【导读】 3800点基民大调查，基金仍是主流配置 中国基金报记者 方丽 张燕北 曹雯璟 陆慧婧 基金成配置"压舱石" 此次调查收集到来自全国各地超5万份基金投资者问卷。从投资者结构来看，经历过一定牛熊 周期考验的"成长型投资者"成为主力，基金仍是多数人的核心配置品类；面对指数高位波 动，近五成投资者对市场长期走势持乐观预期，但目前选择"防御性减仓"；超七成受访者认 为大盘有望继续突破压力位。 多数受访者认为，经济基本面、政策面因素是这轮行情的主要推手，也是接下来需要关注的 重点；板块偏好上超半数投资者看好科技板块，九成以上投资者计划调整持仓结构，更倾向 于价值股。 投资策略方面，波段操作与长线持有均获得较大比例支持，决策时投资者主要参考企业财报 和宏观数据。 此外，指数化配置崛起，指数基金渐成权益投资偏好的品类；明星基金经理效应减弱，投资 者筛选基金更看重基金经理的从业经验及过往业绩。 从调查数据来看，基民正处于"情绪修复"与"理性投资"的交织中。在市场震荡上行过程 中，"不赌短期波动、聚焦长期价值"的理性配置思路，将是基民穿越周期的关键。 "1~5年投资经验"者居多 8月22日，上证指数突破3800点，刷新 ...

Core Viewpoint - The circulating PPT regarding the A-share market valuation, titled "Bull Market 10,000 Points," has attracted market attention, but it is an internal sharing document from Tongtai Fund, not a definitive market indicator [1][2]. Group 1: Market Valuation and Models - The PPT includes references to the Dividend Discount Model (DDM) and its branches for estimating future valuation ranges, which are common quantitative tools used by professional institutions [2][3]. - The DDM is suitable for mature companies with stable and predictable dividends, but the reliance on a single model for market predictions is deemed unobjective by professionals [3][4]. - Various valuation models, including DCF, PE, and PB, are commonly used in conjunction to validate findings, emphasizing the importance of cross-verification in financial analysis [4]. Group 2: Market Trends and Strategies - Despite a strong performance in the A-share market recently, there is confusion regarding asset allocation directions, with no clear mainline trend identified in the second-quarter reports from many fund managers [4][5]. - The rapid rotation of market sectors, such as the recent decline in previously popular sectors like water and infrastructure, contrasts with the resurgence of AI and robotics concepts [4]. - Future investment strategies should focus on dividend assets and index-based allocations, with a cautious approach to market participation [4][5].