Private fund strategies shift toward balance, with "focusing less on the index and more on individual stocks" gradually becoming the consensus.

A-share trading in the fourth quarter has already begun. Recently, several leading equity private fund institutions have expressed that they are not pessimistic about the fourth-quarter market: systemic risk is limited against the backdrop of under-allocation to assets, some high-frequency economic data have improved marginally, and valuation suppression factors are not obvious, but incremental capital and market sentiment still need to recover, with the market likely to fluctuate and repair, mainly featuring structural opportunities. In terms of strategy response, "balanced allocation" and "focusing less on the index and more on individual stocks" have become the consensus among private funds; on the market's main lines, the AI industry remains highly watched, and private fund institutions' research visits to A-share companies in September also focused on directions such as electronics. Regarding potential risks and positive factors, many private funds said further tracking is needed on Federal Reserve monetary policy, disturbances from oil prices and geopolitical factors, A-share third-quarter earnings, and the entry of incremental capital into the market.