证券之星消息，9月22日万家基金管理有限公司发布《万家宏观择时多策略灵活配置混合型证券投资基 金基金暂停大额申购、大额转换转入、定期定额投资公告》。公告中提示，为了保护投资者利益，自 2025年9月22日起万家宏观择时多策略灵活配置混合型证券投资基金基金暂停大额申购、大额转换转 入、定期定额投资，申购、转换转入上限金额为100.0万元，下属分级基金调整明细如下： | 分级基金简称 | 代码 | 是否暂停（大额）申购 | 申购限额 转入限额 定投限额 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | (转入转出、赎回、定投) | | (元) | (元) | (元) | | 万家宏观择时 多策略A | 519212 | 를 | | 100.00万 | 100.00万 | 100.00万 | | 万家宏观择时 多策略C | 017787 | 를 | | 100.00万 | 100.00万 | 100.00万 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1 - The core investment philosophy of deep value is derived from Graham's "cigar butt" approach, focusing on stocks priced significantly below their liquidation value, which can yield good returns even in immediate liquidation scenarios [1][7] - The deep value fund pool has demonstrated stable historical returns with a high risk-reward ratio, achieving an annualized return of 11.81% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 4.26% [1][9] - The fund pool has shown strong performance stability, even during market conditions favoring growth styles, maintaining high absolute returns despite some drawdowns since mid-2024 [1][12] Group 2 - The excess returns of the deep value fund pool are primarily attributed to dynamic allocation, style configuration, and stock selection, with a preference for low momentum, low elasticity, and low volatility styles [2][15] - The current sector allocation has shifted towards consumer sectors while maintaining exposure to manufacturing and TMT sectors, indicating a strategic adjustment in response to market conditions [2][18] - The deep value fund pool is defined by absolute undervaluation characteristics, with a focus on funds that have positive exposure to the BP factor and high expected net profit [2][22] Group 3 - The newly selected deep value fund list includes various funds with significant returns, such as "中庚价值灵动灵活配置混合" with a return of 19.82% and "广发稳健策略混合" with a return of 18.64% [2][23] - The analysis of individual funds reveals a focus on maintaining a balance between absolute returns and risk management, with strategies tailored to specific market conditions [2][25][30] - The report emphasizes the importance of quality and valuation as key safety margins, utilizing DCF cash flow models to assess companies' competitive advantages and growth potential [2][25]

Group 1 - The report identifies investment opportunities in various industries under the "anti-involution" theme, drawing parallels with the supply-side reform period from 2015 to 2018, focusing on policy effects, inventory cycles, and industry prosperity [1][8] - The current "anti-involution" theme has a broader industry coverage, with a positive outlook on photovoltaic and medical devices based on their clearing reversal elasticity, while chemicals and building materials are favored for their certainty in prosperity [2][14] Group 2 - The report outlines the criteria for selecting actively managed equity funds related to the "anti-involution" theme, requiring a significant holding in relevant industry stocks and a minimum fund size [3][16] - For ETF funds, a scoring system based on various performance metrics is used to identify the top products in the same category [3][16]

Group 1 - The core viewpoint of the report indicates that the construction materials and coal industries performed well during the period, with the Shanghai Composite Index rising by 1.67% and the Shenzhen Component Index increasing by 2.33% [2][9] - In the recent 12 periods, the comprehensive and pharmaceutical industries showed strong performance, suggesting potential investment opportunities in these sectors [9] - Active equity funds focusing on electronics and coal industries also demonstrated superior performance during this period [14] Group 2 - Among various fund types, actively managed stock funds increased by 1.55%, while mixed funds rose by 1.63%, and bond funds saw a slight decline of 0.16% [2] - The average return of convertible bond funds was notably high at 12.46% year-to-date, indicating a strong performance in this category [17] - QDII funds, particularly those focused on Asia-Pacific and emerging markets, led the performance with an increase of 2.56% during the period [19][21]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, boosted by the "anti - involution" concept and the positive news of Yaxia Hydropower Station, the pro - cyclical sectors collectively soared, and the index continued to rise. The Shanghai Composite Index achieved four consecutive weekly gains. The daily average trading volume of the two markets increased by 19.56% compared with last week, and the margin trading balance continued to rise above 1.9 trillion. Domestic hot money accelerated its inflow, showing signs of over - heating market sentiment in the short term. The commodity futures market mostly rose, and the bond market corrected significantly due to the impact of the equity market [1][10]. - As August approaches, a series of major events, such as the Politburo meeting's tone - setting, the results of the third round of Sino - US economic and trade negotiations, and the monetary policy decisions of the Federal Reserve and the Bank of Japan, may trigger market fluctuations. Investors are advised to be cautious in the short term, control their positions, and avoid blind operations in the face of uncertainties. They can appropriately focus on growth sectors with relatively reasonable valuations, such as AI applications, cloud computing, and science and technology innovation chips. From a medium - term allocation perspective, high - dividend assets are still the preferred bottom - position assets, and hedging assets such as gold and treasury bonds can be combined to build a diversified portfolio to smooth out volatility risks and seize structural opportunities [15]. 3. Summary According to the Directory 3.1 This Week's Market Review 3.1.1 Industry Index - Coal, steel, non - ferrous metals, building materials, and construction sectors led the gains this week. The trading volume proportions of coal, building materials, construction, steel, and transportation sectors increased significantly compared with last week, while the trading activity of the comprehensive financial sector decreased significantly. The coal sector soared 8.00%, and its trading volume proportion reached a new high in the past four weeks at 1.16%. The pro - cyclical sectors strongly led the rise, while the trading activities of technology sectors such as electronics, computer, media, and communication cooled down, and their trading volume proportions reached new lows in the past four weeks. The bank sector, which was strong in early July, led the decline this week, and its trading volume proportion was at a new low in the past four weeks at 2.00% [10]. - The leverage factor and book - to - market ratio factor had the highest gains this week, while the residual volatility factor had a large decline. The IH contract remained at a premium, indicating that investors were more optimistic about large - cap stocks, and the discount of the IM contract continued to narrow. The average and median returns of neutral hedge funds this week were 0.10% and 0.17% respectively [10]. 3.1.2 Market Style - Affected by the "anti - involution" concept and the positive news of Yaxia Hydropower Station, all five CITIC style indices rose this week, with the cyclical style leading the gains. The growth sector rose 2.54% this week, and its trading volume proportion decreased to a new low in the past four weeks at 47.94%. The consumer style index rose 1.59%, and its trading volume proportion was basically the same as last week. The financial style index performed weakly, only rising slightly by 0.36%, and its trading volume proportion increased to 8.09%. The stable style index rose 1.74%, and its trading volume proportion increased significantly to a new high in the past four weeks at 5.43%. The cyclical style index rose 3.51%, and its trading volume proportion increased to a new high in the past four weeks at 25.81% [14]. - All major broad - based indices rose this week. The mid - cap stocks represented by the CSI 500 showed an obvious catch - up effect. Based on the CSI A - share index, the Shanghai - Shenzhen 300 and CSI 2000 indices only rose 1.69% and 1.81% respectively, while the CSI 500 index rose 3.28% this week, and the trading volume proportions of the Shanghai - Shenzhen 300 and CSI 500 indices both increased to new highs in the past four weeks [14]. 3.2 Active Equity Funds 3.2.1 Top - Performing Funds in Different Theme Tracks This Week - The report divides active equity funds into single - track and double - track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cyclical sectors. Single - track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double - track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods [19]. 3.2.2 Top - Performing Funds in Different Strategy Categories - The report classifies funds into deep - undervalued, high - growth, high - quality, quality - growth, quality - undervalued, GARP, and balanced - cost - effective types based on investment styles and strategies, and lists the top - performing funds in each type this week [20]. 3.3 Index - Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.05% and 0.03% respectively; those of CSI 500 index - enhanced funds were - 0.11% and - 0.13% respectively; those of CSI 1000 index - enhanced funds were 0.05% and 0.03% respectively; those of CSI 2000 index - enhanced funds were 0.24% and 0.36% respectively; those of CSI A500 index - enhanced funds were - 0.02% and - 0.07% respectively; those of ChiNext index - enhanced funds were - 0.29% and - 0.13% respectively; and those of STAR Market - ChiNext 50 index - enhanced funds were - 0.22% and - 0.05% respectively [24]. - The average and median absolute returns of neutral hedge funds were 0.10% and 0.17% respectively; those of quantitative long - only funds were 2.07% and 2.05% respectively [25]. 3.4 This Week's Bond Fund Selections - The report comprehensively screened the medium - and long - term bond - type fund pool and short - term bond - type fund pool based on indicators such as fund size, return - risk indicators, the latest fund size, Wind Fund secondary classification, three - year rolling return, and three - year maximum drawdown [41]. 3.5 This Week's Fund High - Frequency Position Detection - Active equity funds significantly increased their positions in the electronics (0.41%) and computer (0.27%) industries this week; they significantly reduced their positions in the power equipment and new energy (0.23%), basic chemicals (0.11%), and agriculture, forestry, animal husbandry, and fishery (0.10%) industries. From a one - month perspective, the positions in the electronics (1.77%) and computer (1.06%) industries increased significantly, while the positions in the food and beverage (0.55%) and power equipment and new energy (0.62%) industries decreased significantly [3]. 3.6 This Week's US Dollar Bond Fund Weekly Tracking - Not provided in the content