B[The scale of private equity asset management of securities companies has increased month-on-month for 10 consecutive months] September 19th. Since the beginning of this year, the scale of private equity management of securities companies has maintained steady growth. The latest data released by the Asset Management Association of China shows that as of the end of July, the private equity asset management scale of securities firms reached 6.62 trillion yuan, a month-on-month increase of 2.27% and an increase of 14.16% from the end of last year. The scale hit a new high in the past 12 months and has maintained month-on-month growth for 10 consecutive months. From the perspective of product structure, among the four categories of products: fixed income, equity, futures and derivatives, and mixed products, fixed income products firmly occupy a dominant position. As of the end of July, the scale of fixed-income products was 5.22 trillion yuan, an increase of 11.43% from the end of last year, accounting for 78.83% of the total scale of securities firms' private equity asset management products. B[Hong Kong's first five-year plan: Promote more mainland institutions to invest in the Hong Kong bond market and expand the channels and business volume of "Stock Connect", "Bond Connect", "Wealth Management Connect", and "Private Equity Connect"] On September 16, Hong Kong SAR Chief Executive Lee Ka-chiu announced the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)" (referred to as the "Plan") and the "Chief Executive's 2026 Policy Address". The "Plan" mentions the need to optimize the international bond market. Collaboratively promote primary market issuance, improve secondary market liquidity, expand offshore RMB business, and build fixed income and monetary infrastructure. Improve "Bond Connect" (Southbound Connect) and continue to promote the optimization and expansion of Southbound Connect in terms of investment scale, investor scope, products, trading arrangements, etc. Promote more mainland institutions to invest in the Hong Kong bond market and expand the channels and business volume of "Stock Connect", "Bond Connect", "Wealth Management Connect" and "Private Equity Connect". B[Foreign investment targets China’s ETF market, multiple institutions are investing in it] On September 15th, China’s ETF feast was in full swing, and institutional investors were vying to “take a seat.” According to reports, US quantitative trading giant Susquehanna International Group (SIG) is planning to expand its office space in Hong Kong to better enter the Chinese ETF market. At the same time, since this year, long-term allocation of insurance funds, bank financial management, and flexible institutional funds represented by securities firms, secondary private equity, and trusts have intensively appeared in the ETF market. Statistics from the private equity ranking network show that in the first half of the year, nearly a hundred private equity products appeared on the list of the top ten holders of ETFs established during the same period. An analysis report published by E Fund on the Asset Management Association of China in June showed that as of the end of 2025, the scale of equity ETFs held by insurance funds was nearly 370 billion yuan; from the end of the first quarter of 2022 to the end of the first quarter of 2026, the proportion of passive equity funds allocated to bank wealth management funds more than doubled. According to industry insiders, behind the competition among institutions for ETFs is the shift in the role of ETFs from institutional allocation to the expression of opinions. This is a "two-way rush" between capital demand and market supply. (Shanghai Securities News) B[Newly registered private equity funds have exceeded 1,200 for three consecutive months] September 7th, the A-share market has been undergoing shock and adjustment recently, and the private equity issuance market has not cooled down significantly. Data from the Private Equity Ranking Network show that there were more than 1,200 newly registered private securities investment funds in August. Although it has dropped from the high point of the year in July, it still maintains a high level, and the number of new registrations has maintained above 1,200 for three consecutive months. As of August 31, the cumulative number of private securities investment funds registered during the year exceeded 10,000, a year-on-year increase of nearly 40%. From the perspective of strategic structure, stock strategies still occupy a dominant position, accounting for nearly 70% of the number of filings during the year. According to industry insiders, the mid- to long-term demand for capital reallocation in a low interest rate environment, as well as the outstanding performance of stock strategies, have become an important basis for capital entry. (Shanghai Securities News) B[Ten billion-level private equity holdings announced at the end of the second quarter] On September 3, with the completion of the disclosure of the 2026 semi-annual reports of A-share listed companies, the second quarter position map of tens of billions-level securities private equity has completely emerged. According to statistics from the Private Equity Ranking Network, a third-party organization, as of the end of the second quarter, 55 tens of billions of private equity companies appeared on the list of the top ten tradable shareholders of 264 listed companies, with a total shareholding value of 91.351 billion yuan (when the same listed company is held by multiple private equity positions, it will be counted twice in the statistics; the shareholding value is calculated based on the closing price at the end of the second quarter). Judging from the position adjustment structure, there are as many as 134 new stocks in tens of billions of private equity, with 29 stocks increased and only 25 stocks reduced. One end is the concentrated increase in positions in the direction of technology manufacturing, and the other end is the careful rebalancing of existing positions. (China Securities Journal)
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