致顺投资判断认为，市场仍然属于"阶梯式稳步抬升"，整体上涨节奏可控、力度节制。这一过程中，虽有 部分投资者放纵情绪宣泄，导致交易结构短期脆弱，但主导资金对市场节奏的掌控力未被轻易打破。随着 更多投资者认识到并适应这一节奏格局，市场有望形成类似"FED Put"的稳定机制，助力指数中枢在可控 区间内稳步上移。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 尽管市场波动震荡加剧，但是包括淡水泉在内的多家主观私募机构仍然看好后市的结构性机会。 近日，淡水泉、清和泉、致顺投资等主观策略私募机构纷纷发布最新月报观点，强调指数上涨幅度仍属温 和，震荡属于局部资产价格过快上涨后的良性修正，而市场结构性机会层出不穷，给主观策略选股提供更 大空间，而高景气资产和顺周期资产正在成为重点配置的布局方向。 震荡属于良性修正 头部私募机构淡水泉在最新月报中认为，市场出现了一定程度的震荡，但总体反映的是局部资产价格过快 上涨后的良性修正。从流动性结构来看，当前A股的增量资金仍由机构主导，在理财收益率下行的背景 下，个人投资者对股票资产的配置需求虽在持续累积，但尚未充分释放 ...

Core Viewpoint - Despite increased market volatility, several subjective private equity institutions, including Freshwater Spring, remain optimistic about structural opportunities in the market [1] Market Dynamics - The recent market fluctuations are viewed as a healthy correction following rapid price increases in certain assets [3] - Current A-share market liquidity is primarily driven by institutional investors, with individual investors' demand for stock assets still accumulating but not fully released [3] - There has been a notable increase in interest from long-term active funds in Europe and the U.S. towards Chinese assets, although significant inflows have yet to materialize [3] - The liquidity environment is expected to remain abundant in the short term, providing a foundation for stable market operations [3] Seasonal Trends - The fourth quarter typically exhibits a defensive market trend, with undervalued sectors likely to outperform [4] - The market faces a reporting gap after the third-quarter results, making low-valuation and stable-earning sectors more attractive to investors [4] - The fourth quarter is also characterized by numerous economic work meetings, influencing market expectations for the upcoming year [4] Investment Strategies - Private equity firms are focusing on increasing allocations to high-growth and cyclical assets [5][6] - Freshwater Spring has adjusted its portfolio to include high-certainty growth companies in the electronics sector and strong fundamental pharmaceutical firms, while also maintaining positions in cyclical assets [6] - Qinghe Spring has shifted its focus towards upstream resource industries, citing the sustainability of weak dollar and supply constraints as key factors [7] - The firm is also exploring investment opportunities in cyclical companies currently at low price levels, anticipating potential profit increases as demand improves [7] Structural Opportunities - The market is expected to continue evolving in a "slow bull" manner, with ongoing structural opportunities [8] - Investment frameworks are centered around "technology + consumption," with a focus on industry and policy factors [8] - The emphasis is on technological breakthroughs and policy expectations related to the "14th Five-Year Plan," aiming to identify potential investment opportunities in resonant sectors [8]

尽管市场波动震荡加剧，但是包括淡水泉在内的多家主观私募机构仍然看好后市的结构性机会。 致顺投资判断认为，市场仍然属于"阶梯式稳步抬升"，整体上涨节奏可控、力度节制。这一过程中，虽 有部分投资者放纵情绪宣泄，导致交易结构短期脆弱，但主导资金对市场节奏的掌控力未被轻易打破。 随着更多投资者认识到并适应这一节奏格局，市场有望形成类似"FED Put"的稳定机制，助力指数中枢 在可控区间内稳步上移。 高景气资产+顺周期资产成为重点方向 根据上述各家私募的月报分析，增配高景气资产和加大顺周期资产布局，成为重点操作。淡水泉表示， 9月在一些持仓标的大幅上涨后，适时兑现部分获利，锁定收益，同时优化了组合结构，增配了景气度 与上行确定性更高的电子板块头部企业，以及基本面趋势强劲、具备研发与成本优势的优质医药领域公 司。 近日，淡水泉、清和泉、致顺投资等主观策略私募机构纷纷发布最新月报观点，强调指数上涨幅度仍属 温和，震荡属于局部资产价格过快上涨后的良性修正，而市场结构性机会层出不穷，给主观策略选股提 供更大空间，而高景气资产和顺周期资产正在成为重点配置的布局方向。 震荡属于良性修正 头部私募机构淡水泉在最新月报中认为，市场出 ...

近日，淡水泉、清和泉、致顺投资等主观策略私募机构纷纷发布最新月报观点，强调指数上涨幅度仍属温和， 震荡属于局部资产价格过快上涨后的良性修正，而市场结构性机会层出不穷，给主观策略选股提供更大空间， 而高景气资产和顺周期资产正在成为重点配置的布局方向。 尽管市场波动震荡加剧，但是包括淡水泉在内的多家主观私募机构仍然看好后市的结构性机会。 震荡属于良性修正 头部私募机构淡水泉在最新月报中认为，市场出现了一定程度的震荡，但总体反映的是局部资产价格过快上涨 后的良性修正。从流动性结构来看，当前A股的增量资金仍由机构主导，在理财收益率下行的背景下，个人投 资者对股票资产的配置需求虽在持续累积，但尚未充分释放。海外资金对A股的参与度有所回升，不过整体仍 属低配。9月份以来，欧美主动型长线资金对中国资产的关注度在显著提升，但仍未显著流入。如果中国市场 的赚钱效应持续，仍然会有较多的潜在增量资金来源。充裕的流动性环境短期内预计不会改变，这也是市场稳 健运行的基础和支撑。 清和泉认为，四季度有日历效应。历史规律上，四季度市场往往偏防御，低估值板块表现相对占优。一是三季 报兑现后，市场面临较长的财报空窗期，而年底也是估值切换的重要 ...