Group 1 - The A-share market has performed well this year, but subjective stock strategy private equity funds are facing increased redemptions as investors withdraw more funds despite rising net asset values [1] - Quantitative strategy private equity funds have significantly outperformed subjective stock private equity funds in recent years, leading to a shift in investor preference towards quantitative products [1][2] - 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 in 2025, a year-on-year increase of 61.39%, with a notable rise in the number of quantitative private equity products [2] - By the end of July 2025, there were 90 private equity firms with over 10 billion in assets, with 44 being quantitative and 39 being subjective, indicating a growing dominance of quantitative private equity [3] - The rapid growth of quantitative private equity is attributed to superior performance, but market cycles may affect future performance of subjective stock strategies [3]