【导读】私募高仓位迎年末行情，策略偏向均衡与"高低切" A股已进入今年最后一个月的收官交易期，近期A股市场的震荡调整并未引发私募担忧，不少私募仍保 持高仓位水平。私募排排网数据显示，截至2025年11月21日，股票私募仓位达82.97%，较前一周上升 1.84个百分点，再次刷新年内新高，同时创下近185周新高。 从操作策略看，均衡布局与"高低切"成为私募调仓的关键词。展望2026年，受访私募普遍将企业盈利的 边际改善视为市场核心驱动力，认为A股"慢牛"基础仍在，市场风格有望转向价值与成长更为均衡的格 局。 私募保持高仓位运行 私募排排网最新数据显示，截至2025年11月21日，股票私募仓位达82.97%，较前一周上升1.84个百分 点，不仅刷新年内高点，更是创下近185周的新高。 仓位分布进一步显现了私募的进攻姿态。满仓私募占比已攀升至68.99%；而中等仓位、低仓及空仓私 募比例均有明显下降，分别为18.56%、8.56%和3.89%。这一结构变化显示，更多股票私募机构正倾向 于继续加仓，进一步强化了对后市看好的共识。 相聚资本的投资组合构建体现了"攻守兼备"的思路。其当前持仓大致分为两类：一类是处于周期与 ...

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]

Group 1 - The core viewpoint of the article highlights that leading private equity firms are actively issuing new products despite market fluctuations, with a strong preference for long equity strategies as new capital continues to flow into the market [1][2] - The private equity issuance market remains vibrant, with a significant increase in the number of registered private securities investment funds, reaching 8,935 in the first three quarters of the year, a 89.38% increase compared to the same period last year [2] - The performance of large private equity firms has been impressive, with an average annual return of 28.8% for 62 firms as of September 30, 2023, and a high positive return rate of 98.39% [3] Group 2 - Many large private equity firms are adopting a balanced investment strategy for the fourth quarter, focusing on both offensive and defensive positions while exploring market opportunities [4][5] - Specific sectors of interest include technology, advanced manufacturing, and undervalued cyclical industries, with a focus on leading companies in segments such as media, power equipment, pharmaceuticals, and electronics [5]

Core Viewpoint - The recent surge in the Shanghai Composite Index, surpassing 3800 points, has led to a significant increase in demand for investment advisory services from brokerages, with both contract signings and revenue rising concurrently [1][2]. Group 1: Demand for Investment Advisory Services - There has been a notable increase in the signing of equity portfolio products, reflecting a resurgence in investor confidence and enthusiasm for the equity market [2]. - The number of clients resetting passwords for dormant accounts has surged significantly in August, indicating a revival in trading activity [2]. - The demand for advisory services is driven by investors' concerns about market valuations, the sustainability of capital inflows, and specific asset allocation strategies [2][3]. Group 2: Brokerages' Response Strategies - Brokerages are actively enhancing their advisory services and launching promotional activities, particularly during the "818 Financial Festival," to attract and retain clients [3][4]. - Various brokerages are offering new client incentives, including high-yield financial products and advanced trading tools, to encourage new account openings [4]. - Investment education initiatives are being implemented to guide new clients in rational investment strategies, focusing on risk tolerance and diversified asset allocation [5][6]. Group 3: Operational Enhancements - Brokerages are investing in operational support, including customer service and educational resources, to better meet client needs [5][6]. - Technological improvements, such as app enhancements and intelligent service features, are being introduced to facilitate a better trading experience for clients [6].