Core Viewpoint - The article discusses the positioning of private equity funds ahead of the National Day holiday, indicating a general optimism about the market's performance post-holiday, with a significant majority opting for high exposure levels [2][5][6]. Group 1: Private Equity Fund Positioning - Over 65% of private equity funds are choosing to hold heavy or full positions (over 70% exposure) during the holiday, believing that external market disturbances will be limited and that domestic fundamentals and policy environments provide a solid safety margin [5][6]. - 17.31% of private equity funds are adopting a moderately heavy position (50% to 70% exposure), citing the presence of uncertainties during the holiday but still recognizing structural opportunities in individual stocks [5]. - Only 5.77% of private equity funds are opting for light positions (less than 30% exposure), reflecting a cautious stance due to significant market gains prior to the holiday and potential for adjustments post-holiday [5][6]. Group 2: Market Outlook Post-Holiday - 70.19% of private equity funds are optimistic about the A-share market's performance after the holiday, viewing pre-holiday market fluctuations as a consolidation phase, with expectations for gradual recovery driven by policy and capital [8][12]. - 62.50% of private equity funds anticipate a balanced market style post-holiday, with rotations among technology growth, value blue chips, and high-quality stocks [8][9]. - The focus on technology growth remains strong, with 59.62% of private equity funds favoring sectors such as AI, semiconductors, and innovative pharmaceuticals, which are seen as key drivers for future economic transformation [9][12]. Group 3: Investment Strategies and Themes - The article highlights a consensus among private equity funds that the investment focus will remain on technology growth, with 23.08% firmly optimistic about sectors like AI and semiconductors continuing to perform well [9][10]. - 21.15% of private equity funds are looking at the valuation recovery of the new energy and real estate sectors, expecting these low-valuation areas to provide rebound opportunities as industry policies clarify [9][10]. - The article also notes that 14.42% of private equity funds foresee a "high-low switch" in the market, where previously lagging traditional industries and high-dividend blue chips may experience a resurgence [9].

国庆长假临近，私募基金的仓位选择及其对节后行情的研判，备受市场关注。 私募排排网最新调查结果显示，六成以上私募选择重仓甚至满仓过节，并普遍看好行情趋势在节后延 续，私募整体仓位指数也升至了年内新高。 国庆节后，A股走势将如何演绎？ 长假在即，私募如何平衡机会与风险？ 调查数据显示，65.38%的私募倾向于重仓或满仓过节（仓位>70%），认为假期期间外围市场扰动有 限，国内基本面和政策环境提供了充足的安全边际。这些私募表示，节前的行情调整已释放了部分风 险，节后市场有望延续反弹格局，因此选择了积极持仓。 此外，17.31%的私募选择中等偏重仓位过节（50%≤仓位≤70%），其逻辑在于假期存在不确定性，但个 股的结构性机会仍值得把握，因此仓位保持了适度进攻；11.54%的私募则选择中等偏轻仓位过节 （30%≤仓位<50%），这部分私募强调长假期间外围市场的扰动风险不容忽视，因此采取稳健策略更为 合适；仅有5.77%的私募选择轻仓过节（仓位<30%），其态度显然相对谨慎，认为节前市场涨幅已较 大，节后存在调整的概率。<> 整体而言，尽管有一部分资金因担心假期"黑天鹅"扰动而在节前倾向于审慎，但上述择仓数据仍透露私 ...

Core Viewpoint - The article discusses the high confidence among private equity firms in maintaining high stock positions during the upcoming long holiday, reflecting a belief in the resilience of the A-share market despite potential uncertainties [1][2][8]. Group 1: Market Sentiment and Positioning - Over 65% of private equity firms plan to hold high or full positions (over 70% equity) during the long holiday, with an average stock position of 71.44% [2][8]. - A survey indicates that 70.19% of private equity firms are optimistic about the A-share market post-holiday, expecting a gradual recovery [3][8]. - The average stock position among private equity firms reached a new high of 78.41% as of September 19, 2023 [2]. Group 2: Macro Economic Factors - The chief strategist of Heisaki Capital believes that the beginning of a U.S. interest rate cut cycle and a shift towards a loose global liquidity environment will benefit capital markets in the long term [3]. - Domestic economic policies are supportive, with monetary and fiscal policies providing ample funding for the market [3]. Group 3: Investment Strategies and Focus - A significant 59.62% of private equity firms favor technology growth sectors such as AI, semiconductors, and smart driving for post-holiday investments [5]. - The investment strategy of "core + satellite" is suggested, combining high-growth technology stocks with defensive low-valuation sectors to mitigate risks [5][6]. - There is a noted divergence in investment strategies, with some firms cautious about high valuations in technology stocks, while others remain committed to growth sectors [4][5]. Group 4: Market Dynamics and Future Outlook - The article highlights a consensus among private equity firms that the market will experience a rotation between technology growth and value stocks, with 62.50% expecting a balanced market style [4]. - The potential for a "high-low cut" in market performance is acknowledged, where previously lagging sectors may catch up [6]. - Overall, despite differing views, there is a strong belief in the market's ability to generate returns in the medium to long term, particularly in technology sectors [7][8].

Group 1 - The core viewpoint of the article highlights that financial stocks, particularly insurance and diversified financial sectors, are driving the recent upward trend in the A-share market, with banks reaching historical highs [1] - There is an increasing focus on value blue-chip stocks with high dividend yields, attracting more medium to long-term capital, making them important targets for accumulation [1] - The new regulations for public fund management will lead funds to emphasize benchmark indices, resulting in a shift towards low-volatility stocks that better reflect these indices, replacing some high-volatility sectors [1] Group 2 - The article notes that the recent surge in bank stocks has shifted institutional investment focus towards insurance stocks, which are now a key area of interest [1] - The market's upward movement is contingent on continued volume support, with a recent trading volume exceeding 1.3 trillion yuan, indicating a need for further volume increases to confirm technical trends [1][2] - The article also mentions that sectors such as shipping and logistics are performing well due to improved US-China trade relations, while the photovoltaic sector has shown signs of volatility following recent production cuts [1]