基金盈利真相：为何大多数人亏损？三大核心原因道破天机

Core Insights - The article highlights the disparity between the booming public fund market in China and the significant losses experienced by individual investors, with only 18.9% of retail accounts making profits despite a net asset value of 36.74 trillion yuan in public funds [1][3]. Group 1: Behavioral Biases - Investor irrational behavior is identified as the primary reason for losses, with data showing that small investors often engage in "buy high, sell low" strategies, leading to negative average returns on popular funds [3]. - High trading frequency incurs substantial costs, with a turnover rate of 200% resulting in transaction costs consuming 15% of returns, which can negate the fund's investment gains over time [3]. - A significant portion of small investors (nearly 60%) adjust their holdings based on short-term net value fluctuations, often missing out on subsequent market rebounds due to panic selling [3]. Group 2: Product Mismatch - The mismatch between fund product selection and investors' risk tolerance is a key factor in losses, with over 70% of the fastest-growing equity funds concentrated in high-risk sectors like AI and innovative pharmaceuticals [4]. - Many conservative investors mistakenly invest in equity funds that have maximum drawdowns exceeding 20%, which is beyond their risk tolerance [4]. - Complaints related to product risk mismatches increased by 18% in the first half of 2025, with over 60% linked to the volatility of popular thematic funds [4]. Group 3: Cognitive Biases - Investors often have unrealistic short-term return expectations, with 51% aiming for a 3%-10% stable increase, yet over 30% hold funds for less than six months, contradicting the long-term nature of fund investments [5]. - Misunderstanding fund performance leads to investment mistakes, as many investors fail to recognize that high returns often come from concentrated holdings and precise timing, which are not sustainable [6]. - Nearly 25% of investors incorrectly equate large fund sizes with superior performance, overlooking the risks associated with high concentration in large funds [6]. Group 4: Rational Solutions - To improve profitability, investors are advised to adopt a long-term investment approach, as those holding funds for over five years have a significantly higher profit rate compared to those holding for less than a year [6][7]. - Investors should scientifically allocate assets based on their risk tolerance, using a "core-satellite" strategy that emphasizes diversified investments [7]. - Utilizing official channels for information and participating in financial education initiatives can enhance decision-making and reduce irrational investment behaviors [8]. Group 5: Market Trends - The 2025 fund market shows that successful investors focus on overcoming behavioral biases, achieving product alignment, and adhering to long-term investment strategies, with over 80% of profitable investors practicing "diversified allocation + long-term holding" [9].