数据来源：华龙证券研究所 图虫创意/供图 证券时报记者 安仲文 一场静水流深的"体重管理"变革，正在资产管理规模超30万亿元的公募基金行业悄然上演——作别 昔日"大而全"的规模扩张路径，迈向"精而美"的内涵式发展新阶段；产品货架也逐步从琳琅满目的"百 货商场"，向优中选优的"精品超市"进化。 证券时报记者注意到，越来越多的基金公司开始理性看待规模暴增，主动为产品"瘦身"——既不在 业绩高光时刻乘机营销猛吸金，也不执念于准清盘基金的"保壳"挣扎。这种对市场规律的敬畏与对资源 集约的追求，也标志着公募基金行业已从"增肉"转向"增肌"，重塑增长逻辑。 绩优基金主动管理"体重" 基于对可持续业绩回报与规模增长的深刻理解，不少基金公司已不再单纯追求规模的"虚胖"。 过去，规模几乎是衡量基金公司强弱的唯一标尺，行业也深陷"重首发、轻回报"的怪圈。然而，在 近期市场回暖、赚钱效应凸显的背景下，与以往"敞开大门全力吸筹"的景象截然不同，一批绩优基金选 择了"闭门谢客"。这些基金密集发布的限购公告，成为市场上的一道独特风景线。 实际上，限购并非顶流产品与头部公司的专属策略，这一风潮正逐步蔓延至中小型公募的拳头产 品。比如，基金 ...

Core Insights - Index funds have significantly outperformed active equity funds in 2023, with many achieving year-to-date returns exceeding 90%, even approaching 100% [1][2] - The performance gap is particularly notable among large public funds, where index funds have outperformed their actively managed counterparts, highlighting the limitations of active fund managers in extreme market conditions [1][3] Performance Comparison - Several index products, such as the GF Hong Kong Innovation Drug ETF and the Huatai-PineBridge National Innovation Drug ETF, have achieved returns of over 90% and 95% as of August 1, 2023, outperforming 90% of active equity products [3][4] - For instance, the GF Hong Kong Innovation Drug ETF has a return of 95%, while its actively managed counterpart, the GF Shanghai-Hong Kong-Shenzhen Pharmaceutical Fund, has a return of 79% [3][4] - The Tianhong Hong Kong-Shenzhen Innovation Drug ETF has a return of 51%, compared to 34% for the Tianhong Healthcare Fund [3][4] Market Dynamics - The extreme performance of index products is closely linked to the current market conditions, particularly in the innovative pharmaceutical sector, where index funds can fully capitalize on their stock positions [6][7] - Active equity funds often fail to maintain full exposure to the pharmaceutical sector, limiting their performance compared to index funds that have clear and transparent allocations [6][7] Transparency and Strategy - Index products benefit from mandatory regulations regarding their holdings, leading to greater transparency compared to the flexibility afforded to active fund managers, which can result in unpredictable portfolio compositions [5][7] - The shift in focus among active fund managers, such as moving from "medical" to "innovative drugs," has led to underperformance as they struggle to adapt to market trends [8] Industry Trends - The rise of index funds is becoming a key strategy for public funds to reduce costs and reliance on star fund managers, with over 90% of new equity fund launches in 2023 being index products [10] - The integration of AI technology in asset management is expected to further enhance the efficiency of index funds, allowing for better analysis and personalized index product offerings [10]