● 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 ...

Core Insights - The A-share market and global asset rotation have revitalized the fund advisory industry in 2025, with notable performance from star advisory combinations achieving average returns of 27.27% and 18.45% respectively [1][4] Group 1: A-share Market Performance - In October 2025, the A-share market showed positive performance, with the Shanghai Composite Index surpassing 4000 points and a monthly increase of 1.85%. Net inflows into stock ETFs exceeded 100 billion [2] - All 16 star fund advisory combinations focused on A-shares achieved positive returns in the first ten months of 2025, with an average return of 27.27%. The top performer was the China Europe Wealth's China Europe Super Stock All-Star with a return of 35.52% [2][3] - The top three combinations have made recent adjustments in their portfolios, focusing on sectors benefiting from global liquidity improvements and increasing allocations in areas like pharmaceuticals, electronics, and new consumption [2] Group 2: Global Asset Performance - A total of 26 global asset allocation fund advisory combinations reported positive returns in the first ten months of 2025, with an average net value increase of 18.45%. The top performer was the Guotai Fund's Guotai Progress Global Allocation with a return of 34.37% [4] - The global asset combinations have been expanding since 2023, with some achieving over 60% returns since inception, demonstrating the sustained advantages of global multi-asset strategies [4] Group 3: Dual Advisory Model - The dual advisory model, a collaboration between fund companies and brokerages, is gaining traction in 2025, allowing for a division of responsibilities where fund companies provide strategies and brokerages handle client outreach and sales [5][6] - This model is particularly appealing to small and medium-sized brokerages, enabling them to quickly adopt established strategies without incurring high research and development costs [6] - Despite the advantages, challenges exist, such as increased communication costs and the need for brokerages to make strategic decisions regarding reliance on external strategies versus developing their own [6][7]

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]