Five things we learned that surprised us:
- The ladder got kicked. Some firms jumped two or three size tiers in a single quarter. The super‑tier (above 80 billion yuan) now has just four names, and everyone else is scrambling to catch up.
- Today’s money is yesterday’s story. Most of the inflows hitting the market right now were set in motion by 2025’s stellar performance. The decision pipeline from due diligence to actual investment takes six to twelve months. That means the boom we see today is partly a rear‑view mirror effect.
- Size eats alpha for breakfast. May’s extreme “one versus ninety” market concentration crushed diversified quant portfolios. When only 5% of stocks drive half the volume, holding hundreds of names becomes a drag, not a diversifier.
- The smart players are already pivoting. Traditional index‑tracking products are out. Unconstrained stock‑picking – often called “air alpha” – has gathered over 200 billion yuan. Multi‑strategy composites are also gaining fans. But there’s a catch: AI‑driven strategies are starting to look eerily similar under the hood, and that hidden crowding could amplify the next downturn.
- Q3 will be the tell. The real test is not today’s AUM, but what happens when the lag effect wears off. We lay out three practical metrics to help you spot which firms are built for the long haul and which are just riding the wave.
Why you should read the full PDF:
We wrote this for people who actually work with quant capital – allocators, distributors, and fund operators who need to separate signal from noise. The report won't predict every twist, but it will give you a clearer lens to judge capacity, strategy, and resilience before the music stops.
How to get the full report?
We can’t share the full version here as it includes confidential data and detailed breakdowns.
Tap the link below to download the full report free of charge!
Baidu Netdisk Link: https://pan.baidu.com/s/1I2lkl2o2f0s-Hw4zwOxXMw?pwd=make
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