substantial capital. For instance, the Fortune Yinghe Zhenxuan 3-Month Holding and the Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [6]. - Other FOF products, such as the Southern Stable 3-Month Holding and the Ping An Yingxiang Multi-Asset Configuration 6-Month Holding, also reported initial subscription scales exceeding 2.7 billion yuan [6][8]. Asset Allocation and Diversification - The performance benchmarks of these large-scale mixed bond-type FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, overseas stocks, gold, and deposits [9]. - The Huatai-PineBridge Fund emphasizes the importance of constructing diversified "income support points" to reduce reliance on single markets, expanding investment opportunities across commodities, REITs, and global categories [10].

Core Insights - The number of billion-dollar private equity firms has surpassed 101 as of October 22, 2025, with an increase of 5 firms from September [1] - The growth in the number of billion-dollar private equity firms is attributed to the stabilization and recovery of the A-share market, leading to improved performance and scale of private equity products [6][7] - The majority of the new entrants in the billion-dollar category are subjective private equity firms, reflecting their flexibility in adapting to market conditions [7] Summary by Categories Number of Billion-Dollar Private Equity Firms - As of October 22, 2025, there are 101 billion-dollar private equity firms, up from 96 in September, with notable returns of familiar firms and one new entrant [1] - The new entrants include Shanghai New Equation, Wangzheng Asset, Jing'an Investment, and Hefei Investment, with Dadao Investment being a first-time entrant [1] Investment Strategy Distribution - Among the 101 billion-dollar private equity firms, quantitative firms lead with 47 firms (46.53%), followed closely by subjective firms with 44 firms (43.56%), and mixed strategy firms with 8 firms (7.92%) [2] - In the new entrants, subjective and quantitative strategies each account for 2 firms, while mixed strategy accounts for 1 firm [2] Core Strategy Analysis - The dominant core strategy among the billion-dollar private equity firms is stock strategy, with 77 firms (76.24%), followed by multi-asset strategy (13 firms, 12.87%) and bond strategy (6 firms, 5.94%) [5] - Among the new entrants, 3 firms focus on stock strategy, while 1 firm each focuses on multi-asset and combination fund strategies [5] Market Trends and Investor Behavior - The increase in billion-dollar private equity firms is driven by investor confidence in top firms, leading to a concentration of funds towards those with stable performance and mature strategies [6] - The "head effect" in the industry is strengthening, with resources increasingly directed towards high-quality private equity firms, accelerating the process of industry selection [6] Flexibility of Subjective Private Equity Firms - Subjective private equity firms are favored in the current complex market environment due to their ability to adjust positions and sector allocations in response to macroeconomic conditions and policy changes [7] - Experienced fund managers in subjective firms are better positioned to identify quality stocks, leading to superior performance and attracting continued capital inflow [7]

Core Insights - The number of private equity funds with over 10 billion yuan in assets has reached 100, marking a significant milestone in the industry as it reflects the recovery of the market and the growth of fund performance and scale [2][3]. Group 1: Growth of Private Equity Funds - As of October 22, 2025, the number of private equity funds exceeding 10 billion yuan has increased by 4 from the end of September, with notable new entrants including Dadao Investment and the return of Shanghai New Equation and Wangzheng Asset [2]. - The current distribution of the 100 funds shows that quantitative funds lead with 46, followed closely by subjective funds at 44, while mixed strategy funds account for 8 [2][3]. Group 2: Market Dynamics - The increase in the number of large private equity funds is attributed to the stabilization of the A-share market, which has improved returns on equity assets, leading to a rise in both fund performance and scale [3]. - There is a growing recognition of leading private equity firms, resulting in a concentration of funds towards those with stable performance and mature strategies, reinforcing the "head effect" in the industry [3]. Group 3: Investment Strategies - Stock strategies dominate the core strategies of the funds, with 76 out of 100 funds focusing on this area, reflecting the current market's favorable conditions for stock selection [4]. - The rise in multi-asset strategies indicates an increasing demand for risk diversification, as these strategies can mitigate the volatility of single assets and provide more stable returns [5].

Group 1 - The number of private equity firms with over 10 billion yuan in assets has surpassed 100, reaching 101 as of October 22, 2025, an increase of 5 from 96 at the end of September [1] - Among the 101 firms, quantitative private equity firms are the most numerous, with 47 firms accounting for 46.53%, followed by subjective private equity firms with 44 firms at 43.56%, and mixed strategy firms with 8 firms at 7.92% [1] - The new entrants in October include 2 subjective and 2 quantitative strategy firms, along with 1 mixed strategy firm [1] Group 2 - Stock strategies dominate the core strategies of the private equity firms, with 77 firms employing this strategy, representing 76.24% of the total [2] - Multi-asset strategies account for 12.87% with 13 firms, while bond strategies make up 5.94% with 6 firms [2] - The increase in the number of billion-yuan private equity firms is attributed to the stabilization of the A-share market, leading to improved performance and scale of private equity products [2] Group 3 - The expansion of private equity firms is primarily driven by subjective private equity firms due to their flexibility in adapting to market changes and macroeconomic conditions [3] - Some subjective private equity managers possess extensive investment experience and strong stock-picking abilities, which attract continuous capital inflow [3] - Market conditions are currently characterized by structural valuation concerns, with a focus on sectors like AI applications and cyclical industries nearing capacity clearance [3]