焦点关注：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 reveal a split among institutional investors, with some adopting a cautious approach to lock in gains while others see market fluctuations as a buying opportunity [3][4][7]. Group 1: Market Performance and Fund Strategies - 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 [3]. - Notably, several high-performing funds with over 50% annual returns have shown reduced monthly volatility, suggesting that fund managers have likely made adjustments to their portfolios [4]. - A significant number of funds, 223, have implemented purchase limits to manage scale and protect existing investors, with some funds limiting daily purchases to as low as 1,000 yuan [5]. Group 2: Investment Outlook and Strategies - Analysts expect that the A-share market will experience a positive trend despite short-term fluctuations, with a potential opening for cross-year investment opportunities [7][8]. - The technology sector is highlighted as a key area for investment, with expectations of continued growth driven by AI and other technological advancements [8][9]. - There is a focus on sectors with high economic vitality, such as technology manufacturing and materials, as well as consumer goods that have already priced in pessimistic forecasts [9].