Private equity funds are entering the era of 22 trillion, facing fierce competition in specialization and differentiation.

By the end of October 2025, the scale of private equity fund management has surpassed 22 trillion yuan for the first time, reaching a historical high. Behind this number, there is a quiet reshaping of the industry structure: continuous elimination of tail-end managers, resources accelerating towards the top; securities private equity funds are rising strongly, driving the industry from the previous "single-wheel drive" to a more balanced and healthy "double-wheel drive". Standing at a new scale starting point, a deep transformation focusing on professional capabilities, compliance operation, and technological empowerment has already begun. The industry is bidding farewell to the "scale dividend" and entering a new stage where core investment research capabilities and differentiated services will determine future success.