Core Insights - The A-share market has seen a resurgence in 2023, leading to a significant increase in the issuance of private equity products, with a total of 994 private securities products registered in October, a 19.90% increase compared to the same month last year [1][3] - Stock strategy products remain the dominant category, accounting for 68.31% of the total registered products, indicating strong investor demand for equity assets [1][2] - Multi-asset strategy products have gained popularity, with 122 products registered in October, representing 12.27% of the total, reflecting a trend towards diversified investment strategies among private equity firms [1][2] Strategy Distribution - Quantitative stock strategy products have shown steady growth, with 333 out of 432 registered quantitative products being stock strategies, making up 77.08% of the total [2] - Futures and derivatives strategies have also emerged as a significant area for quantitative investment, with 50 products registered, accounting for 11.57% of the total quantitative products [2] - Bond strategies and combination funds have seen similar registration numbers, with 49 and 36 products respectively, representing 4.93% and 3.62% of the total [2] Market Dynamics - The increase in private securities product registrations is attributed to multiple factors, including the Shanghai Composite Index surpassing 4000 points, highlighting structural market opportunities [3] - Third-party sales institutions have intensified marketing efforts, further stimulating investor interest in private equity products [3] - The influx of northbound capital and a stable funding environment have provided favorable conditions for private equity operations, allowing firms to enhance product returns and innovate strategies [3]

Core Viewpoint - The private equity securities product registration market has significantly rebounded in the first three quarters of 2025, with a total of 8,935 products registered, representing a year-on-year increase of 89.38% [2]. Group 1: Factors Driving Growth - The growth in private equity securities product registrations is driven by three main factors: 1. Continuous improvement in market conditions, with strong performance in small-cap indices like the CSI 1000 and CSI 2000, enhancing investor willingness to allocate funds [2]. 2. Regulatory guidance that has improved industry transparency and credibility, attracting more capital [2]. 3. Active business expansion by private equity firms, with leading firms accelerating product line development and smaller firms seeking growth through new product registrations [2]. Group 2: Strategy Distribution - Among the registered products, equity strategies dominate with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [3]. - Multi-asset strategies follow with 1,278 registrations, representing 14.30% of the total and a year-on-year growth of 84.68% [5]. - Futures and derivatives strategies have 913 registrations, making up 10.22% of the total, with a year-on-year increase of 66.00% [5]. - Bond strategies and combination funds have similar registration numbers, with 363 and 362 products respectively, each around 4% of the total, and year-on-year increases of 75.36% and 79.21% [5]. Group 3: Quantitative Products - Quantitative private equity products have shown remarkable growth, with 3,958 registrations, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [6]. - The surge in quantitative product registrations is attributed to: 1. Superior performance of quantitative strategies compared to subjective strategies in the current market environment, attracting continuous capital inflow [6]. 2. Ongoing technological advancements, including the application of AI and machine learning in strategy development, enhancing model adaptability and profitability [6][7]. 3. Leading quantitative firms leveraging scale advantages to create a virtuous cycle of performance improvement and product registration growth [7]. Group 4: Concentration of Registrations - The number of private equity managers with registered products reached 2,322, with a significant concentration in the number of products registered, as 1,879 managers have 5 or fewer products [12]. - In terms of management scale, the largest group consists of managers with assets under management (AUM) of 0-5 billion, totaling 1,560 [12]. - Notably, among the 26 managers with at least 40 registered products, 23 are billion-dollar managers, indicating a strong concentration of registration among larger firms [14].

Core Viewpoint - The private equity securities product registration market has significantly rebounded in 2025, with a total of 8,935 products registered in the first three quarters, representing a substantial increase of 89.38% compared to the same period last year [1] Group 1: Product Registration Overview - The stock strategy products dominate the market with 5,849 registrations, accounting for 65.46% of the total, and showing a year-on-year increase of 99.35% [1] - Multi-asset strategies follow with 1,278 registered products, making up 14.30% of the total, and experiencing an 84.68% year-on-year growth [1] - Futures and derivatives strategies have 913 registered products, representing 10.22% of the total, with a year-on-year increase of 66.00% [2] Group 2: Quantitative Private Equity Products - Quantitative private equity products have shown remarkable performance, with 3,958 products registered, accounting for 44.30% of all private equity securities products, and a year-on-year increase of 102.66% [2] - Within quantitative products, stock strategy quant products lead with 2,865 registrations, making up 72.39% of the total [2] - The quantitative CTA strategy has 509 registered products, representing 12.86% of the total, benefiting from favorable market trends [3]

Core Insights - The report highlights that among 5344 products with performance data, 1038 products have distributed dividends this year, totaling 1291 distributions and an aggregate amount of 14.085 billion yuan, with an average dividend ratio of 27.59% [1] Group 1: Dividend Distribution by Strategy - Stock strategy products accounted for 752 distributions, with an average dividend ratio of 31.8%, totaling 10.735 billion yuan, representing 76.22% of the total dividend amount [1] - Multi-asset strategy products had 190 distributions, with an average dividend ratio of 23.78%, totaling 1.267 billion yuan, which is 9% of the total [1] - Futures and derivatives strategy and bond strategy had similar dividend amounts, with 155 and 140 distributions respectively, totaling 0.933 billion yuan and 0.880 billion yuan, representing 6.63% and 6.25% of the total [1] - The average dividend ratio for futures and derivatives strategy was 23.18%, significantly higher than the bond strategy's 13.45% [1] Group 2: Performance of Billion-Yuan Private Equity - Billion-yuan private equity firms emerged as the main contributors to dividend distributions, with 131 distributions this year, an average dividend ratio of 34.62%, and a total amount of 4.999 billion yuan, accounting for 35.49% of the total [1]

Core Insights - The article highlights the performance of small and medium-sized private equity firms (0-5 billion) in the market, emphasizing their agility and effectiveness in generating returns, particularly in the context of the ongoing "924" market trend [2][6]. Strategy Performance - As of September 19, 0-5 billion private equity firms have shown a significant recovery in stock strategy returns since the "924" market, with an average return of 70.87% over the past year, outperforming the CSI 300 index which rose by 41.97% [7]. - Quantitative long strategies have led the performance with an average return of 77.77%, while subjective long strategies followed closely with 73.88% [4][7]. Secondary Strategy Analysis - The average return for various secondary strategies is as follows: - Quantitative Long: 77.77% with 198 products [5] - Subjective Long: 73.88% with 975 products [5] - Composite Strategy: 52.16% with 159 products [5] - Macro Strategy: 49.80% with 65 products [5] - Multi-Asset Strategy: 47.65% with 262 products [15] Top Performing Firms - The top three firms in stock strategy performance are: 1. Longhui Xiang Investment 2. Qinxing Fund 3. Huichuang Fangxiang [6][7] - In the futures and derivatives strategy, the leading firms are: 1. Xurian Investment 2. Huacheng Private Equity 3. Qihe New Asset Management [12][13] Multi-Asset Strategy Leaders - The top firms in multi-asset strategies include: 1. Hainan Zhiyuan Private Equity 2. Shuyi Zhongcheng Investment 3. Hangzhou Jinshi Asset [16][17] Quantitative Fund Rankings - The leading firms in quantitative funds are: 1. Jingying Zhitu 2. Tianzhiyu 3. Hangzhou Saipasi [19][20]

Group 1 - The A-share market has shown strong performance in 2025, with private equity securities products achieving an average return of 20.41% year-to-date, and 90.85% of the 10,135 products recorded positive returns [1] - Among stock strategy private equity products, 93.09% of the 6,473 products achieved positive returns, with an average return of 25.38%, driven by structural opportunities in the market [1] - Quantitative long strategies have outperformed subjective long strategies, with 96.24% of the 1,303 quantitative products showing positive returns and an average return of 31.84% [1][2] Group 2 - Subjective long strategies have a positive return rate of 92.68% and an average return of 25.62%, with many relying on in-depth research by fund managers to identify quality stocks [2] - Market-neutral and long-short strategies have lower performance due to their hedging nature, with positive return rates of 88.47% and 91.67%, and average returns of 8.15% and 14.53% respectively [2] - Multi-asset strategies have shown strong performance, with 89.91% of the 1,279 products achieving positive returns and an average return of 15.61% [2] Group 3 - Combination fund strategies have the highest positive return rate among the five strategies, with 95.98% of the 398 products achieving positive returns and an average return of 14.12% [3] - The commodity market has experienced wide fluctuations, negatively impacting futures and derivatives strategies, which have a positive return rate of 77.15% and an average return of 8.55% [3] - Bond strategies have benefited from a loosening monetary policy, with 92.50% of the 773 products achieving positive returns and an average return of 7.89% [3]

Group 1 - The private equity market in China has seen a significant increase in product registrations, with a total of 7,907 private securities products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registration landscape, with 5,173 stock strategy products registered this year, accounting for 65.42% of total registrations, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to steady growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, with year-on-year increases of 76.58% and 66.87% [1] - Quantitative private securities products have seen a rising share, with 3,584 quantitative products registered this year, making up 45.33% of total registrations, reflecting a 100.34% year-on-year growth [1] Group 3 - Billion-dollar quantitative private equity firms have become the main contributors to product registrations, with Kwan Der Private Equity leading with 118 registered products, primarily focusing on stock quantitative long strategies, especially those linked to the CSI 500 index [2] - Blackwing Asset follows closely with 112 registered products, also focusing on stock quantitative long and quantitative CTA strategies, with a preference for the CSI 500 index [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-dollar firms, and 25 are billion-dollar quantitative firms, indicating a strong presence of large-scale quantitative private equity in the market [2]

Group 1 - The private equity market in China has seen a significant increase in registered private securities products, with a total of 7,907 products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registered products, with 5,173 stock strategy products accounting for 65.42% of the total, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of the total, respectively [1] - The proportion of quantitative private securities products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of the total, reflecting a 100.34% year-on-year growth [1] Group 3 - Within the quantitative product category, stock strategies are the most prevalent, with 2,601 stock strategy quantitative products, accounting for 72.57% of the total quantitative products [2] - Billion-yuan quantitative private equity firms are leading the registration efforts, with Kuande Private Equity registering 118 products, primarily focused on stock quantitative long strategies [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-yuan firms, and 25 are billion-yuan quantitative firms, indicating a strong presence of large-scale players in the market [2]

Core Insights - The private equity market has seen significant growth in the number of registered private securities products, with a total of 7,907 products registered as of August 31, marking an 82.19% increase year-on-year [1][3][4] - The stock strategy products dominate the private equity market, with 5,173 products registered, accounting for 65.42% of the total, and showing a 91.31% increase compared to the previous year [4][5] - Quantitative products have also experienced substantial growth, with 3,584 products registered, reflecting a 100.34% year-on-year increase [5] Private Equity Market Trends - The private equity market has maintained a high level of new product issuance, with monthly registrations consistently exceeding 1,100 products from June to August [3] - The demand for diversified asset allocation has led to a notable increase in multi-asset and futures/derivatives strategy products, with 1,116 and 841 products registered respectively, both showing significant growth compared to the previous year [5] - The overall market sentiment has improved due to the steady recovery of the A-share market and the strong performance of sectors like artificial intelligence, which has attracted more investors to private equity products [5] Investor Engagement - There has been a marked increase in private equity firms' engagement in A-share company research, with 1,152 firms participating in 6,053 research activities in August, a 243.34% increase from the previous month [6] - The healthcare and electronics sectors have been the most researched, with 1,095 and 947 research activities respectively, indicating a concentrated interest in these industries [6] - The average position of domestic stock private equity firms has risen to 75.55%, reflecting a positive investment sentiment despite slight fluctuations in larger firms' positions [6]

Core Viewpoint - The stock markets, including A-shares, Hong Kong stocks, and US stocks, experienced significant fluctuations due to tariff issues but ultimately recorded varying degrees of increases in the first seven months of the year, with the CSI 2000 leading A-shares with over 20% growth [2] Market Performance Summary - A-shares: - Shanghai Composite Index increased by 6.61%, with a maximum increase of 16.76% and a maximum drawdown of -9.71% [3] - Shenzhen Component Index rose by 5.71%, with a maximum increase of 20.56% and a maximum drawdown of -14.98% [3] - ChiNext Index grew by 8.72%, with a maximum increase of 33.17% and a maximum drawdown of -20.79% [3] - CSI 300 increased by 3.58%, with a maximum increase of 15.67% and a maximum drawdown of -10.49% [3] - CSI 500 rose by 8.74%, with a maximum increase of 20.22% and a maximum drawdown of -13.80% [3] - CSI 1000 increased by 11.81%, with a maximum increase of 23.24% and a maximum drawdown of -16.87% [3] - CSI 2000 led with a 20.44% increase, a maximum increase of 31.56%, and a maximum drawdown of -19.65% [3] - Hong Kong stocks: - Hang Seng Index increased by 23.50%, with a maximum increase of 35.99% and a maximum drawdown of -19.95% [3] - Hang Seng Tech Index rose by 22.05%, with a maximum increase of 44.61% and a maximum drawdown of -27.91% [3] - US stocks: - Dow Jones Industrial Average increased by 3.73%, with a maximum increase of 19.56% and a maximum drawdown of -16.12% [3] - S&P 500 rose by 7.78%, with a maximum increase of 28.24% and a maximum drawdown of -18.90% [3] - Nasdaq increased by 9.38%, with a maximum increase of 38.71% and a maximum drawdown of -23.87% [3] Private Equity Performance Summary - The overall performance of private equity products under billion-yuan private equity firms was impressive in the first seven months of the year, with an average return of approximately 16.80% [2][3] - Among the 557 billion-yuan private equity products, stock strategy products accounted for over 82%, with an average return of about 18.63%, significantly outperforming the three major A-share indices [4] - Quantitative long strategy products within stock strategies achieved an average return of over 26% [4] Top Performing Products - The top 10 quantitative long products were dominated by quantitative stock selection products, with 8 out of 10 being from this category [8] - Notable top-performing products included those from Longqi Technology, Stable Investment, and Abama Investment [8][12][15] Multi-Asset and Other Strategies - Multi-asset strategy products totaled 54, with an average return of approximately 11% [4] - The top 10 multi-asset products included those from Duration Investment, Black Wing Asset, and others [20][23]