历史新高！私募基金规模首破22万亿元

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][2]. Group 1: 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 [2]. - The private securities investment fund sector has shown remarkable growth, with its scale reaching 7.01 trillion yuan for the first time, accounting for over 60% of the new registrations in October [3]. Group 2: Fund Types Growth - In addition to securities funds, private equity and venture capital funds have also seen steady growth, with scales of 11.18 trillion yuan and 3.56 trillion yuan respectively as of October 2025 [3]. Group 3: Stock Fund Positioning - The stock private fund position index reached 81.13% as of November 14, 2025, marking a significant increase and the highest level in nearly 112 weeks [4]. - The proportion of fully invested stock private funds has risen to 65.90%, indicating a shift towards higher investment levels among medium-positioned funds [4]. Group 4: Market Drivers - Key drivers for the increase in private fund positions include the sustained rise in the A-share market since August, positive policy signals for long-term market health, and the trend of asset allocation towards equity markets [5]. - The performance of large private funds, particularly in sectors like technology and innovative pharmaceuticals, has encouraged concentrated investments to capture structural opportunities [5]. Group 5: Market Outlook - The market outlook suggests a growing expectation for a long-term bull market in A-shares, driven by a shift in market pricing logic from valuation to fundamentals [7]. - The focus is on sectors with structural growth potential that can maintain profitability without relying on overall economic recovery [7].