主动权益基金重占上风

Core Viewpoint - The active equity funds are regaining popularity in the current market environment, outperforming passive index products, particularly in the fourth quarter of the year [1][2]. Active Equity Fund Performance - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - The 泰信发展主题 fund has heavily invested in sectors such as lithium mining and solid-state batteries, with key holdings like 天华新能 and 盛新锂能 seeing stock prices double [2]. Fund Reporting Trends - There has been a surge in new active equity fund registrations, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Major fund companies like 平安基金 and 广发基金 have reported multiple new stock and mixed funds in the fourth quarter [2]. Strategic Positioning of Funds - Fund companies are refining their product lines to ensure stability in investment strategies, categorizing active equity products into four series: full market stock selection, thematic tracks, index enhancement, and absolute return [4]. - The focus is on capturing opportunities aligned with national strategies, particularly in technology and advanced manufacturing sectors [4]. Market Dynamics and Investment Strategies - The market is experiencing a structural shift, with active funds able to adapt more flexibly to changing market conditions compared to passive products [4][5]. - Fund managers are encouraged to balance between beta (market trend) and alpha (excess returns) strategies, depending on their investment style and market conditions [5][6]. Future Outlook - The regulatory environment is expected to favor active equity products that can consistently generate excess returns, as indicated by recent guidelines [5]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [6].