2 1 Shi Ji Jing Ji Bao Dao·2025-10-30 13:16Core Insights - The article highlights a significant shift in the investment strategies of 31 large private equity firms, with a total of 377 billion yuan in heavy stock positions as of October 29, 2025, focusing predominantly on the technology sector [1][4][5]. Group 1: Investment Trends - In the third quarter, these private equity firms initiated a major portfolio adjustment, entering 34 new companies, increasing holdings in 12, reducing stakes in 25, and maintaining positions in 46 companies [1][4]. - The technology sector has become the primary focus, with the computer industry leading the way, holding a market value of 1.067 billion yuan, followed by non-ferrous metals and communication sectors [5][6][8]. Group 2: Key Players and Holdings - Notable firms such as Gao Yi Asset, Jinglin Asset, Lingren Private Equity, and Chongyang Investment have made significant adjustments in their portfolios, with Gao Yi Asset alone holding 183.83 billion yuan, nearly half of the total heavy stock positions [2][9]. - Gao Yi Asset's largest holding is Hikvision, valued at 88.26 billion yuan, although it has been reducing its stake over the past four quarters [10][11]. Group 3: Sector Performance and Strategy - The TMT (Technology, Media, and Telecommunications) sectors collectively account for over half of the total heavy stock positions, with a combined market value of 19.3 billion yuan [8]. - The investment strategy reflects a broader trend towards embracing technology growth while distancing from traditional cyclical industries, aligning with national economic policies [15].