上半年主观多头私募业绩不俗，展望下半年景林、淡水泉、重阳等头部机构发声

Market Overview - In the first half of the year, the Chinese stock market experienced a revaluation of technology assets driven by DeepSeek, followed by a rotation led by new consumption and innovative pharmaceuticals, demonstrating strong resilience despite the impact of U.S. tariff policies [1] - Major indices, including the Shanghai Composite Index, have recovered significantly, with the Shanghai Composite Index surpassing 3,400 points, reaching a new high for the year [1] Private Equity Fund Industry - The private equity fund industry has seen a trend towards consolidation, with 87 private equity firms managing over 10 billion yuan, and the top 20% of managers controlling 93.10% of the total assets under management, indicating increasing industry concentration [2] - Leading firms are building competitive barriers through talent development, research systems, and financial technology [2] Investment Sentiment - Despite the U.S. tariff impacts, several prominent private equity firms remain optimistic about the Chinese market, viewing the current environment as an opportunity for strategic investments in globally competitive companies [3] - Firms like Dongfang Investment and Xingshi Investment believe that the market's reaction to tariff policies has stabilized, with some broad indices returning to levels seen in September 2024, suggesting that stock valuations are reasonably low [3] Performance of Private Equity Firms - Many top private equity firms have reported strong performance in the first half of the year, with some funds achieving over 10% positive returns, outperforming the market indices [3] Investment Opportunities for the Second Half - Looking ahead, many leading private equity firms anticipate greater investment opportunities than risks in the second half of the year, focusing on structural opportunities in sectors such as technology and the Hong Kong market [4] - Key areas of interest include AI, pharmaceuticals, new consumption, and the competitiveness of leading Chinese companies [4] - Firms like Dongfang Investment are optimistic about emerging growth opportunities expanding beyond new consumption and innovative pharmaceuticals to include technology and cyclical industries [4] Market Dynamics - The Hong Kong market has shown significant profit potential, with daily trading volumes reaching historical highs, indicating a market full of opportunities [5] - The focus remains on technology innovation and industries where China holds global competitive advantages, with many quality companies still having reasonable valuations [5]