对冲基杠杆率达历史新高，两大板块做空头寸激增！

Group 1 - The core viewpoint of the report indicates a significant increase in short positions within the financial and biotechnology sectors, leading to a historical high in hedge fund leverage [1] - Hedge funds have established short positions in exchange-traded funds (ETFs) amounting to $218 billion, with individual stock short positions reaching $948 billion [1] - The report highlights that the short selling focus is primarily on the S&P Regional Banking ETF (KRE) and the S&P Biotechnology ETF (XBI), with short sentiment in KRE rising by 50 percentage points and XBI by 27 percentage points from February 14 to April 30 [1] Group 2 - The median short position percentage of S&P 500 index stocks has exceeded the long-term historical average for the first time since 2021, currently at 2.3% of market capitalization [3] - Despite increased market volatility post "liberation day," multi-strategy funds have achieved an average positive return of 1% year-to-date through selective stock picking [3] - The liquidity preference has led to Amazon, Meta, Alphabet, Microsoft, and Nvidia being the top five holdings among hedge funds, with a peak allocation to cyclical stocks relative to defensive stocks [3]