Group 1 - The private asset management market in China experienced significant recovery in September, with the number of registered products reaching a nearly nine-year high, indicating a rebound in market vitality and a profound change in capital flow and institutional strategies under the current macroeconomic environment [1] - Securities companies and their asset management subsidiaries emerged as the market leaders in September, with a total of 1,537 registered products and a total scale of 47.675 billion yuan, accounting for nearly 60% of the market [1] - Collective asset management plans became the main force behind this expansion, with a scale share of 68.32%, while single asset management plans, despite having a higher number of registrations, showed smaller average scales, reflecting a trend towards smaller and more diversified products to meet varying investment needs [1] Group 2 - Fixed income products maintained a dominant position in the market, with their establishment scale accounting for over 50% in September and a share of 71.7% in the total existing scale of 12.46 trillion yuan by the end of September [3] - Equity products showed low levels of new registrations and scale share in September, indicating a cautious market attitude towards equities, while mixed products remained active and important in the market [3] - Despite the active registration activities in September, the overall existing scale of the market saw a slight decline of 0.96%, with brokerage and fund systems remaining the two main pillars of the market, holding shares of 46.02% and 38.42% respectively [3] Group 3 - A senior financial researcher noted two main trends in the private asset management market: a concentration towards leading firms, with securities asset management gaining larger market shares, and a shift towards stability, as evidenced by the dominant position of fixed income products reflecting investors' preference for certainty in the current economic environment [4] - The structural differentiation observed may continue, with the market transitioning from a focus on scale expansion to a more quality-oriented and refined development phase [4]