指数投资时代，主动权益基金为何不可或缺？

Core Viewpoint - The rise of index investing highlights the irreplaceable role of actively managed equity funds in investors' portfolios, especially for those seeking long-term stable growth and opportunities to exceed market average returns [3]. Group 1: Active Equity Funds' Core Value - Active equity funds provide the ability to uncover excess returns that are not captured by index funds, particularly in the A-share market, which is not fully efficient [5]. - The flexibility of active fund managers allows for adjustments in portfolio structure and position sizes based on market conditions, which can smooth out net value fluctuations and enhance the holding experience [6]. - Historical data shows that actively managed funds have significantly outperformed the CSI 300 index over various time frames, validating the long-term value of active management [6]. Group 2: Constructing a "Passive + Active" Portfolio - Investors should consider a "passive base, active enhancement" approach, using index funds as a foundational asset allocation to achieve low-cost market average returns, while actively managed funds serve as an enhancement to break through the average return ceiling [9]. - The success of active equity funds relies heavily on the research capabilities of the fund company and the expertise of fund managers, which are critical factors for investors when selecting active equity funds [7]. - 华夏基金 has demonstrated strong performance in active equity products, with multiple funds ranking in the top 5 of their categories, showcasing the company's deep expertise in global asset allocation and industry selection [8].