Core Viewpoint - The overall sentiment in the market remains optimistic despite recent fluctuations, with both public and private equity funds increasing their positions, indicating potential structural opportunities ahead [2][10][11]. Group 1: Fund Positioning - As of July 25, the average position of private equity funds was 75.85%, reflecting a slight increase of 0.76 percentage points from the previous week, while the average position for large-cap private equity funds rose significantly by 5.69 percentage points to 78.47% [4][6]. - Among large-cap private equity funds, 62.24% were at heavy or full positions (over 80%), and less than 10% had positions below 50% [4]. - Public equity funds also saw a modest increase in average positions, rising by 0.17 percentage points to 92.7%, with ordinary stock funds reaching 93.25% [7][8]. Group 2: Market Outlook - Private equity institutions generally perceive limited risks in market adjustments, maintaining a focus on structural opportunities [2][10]. - Starstone Investment noted that the A-share market's significant gains in July have led to internal sector differentiation, suggesting a potential "healthy correction" in the short term [11]. - The overall market risk is considered manageable, with expectations for further index growth due to strong demand for equity assets amid low-risk interest rates [11]. Group 3: Structural Opportunities - Investment firms are focusing on three main structural opportunities: the revaluation of quality Chinese assets, the globalization of advantageous industries, and investment opportunities arising from advancements in technology such as AI [12]. - The emphasis is on identifying industry leaders with strong competitive advantages in the technology sector, particularly those affected by short-term competitive pressures [11][12].

Group 1 - The average positions of domestic public and private equity funds have increased, with large-cap private equity funds showing a significant rise of over 5 percentage points [1][2] - As of July 25, the average position of all private equity funds was 75.85%, up 0.76 percentage points from the previous week, while large-cap private equity funds averaged 78.47%, a rise of 5.69 percentage points [2] - 62.24% of large-cap private equity funds are at heavy or full positions (over 80%); 31.12% are at moderate levels (between 50% and 80%); and less than 10% are below 50% [2][4] Group 2 - The average position of public equity funds has also seen a slight increase of 0.17 percentage points, reaching 92.7% as of July 25 [5] - Among public equity funds, the average position for ordinary stock funds rose by 0.19 percentage points to 93.25% [5] - The top three sectors for public equity fund allocations are electronics, pharmaceuticals, and automobiles, with allocation ratios of 14.65%, 12.42%, and 8.1% respectively [6] Group 3 - Despite recent market fluctuations, leading private equity firms maintain a positive outlook for the mid-term market performance [8] - The current market is viewed as having more opportunities than risks, with a strong demand for equity asset allocation due to low-risk interest rates [8] - Investment strategies focus on both dividend sectors and technology/innovation sectors, with an emphasis on industry leaders in the technology field [8] Group 4 - The upward breakthrough of major A-share indices since July has significantly improved market optimism for the second half of the year [9] - Three structural opportunities are highlighted: the revaluation of quality Chinese assets, the globalization of advantageous industries, and investment opportunities arising from breakthroughs in AI technology [9]