Group 1 - The private equity market is showing increased optimism, with the stock private equity position index reaching 80.16% as of October 31, 2025, marking a 0.79% increase from the previous week and the first time it has surpassed the 80% threshold this year [1] - Since the market rebound in August, the private equity position index has risen from a low of 73.93% to the current 80.16%, indicating a significant increase in positions among private equity firms [1] - Large private equity firms maintain high positions, with those managing over 100 billion yuan having a position index of 80.07%, remaining above 80% for four consecutive weeks, while firms managing between 50 billion and 100 billion yuan have an even higher index of 85.02%, staying above 80% for eleven weeks [1] Group 2 - The current structure of private equity holdings shows a dominance of high positions, with 63.21% of stock private equity firms fully invested, 21.57% at moderate levels, and only 10.70% at low levels, while 4.52% are in cash [2] - Among large private equity firms, over 50% of those managing 100 billion yuan or more are fully invested, with 54.26% in full positions and 38.25% at moderate levels, indicating strong confidence in the market [2] - Factors contributing to the high position levels include the sustained market rebound since August, strong performance of stock strategy private equity products, and a general confidence in the long-term value of A-shares and economic recovery [2] Group 3 - Current market risk premiums are at a historical median level, with an increase in the activation of household deposits, suggesting a shift in asset allocation and stock market revaluation as long-term confidence grows [3] - The Federal Reserve's recent interest rate cuts and pause in balance sheet reduction are expected to benefit Chinese assets due to global capital rebalancing, with the stock market's earnings bottom confirmed [3] - As earnings drivers for the stock market begin to emerge, the potential for market upward movement is expected to increase [3]