年末基金攻守各异 老基金保收益新基金重布局

Core Insights - The A-share market is experiencing significant fluctuations as it approaches the end of 2025, with many funds that have accumulated gains this year adopting a defensive stance [1][2] - The fourth quarter is critical for annual performance, leading institutions to shift focus from generating excess returns to locking in existing profits and avoiding ranking volatility risks [1][7] Fund Performance and Strategy - Some actively managed equity funds, such as Yimin Service Leading, have reportedly reduced their positions to secure profits, evidenced by a minimal decline in net value despite market downturns [2][3] - Historical data shows that Yimin Service Leading has successfully adjusted its positions to avoid major losses, achieving over 30% returns this year with a maximum drawdown of approximately 6% [3][4] - The fund manager of Yimin Service Leading noted a potential increase in market volatility following a narrowing of trading volume after the Shanghai Composite Index approached 3,800 points [3][5] Fund Size and Flexibility - The flexibility in adjusting positions is attributed to the relatively small size of the funds, with Yimin Service Leading having a scale of only 44 million yuan, allowing for quicker tactical shifts [4][5] - Smaller fund sizes enable managers to adapt more swiftly to market conditions, enhancing the investment experience for clients [4][5] New Fund Activity - In contrast to older funds reducing their positions, several newly established funds have actively engaged in the market, with 41 new active equity funds launched in November alone [7] - For instance, the newly launched Ping An New Energy Select Fund saw a 2% increase in net value shortly after its inception, although it has since experienced a decline of over 7% [7] - The market is expected to see continued valuation differentiation, with limited downside potential for indices, as noted by industry analysts [7][8]