Since 2026, while the overall A-share index has fluctuated strongly, the structural differentiation of individual stocks has further intensified. The latest monitoring data from a third party agency shows that in the first two months of this year, the private equity industry showed a significant trend of differentiation in excess earnings from quantitative index growth strategies. In mainstream index growth strategies such as the China Securities 500 and China Securities 1000, the difficulty of obtaining excess income has increased markedly, and some leading institutions have even experienced phased negative excess income. This is in stark contrast to the 20% to 30% excess income level of quantified private equity movements throughout 2025. A number of quantitative private equity agencies interviewed said that in the context of rapid market style changes and the ultimate interpretation of the theme market, quantitative index growth strategies are undergoing a “big test”. Judging from strategy iterations and changes on the fund-raising side, the quantitative industry has entered a new stage of refined gaming and differentiated competition.

Since 2026, while the overall A-share index has fluctuated strongly, the structural differentiation of individual stocks has further intensified. The latest monitoring data from a third party agency shows that in the first two months of this year, the private equity industry showed a significant trend of differentiation in excess earnings from quantitative index growth strategies. In mainstream index growth strategies such as the China Securities 500 and China Securities 1000, the difficulty of obtaining excess income has increased markedly, and some leading institutions have even experienced phased negative excess income. This is in stark contrast to the 20% to 30% excess income level of quantified private equity movements throughout 2025. A number of quantitative private equity agencies interviewed said that in the context of rapid market style changes and the ultimate interpretation of the theme market, quantitative index growth strategies are undergoing a “big test”. Judging from strategy iterations and changes on the fund-raising side, the quantitative industry has entered a new stage of refined gaming and differentiated competition.