“大战正酣、岂言退兵！”基金抱团白马开始松动？最新调研明星私募：有人减仓，有人怒吼“不讲武徳”…

Core Viewpoint - The A-share market has experienced significant volatility and divergence, with nearly 80% of stocks declining, particularly in the liquor and new energy sectors, indicating a potential shift in market dynamics and investor sentiment [1][3]. Market Performance - On January 11, the Shanghai Composite Index fell by 1.08%, the Shenzhen Component Index by 1.33%, and the ChiNext Index by 1.84%, with 3,311 out of 4,148 companies declining, representing 79.82% of the market [3]. - Notably, several heavily held stocks by funds, including Wuliangye, Longi Green Energy, and CATL, saw declines exceeding 3% [5]. Fund Holdings and Adjustments - Among the top 20 A-share companies by public fund holdings, 11 companies experienced declines on January 11, while Hikvision saw a significant increase of over 20% in just over a week [5][7]. - Large private equity firms generally maintain high positions, with some expressing optimism about selected industries despite recent market fluctuations [8]. Investment Strategies - Some private equity firms have reduced their positions in previously popular stocks, citing concerns over valuation levels, particularly in the new energy sector [14]. - A notable strategy involves a "barbell" approach, focusing on both reasonably valued growth stocks in the internet and consumer sectors and undervalued blue-chip stocks benefiting from cyclical recovery [10]. Market Outlook - The consensus among private equity firms is to lower investment expectations for 2021, with a focus on structural investment opportunities rather than broad market indices [13]. - The market is expected to remain volatile, driven by liquidity changes and the performance of core companies in consumer, pharmaceutical, and technology sectors [12][13].