Group 1 - The private equity market is optimistic, with the confidence index for A-shares rising to 125.74, marking a two-month increase [1] - As of the end of August, the average position of subjective long-only private equity funds in stocks increased by 1 percentage point to 78%, with 92.8% of funds holding over 50% in positions [2] - A significant 24.3% of private equity funds are fully invested or using leverage, while 41% have positions exceeding 80% [2] Group 2 - There is a divergence in views regarding the technology sector, with some institutions expressing concerns about short-term pressures on AI-related stocks [3] - The founder of Renqiao Asset noted potential challenges for AI-related companies if overseas capital expenditures fall short of expectations, which could negatively impact performance [3] - Conversely, Yuanlesheng Asset believes that despite recent valuation increases, AI companies in China still have room for growth due to supply chain advantages [3] Group 3 - Leading private equity firms are adopting a "steady yet adaptive" approach, favoring sectors like real estate and liquor alongside AI and innovative pharmaceuticals [4] - A notable private equity founder indicated that as market risk appetite increases, structural opportunities may expand beyond technology to include sectors with improving fundamentals [4] - Strategies include maintaining overall positions while replacing high-valued assets with lower-valued ones to enhance portfolio safety [4]