Wang Hui

　　From the second half of last week to this Monday (February 13), the A-share market resumed its upward trend after the shock and consolidation at the opening stage of the Year of the Rabbit.

As of the close on February 13, the Shanghai Composite Index once again approached the previous high point of this round of market.

　　The latest strategic research and judgment of a number of front-line private equity institutions shows that the current private equity industry maintains a positive attitude towards the A-share market outlook.

From the perspective of the latest position, the latest monitoring data from third-party agencies shows that the average position of domestic private equity institutions has risen for two consecutive weeks and is close to 80%.

　　Market research and judgment remain optimistic

　　On February 13, boosted by factors such as financial data exceeding expectations in January, the A-share market rose in volume.

The Shanghai Composite Index closed at 3,284.16 points, approaching the previous high (3,310 points on January 20) since the current index bottomed out (2,885 points on October 31 last year).

Judging from the disk performance, the construction machinery and building materials industries related to infrastructure and real estate, as well as many industries in the large consumer sectors such as wine making, hotel catering, culture, education and leisure, led the gains.

Among them, the construction machinery industry index rose as high as 6.10% in a single day.

　　According to the Longying Assets Research Report, the short-term adjustment of the A-share market after the Spring Festival will not change the long-term positive trend. In the context of continuous policy promotion, "shocking and improving" will be the main theme of the A-share market.

The agency will continue to track high-quality companies with growth potential and reasonable valuations, looking for opportunities to actively allocate.

　　The Mingyu Assets Research Report stated that although investors have recently had some disagreements on the degree of domestic economic recovery, social financing and credit data ushered in a "good start" in January, and corporate financing demand is strong.

On the whole, the logic of A-share long-term valuation and profit restoration is still there. In terms of market style, the small-cap style may continue to dominate.

　　The average position is close to 80%

　　On February 13, the latest monitoring data of domestic stock private placement released by a third-party organization private placement ranking network showed that as of February 3 (due to factors such as information disclosure compliance, private placement net worth and position monitoring data lagged behind public offering products), The average stock position of domestic equity private equity institutions rose for the second consecutive week.

Data show that as of February 3, the average position of private equity in domestic stocks was 79.48%, an increase of 0.40 percentage points from the previous week.

　　In terms of tens of billions of private equity, as of February 3, among the five scale groups, the average position of tens of billions of private equity stocks was the highest, reaching 80.22%, an increase of 0.93 percentage points from the previous week.

Since mid-November 2022, the average private equity position of tens of billions of stocks has been in the range of 70% to 80%.

From the perspective of the proportion of tens of billions of private placements in different positions, private placements of tens of billions of stocks with 80% to full positions accounted for 59.83%, and private placements of tens of billions of stocks with medium positions (50% to 90%) accounted for 30.06% .

　　A reporter from China Securities Journal noticed that front-line private equity has given some "new directions" in terms of industry direction, subdivided themes, and specific stock selection.

　　Su Xuejing, general manager of Qingli Investment, said that the performance of the new energy theme sector in 2022 is very impressive. Judging from the market trend at the beginning of this year, the opportunities for growth stocks in the A-share market in 2023 are gradually focusing on the direction of "black technology".

　　Mingyu Assets Research Report stated that against the background of the strong start of financial data in January, the "residual liquidity" of the financial market is expected to remain high, and the small-cap style may continue to dominate because of this.

In terms of investment opportunities, in addition to popular directions such as hot investment opportunities brought about by the spread of ChatGPT themes, the institution will also focus on subdivided industries such as innovative drugs, diagnostic instruments, and surgical instruments, as well as upstream oil and gas resource stocks that benefit from the marginal improvement in crude oil supply and demand wait.