超1100只主动权益基金净值创新高，冲高后公募在买啥？

Core Viewpoint - The recent surge in A-share market has led to a significant rebound in fund net values, with over 98% of active equity funds achieving positive returns this year, averaging a return rate of 20.14% [3][7][8] Fund Performance - Over 1,100 active equity funds reached historical net value highs in the last three trading days, representing about 25% of active equity funds [2][8] - The Wind data indicates that the Wande偏股混合型基金指数 has increased by 21.92% this year, outperforming the沪深300指数 by approximately 15 percentage points [8] - As of August 19, 10 active equity funds have doubled their value this year, with their net values also reaching historical highs recently [9] Market Dynamics - The A-share market has seen the Shanghai Composite Index reach a nearly ten-year high, stabilizing above 3,700 points, with financing balances exceeding 2 trillion yuan [5][6] - Fund managers are generally optimistic about the medium to long-term market trends, leading to increased positions in technology and healthcare sectors [20][21] Redemption Concerns - There is growing concern among fund managers regarding potential redemption pressures as many funds have returned to breakeven levels, historically leading to about 5% excess redemptions [11][12] - Despite the recent market enthusiasm, some fund managers have begun to take profits from high-performing sectors and shift towards sectors with lower growth [22] Investment Strategies - The current market is characterized by a structural bull market supported by high-dividend and high-growth technology assets [23] - Fund managers are advised to maintain balanced allocations to mitigate potential volatility and rapid rotations in the market [24] - Key sectors for investment include AI, semiconductor manufacturing, and traditional industries like chemicals and consumer goods, reflecting a trend towards cyclical recovery [24][25][26][27][28][29]