基金早班车丨基金经理跨年调仓“避抱团”，均衡配置兼顾故事与业绩

Group 1 - The core viewpoint of the articles indicates that star fund managers are reducing their holdings in high-heat stocks and reallocating towards mid-cap technology, cyclical manufacturing, and undervalued consumer sectors, suggesting a shift in investment strategy from "beta" to "alpha + cash flow" [1] - The four major A-share indices collectively rose, with the Shanghai Composite Index up 0.08% to 4116.94 points, the Shenzhen Component Index up 0.7% to 14255.13 points, the ChiNext Index up 0.54% to 3295.52 points, and the STAR 50 Index up 3.53% to 1535.39 points, indicating a positive market sentiment [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets was 26.236 billion yuan, a decrease of 1.805 billion yuan from the previous day, with over 3000 stocks in the three markets showing gains [1] Group 2 - In the fund news section, seven new funds were launched on January 21, primarily consisting of ETF-linked funds and bond funds, with the Huaxia CSI 500 Free Cash Flow ETF Linked A aiming to raise 8 billion yuan [2] - The quarterly reports reveal that 45 actively managed equity funds doubled their scale in a single quarter, driven by technology and non-ferrous metals, while over half of the products chose to reduce stock positions amid market volatility [2] - On January 20, China Europe Fund resumed large-scale subscriptions for its two-year holding period mixed fund, while China Merchants Fund restricted large subscriptions for its pure bond fund, reflecting differing liquidity and strategy environments in the equity and bond markets [2]