文章ID：7598

夜市人生

单月大增超2万亿！私募规模飙升头部机构高仓位押注后市_我的网站

黑色幽默

A |

Photo: VCG
US-based premium activewear and lifestyle brand Alo stepped up its expansion in China on Wednesday, launching an exclusive flagship store on Tmall while preparing brick-and-mortar stores in cities including Beijing and Shanghai, adding to a growing number of US consumer brands entering or expanding in the Chinese market.
With Chinese actress Zhao Lusi featured on its homepage, Alo's Tmall flagship store marks its first official sales channel in China and its only official e-commerce channel on the Chinese mainland, giving consumers direct access without relying on overseas agents or cross-border purchases.
Sales on its Tmall store topped 10 million yuan ($1.4 million) within one minute after final payments for preorders opened at 12:30 am, setting a new opening-day sales record for a new brand in Tmall's sports and outdoor category, the Securities Daily reported.
Industry observers attributed Alo's growing appeal in China to the rise of yoga and Pilates, as well as its blend of performance wear and everyday fashion, which resonates with younger consumers and lends itself to social-media-driven lifestyle marketing.
Industry data showed that China's yoga apparel market is projected to reach $2.65 billion in 2026, suggesting significant growth potential despite intensifying competition from established players such as Canada's Lululemon.
Alo is not an isolated case. A growing number of US consumer brands are entering China or deepening their presence, from opening their first stores to expanding retail networks and testing new formats, highlighting the enduring appeal of China's vast market, increasingly sophisticated consumers, and diverse consumption scenarios.
US fast-food chain Five Guys has also expanded its footprint in China, recently entering Beijing with two stores opening simultaneously at Chaoyang Joy City and Xidan Joy City. The launches drew long queues, with waits exceeding two hours during the lunch rush and scalpers reportedly charging up to 100 yuan to hold spots in line, according to media reports.
Five Guys is far from cheap, with a regular burger priced at 70 yuan and even a small order of fries at 32 yuan. But its 16 customizable toppings offer novelty and choice, helping attract Chinese consumers despite the premium pricing.
Meanwhile, Walmart, which has operated in China for 30 years, reflects the continued commitment of long-established multinationals to the Chinese market.
Walmart has recently opened 20 new community stores in Shenzhen, expanding its presence through a format designed to serve everyday needs in neighborhoods. The company told the Global Times that the format is now expanding beyond Shenzhen, with the first stores in Suzhou and Guangzhou set to open in the second half of the year.
At Walmart China's 30th anniversary event on Wednesday, Walmart China President and CEO Zhu Xiaojing said that the retailer has built an integrated omnichannel network spanning hypermarkets, community stores, Sam's Clubs, front warehouses and distribution centers, with online sales accounting for more than half of its China sales last year.
"We remain confident in the Chinese market and will continue to increase our strategic investment in China," Zhu said, adding that Walmart will further expand its omnichannel presence, deepen community engagement and work with suppliers to strengthen differentiated product offerings, according to The Paper.
The latest corporate moves are also reflected in broader investment data. Actual US investment in China rose 24.5 percent year-on-year in the first four months of 2026, according to China's Ministry of Commerce. More than 3,000 foreign-invested companies increased their investment in China during the period.
Meanwhile, a 2026 survey by the US-China Business Council found that 95 percent of US companies regarded their China operations as important to remaining globally competitive, underscoring China's continued role in their global business strategies.
Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times that at a time of sluggish global growth, China offers multinational companies a relatively stable source of revenue, while its mature supply chains, logistics networks and large consumer base allow brands to respond quickly to changing demand.
Wang said that the appeal of the Chinese market has also moved beyond sheer population size. Foreign brands are increasingly drawn to opportunities created by more segmented consumption across different city tiers, age groups and lifestyle categories. China's highly developed digital retail ecosystem, including social-commerce marketing, instant retail and integrated online-offline channels, also gives companies a testing ground for new products and business models.
Despite uncertainties in China-US economic ties, Wang said that companies ultimately make investment decisions based on market demand, growth prospects and competitiveness. For many global consumer brands, pulling back from China would mean giving up a vast customer base and leaving more room for competitors.
。　　7月A股市场经历明显调整，尤其是科技板块波动加剧，部分私募产品净值大幅回撤。然而，与市场表现形成鲜明对比的是，私募行业管理规模却逆势攀升，资金入场热度依然不减。　　近日，中国证券投资基金业协会发布了最新一期私募备案月报显示，截至2026年7月末，私募基金管理总规模达到25.73万亿元，较6月末的23.66万亿元增加2.07万亿元，连续十个月创新高。　　其中，私募证券投资基金管理规模首次突破9万亿元，达到9.10万亿元，较6月末增长近1万亿元。今年以来，私募证券投资基金规模已经增加超过2万亿元。　　与此同时，私募发行端也保持较高热度。

B | 7月新备案私募基金2601只，新备案规模1221.75亿元，连续两个月突破千亿元大关。

C | 在市场波动加大的背景下，私募行业呈现出规模增长、发行活跃、不断加仓的特征。　　私募总规模连续十个月创新高　　从行业整体规模来看，私募基金扩容趋势仍在延续。　　数据显示，自2025年10月以来，私募基金月末存续规模分别为22.05万亿元、22.09万亿元、22.15万亿元、22.44万亿元、22.60万亿元、22.72万亿元、23.46万亿元、23.53万亿元、23.66万亿元，直至今年7月升至25.73万亿元。　　短短十个月，私募行业管理规模累计增加约3.68万亿元，规模连续十个月创出新高。　　从细分类型来看，截至7月末，存续私募证券投资基金83992只，规模9.10万亿元；存续私募股权投资基金29662只，规模11.93万亿元；存续创业投资基金30423只，规模4.45万亿元。　　其中，证券私募的扩容尤其明显。今年年初，私募证券投资基金管理规模约为7.08万亿元，至7月末已经升至9.10万亿元，7个月增加约2.02万亿元。也就是说，今年以来私募行业新增的管理规模中，证券私募贡献了最主要的增量。　　在业内人士看来，证券私募规模快速增长，一方面与权益市场活跃度提升有关，另一方面也与投资者风险偏好改善、资金加快向专业资管机构集中有关。　　值得注意的是，规模增长并非完全来自市场上涨带来的资产增值。7月A股出现明显调整，在这一背景下私募规模仍然大幅增加，更能体现资金申购、新基金成立等因素对行业规模的支撑。

D | 　　新发行连续两月突破千亿元　　在存量规模持续扩张的同时，私募新产品发行也保持较高景气度。　　7月，新备案私募基金2601只，新备案规模达到1221.75亿元。其中，私募证券投资基金1763只，新备案规模728.09亿元；私募股权投资基金152只，新备案规模188.48亿元；创业投资基金686只，新备案规模305.19亿元。　　从今年以来的发行情况看，私募资金入场节奏整体保持积极。　　今年1月至7月，新备案规模分别为640.62亿元、1329.93亿元、1192.99亿元、928.68亿元、688.07亿元、1091.67亿元和1221.75亿元。　　可以看到，2月、3月新备案规模连续突破千亿元，4月仍保持在900亿元以上，5月出现阶段性回落后，6月和7月又连续两个月站上千亿元平台。

E | 　　从结构来看，7月新备案规模中，证券私募基金占比接近六成，仍是新增资金的主力军。　　有行业人士表示，市场调整并没有明显打击资金进入私募行业的意愿。对于部分长期资金而言，市场波动本身也可能创造新的配置机会，尤其是当部分优质资产估值出现阶段性回落后，投资者反而可能提高对权益类产品的关注度。

F | 　　不过，发行持续火热并不意味着私募投资者短期体验同步改善。对于已经成立的私募产品而言，7月市场调整带来的净值压力依然存在。在这种情况下，资金仍然流入，也意味着部分投资者的配置逻辑正在从短期市场涨跌逐渐转向中长期资产配置。　　头部私募高仓位押注后市　　从投资端来看，私募机构并没有因为7月市场调整而出现明显的整体性降仓。　　私募排排网数据显示，截至8月14日，股票私募仓位指数达到83.97%，较上周微升0.09个百分点，并连续第7周维持在83%以上的年内高位。　　更值得关注的是，私募在7月市场调整过程中反而持续加仓。数据显示，7月期间股票私募仓位指数连续5周上升，从6月26日的82%一路升至7月31日的84.53%，累计提高2.53个百分点，并刷新年内高点。　　进入8月后，随着市场出现明显反弹，私募反而小幅减仓，仓位从高点回落至83.88%，随后又回升至83.97%。整体来看，私募仓位仍处于高位。　　从仓位结构来看，截至8月14日，满仓股票私募占比达到70.39%，中等仓位私募占17.87%，低仓和空仓私募占比分别为7.75%和3.99%。满仓私募占比已经连续5周超过七成。　　不同规模私募之间的分化则更加值得关注。截至8月14日，大规模、中规模和小规模私募仓位指数分别为88.56%、83.96%和82.63%。其中，大规模私募单周加仓1.24个百分点，仓位再创年内新高。　　从结构来看，满仓的大规模私募占比已经达到77.11%，较上周进一步提升近2个百分点，同样刷新年内新高；低仓和空仓的大规模私募合计占比不足4%，降至年内最低水平。　　这意味着，头部私募当前的做多意愿明显强于中小私募。从7月市场调整期间逆势加仓，到8月反弹后仍维持高仓位，头部私募的操作释放出较为明确的信号，尽管短期市场波动加剧，但部分大型私募并未因此改变对权益资产的中长期判断。