2025年，A股市场的暖意与全球资产的轮动，为基金投顾行业注入了久违的活力。数据显示，2025年前 十月，部分主动布局A股与全球资产的明星投顾组合全线飘红，平均收益率分别达27.27%与18.45%，不 仅让多数产品成功收复失地，更催生了基金公司与券商合作的双投顾模式升温。 高风险组合仅两只未扭亏 2025年10月，A股市场行情表现积极，上证指数在月内一度突破4000点整数关口，全月上涨1.85%。与 此同时，当月资金净流入股票ETF的规模再度超过千亿元。 据记者统计，主动布局A股方向的16只明星基金投顾组合在2025年前十个月全部实现正收益，呈现显著 的普涨格局，平均收益率达到27.27%。 从年度表现看，中欧财富旗下的中欧超级股票全明星表现最为突出，以35.52%的收益率暂居首位。银 华基金旗下的银华天玑悄悄盈组合与华夏财富旗下的积极进取组合紧随其后，收益率分别为34.90% 和 34.36%。目前前三名组合收益率差距不大，最终谁能成为2025年冠军仍是未知数。 值得关注的是，上述组合近期都有调仓的痕迹：中欧超级股票全明星在9月份加仓了受益于全球流动性 改善的港股通互联网板块，并提高了港股医药的配置权重； ...

Core Viewpoint - Multiple public fund institutions are adjusting their investment portfolios in response to the changing market environment, with a focus on balancing asset allocation between equity and fixed-income funds [1][2][6]. Group 1: Portfolio Adjustments - The "招商灵活进取" fund has significantly reduced its allocation to mixed funds and increased its investment in cross-border fixed-income QDII funds, with these new QDII funds accounting for approximately 20% of the portfolio [2]. - The "中欧超级股票全明星" fund has increased its exposure to Hong Kong internet theme products and medical theme funds, benefiting from the Federal Reserve's interest rate cuts [2][3]. - The "博时价值精选" fund has replaced underperforming funds with higher-quality balanced funds to enhance portfolio stability [3]. Group 2: Market Sentiment and Strategy - The frequent "发车" (launch) actions by various investment advisory products are seen as a positive market signal, indicating active management in response to market conditions [4]. - Year-to-date returns for several equity advisory products have been strong, with "中欧超级股票全明星" achieving a return of 35.66%, outperforming its benchmark by approximately 6 percentage points [5]. - Despite short-term market volatility, long-term prospects for the A-share market remain positive, supported by low interest rates, long-term capital inflows, and favorable policies [6][7]. Group 3: Investment Recommendations - Investment advisors recommend maintaining a balanced portfolio and avoiding impulsive trading in hot sectors, as the market is currently in a consolidation phase [6][7]. - The technology sector, while previously a leading investment theme, is experiencing increased volatility, suggesting a need for careful selection of investments based on supply-demand dynamics and reasonable valuations [6].

Group 1 - Multiple public fund institutions have initiated a new round of portfolio adjustments to respond to the changing market environment, with some reducing equity fund positions and increasing allocations to fixed-income funds [1][2] - The adjustments include a significant reduction in mixed fund positions and an increase in cross-border fixed-income QDII funds, with specific funds accounting for approximately 20% of the portfolio [1] - The market sentiment remains optimistic about the long-term upward trend of the equity market despite short-term fluctuations, encouraging a balanced asset allocation approach [1][3] Group 2 - The "launch" function of investment advisory products has been frequently utilized, indicating a potentially positive market signal as multiple products announce new plans [2][3] - Year-to-date returns for several equity advisory products have been strong, with notable performances exceeding benchmarks, such as the China Europe Super Stock All-Star achieving a return of 35.66% [3] - The current market is experiencing significant volatility, with a recommendation against chasing hot sectors, suggesting a focus on maintaining a balanced portfolio and flexible asset allocation [4][5]

Core Viewpoint - The performance of equity funds is recovering, leading to increased activity in fund advisory products' portfolio adjustments [1][10] Group 1: Fund Advisory Product Adjustments - In July, a total of 141 fund advisory products made adjustments, including 27 mixed equity-debt and 64 equity advisory products [1][10] - Mixed equity-debt advisory products increased their holdings in active equity funds while reducing allocations to index funds [1][10] - Equity advisory products decreased their holdings in bond funds and increased their allocations to equity funds, with a notable shift away from consumer sectors towards pharmaceuticals, cyclical, and technology sectors [1][10] Group 2: Specific Fund Actions - Notable fund advisory products like 中欧超级股票全明星 and 交银全明星 initiated "发车" plans, with investment amounts of 500 million and 1.5 billion respectively [4][6] - 中欧超级股票全明星 increased its active equity fund holdings from 63.5% to 65.5% and raised its stock fund allocation from 14.5% to 19.5% [6] - 富国双子星股债均衡 adjusted its bond fund allocation from 32.78% to 45.25% and reduced its index fund allocation from 18.35% to 3.55% [8] Group 3: Market Outlook and Investment Strategies - Fund advisory institutions are optimistic about high dividend and technology assets, emphasizing balanced and diversified allocations [2][16] - The market is expected to enter a phase of incremental competition, with continuous inflow of new funds and cyclical improvements in fundamentals [15] - Investment strategies should focus on sectors with improving conditions, such as high dividend stocks and technology, particularly in AI and semiconductors [16][17]