Core Viewpoint - The private equity industry is witnessing a shift from single-strategy approaches, particularly CTA strategies, to multi-strategy products due to declining returns and limited capacity in single strategies [1][2][6]. Group 1: Industry Trends - Many CTA private equity firms have experienced significant shrinkage, with one firm dropping from over 10 billion to less than 500 million [1][2]. - The emergence of multi-strategy products is becoming mainstream, with the number of multi-asset strategy private equity products reaching 122 in October, accounting for 12.27% of total registrations [1][7]. - The transition to multi-strategy is driven by the need for risk diversification and multiple sources of returns [1][3]. Group 2: Challenges in Transition - Transitioning from single to multi-strategy requires a complete overhaul of investment research frameworks, trading systems, and risk management standards [1][6]. - The fundamental differences between CTA and quantitative stock strategies pose significant challenges, necessitating the development of new systems and methodologies [6][7]. - Companies are investing in advanced risk management and trading platforms to effectively integrate various strategies and ensure real-time monitoring [6][7]. Group 3: Strategic Implementation - Different firms are adopting varied approaches to implement multi-strategy products, such as using quantitative methods for asset allocation across stocks, bonds, and commodities [4][5]. - Firms like Qianxiang Asset are combining CTA and quantitative stock strategies to enhance overall investment efficiency and reduce volatility [3][4]. - The focus on creating a comprehensive investment and risk management system is crucial for the successful execution of multi-strategy approaches [5][6]. Group 4: Market Positioning - Multi-strategy products are increasingly favored by high-net-worth clients, reflecting a shift in investor maturity and understanding of risk and return [7][8]. - The domestic multi-asset strategy market is still in its early stages compared to developed markets, indicating significant growth potential as wealth management evolves [8].