Core Insights - The private equity registration in China has shown a significant decline over the past two years, with a total of 116 new registrations in the first three quarters of 2024, compared to 381 in the same period of 2023 and 1020 in 2022, indicating a shift from rapid expansion to a phase of strict control and quality improvement in the industry [3][4] Group 1: Private Equity Registration Trends - In September 2024, 14 new private equity institutions were registered, with 10 being securities-related and 4 equity-related, marking a month where securities registrations exceeded equity [1] - The total number of new private equity registrations in the first three quarters of 2024 was 116, comprising 44 securities and 72 equity, reflecting a slight increase from 111 in the same period of 2023 but a significant drop from previous years [3] - The decline in private equity registrations is attributed to regulatory policies and market conditions, indicating that the industry has moved away from a high-growth phase to a more controlled and optimized environment [3] Group 2: Product Registration and Market Dynamics - In September, 652 private equity firms registered 1028 new products, with stock strategy products accounting for over 60% of the total, and quantitative products making up 35.41% of the new registrations [4] - The number of quantitative long products registered in September was the highest, with 166 products, while stock market neutral and quantitative CTA products had 69 and 45 registrations, respectively [4] - Despite an increase in quantitative product registrations earlier in the year, there was a decline in September, suggesting a temporary adjustment in market conditions and risk appetite, while the long-term outlook for excess returns in the A-share market remains positive [4]

Core Viewpoint - The A-share market experienced significant volatility in the first half of 2025, leading investors to prioritize the balance of returns and risks when selecting stock strategy products. The Sharpe ratio emerged as a crucial metric for evaluating risk-return profiles of these products [2]. Summary by Relevant Sections Overall Performance - In the first half of 2025, there were 2,891 stock strategy products with a displayed Sharpe ratio, achieving an average return of 12.4% and an average Sharpe ratio of 1.57. The products managed by private equity firms with a scale of 10-20 billion showed the highest average return at 16.39% [2][3]. Performance by Company Size - **100 Billion and Above**: - 420 products with a total scale of 632.37 billion, average return of 11.40%, and a Sharpe ratio of 2.03 [3]. - **50-100 Billion**: - 196 products with a total scale of 244.84 billion, average return of 12.12%, and a Sharpe ratio of 1.97 [3]. - **20-50 Billion**: - 258 products with a total scale of 267.26 billion, average return of 11.78%, and a Sharpe ratio of 1.85 [3]. - **10-20 Billion**: - 309 products with a total scale of 267.01 billion, average return of 16.39%, and a Sharpe ratio of 1.57 [3]. - **5-10 Billion**: - 422 products with a total scale of 250.14 billion, average return of 11.60%, and a Sharpe ratio of 1.50 [3]. - **0-5 Billion**: - 1,286 products with a total scale of 434.97 billion, average return of 12.19%, and a Sharpe ratio of 1.32 [3]. Top Products by Performance - The article highlights the top-performing stock strategy products across different company sizes, focusing on those with returns above the average and high Sharpe ratios. Notable products include: - **100 Billion and Above**: Quantitative long products dominated the top 10, with notable managers from Stable Investment and Wide De Private Equity [4][6]. - **50-100 Billion**: The top products were primarily subjective long and quantitative long strategies, with significant contributions from Qianyan Private Equity [8][10]. - **20-50 Billion**: Quantitative long products were most prevalent, with top managers from Jiuming Investment and Zhao Rong Hui Li Private Equity [13][15]. - **10-20 Billion**: A mix of subjective long products, with top managers from Xiangmu Asset and Haokun Shengfa Asset [18][21]. - **5-10 Billion**: Quantitative long products led the rankings, with top managers from Yangshi Asset and Zeyuan Investment [22][25]. - **0-5 Billion**: Quantitative long products were also prominent, with two products from Guangzhou Tianzhanhan making the top five [26][27].