A股震荡出现，如何应对？头部私募：结构性机会将持续涌现！

Core Viewpoint - Despite increased market volatility, several subjective private equity institutions, including Freshwater Spring, remain optimistic about structural opportunities in the market [1] Market Dynamics - The recent market fluctuations are viewed as a healthy correction following rapid price increases in certain assets [3] - Current A-share market liquidity is primarily driven by institutional investors, with individual investors' demand for stock assets still accumulating but not fully released [3] - There has been a notable increase in interest from long-term active funds in Europe and the U.S. towards Chinese assets, although significant inflows have yet to materialize [3] - The liquidity environment is expected to remain abundant in the short term, providing a foundation for stable market operations [3] Seasonal Trends - The fourth quarter typically exhibits a defensive market trend, with undervalued sectors likely to outperform [4] - The market faces a reporting gap after the third-quarter results, making low-valuation and stable-earning sectors more attractive to investors [4] - The fourth quarter is also characterized by numerous economic work meetings, influencing market expectations for the upcoming year [4] Investment Strategies - Private equity firms are focusing on increasing allocations to high-growth and cyclical assets [5][6] - Freshwater Spring has adjusted its portfolio to include high-certainty growth companies in the electronics sector and strong fundamental pharmaceutical firms, while also maintaining positions in cyclical assets [6] - Qinghe Spring has shifted its focus towards upstream resource industries, citing the sustainability of weak dollar and supply constraints as key factors [7] - The firm is also exploring investment opportunities in cyclical companies currently at low price levels, anticipating potential profit increases as demand improves [7] Structural Opportunities - The market is expected to continue evolving in a "slow bull" manner, with ongoing structural opportunities [8] - Investment frameworks are centered around "technology + consumption," with a focus on industry and policy factors [8] - The emphasis is on technological breakthroughs and policy expectations related to the "14th Five-Year Plan," aiming to identify potential investment opportunities in resonant sectors [8]