扛过熊市，扛不过牛市？大成、华宝、海富通多只基金产品净值“回本”后遭基民密集赎回

Core Viewpoint - The recent market rally has led to significant redemption pressures on several funds that have just recovered from poor performance, reflecting investors' fear of market downturns despite the funds' recovery [2][10]. Fund Performance and Redemption - The Dachen Fenghua Stable Six-Month Holding Mixed Fund struggled initially, with its net value dropping to 0.93 in August 2022, but rebounded to above 1.0 by late July 2025 [3][5]. - Similar trends were observed in the Huabao Yuanheng Mixed Fund, which saw its net value fall to 0.85 in September 2024 before recovering to above 1.0 in early August 2025, yet faced redemption pressures leading to its termination [6][10]. - The Haifutong Advantage Driven Mixed Fund also experienced a drop below 1.0 in September 2024, rebounding to nearly 1.4 by July 2025, but still faced significant redemptions [6][8]. Investor Behavior and Market Sentiment - Investors exhibited a "loss aversion" mentality, redeeming funds as soon as they approached their initial net value, indicating a lack of confidence in sustained market recovery [10][15]. - High net worth individuals and corporate clients have shown greater enthusiasm for the market, contrasting with the general public's cautious approach [12][14]. - The trend of redemptions is particularly pronounced in funds focused on popular sectors such as new energy, liquor, and pharmaceuticals, which were previously high-performing [10][11]. Market Dynamics and Fund Management - The current market environment is characterized by a structural shift, with investors becoming more discerning and moving away from previously favored "track" funds towards more flexible and strategically clear products [15]. - Fund managers are encouraged to focus on maintaining investor trust by providing consistent and competitive returns rather than merely recovering to previous net values [15].