迎接二季度 基金经理“防守一波”还是“放手一搏”

Core Viewpoint - Institutional investors are eager to recover excess returns, but the volatile market environment does not provide the same sense of security as early 2026 [1] Group 1: Market Sentiment and Performance - The performance of active equity funds has significantly declined, with many funds returning to their early-year levels, indicating a loss of excess returns [2] - Fund managers are focusing on recovering losses in the second quarter, with market conditions being a critical factor in determining whether the market has bottomed out [2] - A survey indicates that 93.75% of fund managers favor growth sectors, while 62.5% are optimistic about HALO strategies [3] Group 2: Investment Strategies - There is a divergence in strategies among institutional investors, with some focusing on defensive positions while others are looking for rebound opportunities [4] - Fund managers are adjusting their portfolios towards defensive assets, indicating a search for new safety margins [4] - The upcoming period is seen as a decision point, with expectations of clearer geopolitical situations and corporate earnings providing new investment insights [4] Group 3: Sector Focus and Opportunities - The market narrative is centered around AI and oil, with institutions exploring these areas for potential returns [7] - The semiconductor industry is facing supply chain challenges due to geopolitical tensions, which could impact AI-related growth [7] - Growth stocks are being viewed as potential hedging tools against economic uncertainties, with AI seen as a solution to rising costs in traditional manufacturing [7] Group 4: Broader Market Trends - Other narratives in the A-share market include rising oil prices, innovation in pharmaceuticals, and the transition from traditional energy to lithium batteries [8] - Some institutions are focusing on niche areas such as logistics, new consumption, and fiber optics to seek excess returns and act as a safe haven [8]