逾六成私募计划高仓位过节 科技成长主线迎长假“压力测试”

Core Viewpoint - The article discusses the high confidence among private equity firms in maintaining high stock positions during the upcoming long holiday, reflecting a belief in the resilience of the A-share market despite potential uncertainties [1][2][8]. Group 1: Market Sentiment and Positioning - Over 65% of private equity firms plan to hold high or full positions (over 70% equity) during the long holiday, with an average stock position of 71.44% [2][8]. - A survey indicates that 70.19% of private equity firms are optimistic about the A-share market post-holiday, expecting a gradual recovery [3][8]. - The average stock position among private equity firms reached a new high of 78.41% as of September 19, 2023 [2]. Group 2: Macro Economic Factors - The chief strategist of Heisaki Capital believes that the beginning of a U.S. interest rate cut cycle and a shift towards a loose global liquidity environment will benefit capital markets in the long term [3]. - Domestic economic policies are supportive, with monetary and fiscal policies providing ample funding for the market [3]. Group 3: Investment Strategies and Focus - A significant 59.62% of private equity firms favor technology growth sectors such as AI, semiconductors, and smart driving for post-holiday investments [5]. - The investment strategy of "core + satellite" is suggested, combining high-growth technology stocks with defensive low-valuation sectors to mitigate risks [5][6]. - There is a noted divergence in investment strategies, with some firms cautious about high valuations in technology stocks, while others remain committed to growth sectors [4][5]. Group 4: Market Dynamics and Future Outlook - The article highlights a consensus among private equity firms that the market will experience a rotation between technology growth and value stocks, with 62.50% expecting a balanced market style [4]. - The potential for a "high-low cut" in market performance is acknowledged, where previously lagging sectors may catch up [6]. - Overall, despite differing views, there is a strong belief in the market's ability to generate returns in the medium to long term, particularly in technology sectors [7][8].