近期市场分化行情让不少基民在社交媒体评论区大喊"钱难赚"。数据显示，截至11月24日，在全市场超 8000只主动权益基金中，仅有400只产品11月以来的份额净值增长率为正。 "随着前期科技、消费、周期等板块陆续调整，很多优质资产又回到了合理的估值中枢。"日前，一位基 金经理向中国证券报记者透露，"我们团队会密切跟踪11月末至12月初的市场态势，并在合适的时点出 手加仓。" 11月以来，尽管市场开启震荡模式，但在不少机构看来，"倒车接人"的时点不断变得清晰。记者梳理发 现，不少近期成立的新基金已然开启建仓模式。数据显示，截至11月24日，全市场自11月以来共有59只 主动权益基金成立（不同份额分开计算，下同），其中有51只基金单位净值已经发生变化。 在震荡中入场 东吴证券表示，四季度作为全年业绩定调的关键阶段，机构的核心诉求会从赚取超额收益转向锁定既有 盈利、规避排名波动风险——前期主线经过持续上涨后，不仅积累了可观的涨幅，更因资金长期集中形 成较高的交易拥挤度，风险收益比下降，成为机构眼中需兑现的收益。 "经过这一轮调整，不少优质资产又重新回归到了合理的估值水平。"上述基金经理表示，"市场可能慢 慢接近阶段性 ...

● 鹏华基金管理有限公司 市场似乎总是奖励那些提前做好准备的人，不管是"常青树"，还是"新锐派"，基金经理之所以能在鹏华 基金持续创造稳定回报，与公司"平台、机制、人才"战略密不可分。鹏华基金着力打造开放、共生的投 研平台，实现理念传承与团队协同，鼓励研究员和基金经理保持独立判断、深耕能力圈，形成了一套兼 收并蓄、多元风格并存的基本面投资共同体。公司不仅对基金经理进行分组和分类管理以保持其风格稳 定性，还通过长周期考核、跟投机制等，（下转A02版） （上接A01版）使团队利益与客户利益深度绑定，真正实现了"平台赋能人才，人才反哺平台"的良性循 环。 2025年5月，证监会印发《推动公募基金高质量发展行动方案》（下称《行动方案》），为中国公募基 金行业指明了新发展阶段的方向。其中，"强化核心投研能力建设""支持基金经理团队制管理模式，做 大做强投研团队"等要求，不仅体现了监管机构对行业长期健康发展的深远考量，也为公募基金公司提 升投资管理能力、更好地服务投资者提供了根本遵循。 鹏华基金深刻认识到，高质量发展不仅是一场行业变革，更是一次回归资产管理本源的机遇。公司始终 坚持以长期主义为核心理念，以投研一体化为实践 ...

Core Insights - The A-share market has experienced significant volatility, with the Shanghai Composite Index dropping below key support levels, leading to a decline of nearly 5% in just over a week [1][4] - Active equity funds have faced substantial performance declines, with nearly 90% reporting negative returns in the fourth quarter, and over 30% experiencing declines exceeding 10% [2][3] - In contrast, the ETF market has seen a surge in inflows, with over 102.8 billion yuan entering stock ETFs in the fourth quarter, reversing a trend of outflows from the previous quarter [3] Group 1: Market Performance - The Shanghai Composite Index fell to 3836.77 points, with a cumulative decline of 4.78% over the last seven trading days [4] - Active equity funds have seen a dramatic reduction in performance, with only 23% of previously high-performing funds remaining in positive territory [2] - The decline in active funds is attributed to a significant market correction, particularly affecting sectors like AI and pharmaceuticals that had previously attracted substantial investment [2][3] Group 2: ETF Market Dynamics - The ETF market has attracted significant capital, with 102.8 billion yuan net inflow in the fourth quarter, marking a stark contrast to the nearly 50 billion yuan outflow in the previous quarter [3] - Notable inflows have been observed in broad-based ETFs, with specific products like the Southern CSI 500 ETF and the E Fund ChiNext ETF seeing net inflows exceeding 40 billion yuan [3] - Defensive investment strategies have gained traction, with funds focused on low volatility and free cash flow attracting significant capital, indicating a preference for stable assets in a turbulent market [3] Group 3: Future Market Outlook - Analysts suggest that the current market volatility may present long-term investment opportunities in sectors with strong fundamentals, despite short-term challenges [5][6] - The ongoing adjustments in market sentiment are expected to continue, with a focus on sectors such as technology, consumption, and high-end manufacturing as potential growth areas [6] - The overall outlook remains cautiously optimistic, with expectations of a gradual upward trend in the A-share market, supported by structural improvements in the domestic economy and favorable monetary conditions [6]

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

【导读】银行开启冲刺2026年"开门红"，权益类和"固收+"或唱主角 据其了解，目前各大银行基本进入"开门红"阶段。由于节奏略有差异，部分银行11月就会提前进入"开 门红"，而有些银行可能到12月或者1月才会启动"开门红"。但整体看，银行业务基本已进入紧锣密鼓的 推动阶段。 从推荐力度来看，目前的力度与往年相仿。在净息差收窄及降费背景下，银行普遍存在营收及利润压 力，因此对于高收入业务更为看重。财富管理方面，前期保险业务对于资金存在透支销售，且市场好 转，客户风险偏好也有所提升，所以今年银行并未将保险作为唯一的"开门红"重点，基金也在很多银行 的业务规划中。尤其是看好权益市场的银行，"开门红"重点储备有新发主动权益基金。 不过，也有业内人士表示，目前对于2026年"开门红"的产品排布、销售档期等，都已基本确定。但部分 银行"开门红"的动员力度相较往年有所减弱，这主要是与行业"重持营、轻首发"的导向有关。 "开门红则全年红"。临近年底，各大银行销售渠道及基金公司都卯足了劲，备战明年"开门红"。 据中国基金报记者了解，银行渠道"开门红"已经进入紧锣密鼓筹备阶段，部分动作较快的银行已经于11 月提前启动"开门红"。 ...

【导读】银行开启冲刺2026年"开门红"，权益类和"固收+"或唱主角 中国基金报记者 方丽 陆慧婧 基金发行回暖也直接提振了银行筹备明年"开门红"的士气，多家银行在积极筹备中。 据一位银行系基金公司人士反馈，" 开门红 " 作为银行的传统营销旺季，其任务指标会占到 全年的很大比重。 " 开门红 " 领先，大概率全年业务就比较好； " 开门红 " 落后，后续追 赶就非常难。 "开门红则全年红"。临近年底，各大银行销售渠道及基金公司都卯足了劲，备战明年"开门 红"。 据其了解， 目前各 大银 行基本进入 " 开门红 " 阶段。由于节奏略有差异，部分银行11月就 会提前进入 " 开门红 "，而有些 银行可能到12月或者1月才会启动 " 开门红 "。 但整体看， 银行 业务基本已进入紧锣密鼓的推动阶段 。 据中国基金报记者了解，银行渠道"开门红"已经进入紧锣密鼓筹备阶段，部分动作较快的银 行已经于11月提前启动"开门红"。不过，各家渠道"开门红"力度不一，部分渠道的力度与往 年相仿，还有部分渠道已经淡化"开门红"，将更多的精力放在持续营销上。 从推荐力 度来看，目前的 力度与往年相仿。 在 净息差收窄及降费背景下，银 ...

金工量化专题报告 基准库落地，工具化时代或将全面来临 中美基金基准对比与启示 核心结论 本文分析中美公募（共同）基金业绩比较基准的变迁及现状，对比中美主动 权益基金相较业绩基准的偏离幅度及其可能成因，探讨中国主动权益基金的 发展趋势。 【报告亮点】 【主要逻辑】 证券研究报告 2025 年 11 月 20 日 分析师 冯佳睿 S0800524040008 13564917688 fengjiarui@research.xbmail.com.cn 陈曼莲 S0800525070005 15992376137 chenmanlian@research.xbmail.com.cn 相关研究 主要结论一、中美主动权益基金中，分别以沪深 300 指数和标普 500 全收 益指数为基准的基金数量最多，但集中度呈现下降趋势。 当前，中美市场主动权益基金业绩比较基准均以宽基指数为主，且集中度较 高，但近 2 年呈现多样化趋势。中国市场当前约 7.24%（239 只）的主动权 益基金的基准指数不在基准库中，这部分基金或面临一定的基准调整压力。 主要结论二、中国主动权益基金偏离幅度明显高于美国，我们认为，基金销 售模式的差异以及 ...

Group 1 - Multiple foreign institutions have released outlook reports for 2026, collectively optimistic about the long-term allocation value of the Chinese stock market, with UBS and Morgan Stanley raising target index levels for the Chinese market [1] - The recent actions of foreign institutions, including increased research and accumulation, indicate a strong commitment to investing in Chinese assets, supported by the steady advancement of high-level institutional openness in China's capital market [1] - The active equity funds have outperformed passive index products in a high volatility market environment, with notable funds like Taixin Development Theme leading the charge [1] Group 2 - The pharmaceutical theme funds are showing signs of recovery after a two-month adjustment, with several funds stabilizing and some even regaining upward momentum, driven by the introduction of a "commercial insurance innovative drug catalog" mechanism in medical insurance negotiations [2] - The lithium battery materials sector continues to experience a "volume and price rise," with battery-grade lithium carbonate prices reaching a new high of 97,550 yuan per ton, benefiting the salt lake lithium extraction industry [3] - The energy storage sector has seen multiple stocks doubling in value this year, with leading companies like Haibo Sichuang and Huasheng Lithium Battery showing significant gains [3] Group 3 - The number of newly registered private equity securities investment funds has exceeded 10,000 this year, with equity strategies dominating the issuance market, reflecting increased market participation [4] - The net subscription amount for equity ETFs has reached 484.69 billion yuan in November alone, indicating a strong influx of capital into the market [4] - The China Securities Regulatory Commission (CSRC) has optimized the ETF registration and listing review process, which is expected to enhance market vitality and promote high-quality development of ETFs [5] Group 4 - Over 70 A-share listed companies have disclosed significant contract signings or strategic cooperation agreements since October, with a focus on industries such as machinery and power equipment [8] - The merger and acquisition activity in the securities industry is intensifying, with China International Capital Corporation planning to absorb and merge Dongxing Securities and Xinda Securities through a share exchange [8] - The integration of banking and social platforms is deepening, with over 65 official accounts established by banks on platforms like Xiaohongshu, indicating a trend towards digital engagement in the banking sector [9]

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。 ...

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 ...