年末权益基金攻防分化，谁更适配跨年行情？

Core Viewpoint - The year-end market dynamics show a divergence in strategies among institutional investors, with some adopting a cautious approach while others see opportunities in market fluctuations [1][4]. Group 1: Year-End Market Dynamics - As of December 3, the average return of 4,686 active equity funds since November has been -2.67%, indicating a significant reduction in performance volatility compared to previous months [1]. - Notably, several high-performing funds with over 50% annual returns have shown a marked decrease in monthly volatility, suggesting that fund managers have likely made adjustments to their portfolios [2]. - A total of 223 active equity funds have suspended large-scale subscriptions, with 28 funds limiting daily subscriptions to no more than 10,000 yuan to protect existing investors [2][3]. Group 2: Fund Manager Strategies - Some fund managers have reduced stock positions and adjusted their holdings to mitigate risks, while others believe that current market fluctuations may present new buying opportunities [2][4]. - New funds launched in the fourth quarter are rapidly building positions, with nearly 90% of 69 newly established active equity products experiencing net value fluctuations, indicating active investment strategies [3]. Group 3: Market Expectations - Analysts expect that the A-share market will enter a period of upward momentum, with short-term fluctuations not altering the overall positive trend [4][5]. - The market is anticipated to benefit from improved economic conditions, favorable liquidity, and supportive policies, which are expected to strengthen A-shares [5]. Group 4: Sector Focus - The technology sector is highlighted as a key area for investment, with analysts suggesting that high-growth and potential reversal opportunities should be prioritized [5][6]. - Traditional consumer goods, particularly in the leisure food and white goods sectors, are also noted for their attractive dividend yields, making them worthy of attention in the context of year-end valuation adjustments [6].