Group 1 - The overall sentiment among private equity institutions remains optimistic despite market fluctuations, with stock private equity institutions' average positions reaching a year-to-date high of 78.04% as of September 12 [1] - The proportion of private equity institutions with heavy or full positions (over 80%) has significantly increased to 60.02%, up by 5.81 percentage points from the previous week, while the proportion of those with no positions has decreased to 5.08% [1] - Different scales of private equity institutions show high average positions, with large-scale institutions (over 10 billion) averaging 78.22%, and those between 5 billion to 10 billion averaging 86.49%, indicating a general trend of maintaining high positions across various sizes [1] Group 2 - The top 100 subjective private equity firms have achieved an average return of 37.43% year-to-date, while the top quantitative private equity firms have an average return of 26.69% [2] - The market is exhibiting a "slow bull" characteristic, with investor risk appetite remaining high, driven by liquidity, fundamentals, and external factors, leading to a shift from "certainty priority" to "growth priority" [2] - Emerging growth opportunities, such as new consumption, innovative pharmaceuticals, robotics, and AI hardware, are becoming significant market drivers, reflecting a renewed focus on fundamental growth rather than just certainty [2] Group 3 - Large private equity institutions, such as Jiangju Capital, observe a clear market stratification, with significant gains in sectors like telecommunications and electronics, while coal and steel sectors show minimal increases [3] - Jiangju Capital emphasizes the importance of understanding one's capability circle and leveraging comparative advantages in familiar areas to maximize expected returns [3] - The firm suggests using industry ETFs or other tools to adjust investment allocations in response to macroeconomic changes, rather than strictly adhering to bottom-up stock selection [3]
私募仓位攀至年内最高 主观策略强势回归
Zheng Quan Shi Bao·2025-09-21 16:57