牛市买基金，熊市买股票？

Group 1 - The core viewpoint of the article is that equity funds outperform individual stocks in a bull market, while the opposite is true in a bear market [2][19] - In the current bull market, 81.82% of A-shares have risen, indicating a high probability of profit when buying stocks [4][8] - Growth stocks have a higher winning rate compared to value stocks, with winning rates of 76.51% and 67.17% respectively [5][6] Group 2 - Equity funds have a winning rate of 98.41% this year, significantly higher than the 81.82% winning rate of individual stocks [10][12] - Active funds, particularly mixed equity funds, show a winning rate of 98.52%, outperforming passive index funds [11][12] - The performance of equity funds has yielded significant excess returns compared to major stock indices, with a year-to-date increase of 33.27% for the CSI Equity Fund Index [14] Group 3 - In the bear market from 2022 to 2023, the winning rate of equity funds was only 2.28%, much lower than the 26.01% winning rate of stocks [26][27] - The performance of equity funds in terms of returns was also inferior to that of stocks during the bear market, with the CSI Equity Fund Index declining more than the major stock indices [27][28] - The article highlights the "see-saw effect" between the stock and bond markets, indicating that pure bond funds perform better in bear markets [29][30] Group 4 - The article concludes that in a bull market, equity funds have higher winning rates and returns compared to stocks, while in a bear market, stocks outperform equity funds [33] - Investors are advised to adjust their portfolios according to market conditions, favoring pure bond funds in bear markets for stability and higher winning rates [33]