本报讯 （记者昌校宇）作为独立客观公正的第三方专业研究机构，各类基金评级机构评选出的五星基 金，一直是投资者挑选产品的重要指标。基金公司旗下五星基金的数量及其分布也是衡量基金管理人综 合投研能力的重要参考。 近期，晨星（中国）基金研究中心、中国银河证券、招商证券、国泰海通证券、上海证券、天相投顾、 济安金信基金研究中心等7家权威评级机构陆续发布最新基金评级报告，广发基金旗下103只（仅统计主 份额，下同）产品获得五星评级。凭借多年积淀的平台型投研实力和多元化产品布局，广发基金在主动 权益、固定收益、被动指数、海外投资、多资产配置等领域均有"五星闪耀"。 本次最新发布的评级数据显示，广发基金旗下五星基金近半数为主动权益产品，这些绩优基金风格多 样、特点鲜明。例如，在"A+H"全市场选股的产品中，广发价值核心A近年来精准把握新消费、互联网 科技行情，获得中国银河证券、招商证券、国泰海通证券、天相投顾、上海证券和济安金信基金研究中 心等6家机构的三年期五星基金评级。行业主题方面，广发基金在北交所、大制造、TMT、医药等板块 均有表现突出的代表产品。例如，广发北交所精选两年定开A获评招商证券、天相投顾三年期五星评 级 ...

Macro Data Commentary - The report highlights the outstanding performance of small and mid-cap funds, with the average return of fund heavyweights at 8.94%, significantly outperforming the average return of the CSI 800 component stocks at 1.66% [1][15] - In the second quarter, 30 out of 31 industries saw fund heavyweights outperform their benchmark industry indices, with an excess return of 5.91% over the industry average [1][16] Timing Selection Ability - The report indicates that the asset allocation effects of various funds were not ideal, with equity funds reducing their average stock positions by 0.24 percentage points and mixed funds by 1.21 percentage points compared to the previous period [2][20] - The overall performance of the bond market was also subpar, with the total wealth index of bonds rising by only 1.53% while bond funds reduced their holdings by 0.12% [2][20] Risk Management Ability - The risk exchange efficiency of bond funds remained stable, with slight declines in both returns and volatility for equity and mixed funds [2][22] - The report notes that despite a recovery in the market since September, equity assets are still in a downward trend over a longer time frame [2][22] Comprehensive Management Ability - The report states that the Shanghai Securities comprehensive management ability index integrates performance across security selection, timing selection, and risk management [5][23] - Notable fund managers with outstanding performance include Jin Xin, Da Cheng, and Yuan Xin Yong Feng in the active management of equity funds, and Yi Fang Da, Tian Hong, and Bo Shi in pure bond funds [5][23] Fund Rating Performance Tracking - The report tracks the performance of rated funds, indicating that five-star funds maintain a 60% probability of being in the top 40% of their peers within 6 months to 1 year after rating [3][29] - Since 2015, the three-year return of five-star ordinary stock fund portfolios reached 216.93%, compared to only 38.82% for the CSI All Index [3][29]

Market Performance - In April 2025, the average return of actively managed equity funds was -2.4%, indicating a convergence in investment strategies among fund managers in the current market environment [1][9]. - Value funds performed the best among non-sector equity funds, with a median return of -1.3%. Growth funds showed the greatest internal differentiation, with returns ranging from a maximum of 6.2% to a minimum of -12% [23][24]. - The average return of actively managed equity funds in the healthcare and consumer sectors was 2.8% and 0.5%, respectively, indicating strong performance in these areas [24][29]. - Passive funds in the technology and financial sectors maintained an advantage, with technology index products averaging a return of 27.8% and financial index products averaging 22.2% over the past year [30][31]. Equity Fund Multi-Strategy Overview - The overall strategy distribution of public equity funds is shifting towards a convergence between single and multi-strategy approaches, with an average R² value of 0.80 [37]. - The most tracked funds this month were those focused on thematic sectors, with 1,220 funds (30.24% of the sample) following thematic strategies, and 1,124 funds (27.86%) focused on growth strategies [42]. - The report identified three major trends in fund strategy changes: underweighting financial real estate, transitioning from A-share core assets to Hong Kong core assets, and market capitalization downshifting [43]. Performance of High-Rated Funds - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [56]. - The number of AAA-rated funds increased from 21 to 25, while AA+ rated funds rose from 42 to 49, indicating an overall improvement in fund ratings [51][52]. - Value funds had the highest proportion of high-rated funds, with an internal performance rate of 14.1%, while small-cap funds saw an increase in performance rate from 6.7% to 8.6% [52]. Emerging and Upgraded Funds - New funds, defined as those with high return potential and differentiated competitive advantages, totaled five this month, primarily referencing the CSI 500 index [65]. - Upgraded funds exhibited significant performance improvements and management optimization, with ten funds achieving higher ratings this month [66].