历史新高！私募基金规模首破22万亿，股票私募仓位大增

Core Insights - The latest report from the China Securities Investment Fund Industry Association indicates that the private fund industry has reached a record high of 22.05 trillion yuan as of October 2025, surpassing the previous peak of 20.81 trillion yuan in September 2023 [1][3]. Private Fund Scale - As of October 2025, there are 19,367 registered private fund managers managing 137,905 funds with a total scale of 22.05 trillion yuan. This includes 7,592 managers of private securities investment funds, 11,594 managers of private equity and venture capital funds, 6 managers of private asset allocation funds, and 175 managers of other private investment funds [2]. Highlights of Growth - The significant growth in private fund scale is attributed to two main factors: 1. The private securities investment fund sector has seen its scale exceed 7 trillion yuan for the first time, reaching 7.01 trillion yuan, with new registrations in October amounting to 429.20 billion yuan, accounting for over 60% of all new registrations [4]. 2. Other types of funds, including private equity and venture capital funds, have also experienced steady growth, with their scales reaching 11.18 trillion yuan and 3.56 trillion yuan respectively, contributing to the overall increase in private fund scale [4]. Stock Private Fund Positioning - As of November 14, 2025, the stock private fund positioning index has risen to 81.13%, marking a significant increase of 1.05 percentage points from the previous week. This is the highest level in nearly 112 weeks, driven by an increase in the willingness of medium-position private funds to increase their holdings [5]. Factors Driving Increased Positions - The rise in private fund positions is driven by three main factors: 1. The continuous upward trend in the A-share market since August has improved the performance of private fund products, boosting institutional confidence in increasing positions [6]. 2. Ongoing positive signals from policy levels regarding the long-term healthy development of the capital market, alongside a clear trend of residents shifting assets towards equity markets [6]. 3. Large private funds, as industry benchmarks, are more willing to concentrate their investments in sectors like technology and innovative pharmaceuticals, capturing structural opportunities [6]. Outlook on A-shares - Investment firms like Dongshuiquan express optimism about the future of A-shares, noting the increasing importance of the capital market in wealth allocation and a strategic shift in national policy towards the capital market. Expectations for a long-term bull market in A-shares are growing, with a shift in market pricing logic from valuation-driven to fundamental-driven [7]. Market Dynamics - The current market dynamics indicate that while A-shares and Hong Kong stocks have seen a rebound in valuations, there is no systemic bubble. The capital market may experience temporary disturbances, but a systemic downturn is unlikely. Focus is shifting towards sectors with structural growth potential that can maintain profitability without relying on overall economic recovery [7].