Core Viewpoint - The Chinese quantitative private equity industry is undergoing profound changes, shifting from a focus on algorithmic competition to a multi-dimensional ecosystem competition that includes data, algorithms, computing power, and capital collaboration [1][2] Industry Summary - The competitive landscape is expected to favor leading institutions, which will consolidate their advantages, while smaller firms must seek differentiated and specialized development paths [1] - The future differentiation in the quantitative private equity sector may intensify due to AI technology, with leading firms leveraging their financial strength and integrated data, algorithm, and computing power ecosystems [1] Company Summary - Century Securities is focusing on building a robust quantitative private equity ecosystem, which is deemed essential for the long-term development of the industry [2] - The company has developed a "1+3+N" system service framework, which includes a universal PB system, three specialized quantitative trading platforms, and multiple customized solutions to enhance trading efficiency [2] - In the FOF (Fund of Funds) business, Century Securities aims to leverage its asset management department's research and selection capabilities to curate high-quality private equity products, offering tailored allocation solutions for high-net-worth clients and exploring cross-border asset allocation opportunities [2]