炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨杨娜娜 编辑丨姜诗蔷 近期，多家私募陆续发布渠道月报。作为市场重要参与者，百亿私募的操作路径与策略思路，成为洞察 市场趋势的重要窗口。 21世纪经济报道记者重点查阅了高毅资产、淡水泉投资、宁泉资产、林园投资等十余家头部百亿私募的 三季报及10月产品月报，试图解答这些问题。 私募排排网统计的样本数据显示，截至10月底，股票主观多头策略型私募基金的平均仓位为78%，与9 月持平，维持在近年来的高位水平。 尽管10月份指数横盘，但满仓及加杠杆的私募占比不降反升，达到25.3%；同时，超过九成的私募仓位 维持在五成以上。 这也表明，在经历了三季度快速上涨后，私募整体并未选择大幅撤退，其策略重心从简单的仓位升降， 转向了行业与个股的结构性调整——这正是"结构性机会"这一判断在资产配置上的直接体现。 业绩盘点：普涨之下的显著分化 截至10月末，大多数私募产品实现了正收益，但业绩分化较为显著。 淡水泉旗下某系列产品展现出较强进攻性。截至9月末，其成立于2019年的某产品年内收益率超70%； 全球成长系列与平衡系列某产品也分别录得超50%和40% ...

Core Viewpoint - The article highlights the operational paths and strategic thoughts of major private equity firms, indicating a shift towards structural adjustments in investment strategies rather than significant withdrawals from the market [1]. Group 1: Market Positioning and Fund Performance - As of the end of October, the average position of subjective long-biased private equity funds was 78%, maintaining a high level compared to previous years [2]. - Despite a stagnant index in October, the proportion of fully invested and leveraged private equity increased to 25.3%, with over 90% of private equity maintaining positions above 50% [2]. - Most private equity products achieved positive returns, with significant performance differentiation among them [3]. - Some products from DWSQ and Qincheng Asset reported annual returns exceeding 70% and 30%, respectively, showcasing strong performance [3][4]. Group 2: Investment Strategies and Adjustments - Private equity firms exhibited a common tactical approach of "rebalancing," reducing holdings in assets with excessive short-term gains while increasing positions in assets with greater future potential [7]. - DWSQ and other firms indicated a strategy of locking in profits after significant price increases in certain holdings [7]. - The focus on technology and healthcare sectors was emphasized, with firms like DWSQ increasing their investments in leading companies within these industries [8]. Group 3: Sector Focus and Future Outlook - There is a consensus among private equity firms regarding the attractiveness of the technology and healthcare sectors, with many firms increasing their allocations in these areas [11][16]. - The article notes a divergence in views on the financial sector, with some firms maintaining high allocations while others express caution regarding valuations [12][15]. - The outlook for the market is cautiously optimistic, with a belief in a "structural slow bull" market driven by in-depth analysis of industry trends and company fundamentals [10].

私募排排网统计的样本数据显示，截至10月底，股票主观多头策略型私募基金的平均仓位为78%，与9 月持平，维持在近年来的高位水平。 | 10月份私募仓位变动 | | | | --- | --- | --- | | 仓位区间 占比(%) 环比变化 (%) | | | | 满仓及加杠杆 | 25.3 | 0 6 | | 80%以上 (不含满仓) | 44.2 | -0.1 | | 50%至80%(不含) | 24.5 | -0.6 | | 30%至50%(不含) | 3.8 | 0.2 | | 30%以下(不含30%) | 2.3 | -0.1 | | 空仓 | 0 | 0 | | 数据来源:私募排排网,数据截至2025年10月末 = 20000 | | | 尽管10月份指数横盘，但满仓及加杠杆的私募占比不降反升，达到25.3%；同时，超过九成的私募仓位 维持在五成以上。 这也表明，在经历了三季度快速上涨后，私募整体并未选择大幅撤退，其策略重心从简单的仓位升降， 转向了行业与个股的结构性调整——这正是"结构性机会"这一判断在资产配置上的直接体现。 21世纪经济报道记者杨娜娜 上海报道 近期，多家私募陆续发布渠道月报 ...