Zhong Guo Zheng Quan Bao·2025-10-22 20:16Core Insights - The article discusses the recent adjustments made by prominent private equity firms in their investment portfolios, particularly focusing on the performance of Zijin Mining and Hikvision, as well as the growing interest in the electronics sector by these firms [1][2][4]. Group 1: Private Equity Adjustments - Notable private equity figures, such as Deng Xiaofeng and Feng Liu, have made significant changes to their holdings, with Deng reducing his stake in Zijin Mining while still achieving substantial gains [1][2]. - Deng Xiaofeng's high-profile fund, Gao Yi Xiaofeng No. 2, reduced its holdings in Zijin Mining by approximately 18.6 million shares in Q3 2025, maintaining a remaining stake of 180 million shares valued at around 5.3 billion yuan [2]. - Feng Liu's Gao Yi Linshan No. 1 fund significantly cut its position in Hikvision by 58 million shares, leaving it with 280 million shares valued at approximately 8.83 billion yuan [3]. Group 2: Sector Focus - The electronics sector has garnered increased attention from private equity firms, with notable investments in companies like Yangjie Technology and Dazhi Electronics, which saw significant stock price increases of nearly 35% and 46% respectively in Q3 [3][4]. - The private equity firm Ruijun Asset has entered the top shareholders of Yangjie Technology with multiple funds, collectively holding over 10 million shares valued at 762 million yuan [3]. - The investment strategy of private equity firms is shifting towards sectors with higher certainty and growth potential, particularly in electronics and pharmaceuticals, as indicated by recent reports from firms like Danshuiquan Investment [4][5]. Group 3: Market Outlook - The overall market is experiencing a healthy correction after rapid price increases, with institutional investors leading the influx of new capital into A-shares [4]. - Economic indicators suggest a potential recovery in corporate earnings, driven by policy measures aimed at reducing internal competition, which may enhance the selection of stocks based on fundamentals [4]. - Investment firms are optimistic about sectors such as AI applications and upstream resources, while also identifying opportunities in low-cycle industries nearing capacity clearance [5][6].