首次突破7万亿！私募基金狂飙突进，百亿机构持续加仓

Core Insights - The private securities investment fund market in China has reached a significant milestone, with the total number of funds surpassing 80,000 and the total scale exceeding 7 trillion yuan as of October 2025, marking a substantial increase of over 1 trillion yuan from the previous month [1][4][13] - There is a strong bullish sentiment among private equity funds towards the A-share market, as indicated by a record high in the stock private equity position index [1][8][14] Fund Growth and Market Dynamics - As of October 2025, the total number of private funds in China has increased to 137,905, with a total scale of 22.05 trillion yuan, reflecting a month-on-month increase of 1.31 trillion yuan [4][18] - The growth in private securities investment funds is primarily driven by existing funds rather than new registrations, with only 995 new funds registered in October 2025, contributing 42.92 billion yuan to the total scale [4][19] - The surge in private securities investment funds is attributed to three main factors: the explosive growth of quantitative strategies, a favorable market environment highlighting structural opportunities in A-shares, and supportive policies that simplify registration processes [5][19] Industry Trends and Concentration - The number of private fund managers has decreased to 19,367 as of October 2025, indicating a trend towards quality over quantity in the industry, with a significant number of smaller managers exiting the market [6][20] - The concentration of assets in larger private equity firms is increasing, with the top ten firms capturing a larger share of the market, reflecting a "winner takes all" dynamic [7][20] Investor Sentiment and Positioning - The stock private equity position index reached 82.97% as of November 21, 2025, with a notable increase of 1.84% from the previous week, indicating a strong bullish sentiment among private equity funds [8][21] - The proportion of fully invested private equity funds has risen to 68.99%, while the shares of moderately and low-invested funds have decreased [9][22] - Factors driving the increased positions include positive policy developments, year-end performance considerations, and expectations of economic recovery and structural opportunities [9][22] Performance and Activity Levels - The average return of large private equity funds has been high this year, attracting more institutional investments from banks and insurance funds [5][19] - The number of new registrations for private securities investment funds has surged by 100.76% year-on-year, indicating heightened market activity and interest [12][23] - Private equity firms are increasingly engaging in research activities, with over 1,100 firms participating in investment research in a single month, reflecting a proactive approach to identifying investment opportunities [12][23]