业绩分化下的共识：百亿私募掘金结构性慢牛

Core Viewpoint - The recent reports from major private equity firms indicate a cautious yet optimistic outlook on the market, with a focus on structural opportunities rather than broad market rallies [1][15]. Summary by Sections Private Equity Fund Positioning - As of the end of October, the average position of subjective long-biased private equity funds was 78%, consistent with high levels seen in recent years [1]. - The proportion of funds fully invested or using leverage increased to 25.3%, while over 90% of private equity funds maintained positions above 50% [2]. Performance Review - Most private equity products achieved positive returns by the end of October, but performance varied significantly among them [4]. - Notable performers included a product from淡水泉 with over 70% annual return and products from勤辰资产 with returns exceeding 30% [5][6]. - High毅资产 showed diverse performance across its funds, with some achieving over 25% annual returns while others lagged behind [6][7]. Tactical Adjustments - Private equity firms exhibited a common strategy of "rebalancing," reducing exposure to overvalued assets while increasing positions in those with higher potential [9][10]. -淡水泉 and邓晓峰 both indicated a strategy of locking in profits from rapidly appreciating holdings [10]. Sector Focus - There is a notable shift towards technology and healthcare sectors, with firms like淡水泉 and高毅资产 increasing their allocations to these areas [12][21]. - Some firms are also exploring undervalued domestic sectors such as real estate and consumer goods, anticipating potential excess returns [14][22]. Market Outlook - The consensus among private equity firms is a "structural slow bull" market, driven by in-depth analysis of industry trends and company fundamentals [15][16]. - While there is optimism, some firms caution about potential bubbles in certain sectors, particularly among small-cap stocks [16][17]. Sector Preferences - The technology sector is viewed positively by many firms, with a focus on domestic replacements and improvements in fundamentals [18]. - The healthcare sector is widely regarded as a long-term investment opportunity, with several firms increasing their exposure [21]. - The financial sector remains a stronghold for some firms, with significant allocations noted in their portfolios [23].