Core Viewpoint - The number of billion-level private equity firms has reached 100 as of October 22, 2023, marking an increase of 4 firms since the end of September 2023, driven by structural opportunities in the A-share market and the strengthening of the "head effect" in the industry [1] Group 1: Private Equity Growth - The total number of billion-level private equity firms has increased to 100, up from 96 at the end of September 2023 [1] - New entrants include Shanghai New Equation Private Equity, Wangzheng Asset, and Jing'an Investment, while Dadao Investment is making its debut in the billion-level category [1] Group 2: Strategy Breakdown - Among the 100 billion-level private equity firms, 46 are quantitative private equity firms, accounting for 46% of the total [1] - There are 44 subjective private equity firms, also making up 44% of the total [1] - Additionally, there are 8 mixed strategy private equity firms, and 2 firms have not disclosed their investment models [1] Group 3: Market Dynamics - The expansion of billion-level private equity firms is attributed to the performance and scale increase of private equity products due to structural opportunities in the A-share market [1] - The industry is experiencing a trend towards standardized development, which is enhancing the "head effect" and allowing quality private equity firms to capture a larger share of the market [1]

Group 1 - The core viewpoint of the article indicates that despite increased market volatility in September, the inflow of incremental funds into the market has not ceased, with the number of billion-level private equity firms increasing to 94 by the end of September, marking two consecutive months of growth [1][3][8] - The trend of reallocating resident assets remains unchanged, with a consensus on increasing equity assets, supported by a gradual decline in domestic risk-free interest rates and the global competitiveness of China's advantageous industries [1][10] - The number of billion-level private equity firms has increased by 13 over the past seven months, reversing last year's contraction trend, with quantitative private equity becoming the main force [8][12] Group 2 - As of September 29, the number of billion-level private equity firms has increased by 3 from the end of August, with specific firms like Zhengying Asset and Kaishi Private Equity entering the billion-level tier [3][4] - The statistics show that among billion-level private equity firms, there are 45 quantitative, 41 subjective, and 7 mixed investment mode firms, with one firm not disclosing its investment mode [3][4] - The stock private equity position index reached 78.41% as of September 19, indicating a continuous increase in positions among private equity firms, with over 90% of billion-level stock private equity firms holding positions above 50% [13][14] Group 3 - The article highlights that the recent market fluctuations have not deterred the enthusiasm of individual investors, who continue to prefer purchasing existing products to increase their positions during market dips [11][16] - The issuance of new private equity funds remains active, with many firms still launching new funds exceeding 10 million, despite some larger firms having closed their fundraising [11][12] - The liquidity structure indicates that current fund inflows are primarily from domestic institutions and existing investors, with foreign and individual investors yet to fully engage [16]