公募基金投资逻辑深度重构：“主题投资”风行一时 “全市场选股”暂避锋芒

Core Viewpoint - The investment style of public funds has shifted from core assets to high-growth stocks amid economic transformation, moving from "full market stock selection" to "thematic investment" strategies [1][3]. Group 1: Shift in Investment Strategies - Public funds previously favored large-cap stocks like Sany Heavy Industry and Kweichow Moutai, achieving significant returns through a diversified stock selection approach [2]. - The "full market stock selection" strategy has become less prominent, with thematic products dominating annual performance rankings [2][3]. - Changes in the investment environment, including economic deceleration and shifts in consumer behavior, have led to decreased profitability and valuation of traditional core assets [3]. Group 2: Rise of Thematic Investment - Thematic funds have gained popularity due to structural opportunities concentrated in high-growth sectors, outperforming traditional industries [5]. - The volatility of thematic products can lead to substantial excess returns, encouraging funds to increase style purity and concentration [5]. - Thematic investments help investors engage with long-term trends and direct capital towards government-supported sectors, fostering a positive cycle of capital market support for national strategies [6]. Group 3: Challenges of Thematic Investment - Thematic investment requires deeper industry understanding and foresight, raising the bar for fund managers [7]. - The need for rigorous valuation and risk management frameworks is heightened, as concentrated portfolios are more susceptible to individual stock performance and policy changes [8]. - The complexity of managing risks in concentrated portfolios necessitates meticulous control over concentration, liquidity, and stress testing [8]. Group 4: Future of Full Market Stock Selection - The "full market stock selection" strategy is unlikely to disappear, as it offers unique advantages in capturing structural opportunities across various sectors [10]. - Market aesthetics will continue to evolve with macroeconomic and structural changes, but the fundamental capabilities of full market stock selection will remain relevant [10]. - Thematic investments, while potentially lucrative, carry risks of significant losses if market trends shift unfavorably [11].