As listed companies roll out their 2026 interim reports, the second-quarter positioning of large private equity firms is coming into focus. According to data from PaiPaiWan, as of August 21, the top ten circulating shareholder lists of A-share companies that have published their interim reports show that products from 27 private equity institutions with assets exceeding 10 billion yuan have appeared on the lists of 50 listed companies, with a combined market value of 26.412 billion yuan (calculated based on the closing price on August 21, 2026).
The heavy stock positions of these private equity giants are spread across a wide range of sectors. As of the end of the second quarter, the machinery equipment industry attracted the most attention, with eight stocks including Han's Laser Technology Co., Ltd. and Hongshida being heavily held by their products. The automotive sector followed closely, with five stocks such as Yutong Bus Co., Ltd. and Yunyi Electric Co., Ltd. entering the heavy position lists. The electronics and transportation sectors each saw four stocks receive significant investments from these private equity products.
On an individual stock level, certain targets attracted interest from multiple large private equity firms simultaneously. During the second quarter, Hongshida drew new heavy positions from products of three 10-billion-yuan private equity institutions—Shanghai Juming Investment Management Co., Ltd., Shanghai Geru Private Fund Management Co., Ltd., and Shanghai Nantu Asset Management Co., Ltd.—with holdings valued at approximately 248 million yuan, 235 million yuan, and 127 million yuan, respectively. Hongyu Packaging was newly added to the heavy position lists of products from Shanghai Jiaqi Private Fund Management Co., Ltd. and Shanghai Qianyi Investment Center (Limited Partnership), with holdings worth about 2.8841 million yuan and 2.7076 million yuan, respectively.
Hikvision Digital Technology Co., Ltd. stands out as a case of notable divergence in second-quarter adjustments among the billion-yuan private equity institutions. This security surveillance leader was simultaneously heavily held by products from Shanghai Gaoyi Asset Management Partnership (Limited Partnership) (referred to as "Gaoyi Asset") and Shanghai Chongyang Strategic Investment Co., Ltd. (referred to as "Chongyang Strategy"), with holdings valued at approximately 3.865 billion yuan and 3.873 billion yuan, respectively. However, the two institutions took opposite approaches. Gaoyi Asset's products reduced their stake in Hikvision by 87 million shares in the second quarter, while Chongyang Strategy's products increased their position by 7.8671 million shares.
Beyond Hikvision, Gaoyi Asset's products also appeared on the top ten circulating shareholder lists of Angel Yeast Co., Ltd., Transsion Holdings Co., Ltd., and Beijing New Building Materials Public Limited Company. Among these, Gaoyi Asset increased its stake in Angel Yeast by 3 million shares in the second quarter, with a holding value of approximately 1.14 billion yuan. Transsion Holdings and Beijing New Building Materials were newly added heavy positions for the second quarter.
Two private equity institutions with insurance industry backgrounds also revealed their heavy holdings. Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. held significant positions in Kweichow Moutai Co., Ltd., China Telecom Corporation Limited, and Daqin Railway Co., Ltd. in the second quarter, with market values of approximately 4.83 billion yuan, 3.953 billion yuan, and 1.376 billion yuan, respectively, with share counts unchanged from the first quarter. Meanwhile, Taikang Wenxing (Wuhan) Private Fund Management Co., Ltd. newly added heavy positions in Focus Media Information Technology Co., Ltd. and Yutong Bus during the second quarter, with holdings valued at approximately 382 million yuan and 343 million yuan, respectively.
After the first-half market divergence driven by the AI (artificial intelligence) industry chain, A-shares experienced a phase of adjustment in July. Entering August, as market sentiment gradually recovered, indices rebounded to a certain extent, but the range-bound pattern persists. Many private equity institutions believe that earnings verification remains the market's focus. Chen Juntao, fund manager of Xueqiu Asset Management's Danshu Tiejuan fund, stated that current market divergence over the AI track is intensifying. Some argue that as high growth continues to materialize, AI asset valuations may be gradually digested. However, this logic presupposes that long-term growth can consistently exceed expectations, while markets often price in overly optimistic forward expectations, putting pressure on valuations. Therefore, the key to stock selection lies not in whether a target belongs to the AI track, but in the degree of discount of the current stock price relative to its fundamental substance, as well as the certainty of long-term capital returns.
A representative from Beijing Xing Shi Investment Management Co., Ltd. told reporters that in the short term, the downside risk for indices is relatively manageable, but there may be a lack of sustained strong drivers and clear main themes to push the market upward rapidly. Mid-to-late August falls in the latter half of the interim earnings disclosure period for A-share companies. Coupled with the still-unclear trajectory of overseas tech stocks, capital divergence may intensify. However, with margin financing rebounding and liquidity support remaining in place, the market is expected to continue its pattern of overall range-bound fluctuation with structural differentiation. The same representative believes that in the medium term, as short-term floating chips and unstable positions are gradually cleared, the market's focus will shift back to fundamental factors such as industry trends and corporate earnings. Opportunities for balanced allocation still exist within the market, and continued tracking and exploration of structural highlights across different sectors will be necessary going forward.