● 本报记者 魏昭宇 近期，多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合选择低位加仓，在科技、医药等成长 性较强的赛道持续买入；有的组合选择了偏保守的调仓策略，小幅降低权益仓位，增加固收类资产。 有业内人士表示，一方面，从估值、风险溢价、新基金发行等指标看，权益资产仍有不错的性价比；另 一方面，扩内需、"反内卷"政策持续推出、资金面和产业层面出现积极变化，均对A股后市构成利好。 部分机构看好成长风格 11月28日，万家基金旗下的投顾组合万家随心人生进行了调仓。其主理人在调仓理由一栏表示，根据市 场环境的变化，小幅提升了权益类基金的仓位，回补了部分AI算力领域的仓位。具体来看，多只科技 主题基金成为了该投顾组合加仓的对象。比如，本次调仓加仓了中欧数字经济混合发起C、天弘中证科 创创业50ETF联接C、万家创业板指数增强C，新增了华富科技动能混合C、易方达成长动力混合C。 除了科技主题基金，成长性较强的医药主题基金亦获多个投顾组合青睐。比如，万家随心人生在本次调 仓中加仓了富国医药创新股票C；富国基金旗下的投顾组合富国双子星股债均衡在11月中旬的调仓中加 仓了富国精准医疗混合。 周期与地产板块亦获机构关注 ...

资金防御需求不断提升。 近期，A股市场资金"高切低"的特征愈发显著，前期涨幅较高的热门行业遭资金持续流出，而估值处于低位、 业绩具备支撑的板块则持续迎来资金回流。 基金经理普遍认为，行业偏离度较高，叠加年末考核周期带来的调仓需求，资金常会出现较强的高切低趋势。 在行业走势分化加剧的背景下，资金正向低估值、高股息、业绩确定性强的领域聚集。 资金"高切低"趋势不断强化 今年以来，市场结构性行情演绎极致，科技、传媒、创新药等成长板块以及资源类板块涨幅巨大，短期估值已 处于历史高位，业绩兑现压力逐渐显现。 与之形成鲜明对比的是，金融、消费、周期等传统板块估值长期处于低位，而其中部分领域出现明显估值与业 绩的错配，这也成为资金"高切低"的核心驱动力。 体现在市场数据层面，资金流向分化尤为明显。一方面，前期涨幅居前的板块ETF遭遇资金净赎回，部分热门 主题基金规模出现萎缩；另一方面，一些低估值板块的ETF资金持续获资金净流入。Wind数据显示，部分港股 红利低波主题ETF、自由现金流类ETF、电网设备主题ETF、非银主题类ETF本月均获超10亿元资金净流入。 博时基金分析认为，11月以来A股市场微观流动性边际走弱，同时国 ...

Core Viewpoint - The A-share market is experiencing a pronounced trend of "high cutting and low buying," where funds are flowing out of previously high-performing sectors and into low-valuation sectors with strong earnings support [1][2]. Group 1: Market Trends - There is a significant divergence in market performance, with high-growth sectors like technology and innovative pharmaceuticals facing profit-taking pressure, while traditional sectors such as finance and consumer goods remain undervalued [2][3]. - Data indicates a clear trend in fund flows, with thematic ETFs that previously performed well experiencing net redemptions, while low-valuation ETFs are seeing substantial inflows, exceeding 1 billion yuan in some cases [2][3]. - The market is currently in a phase of style rebalancing, driven by weakening micro liquidity and macroeconomic uncertainties [2][4]. Group 2: Defensive Demand - Investor risk preferences are shifting towards more defensive strategies, with heightened caution typical of the fourth quarter, leading to increased profit-locking and reallocation demands [4][5]. - The market is entering a phase of stock selection, with funds concentrating on a few leading stocks, indicating potential volatility in high-performing sectors [4][5]. Group 3: Focus on Value and Safety Margin - Fund managers emphasize the importance of focusing on value and safety margins, seeking companies that can generate stable cash flows and withstand market fluctuations [5][6]. - The low-valuation consumer sector is highlighted as having significant value, although challenges remain, such as supply-side adjustments and changing consumer behaviors [6][7]. - Investment in the consumer sector is increasingly reliant on detailed company research rather than broad industry analysis, reflecting a trend towards specialization [7][8]. Group 4: Investment Opportunities - There are specific investment opportunities within high-valuation sectors, particularly in areas like power grid upgrades and essential metals with supply-demand gaps [7][8]. - A balanced investment strategy combining growth and high-dividend stocks is recommended to enhance risk-return profiles [7][8].

资金高切低趋势不断强化 今年以来，市场结构性行情极致演绎，科技、传媒、创新药等成长板块以及资源类板块涨幅巨大，短期 估值已处于历史高位，业绩兑现压力逐渐显现。 与之形成鲜明对比的是，金融、消费、周期等传统板块估值长期处于低位，部分领域甚至出现明显的估 值与业绩错配，这也成为资金高切低的核心驱动力。 体现在市场数据层面，资金流向分化尤为明显。一方面，前期涨幅居前的主题ETF遭遇资金净赎回，部 分热门主题基金规模出现萎缩；另一方面，一些低估值板块的ETF持续获得资金净流入。数据显示，部 分港股红利低波主题ETF、自由现金流类ETF、电网设备主题ETF、非银主题类ETF本月均获超10亿元 的资金净流入。 博时基金分析，11月以来A股市场微观流动性边际走弱，同时国内宏观进入空窗期、叠加海外流动性压 制，以及此前不同风格之间过大的收益差，共同驱动近期市场持续演绎风格再平衡的行情。 近期，A股市场资金高切低的特征愈发显著，前期涨幅较高的热门行业出现资金持续流出，而估值处于 低位、业绩具备支撑的板块则持续迎来资金回流。 沪上一位基金经理表示，今年以来以科技、创新药为代表的成长类板块以及资源类板块涨幅巨大，而食 品饮料、旅游 ...

Group 1: Global Financial Landscape - The current global financial assets to GDP ratio is at a high level, historically indicating that any fundamental changes can lead to significant pullbacks in risk assets [2][3] - The U.S. economy is shifting towards a "strong investment, weak consumption" pattern, similar to China's situation from 2022 to 2024 [6] Group 2: AI and Investment Concerns - There are growing concerns regarding the actual returns on massive investments in AI, as exemplified by CoreWeave's reduction in capital expenditure despite revenue growth [3] - The disparity between U.S. consumer stocks and the S&P 500 reflects market fears of an economic downturn, with AI sector growth not translating into robust consumer spending [3] Group 3: Domestic Consumption and Economic Recovery - Domestic economic data shows weak overall consumption, but structural improvements are noted, particularly in "non-subsidized" sectors contributing positively to overall consumption [4] - Two potential scenarios for China's domestic demand are identified: one where export resilience supports consumption recovery, and another where financial risks abroad could lead to capital inflows, benefiting domestic assets [4] Group 4: Investment Recommendations - Key investment themes include focusing on physical assets that may benefit from a recovery in manufacturing and investment post U.S. rate cuts, particularly in sectors like upstream resources and midstream industries [6] - Consumer sectors in China, such as food and beverage, are expected to benefit from stabilizing prices and structural demand improvements [6]

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing a significant number of funds still in loss despite a majority achieving positive returns since 2025 [1][2] Fund Performance Overview - As of November 10, 2023, 97.45% of 4679 actively managed equity funds reported positive returns since 2025, with some funds achieving over 200% gains [2] - However, nearly 38% of actively managed equity funds, totaling 1019 funds, remain in loss over the past five years, including products from leading public fund institutions and well-known fund managers [1][3] Reasons for Underperformance - Key factors contributing to the underperformance of these funds include high-level increases in positions, frequent trading, and reliance on specific sectors [1][6] - The average stock position for funds with negative returns was significantly higher than the overall market average during peak market periods, indicating poor timing decisions [6] Fund Manager Challenges - Frequent trading has negatively impacted fund performance, with an average turnover rate of 460.71% for all actively managed equity funds from 2021 to 2024, and even higher for those with significant losses [7] - Changes in fund management have led to inconsistent investment strategies, further complicating performance recovery [8] Market Trends and Future Outlook - The market has seen a resurgence in the issuance of new funds, with 1354 new funds launched in 2023, reflecting a renewed interest in actively managed products [10] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [11]

Group 1 - The core viewpoint is that brokerages are optimistic about the continuation of the A-share bull market into 2026, recommending an overweight position in Chinese stocks and gold, while suggesting a balanced approach to market styles focusing on technology growth and large-cap growth opportunities [2][5][10]. - China’s economic indicators show signs of an upward trend, with brokerages adjusting their asset allocations accordingly, increasing exposure to commodities and maintaining a focus on stocks [2][5]. - The semiconductor industry is experiencing positive developments, with HBM4 prices rising by 51.35% to approximately $560, and AMD receiving export licenses for its AI chips to China, indicating a favorable environment for the sector [14][15]. Group 2 - The storage industry is entering a new upward cycle driven by the increasing demand for memory capacity due to AI model training, with HBM and DDR5 memory shortages impacting the entire storage supply chain [16][18]. - Major storage manufacturers like Samsung and SK Hynix are adjusting prices in response to the heightened demand for storage driven by AI applications, with AI servers requiring significantly more DRAM and NAND capacity compared to standard servers [18][21]. - The domestic storage industry is expected to see significant growth in production capacity, with companies like Yangtze Memory Technologies and Changxin Memory Technologies ramping up output to meet the rising demand [15][16].

Group 1 - US stock market saw a significant rebound from intraday lows on Friday, with the S&P 500 rising by 0.13% and the Dow Jones increasing by 0.16%, while the Nasdaq Composite fell by 0.22%, marking its worst weekly performance since April [1] - Microsoft experienced its longest losing streak since 2011, with eight consecutive declines, while Tesla dropped over 3.6% following the approval of Elon Musk's $1 trillion compensation plan at the shareholder meeting [2] - Gold fluctuated around $4,000, ending a two-week decline, while crude oil prices briefly rose above $60 but ultimately fell by over 1.7% for the week [3] Group 2 - Bitcoin briefly dipped below $100,000 but later surged over 4.6%, while Ethereum rose by over 4.3%, reclaiming the $3,400 mark [4] - The US government shutdown situation appears to be improving, with Democrats softening their stance, although Republicans have rejected the proposal but acknowledged progress [4] - The EU AI legislation may face pressure to lower its thresholds due to collective pressure from tech giants [5] Group 3 - Google launched its next-generation AI image model, Nano Banana 2, capable of quickly generating 4K images and solving calculus problems [6] - The Chinese government issued a document to accelerate the cultivation of scenarios and promote large-scale applications in the AI field, focusing on key technology breakthroughs and standard construction [7] - A white paper on carbon peak and carbon neutrality in China indicated that the proportion of non-fossil energy consumption is expected to increase from 16.0% in 2020 to 19.8% in 2024 [8] Group 4 - The People's Bank of China increased its gold reserves by 30,000 ounces in October, marking the 12th consecutive month of increases [10] - China's October CPI rose by 0.2% year-on-year, with the core CPI reaching its highest level since March 2024, while the PPI saw its first year-on-year increase of the year [11] Group 5 - Various brokerage strategies are focusing on year-end style rebalancing, with analysts suggesting that sectors like new energy, pharmaceuticals, and food and beverage may show weaker performance as they face profit-taking pressures [12] - Analysts recommend focusing on sectors with independent logic and improving ROE, such as chemicals, non-ferrous metals, and electric new energy, which are at historical low points in profitability and industry prosperity [13] Group 6 - NAND flash memory prices are set to increase significantly, with SanDisk raising contract prices by up to 50%, leading to some manufacturers pausing shipments to reassess pricing [14] - The flu activity in China has risen sharply, with most provinces entering the flu epidemic period, prompting increased production of antiviral medications [16] - The Ministry of Agriculture and Rural Affairs released guidelines for building a smart agriculture standard system, aiming for a comprehensive standard system by 2030 [17] - The smart agriculture market in China is projected to exceed 100 billion yuan in 2024, growing by 11.7% year-on-year, driven by policy support and increased fiscal investment [18] Group 7 - Several companies announced significant transactions, including Suzhou planning to acquire 100% of Dongjin Hangke for 250 million yuan, and Guocheng Mining proposing to pay 3.168 billion yuan for a 60% stake in Guocheng Industrial [19] - Huadian Energy plans to invest 12.043 billion yuan in a wind power project, while Huadian Science and Technology signed a contract for a major offshore wind power project [20] - Fangzheng Technology is investing 1.364 billion yuan to expand its AI production base in Chongqing, addressing capacity bottlenecks in high-end products [21]

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes. Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges, suggesting potential for revenue growth as overseas demand recovers in the coming years [1][5]. - Notable stocks like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy holdings list or continuously increased in holdings by several fund managers [1][2]. Group 2: Fund Manager Actions - China Ping An has gained favor among several well-known balanced and growth fund managers, with significant increases in holdings across multiple funds, totaling a market value of 794 million yuan and 358 million yuan in different funds [2]. - The chemical sector has also seen increased attention, with funds like China Europe Era Pioneer and China Europe New Blue Chip significantly increasing their positions in Wanhua Chemical, with total holdings exceeding 1 billion yuan [2][4]. Group 3: Market Trends - The cyclical and value-style stocks have gained traction, becoming key drivers of market performance, as the technology growth sector enters a high volatility phase [2][7]. - The non-ferrous metals sector has attracted considerable investment, with funds increasing their positions in stocks like Zijin Mining and Huaxi Nonferrous, with total holdings exceeding 1 billion yuan [4][5]. Group 4: Performance Metrics - As of November 4, several funds have managed to maintain positive returns despite market fluctuations, with some controlling net value drawdowns within 2% [4]. - The ETF market reflects this trend, with significant net inflows into various indices, indicating a shift towards value and dividend-paying assets [7][8]. Group 5: Future Outlook - Fund managers are optimistic about the potential for recovery in traditional industries, with low valuations and high dividend yields making certain stocks attractive for future investment [6][9]. - The market is expected to continue its focus on balanced strategies to navigate upcoming volatility, while still recognizing the long-term value in technology and growth sectors [8][9].

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes [1] Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges [1][4] - Notable companies like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy stock lists or continuously increased in holdings by various fund managers [1][2] - The resource sector, particularly non-ferrous metals, has attracted significant attention, with funds increasing their positions in companies like Zijin Mining and Huaxi Nonferrous [3] Group 2: Fund Manager Actions - China Ping An has gained favor among several balanced and growth fund managers, with total holdings in various funds reaching significant values, such as 794 million yuan and 358 million yuan [2] - Fund managers like Zhou Weiwen have increased allocations to non-ferrous metals, engineering machinery, and chemicals, anticipating revenue growth as overseas demand recovers [4] - The mechanical sector has also seen increased interest, with funds like Morgan Emerging Power adding XCMG to their top holdings [2] Group 3: Market Trends and Strategies - The recent shift towards value and cyclical stocks is seen as a response to the high valuation of technology growth stocks, leading to a balanced investment strategy to mitigate risks [1][7] - ETFs tracking various indices have seen significant net inflows, indicating a market trend towards lower valuation and dividend-paying assets [6] - The market is expected to undergo a style switch, with institutions likely to adjust their portfolios in November to prepare for the upcoming spring market [6][7]