Quantitative private funds are once again entering an expansion cycle. The latest statistics from QIML show that as of the end of the first quarter of 2026, the scale of the quantitative "Big Four"—High-Flyer Quant, Ubiquant, Minghong Investment, and Yanfu Investments—has collectively broken through the 80 billion yuan threshold, moving into the 80 billion to 90 billion yuan range. This represents a significant rise from the 70 billion to 80 billion yuan range at the end of last year, placing them just one step away from the 100 billion yuan mark.