Group 1 - The stock private equity position index reached a new high of 82.97% as of November 21, 2025, increasing by 1.84 percentage points from the previous week, indicating a strong bullish sentiment among private equity firms [1] - The proportion of fully invested private equity firms rose to 68.99%, while the shares of medium, low, and empty positions decreased significantly to 18.56%, 8.56%, and 3.89% respectively, reflecting a consensus among more firms to increase their positions [1] - All scales of private equity maintained high position operations, with indices above 80% across various scales, including over 89.23% for firms with over 10 billion, highlighting a positive outlook for the market [1] Group 2 - The proportion of fully invested private equity firms in the 10 billion category increased to 78.19%, while medium, low, and empty positions fell to 16.82%, 4.21%, and 0.78% respectively, indicating a trend towards full investment [2] - Three main factors driving the recent increase in private equity positions include supportive policies improving market sentiment, year-end performance rankings prompting firms to raise positions, and positive expectations for economic recovery and structural opportunities in the coming year [2] - Market characteristics are showing a low volatility slow bull trend, with a decrease in broad market volatility and improved metrics compared to previous years, although subjective long positions have not significantly outperformed quantitative strategies [2] Group 3 - The micro liquidity structure indicates an abundance of incremental funds from insurance and fixed income, with a continued rise in pricing power for allocation and quantitative funds, while the incremental funds for subjective stock-picking products remain limited [3] - In a context of weakened pricing power, subjective long positions are demanding higher valuations and safety margins for stocks and sectors, leading to a cautious risk appetite and a prevalent strategy of "squat, hit, and withdraw" [3] - Breaking the current market deadlock may require significant positive changes in fundamentals, with a focus on resource and traditional manufacturing sectors for valuation reassessment and opportunities in overseas markets [3]