私募整体仓位创新高，看好A股中长期趋势

Group 1 - The overall strategy of private equity firms remains consistent, with a focus on growth assets, although some structural adjustments have occurred [1][4] - As of November 21, 2025, the stock private equity position index reached 82.97%, marking a significant increase of 1.84% from the previous week, and setting a new high for the year [5] - The proportion of fully invested private equity firms (over 80% positions) has risen to 68.99%, indicating a strong bullish sentiment despite market adjustments [5] Group 2 - Investment firms are optimistic about the medium to long-term trends of A-shares, with expectations for structural opportunities despite recent market volatility [2][6] - The market is experiencing a phase of self-disturbance due to collective investor behavior, while core trends such as policy direction and industrial development remain unchanged [3] - Key areas of focus for growth include companies benefiting from the restructuring of global supply chains, advancements in semiconductor technology, and the emergence of new consumer demographics [6][7]