Group 1 - The core viewpoint is that stock quantitative long strategies have recently faced significant challenges, leading to a notable decline in excess returns, with many funds underperforming the index [1][2] - As of August 31, 2025, the average excess return for 696 stock quantitative long products was -2.28%, with only 20.83% of products achieving positive excess returns [1] - Weekly performance from August shows a consistent decline in excess returns, with averages of -1.06%, -0.61%, and -1.99% over three weeks, indicating a worsening trend [1] Group 2 - A large quantitative private equity firm in Shanghai noted that the A-share market has seen increased trading volume, but structural market conditions have led to many stocks declining despite index gains [2] - The primary reasons for the excess return decline in quantitative products are identified as style reversals, particularly between large-cap and small-cap stocks, and significant sector differentiation due to rapid growth in financing [2] - The firm believes that the current excess return decline is likely a temporary phenomenon, with expectations of a return to normal market conditions and recovery of excess returns in the near future [2]

Group 1 - The private equity industry is witnessing a trend of limiting new client subscriptions, signaling a strategic shift towards managing fund sizes to protect existing investors' interests [2][3][4] - Quantitative private equity firms, such as Yuanfu Investment and Longqi Technology, have announced plans to close certain products to new investors, while allowing existing clients to continue investing [2][3] - The rationale behind these actions includes preventing dilution of investment returns and ensuring that fund managers can maintain performance amid market volatility [4][5] Group 2 - The trend of limiting subscriptions reflects a cautious approach by private equity firms in response to current market uncertainties, indicating a focus on long-term performance rather than rapid growth [5][6] - Recent data shows that retail investor sentiment is improving, with significant net inflows into the A-share market, suggesting a potential recovery in market conditions [6][7] - Private equity firms are increasingly focusing on sectors such as semiconductors and medical devices, with a notable increase in research activity in these areas [10][11]