净赎回额环比翻倍，主动权益基金遭遇“落袋为安”

Core Insights - The article discusses a significant trend in the mutual fund market where investors are redeeming their funds despite record profits, indicating a shift towards a more cautious investment approach among retail investors [1][2][5]. Fund Performance - In Q3, actively managed equity funds reported profits exceeding 8789 billion yuan, marking a quarterly record high, with total profits for the first three quarters reaching 1.07 trillion yuan, more than five times the amount from the previous year [2][5]. - Over 97% of the 8391 actively managed equity funds achieved positive returns, with 600 funds seeing gains over 50%, and an average return of 23.7%, a significant increase from the previous quarter's 2.8% [2][3]. Redemption Trends - Despite the strong performance, there was a net redemption of 2179.23 billion units in Q3, doubling the 1058.13 billion units redeemed in Q2 [2][3]. - Nearly 70% of actively managed equity funds experienced varying degrees of net redemptions, with 1028 funds redeeming over 100 million units, and nearly 60% of these funds had gains exceeding 20% during the same period [2][3]. Investor Behavior - Many investors, particularly those who entered the market in early 2021, are opting to redeem their funds as they finally see returns, reflecting a growing awareness of profit-taking among retail investors [1][5][6]. - The article notes that the current redemption trend is driven by a "break-even" mentality, as many funds are still recovering from previous losses, with over half of the actively managed equity funds showing negative cumulative returns over the past four years [5][6]. Market Sentiment - Investor sentiment appears cautious, with many expressing skepticism about the sustainability of recent profits, leading to a preference for "locking in" gains rather than reinvesting [6][7]. - The article suggests that the market may be transitioning between different phases of investor behavior, with potential for increased inflows if market conditions remain favorable [6][7].