业绩波动收敛，基金调仓放缓——权益基金月度观察（2025/12）-20251203

Market Performance - In November 2025, the average return of actively managed equity funds was -2.5%, with over 75% of funds reporting negative returns, and the interquartile range of returns narrowed to 3.1% [9][30] - Value funds performed the best among non-industry equity funds, with a median return of 0.0%. Growth theme funds showed significant divergence, with the best performing fund returning 8.2% and the worst returning -9.4% [25][30] - Industry theme funds had average performance across various sectors, with notable returns from the chemical sector ETF at 2.7% and the technology fund "Yongying Technology Smart Selection A" at 191.7% [28][30] Equity Fund Multi-Strategy Overview - A total of 3733 actively managed equity funds were identified, meeting specific criteria for classification [33] - The average goodness of fit for public funds relative to a single index was 0.7397 in November, indicating a slight increase from the previous month [34] - The distribution of equity fund strategies showed a slowdown in fund reallocation, with the largest inflows into the CSI 500, ChiNext Index, and cyclical sectors [38] High-Performance Fund Monthly Tracking - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [52] - New funds, defined as those with high scores and managers with less than three years of experience, totaled 15 this month, primarily targeting the digital economy [59] - Ten funds experienced rating upgrades this month, reflecting significant performance improvements and management optimization [61]