Zhong Guo Zheng Quan Bao·2025-10-29 21:09Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].