高仓位！私募“迎战”年末行情

Group 1 - The core viewpoint of the article is that private equity funds are maintaining high positions as they approach the end of the year, with a focus on balanced strategies and "high-low cuts" in their portfolio adjustments [2][6] - As of November 21, 2025, the stock private equity position reached 82.97%, an increase of 1.84 percentage points from the previous week, marking a new high for the year and the highest level in nearly 185 weeks [4] - The distribution of positions indicates an aggressive stance among private equity funds, with the proportion of fully invested funds rising to 68.99%, while medium, low, and empty positions have significantly decreased [4] Group 2 - Private equity firms are adopting a balanced approach in their year-end strategies, focusing on high-growth industries and sectors with improved supply-demand relationships, emphasizing fundamental research and valuation matching [7] - The investment strategy of companies like Xiangshi Investment and Chongyang Investment reflects a shift towards "high-low cuts," seeking stocks with dividends and long-term growth potential while avoiding speculative stocks detached from fundamentals [8] - Companies are optimistic about the A-share market for 2026, with expectations of economic recovery and gradual improvement in corporate earnings, which are seen as core drivers for market performance [10] Group 3 - Specific sectors expected to perform well include AI, innovative pharmaceuticals, machinery, and military industries, as well as traditional industries with improved supply-demand dynamics [10] - The article highlights that the copper market is anticipated to have a strong performance in the first half of the year, while the chemical industry is expected to present investment opportunities in the second half [11] - Concerns regarding market risks include changes in global liquidity expectations, potential bubbles in high-valuation sectors, and inflation issues abroad, with oil price fluctuations and U.S. monetary policy being key factors to monitor [11]