九成新基享慢牛红利，名将贾成东新基金为何背道而驰？

Market Performance - The Shanghai Composite Index has been rising since August, reaching a new high of 3683 points on August 13, surpassing the previous year's high of 3674 points [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan [1] - A-shares and Hong Kong stocks are experiencing a multi-sector rotation upward, with public funds demonstrating strong active management capabilities [1] Fund Performance - Over 800 new funds were established this year, with more than 700 achieving positive returns, representing over 90% [1] - Notable active equity funds include the Invesco Great Wall Medical Industry Fund, which has returned over 60% since its inception on January 24, 2023 [3] - Other high-performing funds include the Yongying Rui Jian Fund with a return of 43.63% and several funds exceeding 30% returns [3][4] Fund Manager Insights - The performance of the newly established fund managed by Jia Chengdong at Shenwan Hongyuan Fund has been disappointing, with a decline of over 8% since its launch [1][6] - Concerns have been raised regarding the fund's frequent adjustments and high-risk strategies, which diverge from its advertised high-dividend focus [6] - Shenwan Hongyuan Fund has responded by urging investors to focus on long-term performance rather than short-term results [6] Market Outlook - Analysts from CITIC Securities suggest that while A-shares may face short-term resistance, the overall trend remains bullish, presenting opportunities for reallocation during pullbacks [2][6] - There is a recommendation to focus on new sectors and low-positioned niche products, particularly in defense, AI computing, semiconductors, and innovative pharmaceuticals [6][7] Sector Analysis - The innovative pharmaceutical sector is viewed as having sustainable growth potential, with fund managers expressing confidence in the industry's trajectory [7] - The technology sector, particularly cloud computing, is expected to experience adjustments, but remains a focus for long-term investment opportunities [7] - Emerging fields such as autonomous driving and robotics are anticipated to see significant growth, although current market conditions are uncertain [7]