股票私募高仓位运作 掘金结构性机会

Core Viewpoint - The A-share market has experienced significant fluctuations, yet stock private equity institutions remain optimistic about future investments, with an average position of 83.16% as of December 19, indicating a high level of confidence in the market [1][2]. Group 1: Market Positioning - The average position of domestic stock private equity is at 83.16%, slightly down by 0.43 percentage points from the previous week, but still among the highest levels this year [1][2]. - Large-scale private equity firms (50 to 100 billion) have an average position of 88.61%, reflecting strong confidence among leading investors [2]. - The proportion of private equity firms with positions greater than 80% has slightly decreased to 69.44%, while those with moderate positions have increased to 18.49%, indicating tactical adjustments in response to market volatility [2]. Group 2: Investment Focus - Private equity firms are focusing on two main lines: the resource sector, represented by non-ferrous metals, and the emerging technology industry, particularly related to AI [3][4]. - Recent strategies include increasing allocations to industrial metals like copper and aluminum, as well as rare metals associated with AI computing power [3]. - The investment outlook for 2026 emphasizes the importance of supply constraints and long-term demand narratives, particularly in energy metals and the AI sector [3][4]. Group 3: Industry Trends - The competition in the AI industry is shifting towards application ecosystems, necessitating a comprehensive view of the entire industry chain from chips to applications [4]. - Investment strategies are increasingly focused on the commercialization of AI technologies, with hardware value expected to align with domestic production processes [4][5]. - The demand for specific resource products is anticipated to grow alongside the development of AI, highlighting the interconnectedness of technology and resource sectors [5].