罕见！再创年内新高

Core Viewpoint - The private equity sector is increasing its positions despite market volatility, with the stock private equity position index reaching over 81% as of November 14, marking a new high for the year [1][3]. Private Equity Position Trends - As of November 14, the stock private equity position index stands at 81.13%, up 1.05 percentage points from November 7, and has remained above 80% for three consecutive weeks [1][3]. - The proportion of fully invested private equity firms (over 80% position) has risen to 65.9%, while those with medium positions (50-80%) have decreased to 18.97% [3]. - The increase in positions among medium-position private equity firms has been a key driver for the rising position index [3]. Large Private Equity Firms' Activity - Large private equity firms managing over 10 billion yuan have shown a significant increase in positions, with those managing over 100 billion yuan reaching a position index of 87.07%, an increase of nearly 8 percentage points from the previous week [5][7]. - Smaller private equity firms are also becoming more active, with most size categories exceeding the 80% threshold for positions [5]. Market Sentiment and Future Outlook - Analysts suggest that the recent market volatility indicates that risks have been sufficiently released, reducing the likelihood of a significant downturn [5]. - The market is expected to remain in a rebalancing state, with a focus on sector rotation in the short term, while the long-term outlook remains positive as companies begin to report earnings [5][8]. Investment Focus Areas - Private equity firms are favoring growth sectors such as technology and innovative pharmaceuticals, as well as cyclical sectors benefiting from "anti-involution" policies [9][10]. - There is a strong interest in AI-related industries, with expectations of significant growth potential, and cyclical sectors are seen as undervalued with potential for substantial price increases [10].