Core Viewpoint - The private equity fund market is experiencing a significant rebound, with new product issuances increasing and many funds surpassing the 10 billion yuan mark [1] Group 1: Market Growth and Product Issuance - In the first three quarters, a total of 8,935 private equity securities products were registered, representing a substantial year-on-year increase of 89.38% from 4,718 products [2][3] - The growth in registration numbers is attributed to three main factors: improved market conditions, regulatory guidance enhancing transparency and compliance, and active expansion by institutions [3] - Stock strategies remain the dominant force, with 5,849 products registered, accounting for 65.46% of the total, and showing a year-on-year growth of 99.35% [3] Group 2: Performance of Private Equity Funds - The average return for private equity funds in the first three quarters was 25%, significantly outperforming the Shanghai and Shenzhen 300 Index [2][5] - Among the five major strategies, stock strategies led with an average return of 31.19%, with 93.52% of the 5,976 funds achieving positive returns [5][6] - Quantitative long strategies showed exceptional performance, with an average return of 35.95% and a positive return rate of 96.71% [6] Group 3: Growth of Billion-Yuan Private Equity Funds - The average return for the 62 billion-yuan private equity funds reached 28.80%, with 98.39% of them reporting positive returns [7] - A total of 14 funds achieved returns exceeding 40%, while 18 funds had returns between 30% and 40%, indicating strong overall profitability [7] - The number of billion-yuan private equity funds increased to 96 by the end of September 2025, up from 91 at the end of August [8][9] Group 4: Industry Structure and Competition - The registration structure indicates a shift in the competitive landscape, with top quantitative private equity funds dominating the registration rankings [8] - Among the 26 private equity firms with at least 40 registered products, 23 are billion-yuan institutions, highlighting a significant head effect [8] - The industry is witnessing increased concentration, with leading firms expanding while smaller firms actively seek breakthroughs [8]

Core Viewpoint - The private equity securities product registration market has significantly rebounded in 2025, with a total of 8,935 products registered in the first three quarters, representing a substantial increase of 89.38% compared to the same period last year [1] Group 1: Product Registration Overview - The stock strategy products dominate the market with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [1] - Multi-asset strategies follow with 1,278 registered products, making up 14.30% of the total, and experiencing an 84.68% year-on-year growth [1] - Futures and derivatives strategies have 913 registered products, representing 10.22% of the total, with a year-on-year increase of 66.00% [2] Group 2: Quantitative Private Equity Products - Quantitative private equity products have shown remarkable performance, with 3,958 products registered, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [2] - Within quantitative products, stock strategy quant products lead with 2,865 registrations, making up 72.39% of the total [2] - The quantitative CTA strategy has 509 registered products, representing 12.86% of the total, benefiting from favorable market trends [3]

Core Insights - As of September 30, 2025, a total of 1,038 products have distributed dividends this year, with a total of 1,291 distributions amounting to 14.085 billion yuan and an average distribution ratio of 27.59% [1][2] Group 1: Dividend Distribution by Strategy - Stock strategy products are the main contributors to dividends, with 752 distributions, an average distribution ratio of 31.80%, and a total amount of 10.735 billion yuan, accounting for 76.22% of total distributions [2][3] - Multi-asset strategy products have distributed dividends 190 times, with an average distribution ratio of 23.78% and a total amount of 1.267 billion yuan, representing 9% of total distributions [2][3] - Futures and derivatives strategies and bond strategies have similar total distributions, with 155 and 140 distributions respectively, totaling 933 million yuan and 880 million yuan, accounting for 6.63% and 6.25% of total distributions [2][3] Group 2: Performance of Fund Sizes - Funds managed by firms with over 10 billion yuan in assets are the main drivers of dividend distributions, with 131 distributions, an average distribution ratio of 34.62%, and a total amount of 4.999 billion yuan, representing 35.49% of total distributions [3] - Funds with assets between 0 to 500 million yuan have made 667 distributions, leading in frequency, with a total amount of 2.918 billion yuan, accounting for 20.72% of total distributions despite a lower average distribution ratio of 25.97% [3] Group 3: Factors Influencing Dividend Behavior - The active dividend behavior of stock strategy products is driven by strong performance, with an average return of 31.19% and 93.52% of products showing positive returns, creating ample space for distributions [3][4] - Fund managers are intentionally using dividends to manage product scale, preventing dilution of existing holders' returns amid significant inflows, thereby maintaining optimal investment strategy performance [4]

Group 1 - In September, the enthusiasm for new private equity products surged, with 1,028 private securities funds registered, a year-on-year increase of 171% [1] - Equity strategy private funds dominated the market, with 668 equity strategy products registered, accounting for over 60% of the total [1] - Quantitative products were particularly active, with 364 quantitative private funds registered, representing 35.4% of the total [1] Group 2 - Leading private equity firms maintained a significant advantage in product registration, with Shanghai Liwei leading with 23 products, followed by Maoyuan Quantitative and Shanghai Yinye Investment with 13 and 12 products respectively [2] - Among 27 private equity firms that registered at least 5 products, 16 had assets under management exceeding 100 billion, indicating a concentration of resources [2] - The performance of 57 billion-level private equity firms showed an average return of 24.99% in the first eight months of the year, significantly outperforming the CSI 300 index [3] Group 3 - The total number of billion-level private equity firms reached 94 by the end of September [3] - Institutional investors continue to dominate the influx of new capital into A-shares, with personal investors' demand for stock assets still accumulating [3] - There is an increasing interest from overseas funds in A-shares, although the overall allocation remains low [3]

Core Insights - The article highlights a significant increase in the number of private equity securities products registered, with 1,028 products registered in September 2025, a 10.22% decrease from August but a 171.24% increase year-on-year compared to 379 products in September 2024 [1][3]. Strategy Distribution - Among the registered products, equity strategies dominate with 668 products, accounting for 64.98% of the total. Multi-asset strategies follow with 155 products (15.08%), while bond strategies (71 products, 6.91%) and futures and derivatives strategies (69 products, 6.71%) are nearly equal in size [1][3]. - Quantitative products showed strong performance in September, with 364 products registered, making up 35.41% of the total. Within this, quantitative long strategies contributed the most with 166 products (45.60%), and market-neutral strategies accounted for 69 products (18.96%) [3][4]. Manager Scale and Market Dynamics - The article notes a concentration of registration among leading private equity firms, with 20 out of 27 active managers having over 10 billion in assets under management, representing 74.07% of the total [5][7]. - The top private equity firms, such as Liwei Private Equity and Maoyuan Quantitative, are noted for their competitive edge in research capabilities, risk control systems, and brand reputation, which enhances their ability to attract funding and adapt to market changes [5][7]. Quantitative Strategy Insights - The article discusses the differentiation in quantitative strategies, reflecting a dual pursuit of "yield" and "stability" in the market. Quantitative long strategies effectively capture structural opportunities in a fluctuating market, while market-neutral strategies cater to low-volatility preferences [4][7]. - The article also mentions that the number of quantitative managers is close to 60%, indicating a strong presence of quantitative strategies in the market [6][7].

Core Insights - In September, a total of 1,028 private securities products were registered, representing a 10.22% decrease from August's 1,145 products, but a significant year-on-year increase of 171.24% compared to 379 products in the same month of 2024 [1] Strategy Distribution - Among the registered products, equity strategies dominated with 668 products, accounting for 64.98% of the total. Multi-asset strategies followed with 155 products (15.08%), while bond strategies (71 products, 6.91%) and futures and derivatives strategies (69 products, 6.71%) were nearly equal in scale. Combination funds were relatively niche with 51 products (4.96%) [1][2] Quantitative Products Performance - Quantitative products showed strong performance in September, with 364 products registered, making up 35.41% of the total. Within this category, equity strategies contributed the most, with 166 long-only quantitative products (45.6%) and 69 market-neutral equity strategies (18.96%). In the futures and derivatives category, quantitative CTA strategies stood out with 45 products (12.36%) [2][3] Manager Distribution - The majority of registered products came from leading private equity firms, indicating a growing industry concentration. The top firm, Liwei Private Equity, registered 23 products, followed by Maoyuan Quantitative (13 products) and Yinye Investment (12 products). Among the 27 firms that registered at least five products, 16 were over 10 billion in assets, while 4 were between 5 billion and 10 billion, with top firms accounting for 74.07% of the total [3][4] Market Trends - Since the "9.24" market event, the profitability of equity markets has gradually become apparent, and policies continue to support sectors like technology innovation and high-end manufacturing. This has enhanced the appeal of equity strategies, leading to a rise in investor willingness to allocate to equity assets, thus maintaining high registration numbers for these strategies [4] Competitive Landscape - The registration advantages of leading private equity firms reflect resource aggregation. Large firms with assets over 10 billion have stronger research capabilities, risk control systems, and brand reputation, making it easier for them to gain recognition and funding. In contrast, smaller firms struggle with fundraising and research resources, further reinforcing the trend of industry concentration [4]

Group 1 - The core viewpoint is that the enthusiasm for private equity institutions to register new products has surged, with a significant increase in the number of private equity securities products registered in September 2025 compared to the same month in 2024, reflecting a growth of 171.24% [1] - In terms of strategy distribution, stock strategies dominate with 668 products registered, accounting for 64.98% of the total, while multi-asset strategies have 155 products, making up 15.08% [1] - Quantitative products have shown strong performance in September, with 364 products registered, representing 35.41% of the total, and stock strategy quantitative products contributing the most [1] Group 2 - The increase in stock strategy registrations is attributed to the visible profit effects in the equity market post "9.24" and ongoing policy support for technology innovation and high-end manufacturing, which has boosted investor willingness to allocate to equity assets [2] - Looking ahead to Q4, the A-share market is expected to experience a structural recovery in profits and continued credit repair, maintaining a "slow bull" trend, with macroeconomic factors such as resilient exports and steady manufacturing and infrastructure investment contributing positively [2] - The outlook for Q4 2025 suggests that the current upward trend is likely to continue due to policy support for economic recovery, sustained liquidity, and increasing institutional holdings, with improvements in the competitive landscape and pricing environment for industries expected [3]

Company Overview - Wendi Asset is a professional asset management company focused on quantitative investment, established in Shanghai in 2016 [4] - The investment areas cover futures and stocks, with a comprehensive quantitative asset management system that includes CTA and stock strategies [4] Core Team - The team has over 15 years of experience in quantitative investment, adhering to the investment philosophy of "staying true and innovating" [7] - Core research personnel have backgrounds in physics, mathematics, computer science, and economics, providing a solid foundation for quantitative research [8] Investment Philosophy & Representative Strategies - The company has developed a complete quantitative strategy system, encompassing both quantitative CTA and quantitative stock strategies [10] - The Wendi Quantitative CTA strategy includes approximately 40 sub-strategies, focusing on diversified risk and achieving long-term sustainable returns [12] Strategy Development History - The strategy has undergone multiple iterations since its inception in 2010, enhancing its adaptability to low-volatility market environments [12] - Key products include Wendi Quantitative Zhenxuan No. 9 and Wendi Multi-Strategy No. 10, with significant improvements in strategy performance over the years [13] Advantages - Unique risk control measures aim to reduce drawdown probabilities while enhancing Alpha [18] - The universality of Alpha is leveraged through advanced machine learning techniques to identify high-quality Alpha across various asset classes and cultural contexts [19] - A complete and verifiable historical traceability system supports rigorous research and understanding of Alpha's lifecycle [20] Continuous Evolution Capability - The company focuses on continuously optimizing investment strategies and enhancing risk management capabilities [21] - Emphasis on talent development and team building to foster innovative thinking and creativity [22] Future Strategy Development Directions - Future efforts will focus on systematic methods to understand economic and financial paradigms for macro asset allocation [23] - Continued investment in software and hardware resources, including alternative data procurement and high-speed trading platform development [23]

Quantitative Models and Construction Methods 1. Model Name: Barra Style Factors - **Model Construction Idea**: The model aims to capture the performance of various style factors in the equity market, such as momentum, size, and residual volatility[12][27] - **Model Construction Process**: The model calculates the returns of different style factors over a specified period. For example, the momentum factor return is calculated as: $$ \text{Momentum Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Momentum Scores})}{\sum \text{Momentum Scores}} $$ where the momentum scores are derived from the past performance of stocks[12][27] - **Model Evaluation**: The model effectively captures the performance of different style factors, providing insights into market trends and investor behavior[12][27] 2. Model Name: Excess Return Monitoring Model - **Model Construction Idea**: This model monitors the relative performance of small and mid-cap indices against a large-cap benchmark to capture market style rotation signals[86] - **Model Construction Process**: The model calculates the rolling 20-day excess returns of indices such as CSI 2000, CSI 1000, and CSI 500 relative to the CSI 300. For example: $$ \text{Excess Return} = \text{CSI 1000 Return} - \text{CSI 300 Return} $$ The model then tracks the percentile rank of these excess returns over a three-year period to identify significant deviations[86] - **Model Evaluation**: The model provides a systematic approach to detect market style rotations, aiding in strategic asset allocation decisions[86] Model Backtest Results - **Barra Style Factors**: - **Momentum Factor**: Weekly return 0.61%, monthly return 0.96%, annualized Sharpe ratio 2.20[12][27] - **Size Factor**: Weekly return 0.56%, monthly return 1.71%, annualized Sharpe ratio -1.78[12][27] - **Residual Volatility Factor**: Weekly return -0.48%, monthly return -0.77%, annualized Sharpe ratio -1.65[12][27] - **Excess Return Monitoring Model**: - **CSI 1000 vs. CSI 300**: 20-day rolling return -3.32%, 3-year percentile 17.0%[86] - **CSI 2000 vs. CSI 300**: 20-day rolling return -4.78%, 3-year percentile 15.1%[86] - **CSI 500 vs. CSI 300**: 20-day rolling return 1.21%, 3-year percentile 66.7%[86] Quantitative Factors and Construction Methods 1. Factor Name: Momentum - **Factor Construction Idea**: The momentum factor captures the tendency of stocks that have performed well in the past to continue performing well in the future[12][27] - **Factor Construction Process**: The momentum score for each stock is calculated based on its past returns over a specified period, typically 12 months. The factor return is then computed as: $$ \text{Momentum Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Momentum Scores})}{\sum \text{Momentum Scores}} $$ where the momentum scores are derived from the past performance of stocks[12][27] - **Factor Evaluation**: The momentum factor has shown consistent positive returns, indicating its effectiveness in capturing market trends[12][27] 2. Factor Name: Size - **Factor Construction Idea**: The size factor captures the performance difference between small-cap and large-cap stocks[12][27] - **Factor Construction Process**: The size score for each stock is calculated based on its market capitalization. The factor return is then computed as: $$ \text{Size Factor Return} = \frac{\sum (\text{Stock Returns} \times \text{Size Scores})}{\sum \text{Size Scores}} $$ where the size scores are derived from the market capitalization of stocks[12][27] - **Factor Evaluation**: The size factor has shown mixed performance, reflecting the varying investor preferences for small-cap versus large-cap stocks over time[12][27] Factor Backtest Results - **Momentum Factor**: Weekly return 0.61%, monthly return 0.96%, annualized Sharpe ratio 2.20[12][27] - **Size Factor**: Weekly return 0.56%, monthly return 1.71%, annualized Sharpe ratio -1.78[12][27] - **Residual Volatility Factor**: Weekly return -0.48%, monthly return -0.77%, annualized Sharpe ratio -1.65[12][27]

Core Insights - Since 2025, private equity securities products have shown significant profitability, with an average return of 20.41%, and stock strategy products achieving an impressive average return of 15.38% [1] - As of August 31, there are 10,135 private equity securities products with performance records, of which 9,208 have generated positive returns, resulting in a high positive return ratio of 90.85% [1] - Among various strategies, stock strategies have outperformed, benefiting from the structural market trends in A-shares, with 6,473 stock strategy products recording an average return of 25.38% and a positive return ratio of 93.09% [1] Stock Strategy Analysis - Within stock strategies, quantitative long strategies have excelled in the mid and small-cap market, with 1,303 products showing a positive return ratio of 96.24% and an average return of 31.84% [2] - In contrast, subjective long strategies have a positive return ratio of 92.68% but a lower average return of 25.62%, indicating a significant performance gap compared to quantitative strategies [2] - Multi-asset strategies follow closely with an average return of 15.61%, primarily due to timely allocation to stock assets, with 1,279 products showing a positive return ratio of 89.91% [2] Market Outlook - The rise in the A-share market is attributed to multiple factors, including policy adjustments, improved liquidity, and enhanced economic fundamentals, as analyzed by Fidelity International's economist Liu Peiqian [2] - Upcoming tourism expenditure data and weekly real estate transaction data are expected to serve as important indicators for observing the pace of economic recovery [2] - Looking ahead, the market is anticipated to continue a trend of oscillating upward, with a gradual shift towards large-cap growth stocks, focusing on sectors with low penetration rates such as AI computing power, semiconductor autonomy, solid-state batteries, humanoid robots, satellites, controllable nuclear fusion, and innovative pharmaceuticals [2]