罕见！私募仓位再创年内新高

Core Viewpoint - The private equity sector is increasing its positions despite market volatility, with a notable rise in stock private equity positions reaching over 81% as of November 14, indicating a strong confidence in the A-share market's long-term potential [1][2]. Group 1: Private Equity Positioning - As of November 14, the stock private equity position index reached 81.13%, up 1.05 percentage points from November 7, marking a continuous three-week period above the 80% threshold [2]. - The proportion of fully invested (over 80% positions) private equity funds rose to 65.9%, while those with medium positions (50-80%) decreased to 18.97% [4]. - The increase in positions among medium-position private equity funds has been a key driver for the rising position index [4]. Group 2: Market Sentiment and Trends - Analysts suggest that the recent market fluctuations indicate that risks have been sufficiently released, reducing the likelihood of significant downward movement in the market [5]. - The market is expected to remain in a rebalancing state, with a shift from valuation-driven factors to fundamental drivers as companies begin to realize their earnings [5]. - The sentiment in the market is still cautious, providing opportunities for increased positions during this volatile period [5]. Group 3: Investment Focus Areas - Private equity funds are favoring growth sectors such as technology and innovative pharmaceuticals, as well as cyclical sectors benefiting from "anti-involution" policies [6]. - There is a focus on AI as a transformative force in demand creation, with expectations of significant growth potential in this area [6]. - Traditional industries are anticipated to see profit upgrades due to enhanced export competitiveness and recovery in domestic demand, with private equity firms looking to capitalize on opportunities in AI applications, upstream resources, and innovative pharmaceuticals [6].