CITIC Securities: Private placement confidence index continues to rise to a high level, but managers are cautious in managing positions.

According to the research report of Zhongxin Securities, the overall net value of equity class strategies of A-shares in January 2026 has significantly increased, with quantitative products showing differentiated excess returns. Private equity products as a whole achieved a return of 3.86%, with an average increase of 5.18% for stock strategy products. In the strict regulatory environment, the number of fund managers continues to decline, with a decrease of approximately 31 in January. The private equity market is rapidly expanding, with the total size rising to 7.47 trillion yuan, mainly due to the increase in the size of stock strategy products. The number of top managers with assets over 50 billion yuan remains relatively stable at 245, with around 91 being quantitative managers. The private equity confidence index continues to rise to high levels, but fund managers are exercising caution in portfolio management.