本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 机构调研是金融机构通过实地或线上拜访上市公司管理层、生产现场，与公司高管面对面交流，获取财报之外的经营细节、战略规划、行业趋势 等信息，弥补公开数据的滞后性和局限性。 通过调研，机构可以更加及时地验证与修正投资逻辑，发现潜在机会与风险 。 私募作为市场主要的机构投资者之一，其调研动向备受市场关注。在刚过去的2月份，春节长假对市场形成一定影响，A股三大股指维持高位震 荡， 包括私募在内的机构投资者们，仍在2月积极调研了多家上市公司。 （ 点此领取名单 ） 0 1 电力设备、计算机、电子、机械设备等4行业被私募调研最多 根据Choice数据，今年2月份，机构共调研了262家A股公司，参与调研的机构家数累计为4119家；其中， 私募机构共调研了 126家A股公司，参 与调研的私募家数累计为435家。 从调研公司的所属行业来看，全部机构投资者调研最多的4个行业依次是：电子、电力设备、机械设备、医药生物。 而私募调研最多的 4个行业 依次是：电力设备、计算机、电子、机械设备 ，均累计吸引了50家以上私募参与调研。 （ 点此领取名单 ） | 2月份机构调研公 ...

Market Overview - In January, A-shares experienced a "first rise then consolidation" trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 3.76%, 5.03%, and 4.47% respectively [2] - The market was active, with multiple trading days exceeding a transaction volume of 3 trillion [2] - Sectors such as commercial aerospace, AI applications, and non-ferrous metals performed well, while commodities like gold and silver saw accelerated price increases [2] Private Equity Performance - A total of 4,001 private equity products from 1,441 firms reached historical net asset value highs in January 2026 [3] - Among the 729 private equity firms with performance data, 309 firms achieved historical highs across all products, representing approximately 42% [3] - Of the 139 firms with at least three products displayed for nearly three years, 82 focused on stock strategies, 20 on multi-asset strategies, and 18 on futures and derivatives [3] Billion-Level Private Equity - Fourteen billion-level private equity firms, including Fusheng Asset and Zhongou Ruibo, reached historical highs, with eight focusing on stock strategies [4] - The firms are ranked by the average returns of their products over the past three years, with Tianyan Capital and Fusheng Asset leading [4] 50-100 Billion Private Equity - Eleven private equity firms in the 50-100 billion range achieved historical highs, with five focusing on stock strategies [9] - The top five firms by average returns over the past three years include Shengqi Asset, Yunqi Quantitative, and Qianshu Investment [10] 20-50 Billion Private Equity - Twenty-two private equity firms in the 20-50 billion range reached historical highs, with twelve focusing on stock strategies [14] - The top five firms by average returns include Beijing Xiyue, Yidian Najin, and Qiantu Investment [15] 10-20 Billion Private Equity - Twenty-two private equity firms in the 10-20 billion range achieved historical highs, with thirteen focusing on stock strategies [20] - The top five firms by average returns include Huacheng Private Equity and Beijing Zhenke Private Equity [21] 5-10 Billion Private Equity - Twenty-two private equity firms in the 5-10 billion range reached historical highs, with fifteen focusing on stock strategies [26] - The top five firms by average returns include Zhongying Investment and Qianhai Quark Asset [27] Below 5 Billion Private Equity - Forty-eight private equity firms below 5 billion achieved historical highs, with twenty-nine focusing on stock strategies [32] - The top five firms by average returns include Longhuixiang Investment and Mingce Asset [33]

Group 1 - Gold stocks continue to rise, with notable increases in shares of companies such as珠峰黄金 (5.94% increase), 招金矿业 (4.68% increase), 赤峰黄金 (3.81% increase), and 山东黄金 (3.66% increase) [1] - As of the end of October, the central bank's gold reserves reached 74.09 million ounces, an increase of 30,000 ounces from the end of September, marking the 12th consecutive month of accumulation [1] - UBS reported that central bank gold purchases totaled 634 tons by the end of the third quarter, slightly lower than the same period last year, but showing signs of recovery in the fourth quarter, aligning with their forecast of 900 to 950 tons for the entire year of 2025 [1] Group 2 - According to 中金公司, gold is expected to maintain its upward trend next year, with structural and cyclical opportunities likely to resonate [1] - The trend of de-globalization and strategic security demands may continue to support the accumulation of gold reserves by central banks in emerging markets, with higher requirements for physical gold inventory construction in regional markets by 2025 [1] - Economic growth pressures in the U.S. may persist into the first half of next year, with the Federal Reserve having restarted interest rate cuts in September and potentially ending balance sheet reduction by year-end, suggesting a continuation of the liquidity easing cycle [1]

Core Viewpoint - The report from CICC indicates that gold is expected to continue its upward trend next year, with structural and cyclical opportunities likely to resonate together [1] Group 1: Economic and Market Factors - The trend of de-globalization and strategic security demands may continue to support the long-term increase in gold reserves by central banks in emerging markets [1] - Changes expected by 2025 will raise the requirements for physical gold inventory construction in regional markets, which may already be reflected in the tightening liquidity of the gold market observed this year [1] Group 2: U.S. Economic Conditions - Economic growth pressures in the U.S. may persist into the first half of next year, with the Federal Reserve having restarted interest rate cuts in September and potentially ending balance sheet reduction by year-end [1] - The ongoing liquidity easing cycle is expected to provide support for investment demand in gold ETFs and other assets, although a shift towards recovery trading may require some time [1] Group 3: Geopolitical Risks - The geopolitical risks associated with the ongoing restructuring of order may not completely dissipate, further supporting the demand for gold as a safe-haven asset [1]