【读财报】主动权益基金11月表现：20余只产品净值上涨超5% 华西基金、银河基金等旗下产品表现靠前

Core Insights - In November, over 4,600 actively managed equity funds established before November 2025 had an average return of -2.35% and a median return of -2.22%, while the CSI 300 and Shanghai Composite Indexes returned -3.89% and -2.47%, respectively [1][11][12] - There was a significant performance gap of over 20 percentage points between the best and worst-performing funds, with more than 20 funds achieving returns exceeding 5% [12][16] - Notable funds with strong performance included those from Huaxi Fund and Galaxy Fund, while funds from Tongtai Fund and Fuanda Fund saw declines exceeding 10% [12][16] Fund Performance - Huaxi Youxuan Value A, a mixed equity fund, achieved a net value increase of 14.11% in November, leading among actively managed equity funds [5][15] - The fund focuses on technology growth sectors and anticipates opportunities in cyclical sectors due to seasonal demand and policy changes [5][15] - As of the end of November, Huaxi Youxuan Value A had a year-to-date net value increase of 26.78% and a cumulative return of 25.94% since inception [7][15] Underperforming Funds - Tongtai Kaitai A, managed by Wang Xiu, saw a net value decline of 12.77% in November, with a cumulative decline of approximately 8.53% since its inception [16][18] - The fund's significant holdings included stocks that experienced declines exceeding 18% in November [16][18] - Additionally, five other funds, including Zheshang Huijin Dingying and Debang New Industry A, reported declines of over 12% [18]