3800点基民大调查，基金仍是主流配置 8月22日，上证指数突破3800点，刷新2015年6月以来逾十年新高。8月25日，上证指数继续上涨，逼近3900点。 此时，基金投资者的情绪与操作正在发生怎样的变化？中国基金报面向基金投资者开展"沪指突破3800点，你准备好了 么？"的专项调查。 此次调查收集到来自全国各地超5万份基金投资者问卷。从投资者结构来看，经历过一定牛熊周期考验的"成长型投资 者"成为主力，基金仍是多数人的核心配置品类；面对指数高位波动，近五成投资者对市场长期走势持乐观预期，但目 前选择"防御性减仓"；超七成受访者认为大盘有望继续突破压力位。 多数受访者认为，经济基本面、政策面因素是这轮行情的主要推手，也是接下来需要关注的重点；板块偏好上超半数 投资者看好科技板块，九成以上投资者计划调整持仓结构，更倾向于价值股。 投资策略方面，波段操作与长线持有均获得较大比例支持，决策时投资者主要参考企业财报和宏观数据。 此外，指数化配置崛起，指数基金渐成权益投资偏好的品类；明星基金经理效应减弱，投资者筛选基金更看重基金经 理的从业经验及过往业绩。 从调查数据来看，基民正处于"情绪修复"与"理性投资"的交织中。 ...

【导读】 3800点基民大调查，基金仍是主流配置 中国基金报记者 方丽 张燕北 曹雯璟 陆慧婧 基金成配置"压舱石" 此次调查收集到来自全国各地超5万份基金投资者问卷。从投资者结构来看，经历过一定牛熊 周期考验的"成长型投资者"成为主力，基金仍是多数人的核心配置品类；面对指数高位波 动，近五成投资者对市场长期走势持乐观预期，但目前选择"防御性减仓"；超七成受访者认 为大盘有望继续突破压力位。 多数受访者认为，经济基本面、政策面因素是这轮行情的主要推手，也是接下来需要关注的 重点；板块偏好上超半数投资者看好科技板块，九成以上投资者计划调整持仓结构，更倾向 于价值股。 投资策略方面，波段操作与长线持有均获得较大比例支持，决策时投资者主要参考企业财报 和宏观数据。 此外，指数化配置崛起，指数基金渐成权益投资偏好的品类；明星基金经理效应减弱，投资 者筛选基金更看重基金经理的从业经验及过往业绩。 从调查数据来看，基民正处于"情绪修复"与"理性投资"的交织中。在市场震荡上行过程 中，"不赌短期波动、聚焦长期价值"的理性配置思路，将是基民穿越周期的关键。 "1~5年投资经验"者居多 8月22日，上证指数突破3800点，刷新 ...

随着权益市场热度回升，不少次新基金已择机入市。 截至8月22日，近期成立28只浮动费率基金，上周（8月18日—8月22日）内最高收益率接近8%。8月中 旬以来成立的其他主动权益基金，上周内均出现净值波动。7月成立的基金，净值波动更明显，上周内 最高收益接近7%。另外，近期上市的股票ETF，在发布上市公告书到正式上市短短几天里，也迅速提 升了股票仓位。 业内人士对记者表示，当前行情热度有所上升，次新基金多数选择快速建仓。但从阶段性看，短期要注 意市场情绪过高以及获利资金了结带来的波动风险。 主动权益基金建仓迹象明显 由于成立时间和本轮行情基本一致，首批26只和第二批2只已成立的新型浮动费率基金，成为观察权益 基金建仓情况的重要窗口。 截至8月22日，28只已成立的浮动费率基金已悉数建仓，从上周一周的收益率情况来看，有8只产品收益 率超过2%，成立于6月19日的嘉实成长共赢A上周收益率为7.81%；银华成长智选A、华商致远回报A、 景顺长城成长同行等收益率均超过6%，成立时间在6月下旬到7月中旬。另外，成立于8月中旬的中欧核 心智选A和易方达价值回报，上周分别微涨0.08%和0.30%。此外，还有10只成立于6月 ...

A股ETF再被基民买至溢价。 A股市场火爆，场内交易的A股ETF成为批量溢价主角，这也是市场表现过热的重要信号之一。 有基金专业投资者表示担忧，若开盘后，芯片概念股上涨行情难以延续，这些高溢价ETF二级价格将大 幅回落。 8月22日，芯片与人工智能板块的强势爆发，驱动资金大幅流入相关ETF，成为本年度主题ETF行情的 一个重要缩影。 8月份，A股迎来强劲反弹行情，上证指数连续攻克3600点、3700点和3800点，ETF迎来普涨行情，千余 只股票型ETF中仅有10余只ETF年内亏损，7只ETF年内价格翻倍，220只ETF年内涨幅超过30%。 8月22日，半导体、通信设备、软件开发、计算机设备等板块领涨，科创50指数大涨8.59%，相关主题 ETF纷纷大涨，超140只ETF单日涨幅超过5%，其中20余只ETF涨幅超过10%。 "买股票不如买ETF""牛市选股不如买ETF"等吸睛言论再次刷屏，与此同时，"买少了""还能追吗""接下 来还会涨吗"等言论层出不穷，也引发了专业人士对于基民可能非理性追涨的担忧。 热门主题ETF涨幅惊人 8月22日，A股行情再度爆发，科创板芯片股大涨，引发资金抢购相关主题ETF，多只ET ...

Core Viewpoint - The A-share market is experiencing a significant rally, with the Shanghai Composite Index reaching a nearly ten-year high and the total market capitalization surpassing 101 trillion yuan, marking a substantial increase from the previous year [2][3]. Market Performance - The A-share market's total market capitalization increased by 15.63 trillion yuan this year, reaching 101.18 trillion yuan as of August 21 [2]. - Personal investors hold approximately 33% of the shares, resulting in a net increase of 5.16 trillion yuan in market value for individual investors, equating to an average profit of about 21,500 yuan per investor this year [3]. Fund Performance - A significant number of funds have returned to profitability, with over 1,100 active equity funds reaching historical net asset value highs in recent trading days [4][5]. - The Wind data indicates that 98% of the 4,539 active equity funds have generated positive returns this year, with an average return rate of 20.14% [6]. - The Wen index for active equity funds has risen by 21.92% this year, outperforming the CSI 300 index by approximately 15 percentage points [6]. Sector Analysis - The technology and pharmaceutical sectors have shown particularly strong performance, with ten funds achieving over 100% returns this year [7]. - Fund managers are generally optimistic about the market's medium to long-term trends, with many increasing their positions in technology stocks [13]. Fund Redemption Trends - Although there has been some redemption pressure, it has eased recently, with some funds experiencing large redemptions not due to profit-taking but because clients feel the funds are not performing quickly enough [9]. - Concerns about potential market corrections exist, as historical patterns suggest that rapid market increases can lead to significant pullbacks [10]. Investment Strategies - Fund managers are focusing on sectors with high growth potential, such as AI, semiconductors, and healthcare, while also considering value sectors like finance and insurance [14][15]. - The current market is characterized by a structural bull market, with a preference for high-dividend and high-growth assets [14].

Core Viewpoint - The article highlights the psychological struggle of investors in the current A-share market, where many are torn between the fear of missing out on potential gains and the anxiety of losing their recently gained profits as the market rebounds [4][10]. Group 1: Investor Sentiment - Investors like Xiao Hu, who have been in a prolonged state of loss, are experiencing a shift in mindset as their funds begin to recover, leading to increased anxiety about whether to redeem their investments or hold on for further gains [6][10]. - The recent market recovery has seen over 1,450 active equity funds achieve returns exceeding 50%, with 166 funds doubling their performance, which has intensified the emotional turmoil among investors [7][8]. - The phenomenon of "loss aversion" is prevalent, where investors feel the pain of losses more acutely than the joy of equivalent gains, prompting them to lock in profits as soon as they break even [11]. Group 2: Market Dynamics - As of August 19, nearly 1,300 funds have seen their net asset values rise above 1 yuan, a significant recovery from the previous year when over half of the funds were below this threshold [8]. - The market has witnessed a structural shift, with a notable increase in redemption requests as investors opt to "cash out" amidst the recovery, while new investors are more inclined to diversify their investments rather than concentrate on single products [13][14]. - Despite the redemption pressures, many equity funds are still experiencing net inflows, indicating a complex market environment where investor confidence is gradually rebuilding [14][15]. Group 3: Fund Management Strategies - Fund managers are advised to respect investor decisions regarding redemptions and focus on providing tailored product solutions that align with current market conditions and investor needs [12][15]. - The shift in focus from merely preventing redemptions to enhancing service for remaining clients is emphasized, suggesting that fund companies should offer customized investment strategies to cater to varying risk appetites and financial goals [15].

Group 1 - The A-share and Hong Kong stock markets have been on a bullish trend since the "9·24" market rally, with significant improvements in market sentiment [1][2] - Since July this year, the Hang Seng Index has surpassed 25,000 points, while the Shanghai Composite Index has broken through key levels of 3,600 and 3,700 points [2] - A total of 209 public funds have seen their unit net value growth rates double since the "9·24" rally, with 155 of these being active equity funds, indicating a strong recovery in this category [4][13] Group 2 - Active equity funds have shown a remarkable ability to generate excess returns, outperforming index funds significantly, with the best-performing active fund exceeding the highest index fund return by over 90 percentage points [2][13] - The North Exchange theme funds have emerged as leaders in performance, with 11 out of 124 doubling funds being North Exchange theme funds, and the North 50 Index has surged over 162% since September 2024 [6][13] - Various sectors such as dividends, artificial intelligence, banking, and innovative pharmaceuticals have seen active performance, with funds targeting these areas achieving substantial returns [6][7] Group 3 - The average return of active equity funds is now comparable to that of index funds, marking a shift in performance dynamics [3][15] - Passive index funds have not matched the performance of active funds, with only 54 index funds achieving double returns since the "9·24" rally, indicating a stronger recovery in active management [13][15] - The overall performance of the public fund industry has improved, with the average returns of ordinary stock funds and mixed funds showing significant growth since the "9·24" rally [15]

Core Viewpoint - The current fund market is characterized by a mix of excitement and caution, with investors showing varied responses to the recent market rally, leading to both inflows and outflows in different fund categories [2][3][18]. Group 1: Market Dynamics - The A-share market has seen a significant rise, with the Shanghai Composite Index reaching a nearly ten-year high, yet the enthusiasm among fund investors remains muted, as evidenced by net redemptions in some existing products [2][6][12]. - Many investors are opting to redeem or take profits from equity products after recovering their initial investments, indicating a cautious approach despite the market's upward trend [6][12][18]. - A notable trend is the preference for funds focused on growth sectors, with significant net subscriptions observed in actively managed equity funds that have performed well and lack historical burdens [9][10]. Group 2: Fund Company Responses - Fund companies express a sense of being unprepared for the rapid market changes, with some admitting to a lack of readiness for the current bull market, which has caught them off guard [11][12]. - There is a recognition among fund managers that the current market rally is more stable compared to previous surges, with a desire for a slower, steadier growth to allow for better positioning and investment strategies [15][18]. - The overall sentiment among fund companies is optimistic, with hopes that the market will continue to grow at a sustainable pace, allowing for the absorption of existing capital and fostering solid growth [15][16][18]. Group 3: Investor Behavior - There is a clear divide in investor behavior, with some actively seeking to exit positions while others are beginning to show interest in new investments, particularly in sectors like technology and innovation [6][9][14]. - The increase in inquiries about fund investments at banks indicates a growing interest among retail investors, although actual purchase volumes remain modest [14]. - The cautious approach of investors is reflected in the limited scale of new capital entering the market, with net inflows being relatively small compared to previous periods [10][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Active equity fund positions have reached the highest level of the year, with continuous increases in the communication industry position. The market's broad - based indices generally rose last week, with the Shanghai Composite Index breaking through 3700 points. TMT industries performed strongly, while dividend - related industries such as banking and coal were weak. [4][12] - Active equity public funds have been continuously increasing their positions, and the overall position has reached the highest level of the year. Even relatively cautious "fixed - income +" funds have been continuously raising their positions. In terms of style, public funds have focused on the growth sector and shifted towards small - cap stocks. [4][12] - Public funds are optimistic about the communication industry, which has seen the most significant position increase in the past three months. The proportion in the consumer sector has decreased, and the allocation ratio of the food and beverage industry has reached a multi - year low. It is recommended to shift the allocation towards the growth sector. [4][12] 3. Summary According to the Table of Contents 3.1 Last Week's Market Review - **Broad - based Index Performance**: Last week (2025/8/11 - 2025/8/15), A - share broad - based indices generally rose, with the ChiNext Index rising significantly. As of 2025/8/15, the Shanghai Composite Index closed at 3696.77 points, up about 1.70% week - on - week; the Shenzhen Component Index closed at 11634.67 points, up about 4.55%; the ChiNext Index closed at 2534.22 points, up about 8.58%; and the CSI 300 closed at 4202.35 points, up about 2.37%. [13] - **Industry Index Performance**: TMT and non - banking industries performed well last week. The top - performing industries in terms of weekly returns were communication, comprehensive finance, non - bank finance, electronics, and computer, with returns of 7.11%, 7.07%, 6.57%, 6.44%, and 6.31% respectively. The bottom - performing industries included banking, steel, textile and apparel, coal, and construction, with returns of - 3.22%, - 2.00%, - 1.36%, - 0.77%, and - 0.59% respectively. [16] 3.2 Public Funds - **Net Value Performance**: The average net value change of active partial - stock funds last week was 3.47%. Among the 4468 funds, 3990 rose, accounting for 89.30%. The top five funds in terms of net value performance were Yongying Digital Economy Smart Selection Hybrid A, SDIC UBS Jinbao Flexible Allocation Hybrid, SDIC UBS Advanced Manufacturing Hybrid, SDIC UBS New Energy Hybrid A, and SDIC UBS Industry Trend Hybrid A, with weekly net value changes of 18.81%, 17.88%, 17.34%, 17.29%, and 17.01% respectively. [4][18] - **Position Calculation**: As of 2025/8/15, the average position of active equity funds was about 89.14%. Among them, the average position of common stock funds was about 91.41% (up 0.86 pct from the previous week), the average position of partial - stock hybrid funds was about 88.93% (up 1.90 pct), the average position of allocation funds was about 88.23% (up 2.61 pct), and the average position of "fixed - income +" funds was about 23.48%, up 0.43 pct from the previous week. [2][22] - **Style Trends**: Recently, public funds have mainly been allocated to the small - cap growth style. As of 2025/8/15, the positions of active partial - stock funds in large - cap growth, large - cap value, mid - cap growth, mid - cap value, small - cap growth, and small - cap value were 27.52% (up 0.19 pct from the previous week), 9.4% (down 0.69 pct), 9.51% (down 0.37 pct), 5.96% (up 0.3 pct), 43% (up 1.06 pct), and 4.62% (down 0.5 pct) respectively. [3][29] - **Industry Trends**: From the perspective of the weighted average of stock - holding market value, the industries with a significant increase in the allocation ratio of active equity funds last week were communication (about 6.19%, up 0.86 pct from the previous week), non - ferrous metals (about 4.31%, up 0.42 pct), petroleum and petrochemicals (about 1.17%, up 0.33 pct), comprehensive (about 0.52%, up 0.30 pct), and real estate (about 1.03%, up 0.24 pct). The industries with a significant decrease were food and beverage (about 3.96%, down 0.62 pct), electronics (about 15.99%, down 0.54 pct), national defense and military industry (about 5.05%, down 0.52 pct), banking (about 3.57%, down 0.43 pct), and textile and apparel (about 1.09%, down 0.32 pct). [4][32] - **ETF Market Tracking**: Last week (2025/8/11 - 2025/8/15), domestic stock ETFs had a net outflow of about 23.799 billion yuan, cross - border ETFs had a net inflow of about 16.335 billion yuan, bond ETFs had a net inflow of about 12.633 billion yuan, and commodity ETFs had a net outflow of about 1.719 billion yuan. [39] - **Newly Established Funds**: This year, 171 active equity funds have been newly issued, with a total scale of about 68.102 billion yuan, about 130.65% of the same period in 2024; 356 passive equity funds have been newly issued, with a total scale of 184.103 billion yuan, about 320.38% of the same period in 2024. [44] 3.3 Main/Active Capital Flows - **Main Capital Flow**: Last week, the main capital flowed into non - bank and electronics sectors and flowed out of national defense and military industry and machinery sectors. [5][56] - **Active Capital Flow**: The net main - buying amount last week was about - 1016.139 billion yuan. Active capital flowed into non - bank and electronics sectors. The industries with the highest net main - buying amounts were non - bank finance, electronics, computer, communication, and non - ferrous metals; the industries with significant outflows were machinery, national defense and military industry, banking, power and public utilities, and medicine. [5][56]

Group 1 - The average return of actively managed equity funds is approximately 18% this year, with 96% of funds achieving positive returns and 180 funds exceeding 50% returns [1][2] - Notable funds include Changcheng Pharmaceutical Industry Selected Mixed Fund with a return of 128.53% and Yongying Technology Selected Mixed Fund with a return of 119.8%, among others that have doubled their net value [2][3] - The emergence of "doubling funds" in the actively managed equity fund category is a significant indicator of active investment capability, marking the first occurrence since 2022 [3] Group 2 - The issuance of actively managed equity funds has significantly rebounded, with several funds exceeding 2 billion yuan in issuance scale, including Dachen Insight Advantage Mixed Fund at 2.461 billion yuan [4] - Many funds have ended their fundraising early due to high demand, indicating a strong market interest [4] - Over 30 high-performing funds have announced restrictions on large subscriptions, reflecting the competitive nature of the current market [4] Group 3 - Institutional investors are optimistic about the market, with active equity fund positions increasing for three consecutive weeks, reaching an average of approximately 90.55% for ordinary stock funds [5][6] - Fund managers express confidence in the market's long-term stability, citing low risk-free interest rates and the attractiveness of equity assets compared to bonds and real estate [6] - Positive market sentiment is expected to attract more incremental capital, with structural investment opportunities arising from advancements in artificial intelligence and innovative pharmaceuticals [6]