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]