Group 1 - The A-share market has performed well this year, but subjective stock private equity is facing challenges as investors redeem their investments despite high net asset values [1][2] - Quantitative private equity has outperformed subjective private equity in recent years, leading to a shift in investor preference towards quantitative products [1][3] - As of August 8, 2025, subjective long-only stock strategy products have an average return of 16.54%, while quantitative long-only stock strategy products have an average return of 24.36% [2] Group 2 - The number of private equity securities products registered reached 6,759 by July 31, 2025, marking a year-on-year increase of 61.39% [4] - As of July 2025, there are 90 billion-level private equity firms, with 44 being quantitative, representing 48.49% of the total [4] - The rapid growth of quantitative private equity is attributed to their superior performance, although market conditions may eventually favor subjective stock performance [4]