A股打开盈利窗口 部分基金错失行情

Core Viewpoint - The A-share market has seen a significant rise since June, with the Shanghai Composite Index reaching a nearly ten-year high, leading to a profitable environment for most actively managed equity funds. However, some funds have struggled to keep pace with the market, highlighting the importance of their investment strategies [1][3]. Fund Performance and Strategies - Since June, the Shanghai Composite Index has surged, breaking through multiple key levels, which has opened up profit opportunities for actively managed equity funds [3]. - A total of 114 actively managed equity funds were established in early 2025, with 74 of them having an equity investment ratio exceeding 80% by the end of Q2 [3]. - Notable performers include the China Europe Information Technology Mixed Fund A/C, which achieved a return of 92.65% since June, significantly outperforming the average return of similar funds [3]. - Conversely, the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced criticism for its slow investment pace, resulting in minimal performance changes since its inception [4]. Investment Positioning - The Dacheng Xingyuan Qihang Mixed Fund reported a net value that remained relatively stable, with a return of -0.06% and -0.36% since its establishment [4]. - Other funds, such as the GF Industry Selection Mixed Fund and the Rongtong Quality Selection Mixed Fund, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5]. - The performance of these funds has lagged behind their peers, with the GF Industry Selection Mixed Fund underperforming by over 17 percentage points [5]. Market Trends and Manager Strategies - Some existing actively managed equity funds have also underperformed due to poor position control or deviations in their holding strategies, with the Fangzheng Fubang Xinyi One-Year Open Mixed Fund yielding returns significantly below the average [6]. - Funds that held high stock positions but diverged from the market's main upward trends also saw poor performance, such as the Shenwan Hongyuan Industry Selection Mixed Fund, which has declined since its inception [7]. - The average return for actively managed equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have returned less than 5% [7]. Future Outlook - Analysts suggest that fund managers may adopt a more cautious approach in the wake of recent market volatility, focusing on optimizing their holding structures and risk management [9]. - The potential for new market opportunities remains, especially with expectations of macroeconomic adjustments following changes in U.S. Federal Reserve policies [8][9].