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Market Color-04.21.2026

Fang submitted 2026-04-21 19:42:51

As of end-March 2026, China's private fund AUM hit a record RMB 22.72 trillion, marking six consecutive months of all-time highs. March new registrations reached RMB 119.29 billion, surpassing RMB 100 billion for the second straight month. Private securities funds were the core growth engine, expanding 40.6% YoY from RMB 5.25 trillion to RMB 7.46 trillion. Equity private funds have increased positions for four consecutive weeks, with the position index at 82.16% as of April 10. Fully-invested funds (>80% allocation) accounted for 66.93%, while top-tier managers (over RMB 10 billion AUM) held 83.10% positions—signaling a clear recovery in risk appetite and accelerated capital inflows into equity markets.

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