Heavy positions in four industries, focusing on three tracks: the billion-level private equity fund's rebalancing roadmap emerges.

People’s Finance and News, April 2—As the disclosure of the 2025 annual reports for A-shares moves into a concentrated period, the portfolio maps of private funds in the billion-yuan scale are gradually becoming clearer. In the fourth quarter of 2025, the A-share market faced a double test from both internal and external conditions, and the actions of billion-yuan private funds showed distinct characteristics: overall shareholdings remained stable, the key areas for increasing positions were clear, and they showed strong preference for four major industries—electronics, basic chemicals, pharmaceuticals and life sciences, and oil and petrochemicals. Recent research trends reveal billion-yuan private funds’ expectations for the outlook. Data from the HaoBuy Fund Research Center shows that, as of the end of February 2026, the group of billion-yuan private funds has expanded to 129 firms. Even in February, which includes the Spring Festival holiday, 37 billion-yuan private funds still took active steps, conducted research on 100 listed companies in total, and covered 19 industries. The research heat and concentration clearly point to three core tracks—electronics, machinery and equipment, and pharmaceuticals and life sciences. Together, these three industries accounted for more than 60% of research efforts, becoming the main battlefield for billion-yuan private funds to find investment opportunities. (China Securities Journal)