Group 1 - The A-share market is experiencing a significant increase in stock private equity positions, reaching a new high for the year, indicating optimism among private equity institutions regarding future market trends [1] - As of September 12, 2025, the stock private equity position index reached 78.04%, up 2.96 percentage points from the previous week, reflecting a notable increase in overall allocation enthusiasm [1] - A majority of private equity firms are adopting a proactive market strategy, with 60.02% in full positions and less than 20% in low or empty positions [1] Group 2 - Different scales of stock private equity show varied positioning characteristics, with larger firms demonstrating more aggressive positioning; for instance, firms with assets over 100 billion have increased their positions by 11.11 percentage points to 78.22% [1] - The highest positioning is seen in firms with assets between 50 billion and 100 billion, reaching 86.49%, marking a three-year high [1] Group 3 - Starstone Investment notes that while there is significant volatility in the market due to structural differentiation, the overall market trend remains stable, and the current financing and margin trading levels are not indicative of high leverage risk [2] - The current financing and margin trading balance reaching historical highs is viewed as a normal phenomenon given the growing overall size of the A-share market [2] Group 4 - Zhengyuan Investment highlights that the easing of tariff risks, ongoing policy support, and a low-interest-rate environment are driving significant incremental capital inflow into the market, leading to a phase of valuation expansion for state-owned assets [3] - The company emphasizes that high-quality undervalued assets will eventually be recognized for their long-term value in a broad market rally, advocating for patience and reliance on compounding effects [3]