Group 1 - The average position of billion-level private equity funds has reached 80.15%, significantly higher than the overall level of 74.25% [1][4] - Nearly 60% of billion-level private equity funds are operating at full positions, indicating a strong bullish signal [1][5] - In contrast, the average position of small and medium-sized private equity funds has decreased, with those in the 10-20 billion range dropping from 74.47% to 68.57% [2][5] Group 2 - The decline in average positions among small and medium-sized private equity funds is the main reason for the overall decrease in stock private equity positions [2] - Factors contributing to the high positions of large private equity funds include recognition of overall market valuation, long-term economic outlook, and the ability to identify structural opportunities [6][10] - Large private equity funds are more inclined to maintain high positions due to their strong capital and professional research teams, reflecting a positive outlook on future market conditions [5][6] Group 3 - Recent market conditions have led to a cautious risk appetite, with average daily trading volume in A-shares declining from 1.4 trillion to 1.2 trillion [8] - Despite the cautious sentiment, various funds are still flowing in, including foreign capital and increased issuance of equity funds [8] - Some private equity institutions believe that while there are no significant systemic opportunities, there are still structural highlights in the market [9]

Group 1 - The A-share market is experiencing a structural fluctuation, with private equity institutions actively conducting research activities [1] - In May, 876 private equity managers participated in company research, covering 494 companies across 90 secondary industries, with a total of 2,544 research instances [1] - The semiconductor industry topped the research frequency with 226 instances, indicating strong interest from private equity institutions [2] Group 2 - In May, 30 semiconductor-related companies received attention from institutions, with Anji Technology being the most researched stock at 75 instances [3] - Other notable stocks in the "Top 10 Hot Research Stocks" include Huichuan Technology, Hengerd, BeiGene, and others, with Hengerd showing a nearly 90% price increase in May [3] - Besides semiconductors, industries such as medical devices, general equipment, automation equipment, specialized equipment, and chemical pharmaceuticals also garnered over 100 research instances [3] Group 3 - As of the end of May, the average position of domestic long-biased private equity funds reached 77%, up 1 percentage point from the previous month [4] - 94% of long-biased private equity funds had positions above 50%, with 43.3% having positions over 80%, indicating a relatively optimistic market outlook [4] - In May, 48 private equity institutions conducted more than 10 research instances, with Zhengyuan Investment leading at 72 instances [4] Group 4 - Public equity funds also maintained high positions, with an average position of 92.91% as of May 23, reflecting strong confidence in the equity market [4]