私募整体仓位创新高！看好A股中长期趋势

Core Viewpoint - The article discusses the rising expectations for the year-end market rally, highlighting that private equity firms are maintaining high positions despite recent market adjustments [1][4]. Group 1: Market Trends and Adjustments - Recent reports from various private equity firms indicate a continuation of strategies, with a focus on growth assets, although some structural adjustments are occurring, particularly in previously high-performing sectors like AI [2][3]. - The market has experienced a weak adjustment in November, with core indices declining and trading activity decreasing compared to the previous month. This adjustment is attributed to profit-taking, portfolio rebalancing by institutions, and a general risk-averse behavior among investors [3][4]. Group 2: Private Equity Positioning - 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 [4]. - The proportion of fully invested private equity firms (over 80% positions) has risen to 68.99%, while the shares of medium, low, and empty positions have decreased significantly [4]. Group 3: Future Investment Strategies - Private equity firms are optimistic about structural opportunities in the market, supported by favorable policies and liquidity conditions. They anticipate that the overall liquidity in A-shares will remain ample, with expectations of a potential interest rate cut by the Federal Reserve [4][5]. - Investment focus is shifting towards high-certainty growth sectors, particularly in the context of U.S.-China relations and global supply chain restructuring, with an emphasis on manufacturing, semiconductors, and emerging consumer trends [5][6]. - Companies are advised to pay attention to assets at the bottom of their cycles and valuations, as these may offer lower risk and potential for significant returns in the medium term [6].