根据投资目标挑选适配基金类型很重要。如果想追求市场平均收益，指数基金是优选。它跟踪特定指 数，能反映市场或板块表现。挑选时要关注跟踪误差和费率，误差小则贴合度高，费率低可节省成本， 沪深300、中证500等宽基指数基金适合多数投资者。 若想获取超越市场平均水平的超额收益，主动管理型基金是重点。挑选时要研究基金经理的过往业绩， 不仅看短期，更要关注长期稳定性，选择在不同市场阶段表现都好的产品。同时，要了解基金经理的投 资策略是否契合当前行情，比如成长股表现突出时，专注成长股投资且有成功案例的主动型基金可能会 有不错表现。 其次，构建合理组合是提高收益稳定性的关键。构建合理组合能分散风险、提高收益稳定性。行情向好 时，单一投资易受市场波动或板块轮动影响，多元化组合配置则可规避部分波动。投资者可以搭配不同 类型、行业、风格的基金，如以宽基指数基金为基础，追求跟上市场整体节奏，配置新能源、科技、消 费等行业主题基金捕捉风口，再配置部分债券或货币市场基金平衡整体投资组合的风险。多元化配置不 是全面开花，对个人投资者而言，持有5到8只基金较为适宜，持仓品种过多会增加投资难度，还可能会 拉低平均收益。 ■普惠金融·农银汇理 ...

Core Insights - The article discusses the behavior of mutual fund investors who tend to redeem their investments once they break even, reflecting deeper issues in investment psychology and strategy [2][3][4] Investor Behavior and Psychology - Many investors view "breaking even" as the ultimate goal, neglecting the potential for long-term gains [3] - Behavioral finance concepts such as "loss aversion" and "anchoring effect" contribute to irrational decision-making, leading to a cycle of holding during losses and redeeming upon slight gains [3][4] - Investors often lack a clear understanding of their risk tolerance and investment objectives, resulting in poor decision-making [3][4][15] Recommendations for Investors - Professional advisors suggest that investors should focus on long-term profitability and avoid short-term reactions to market fluctuations [4][5] - Different strategies are recommended based on the investor's current account status, such as locking in profits for those who are already in the green, or considering additional investments for those still in the red [5][6][7] - Investors are encouraged to reassess their portfolios and ensure alignment with their risk tolerance and market conditions [7][8][19] Market Conditions and Investment Strategies - The current market is characterized by a mixed performance, with some funds recovering while others remain in loss [9][12][13] - The timing of entry into the market significantly impacts investment outcomes, with those entering at lower points faring better than those who invested at market peaks [10][13] - The article emphasizes the importance of maintaining a disciplined investment approach, including diversification and adherence to long-term strategies [17][19][20] Conclusion - The article highlights the need for investors to adopt a more rational and informed approach to mutual fund investments, focusing on long-term goals rather than short-term market movements [15][20]

Core Viewpoint - The article discusses the behavior of mutual fund investors as the Shanghai Composite Index surpasses 3600 points, emphasizing the need for investors to reassess their strategies and avoid impulsive decisions based on short-term market fluctuations [3][4]. Investor Behavior and Challenges - Many investors exhibit a "redemption upon breakeven" mentality, which reflects a fundamental misalignment in their investment understanding and behavior [5][6]. - Behavioral finance concepts such as "loss aversion" and "anchoring effect" contribute to this mindset, leading investors to make irrational decisions based on short-term price movements rather than long-term potential [6][7]. - The lack of a clear long-term investment plan often results in investors being swayed by market volatility, creating a cycle of holding during losses and redeeming upon minor gains [6][7]. Proposed Solutions - Investment advisory firms suggest focusing on "investor account profitability" and aligning investment strategies with reasonable time horizons to mitigate losses from mismatched funding [7]. - Fund companies and sales channels are encouraged to enhance investor education, improve communication, and create mechanisms that align the interests of fund managers and investors [7]. Differentiated Strategies for Various Investor Scenarios - For investors who have returned to profitability, it is recommended to "lock in profits" partially before making further decisions, especially if the fund's long-term performance is stable [9][10]. - Investors who are still at breakeven but with minimal gains should evaluate valuation levels and industry trends to make informed decisions about adjusting their positions [10]. - Investors who are still "underwater" may consider averaging down if the fund's fundamentals remain strong, while those with deteriorating fundamentals should consider cutting losses [10]. - For investors with no positions or light positions, a gradual entry strategy is advised, focusing on low-volatility products initially [11]. Portfolio Review and Adjustment - Investors are encouraged to reassess their fund holdings, ensuring alignment with their initial investment strategies and risk tolerance [12][13]. - Key factors to consider include industry diversification, equity-to-bond ratios, and the stability of fund managers' investment styles [13][14]. - Continuous evaluation of fund performance against peers is crucial, particularly in volatile market conditions [14]. Market Outlook and Investment Discipline - The current market environment is characterized as an "investment new cycle," with a recommendation for investors to maintain patience and adhere to investment discipline [25][26]. - Investors are advised to manage their funds across different time horizons and to engage in systematic investment approaches like dollar-cost averaging [30][31]. - Emphasis is placed on the importance of constructing a well-diversified portfolio to mitigate risks associated with market fluctuations [31].

Core Viewpoint - The article emphasizes the importance of risk assessment in investment, highlighting that understanding one's risk tolerance is crucial for selecting suitable fund products and making informed investment decisions [3][4][10]. Risk Assessment - Risk assessment is a process to determine an investor's risk tolerance, which helps in identifying appropriate fund investments [4][5]. - Fund products are categorized into five risk levels (R1 to R5), with R1 being low risk and R5 being high risk, while investors are classified into five categories (C1 to C5) based on their risk tolerance [5][6]. - The classification allows investors with lower risk tolerance (C1) to invest in low-risk products (R1), while those with higher risk tolerance (C5) can invest in a broader range of products, including high-risk options [5][7]. Changes in Risk Tolerance - An investor's risk tolerance is generally stable over short periods but can change over longer durations due to factors like age, family assets, and financial knowledge [8]. - For instance, a novice investor may start with a low-risk tolerance (C1) but may evolve to a higher risk tolerance (C2 or C3) as they gain experience and knowledge [8]. Investment Planning - Investors should avoid following market trends and instead focus on investments that align with their risk tolerance [10][11]. - A diversified investment portfolio should be constructed based on risk tolerance, with lower-risk investors (C1, C2) primarily investing in fixed-income funds while allowing for some exposure to mixed funds [11]. - It is crucial for investors to anchor their investment strategies to their risk tolerance rather than market fluctuations to avoid emotional decision-making during market volatility [11]. Long-term Investment - The article advocates for a long-term investment approach, emphasizing that investors should commit to holding suitable funds over time to achieve satisfactory returns [11].

Group 1 - The core viewpoint of the report indicates a positive upward trend in major indices, with the coal industry leading the gains [1][6]. - The A-share market showed a strong performance, particularly the ChiNext index, which rose by 2.76% [3][6]. - Among the major asset classes, industrial products outperformed others, while bonds, gold, and oil experienced declines [3][6]. Group 2 - In the fund market, the average stock position of all funds was 78.49%, a decrease of 0.40 percentage points from the previous week [3][10]. - Equity products showed varied performance, with passive index funds averaging a 2.53% increase, while ordinary stock funds rose by 1.75% [11][12]. - The report highlights that 27 out of 31 industries experienced gains, with construction materials and coal showing the highest increases [6][11]. Group 3 - The report notes that 47 new funds were established this week, raising a total of 17.765 billion, a decrease from the previous week [22][24]. - The total number of public funds reached 12,990, with a net asset value of 33.80 trillion [24][25]. - The report emphasizes the increasing allocation of public funds to the Sci-Tech Innovation Board, with a record high in stock allocation [26][27].

Core Insights - The total number of new funds launched in the first half of the year reached 680, representing a 7.94% increase compared to the same period in 2024, although the total fund shares issued decreased by over 20% to 5026.58 billion [1][3] Fund Types - Equity funds emerged as the main contributors to fundraising, with 390 equity funds launched, accounting for 57.35% of the total, marking a 66.67% increase year-on-year. Among these, passive index funds were particularly notable, with 293 issued, making up 75.13% of equity funds [3] - FOF funds also saw significant growth, with 31 new funds launched, an increase of 82.35% compared to the previous year [3] - Conversely, other fund types such as bond funds, mixed funds, and QDII funds experienced declines in issuance. A total of 131 bond funds were launched, representing 19.26% of the total, with long-term pure bond funds dominating this category [3] - Mixed funds had 110 new products, accounting for 16.18%, with equity-mixed funds making up a substantial 90.91% of this category [3] - The QDII fund segment faced challenges, with only 8 new funds launched, showing a significant decrease year-on-year [3] Equity Fund Performance - The combined total of newly issued equity funds and equity-mixed funds reached 490, which constitutes 72.06% of all new funds launched in the first half of the year [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the performance comparison benchmarks of domestic active bond funds. It analyzes the benchmark settings of various sub - types of active bond funds and their deviations in actual operations. After the release of the "Action Plan", some bond funds have adjusted their performance comparison benchmarks. The report also studies the correlation between funds and benchmarks, tracking errors, and excess returns [1][9]. 3. Summary According to the Table of Contents 3.1 Introduction On May 7, 2025, the CSRC issued the "Action Plan for Promoting the High - quality Development of Public Funds", emphasizing the importance of performance comparison benchmarks. The report, as the second in the series, will analyze the benchmark settings and actual operation deviations of domestic active bond funds [9]. 3.2 Active Bond Fund Performance Comparison Benchmark Characteristics - **Generalized Active Bond Fund Sample Selection**: As of May 7, 2025, 4191 generalized active bond funds in existence and with performance comparison benchmarks were selected as samples, with a total scale of 9.05 trillion yuan. The samples include 7 types of funds, and the medium - long - term pure - bond funds have the largest number and scale [9][10][12]. - **Performance Benchmark Composition Method**: The performance comparison benchmarks of active bond funds have various forms, mainly including single bond indexes or weighted composites of different indexes. The component indexes can be classified into 6 major categories, and the bond index can be further divided into 5 sub - types, while the stock index can be divided into 9 sub - types [13]. - **Performance Benchmark Commonly Used Indexes**: The top ten "main benchmark indexes" of medium - long - term pure - bond funds are mainly indexes compiled by ChinaBond. For example, the number of funds with ChinaBond - Composite Full Price (Total Value) Index as the main benchmark index is 964, accounting for 52.56%. The main benchmark indexes of convertible bond funds are mainly convertible bond indexes, with CSI Convertible Bond Index being the most used. The main benchmark indexes of fixed - income enhanced funds are mainly A - share market indexes such as CSI 300 Index [36][41][50]. - **Comparison of Commonly Used Index Clusters**: The ChinaBond index system is compiled by the Central Government Bond Depository Trust & Clearing Co., Ltd., and the CSI index system is compiled by CSI Index Co., Ltd. The component bond listing locations, remaining maturities, and credit ratings of ChinaBond and CSI indexes are different [54][57]. - **Weight Distribution of "Main Benchmark Indexes"**: For most active bond funds, the weights of ChinaBond - Composite Full Price (Total Value) Index and ChinaBond - Composite Wealth (Total Value) Index are mainly in the range of 90 - 100% for medium - long - term pure - bond funds, mixed bond - type first - level funds, and mixed bond - type second - level funds. The weights of equity indexes in the performance comparison benchmarks of mixed bond - type second - level funds, convertible bond - type funds, and partial - debt hybrid funds are relatively concentrated [62][66]. 3.3 Fund Performance and Benchmark Correlation and Other Analyses - **Correlation Analysis between Active Bond Funds and Their Benchmarks**: From 2022 to 2025, convertible bond - type funds, short - term pure - bond funds, medium - short - term pure - bond funds, medium - long - term pure - bond funds, and partial - debt hybrid funds have relatively high correlations with their performance comparison benchmarks, while mixed bond - type first - level funds and mixed bond - type second - level funds have relatively low correlations [72][73]. - **Tracking Error and Excess Return of Funds Relative to the Benchmark**: The average tracking error of pure - bond funds is less than that of products with embedded options. Among fixed - income enhanced bond funds, first - level bond funds have lower tracking errors, second - level bond funds and partial - debt hybrid funds are relatively close, and convertible bond funds have the highest and most volatile tracking errors. Most pure - bond funds can outperform the benchmark in most years, and the average outperformance is within 2%. Among fixed - income enhanced funds, partial - debt hybrid funds have relatively high average excess returns [3][78]. - **Distribution of Fund Types with Significant Underperformance against the Benchmark**: Pure - bond funds have relatively small deviations from the benchmark and a low proportion of significant underperformance. The performance of fixed - income enhanced funds is related to the selected time interval and the performance of the equity market. In the long - term, active bond funds have the ability to obtain positive excess returns relative to the benchmark, but there are significant performance differences within each type of fund [3].