Chinese equity private funds raise positions for second straight week

Two consecutive weeks of adding exposure suggests private funds are treating the recent rally as durable rather than a trading bounce, and the concentration of funds above the 80% equity threshold signals limited dry powder among the most bullish cohort. If positioning is already this extended, incremental buying may depend on earnings confirmation rather than further re-rating. The shift toward earnings realization is the key claim to test: whether the broadening of opportunities shows up in fund flows and sector dispersion, or stalls once positioning stops rising, is the open question.