On October 29, the Shanghai Composite Index closed above the psychologically significant 4,000-point level. As quarterly earnings reports near completion, the holdings of major private equity firms have come into focus.

Data from Private Equity Ranking Network reveals that as of October 29, 31 billion-yuan private equity firms held positions in 117 A-share companies, with a combined market value of RMB 37.68 billion. In Q3, these firms increased stakes in 12 companies, reduced holdings in 25, and initiated new positions in 34 others.

Notably, Gaoyi Capital topped the list with holdings worth RMB 18.38 billion, followed by Guofeng Xinghua (Beijing) Private Fund (RMB 7.08 billion) and RuiJun Asset Management (RMB 2.06 billion). The technology sector emerged as the most favored, with holdings totaling RMB 10.67 billion, followed by non-ferrous metals (RMB 6.47 billion) and telecommunications (RMB 5.11 billion).

Gaoyi Capital reduced stakes in seven companies, including Zijin Mining Group Company Limited (down 58 million shares), Yunnan Aluminium, and Longbai Group, while adding positions in Beixin Building Materials and Dongfulong. It also increased its stake in Ruifeng New Materials by 3.3 million shares.

Several holdings performed strongly: Zijin Mining doubled year-to-date amid rising gold prices, while Dongfulong surged 8.88% on October 28 and gained another 6% the next day. Other standout performers included Lixing Co. (up 115% YTD) and Four-Hui Fusite (up 56.7% YTD).

Amid the rally, Ningquan Asset Management announced a temporary suspension of new investor subscriptions starting October 30, citing operational needs. Existing investors can still add to their positions.

Market Outlook: With the Shanghai Composite at 4,000, analysts highlight policy support (tech self-reliance, capital market reforms) and capital inflows (retail savings shifting to equities, foreign investment) as key drivers. The tech sector’s shift from "concept-driven" to "earnings-backed" growth is expected to sustain momentum, though caution is advised for low-valuation traps.

Jinxin Fund noted that breaching 4,000 reflects confidence in macro recovery and policy direction, with tech-industrial integration likely to dominate growth. Short-term volatility may persist, but long-term structural upgrades support a sustainable bull market.

On October 30, the Shanghai Composite dipped 0.37% to 4,001.56.

(Disclaimer: Data and analysis are for reference only and do not constitute investment advice.)