近期，A股出现调整，但从去年"9.24"行情以来看（下称"9.24行情以来"），权益资产依然取得了显著收益。截至11月21日，A股34只核心指数 9.24行情以来均实现上涨，平均涨幅超过50%，其中有4只指数涨幅超过100%。 从券商中国记者梳理来看，核心指数的上涨给1800多只指数基金带来了贝塔收益，指数基金则在行情共振中加速发展。2024年下半年至今成立的指 数基金数量，在当前存续的指数基金数量中占比超过35%。从近5年情况看，其间发行的股票ETF规模，在股票ETF发行总规模中占比接近60%。但 由于资源禀赋和跟踪误差等原因，不同公司的产品规模和业绩，存在显著分化情况。 | | | "9.24" 行情以来A股核心指数表现情况 | | | | | --- | --- | --- | --- | --- | --- | | 指数代码 | 指数简称 | 区间涨幅 (%) | 跟踪基金数量 | 指数发布日期 | 成份股数量 | | | | | (只) | | (个) | | 899050.BJ | 北证50 | 129.66 | 66 | 2022/11/21 | 50 | | 000699.SH | 科创200 ...

11月21日，A股出现调整，但从去年"9·24"行情启动以来的一年多的时间来看，权益资产依然取得了显 著收益。截至11月21日，A股34只核心指数从去年"9·24"行情以来均实现上涨，平均涨幅超过50%，其 中有4只指数涨幅超100%。 从证券时报记者梳理来看，核心指数的上涨给1800多只指数基金带来了贝塔收益，指数基金则在行情共 振中加速发展。2024年下半年至今成立的指数基金数量，在当前存续的指数基金数量中占比超过35%。 从近5年情况看，这期间发行的股票ETF规模，在股票ETF发行总规模中占比接近60%。但由于资源禀赋 和跟踪误差等原因，不同公司的产品规模和业绩，存在显著的分化。 布局基金超1800只 根据统计，自去年"9·24"行情以来，34只A股核心指数均取得了两位数的涨幅，北证50指数涨幅最大， 接近130%。科创200指数、创业板50指数、科创创业50指数等涨幅均超100%，分别为109.57%、 105.20%、104.91%。另有3只指数涨幅超90%，分别为科创50指数（99.96%）、科创100指数 （95.53%）、创业板指（90.79%）。 截至11月21日，34只核心指数中有32只获 ...

四季度以来，高位震荡的市场环境为灵活的主动权益基金提供了表现的舞台，泰信发展主题等多只主动 权益基金强势领涨，表现显著好于被动指数产品。11月以来，股票型和混合型基金的上报数量已反超指 数产品，知名主动权益基金管理人睿远基金今年首度上报公募产品。无论是业绩端还是新品端，主动基 金正在重新占据上风。 在业内机构看来，主动权益基金布局热度回归，一方面是基于市场的选择，进入轮动分化的结构性行情 时，相比于被动产品的高覆盖性，主动权益基金可以更灵活地捕捉细分赛道机会，创造超越指数的阿尔 法收益；另一方面，由于前期被动权益产品发行较多、规模增长较快，选择发行主动权益产品，对基金 管理人而言，可能也是业务上的平衡。 部分公募机构表示，将持续完善"主动权益+被动配置"的双轮驱动权益产品体系，主动权益基金方面挖 掘符合国家战略的赛道机会，兼顾产业趋势的贝塔行情与阿尔法机会的挖掘；被动指数基金方面注重指 数特色化与差异化，综合考量海内外优质资产进行指数产品布局。 主动权益热度提升 四季度以来，国内权益市场进入高位震荡阶段，成长与顺周期板块交替走强。在此阶段，部分主动权益 基金凭借更加灵活的持仓优势和深挖阿尔法收益的能力，近期业 ...

Core Viewpoint - The active equity funds are regaining popularity in the current market environment, outperforming passive index products, particularly in the fourth quarter of the year [1][2]. Active Equity Fund Performance - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - The 泰信发展主题 fund has heavily invested in sectors such as lithium mining and solid-state batteries, with key holdings like 天华新能 and 盛新锂能 seeing stock prices double [2]. Fund Reporting Trends - There has been a surge in new active equity fund registrations, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Major fund companies like 平安基金 and 广发基金 have reported multiple new stock and mixed funds in the fourth quarter [2]. Strategic Positioning of Funds - Fund companies are refining their product lines to ensure stability in investment strategies, categorizing active equity products into four series: full market stock selection, thematic tracks, index enhancement, and absolute return [4]. - The focus is on capturing opportunities aligned with national strategies, particularly in technology and advanced manufacturing sectors [4]. Market Dynamics and Investment Strategies - The market is experiencing a structural shift, with active funds able to adapt more flexibly to changing market conditions compared to passive products [4][5]. - Fund managers are encouraged to balance between beta (market trend) and alpha (excess returns) strategies, depending on their investment style and market conditions [5][6]. Future Outlook - The regulatory environment is expected to favor active equity products that can consistently generate excess returns, as indicated by recent guidelines [5]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [6].

四季度以来，高位震荡的市场环境为灵活的主动权益基金提供了表现的舞台。泰信发展主题等多只主动 权益基金强势领涨，显著超越被动指数产品。11月以来，股票型和混合型基金新品的上报数量已反超指 数基金。无论是业绩端还是新品端，主动基金正在重新"掌舵"。 近期，主动权益基金热度回归。在天相投顾基金评价中心看来，一方面，主动权益基金三季度整体上战 胜了被动权益基金，表明主动型基金经理擅长的风格或开始回归，主动权益类产品重新具备较好的阿尔 法收益，四季度积极布局主动权益产品或是市场的选择。 在业内机构看来，主动权益基金热度回归，一方面是市场的选择，近期主动权益基金整体战胜被动权益 基金，主动权益类产品重新具备较好的阿尔法收益；另一方面，由于前期被动权益产品发行较多、规模 增长较快，发行主动权益产品对基金管理人而言可能是业务上的平衡。 主动权益基金热度提升 四季度以来，国内权益市场进入高位震荡阶段，成长与价值风格交替走强。在此阶段，部分主动权益基 金凭借更加灵活的持仓优势和深挖阿尔法收益的能力，近期业绩显著领先被动指数产品。 数据显示，截至11月18日，四季度以来，基金经理黄潜轶管理的泰信发展主题、泰信现代服务业收益率 均超 ...

今年以来，医疗保健板块(XLV)表现落后标普500指数8个百分点，并有望连续第三年跑输大盘。即使剔 除超大盘科技股的影响，该板块相对于宽基指数的估值折价幅度仍接近历史极值。 科斯廷指出，虽然低估值暗示存在潜在上行空间，但稳健的经济增长、人工智能热潮以及政策不确定性 可能会限制板块整体表现。相反，他认为"阿尔法收益的机会远大于贝塔收益"，并指出回报率差异扩大 和医疗保健行业并购交易活跃将成为精选个股的驱动因素。在高盛并购概念股组合中，近半数为医疗保 健公司，该行预计并购活动将持续增长至明年。 在个股层面，高盛筛选出罗素1000指数中的一些医疗保健股，这些个股近期均获机构上调2026年每股收 益预测，且当前估值低于历史水平。 智通财经APP获悉，高盛集团策略师大卫·科斯廷表示，医疗保健板块的下跌为选股者创造了机会，但 该板块难以出现整体性上涨。 以下是高盛筛选出的具体名单： 爵士制药 (JAZZ.US)、因苏莱 (PODD.US)、索泰拉健康 (SHC.US)、因塞特 (INCY.US)、再生元制药 (REGN.US)、拜玛林制药 (BMRN.US)、环球健康服务 (UHS.US)、医生社交网络 (DOCS.US ...

具体来看，行业主题产品在这波行情中的表现一骑绝尘。基金定期报告数据显示，截至 9 月 30 日，国投瑞银锐意改革 A 近一年回报 72.58% ，跑赢业绩比较基准 62.81% ；国投瑞银产业升级两年持有 A 近一年回报 69.17% ，跑赢业绩比较基准 50.62% ；国投瑞银先 进制造近一年回报 50.64% ，跑赢业绩比较基准 35.18% ；还有国投瑞银新能源 A 、国投瑞银产业趋势 A 、国投瑞银创新医疗 A 等，也 在近一年时间里收获了超过 40% 的业绩回报。 全市场选股的产品同样表现不俗。其中，国投瑞银进宝近一年净值增长 49.65% 、跑赢业绩比较基准 39.88% ；国投瑞银策略智选近一年 回报 39.17% 、跑赢业绩比较基准 20.62% 。 另外，主动量化产品则以系统化投资追求持续的超额收益。基金定期报告数据显示，截至 9 月 30 日，国投瑞银专精特新量化选股 A 近一 年实现回报 69.46% ，跑赢业绩比较基准 41.31% 。 注：数据来源于基金定期报告，截至 2025 年 9 月 30 日；各产品业绩比较基准同期增长率参考下表，各产品业绩基准计算公式见文末。 基金过往业绩并 ...

Core Insights - The total scale of equity funds in China exceeded 10 trillion yuan by the end of Q3, marking an increase of 1.85 trillion yuan compared to the end of Q2, with a clear structural characteristic in fund flows [1][3] - There is a notable divergence in the performance of passive and active equity funds, with passive funds seeing significant inflows while active funds experience mixed results [5][8] Fund Size and Performance - As of the end of Q3, the scale of equity funds reached 10.27 trillion yuan, a substantial increase from 8.42 trillion yuan at the end of Q2, while bond funds decreased to 7.2 trillion yuan, down by 83 billion yuan [3][4] - The number of open-end funds increased to 11,978, with a total net value of 3.30 trillion yuan, reflecting a growing interest in equity investments [4] Fund Flow Dynamics - Passive equity funds saw their share increase from 3.1 trillion units at the end of Q2 to approximately 3.3 trillion units by the end of Q3, indicating a strong preference for these products [5] - In contrast, active equity funds, particularly those with high equity ratios, experienced a decline in share, with significant outflows from ordinary stock and equity-mixed funds [5][8] Market Trends and Investor Behavior - The current market environment shows a higher risk appetite among investors, who prefer passive equity funds for beta returns, while more conservative investors are leaning towards mixed funds with bond allocations [5][7] - The rise of passive equity funds aligns with the demand for products that offer stable returns with lower volatility, indicating a shift in investor preferences [7] Future Outlook - Fund companies are focusing on developing products that meet investor needs, with over a thousand new passive equity funds established this year [7] - There is potential for active equity funds to regain investor interest if they can consistently outperform market benchmarks and demonstrate strong performance [8]

Core Viewpoint - The article discusses the recent trend of profit-taking in the innovative drug sector and the shift towards increasing allocations in the power equipment sector, highlighting the changing dynamics in investment strategies within the healthcare and technology industries [1][3]. Summary by Sections Innovative Drug Sector - The innovative drug sector has seen a significant rise of over 60% in the first half of the year, but has been in a high-level consolidation phase recently [3]. - Despite the average loss of nearly 8% among 28 ETFs tracking the innovative drug index since its peak on August 19, 2025, many funds have seen their shares increase, with some growing by over 100%-300% as investors rush to buy the dip [5]. - Fund manager Jin Xiaofei has significantly reduced his holdings in innovative drugs, indicating a shift in strategy as the sector's overall gains have been substantial, leading to a crowded trade [10][14]. Fund Performance and Adjustments - Jin Xiaofei's fund, Penghua Medical Technology Stock A, has shown a year-to-date return of 22.03% in Q3, outperforming its benchmark and the CSI 300 index [8]. - The fund's exposure to the pharmaceutical and biotechnology sector has decreased to 49.5%, a reduction of over 25 percentage points, reflecting a strategic pivot [10][14]. - The top ten holdings of the fund now include a mix of innovative drugs and medical device companies, indicating a broader industry coverage [12]. Future Outlook - Jin Xiaofei remains optimistic about the long-term prospects of innovative drugs but acknowledges that the ease of making profits in this sector may be over, shifting focus to identifying stocks with real competitive advantages [15]. - Other fund managers, such as Zhao Bei from ICBC Credit Suisse, have also expressed caution regarding overvalued innovative drug companies, favoring investments in the CXO sector and companies with significant overseas revenue [16][17]. - Investors holding innovative drug stocks should temper their short-term expectations and prepare for a longer investment horizon [18]. Shift to Power Equipment Sector - The fund has made substantial reallocations, reducing its pharmaceutical holdings to 23.3% and increasing its stake in the power equipment sector to 17.2% [19][23]. - New investments include companies like Pylon Technologies and Ganfeng Lithium, indicating a strategic shift towards sectors with perceived growth potential [24].

Core Insights - The global economic growth model is no longer sustainable, leading to a shift in asset allocation logic [1] - With the slowdown in global economic growth and declining traditional asset returns, relying solely on beta returns is insufficient for investors' yield targets [1] - The proportion of actively managed funds is continuously increasing, indicating a growing pursuit of alpha returns in the new market environment, particularly evident in alternative assets [1]