On March 25th, the Asset Management Association of China (AMAC) released the monthly report on the filing of private fund management products operated by securities and futures institutions (February 2024). As of the end of February 2024, the total scale of private fund management business operated by securities and futures institutions was RMB 12.27 trillion (excluding social security funds and enterprise annuities), a decrease of RMB 135.2 billion from the end of the previous month, a decrease of 1.1%. From the perspective of product types, the number and scale of ongoing single-asset management plans are higher than those of collective asset management plans. In terms of investment types, fixed-income products account for the largest proportion in terms of both quantity and scale among the four product categories. Hybrid products rank second in terms of quantity, equity products rank second in terms of scale, and the quantity and scale of futures and derivative products are relatively small. In February 2024, securities and futures institutions filed a total of 497 private fund management products, a decrease of 38.11% month-on-month and a decrease of 37.88% year-on-year; with an establishment scale of RMB 234.82 billion, a decrease of 55.43% month-on-month and a decrease of 37.38% year-on-year. Of the 497 products filed in February, 60.97% were products of securities companies and their subsidiaries, and 31.59% were products of fund management companies and their subsidiaries. In terms of product types, the average establishment scale per product filed in February is lower than that of January for collective products by 33% and for single products by 9%, both slightly lower than the annual average level of 2023. In terms of investment types, fixed-income and hybrid products are the main types of products filed in February. As of the end of February 2024, the average scale of private fund management business managed by securities companies and their asset management subsidiaries is RMB 55.6 billion, with a median scale of RMB 23 billion; the average scale of private fund management business managed by securities company subsidiaries is RMB 8.5 billion, with a median scale of RMB 2.4 billion; the average scale of private fund management business managed by fund management companies is RMB 36.3 billion, with a median scale of RMB 9.4 billion; the average scale of private fund management business managed by fund company subsidiaries is RMB 19.4 billion, with a median scale of RMB 5 billion; the average scale of private fund management business managed by futures companies and their asset management subsidiaries is RMB 2.4 billion, with a median scale of RMB 0.3 billion.