昨天有读者看完《一看就懂！挑选基金的十大指标》后补充，卡玛比率也是一个重要参考指标，确实如此，此前我也有多篇文章介绍。 基础筛选篇 推荐阅读： 介绍九位能涨抗跌的基金经理，最关键的是基金经理本人持有超100万份！ 近五年业绩优秀的主动基金都长啥样 夏普比率选出的十大牛基（10年期） 卡玛比率是一个非常实用且高效的"排雷"和"择优"工具。它衡量的是每承受一单位"最大回撤"，能带来多少超额回报。 其计算公式为： 卡玛比率 = 年化收益率 / 最大回撤 比率越高，说明基金的风险调整后收益越好，也就是"性价比"越高。 以下是卡玛比率的10种具体用法，从基础到高级，助你更好地筛选基金： 一、初步快速排雷 用法：将卡玛比率设为第一个筛选条件。例如，在所有同类基金中，只考虑卡玛比率大于1的基金。卡玛比率小于1，意味着你承受的回撤痛苦可能大于你获 得的收益，这类基金需要谨慎考虑。 目的：快速剔除掉那些收益与风险不匹配的"差生"。 二、同类基金对比 用法：在比较同类型、同主题的基金时（例如都是"医药主题基金"或都是"沪深300增强基金"），直接对比它们的卡玛比率。比率更高的那只，通常意味着 基金经理在控制回撤和获取收益方面做得 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.9.22-2025.9.26）原油价格大涨，国内权益市 场指数普遍上涨，港股回调。行业方面，本周电力设备、有色金属、电子行业涨幅居前，社会服务、综 合、商贸零售行业跌幅居前。基金市场方面，本周权益基金表现较好，纯债型基金业绩回撤。 基金产品发行情况： 本周国内新基市场热度持续，新成立基金61只，合计发行份额为366.07亿份。其中股票型基金30只、债券 型基金7只、混合型基金17只、国际(QDII)基金1只、FOF基金6只。全市场新发行基金11只，从类型来看， 股票型基金6只、FOF基金4只、混合型基金1只。 基金产品表现跟踪： 长期行业主题基金指数表 ...

2025 年 9 月 1 日 总量研究 TMT 主题基金涨幅优势延续，超百亿资金加仓 TMT、周期行业 ETF ——基金市场与 ESG 产品周报 20250901 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.8.25-2025.8.29）国内权益市场热度持续，创业板指上涨 7.74%，港股 呈现调整。行业方面，本周通信、有色金属、电子行业涨幅居前，纺织服 饰、煤炭、银行行业跌幅居前。基金市场方面，本周权益型基金整体表现较 好，偏股混合型基金领涨，混合债券型一级基金回调。 基金产品发行情况：本周国内新基市场热度上升，股票型基金发行火热，新 成立基金 44 只，合计发行份额为 282.05 亿份。其中股票型基金 29 只、混 合型基金 5 只、债券型基金 5 只、FOF 基金 2 只、REITs1 只、货币市场型 基金 2 只。全市场新发行基金 29 只，从类型来看，股票型基金 19 只、混合 型基金 7 只、债券型基金 3 只。 基金产品表现跟踪：行业主题基金方面，本周各主题基金净值多数上涨， TMT 主题基金涨幅优势延续，净值上涨 5.85%，金融地产、医药主题基金呈 现回 ...

Core Insights - Since the "9·24" market rally last year, 209 mutual funds have doubled their net asset value, with over 70% being actively managed equity funds [1][4][15] - The market has shown strong bullish trends, with the Hang Seng Index surpassing 25,000 points and the Shanghai Composite Index breaking through key levels of 3,600 and 3,700 points [2][3] Active Equity Funds Performance - Among the 209 funds that have doubled, 155 are actively managed equity funds, significantly outperforming index funds during this period [2][4] - The best-performing active equity fund has outperformed the highest-gaining index fund by over 90 percentage points, while the top active fund in the Beijing Stock Exchange has a performance gap of nearly 150 percentage points compared to the corresponding index fund [2][13] North Exchange Theme Funds - The North Exchange theme funds have emerged as leaders in performance, with 11 out of 124 doubling funds being from this category, occupying the top three positions in terms of returns [5][6] - The North Exchange 50 Index has seen a cumulative increase of over 162% since September 2024, driving the strong performance of related theme funds [7] Sector Performance - Various sectors such as dividends, artificial intelligence, banking, and innovative pharmaceuticals have shown active performance, with funds focused on these areas yielding substantial profits [7] - Specific funds like Yongying Advanced Manufacturing and Debon Xinxing Value have reported net asset value increases exceeding 170% [7] Comparison with Passive Funds - In contrast to the active funds, only 54 passive index funds have doubled their returns since the "9·24" rally, indicating a significant disparity in performance [13][15] - The average returns of actively managed equity funds are now comparable to those of index funds, marking a shift in the investment landscape [3][15]

Core Viewpoint - The active equity funds are gaining attention in the market due to both the scale of issuance and investment performance, with over 95% of these funds achieving profitability in the last three months [1][5]. Group 1: Fund Issuance and Performance - As of August 12, several public funds, including E Fund and China Europe Fund, have announced the early closure of their second batch of floating rate funds due to high demand [3][4]. - New active equity funds are increasingly being launched, with multiple products exceeding 1 billion yuan in size, and the largest fund reaching nearly 2.5 billion yuan, marking the largest issuance scale of the year [1][4]. - The first batch of 26 floating rate funds raised nearly 26 billion yuan, with an average size of nearly 1 billion yuan and over 260,000 effective subscriptions [3][4]. Group 2: Fund Performance Metrics - Over 95% of active equity funds have achieved profitability in the last three months, with an average return of 12.49% across ordinary stock funds [5][9]. - Notably, 169 funds have returned over 20% in the last three months, with 12 funds exceeding 50% returns, including those focused on healthcare and technology sectors [5][9]. - Year-to-date, some funds have reported returns exceeding 100%, with the highest being over 120% [5][9]. Group 3: Sector Performance - The performance of active equity funds is not limited to healthcare; technology sectors such as semiconductors, integrated circuits, and robotics have also shown significant returns [1][9]. - Funds like the Financial Technology Industry A and Debon Technology Innovation Fund have reported returns exceeding 40% in the last three months [9]. Group 4: Market Outlook and Investment Strategy - The market liquidity remains supportive, and there is optimism for the short-term performance of A-shares, with a focus on "big technology + big finance" investment strategies [11][12]. - The rapid advancements in artificial intelligence and other technologies are expected to reshape various industries, indicating potential for significant investment opportunities in the coming years [11][12].

近期，"蛰伏"多年的医药赛道迎来了一波回暖，相关主题基金的业绩也"水涨船高"。Wind数据显 示，截至5月9日，在全市场280余只医疗主题基金（不同份额分开计算）中，超过100只基金年内回报率 超10%。然而，并非所有重仓医疗赛道的基金都给投资者带来了不错的持有体验，年内回报率最低的基 金跌幅已经超13%，首尾业绩相差超过50个百分点。 从资金动向来看，尽管不少医药主题基金净值回暖明显，但部分持有人似乎"去意已决"。公开数据 显示，与去年年末相比，多只年内业绩表现出色的医药主题基金规模在一季度缩水明显，甚至还有产品 徘徊在清盘线边缘。 有业内人士分析指出，在经历了几年的震荡调整后，不少持有人抱有"回本就卖"的心态。但目前医 药行业在商业逻辑、政策环境等多方面均发生了改变，从中长期角度看，仍旧看好这类主题基金的配置 价值。 医药主题基金业绩分化明显 Wind数据显示，截至5月9日，全市场280余只医疗主题基金（不同份额分开计算）中，超过100只 基金年内回报率超10%，其中6只产品年内回报率超40%。 从细分赛道来看，创新药成为医药行情中"最亮眼的存在"。以年内回报率超38%的中银港股通医药 为例，截至一季度末 ...

- The report primarily focuses on the performance of various fund categories, including equity, bond, and ESG funds, during the week of July 28 to August 1, 2025[1][2][3] - It highlights the rotation in sector-themed funds, with pharmaceutical-themed funds leading in net value growth at 3.30%, while cyclical-themed funds experienced significant pullbacks at -3.87%[2][39] - Passive index funds, particularly those focused on communication and innovative drugs, showed superior performance, with median net value changes of -1.59% for equity passive index funds[2][45] - The ETF market saw significant outflows in domestic equity ETFs, with a net outflow of 369.37 billion yuan, while Hong Kong stock ETFs experienced a net inflow of 245.42 billion yuan[3][54] - ESG funds were analyzed, with a total of 213 ESG funds in the market, amounting to a combined scale of 1,359.83 billion yuan, dominated by environmental-themed funds[4][77] - The report also includes high-frequency monitoring of active equity fund positions, showing a slight decrease of 0.18 percentage points in positions compared to the previous week[3][64]

Market Performance Overview - The domestic equity market indices continued to rise, with the ChiNext Index leading the gains. The communication, pharmaceutical, and automotive sectors showed the highest increases, while media, real estate, and public utilities sectors experienced the largest declines [2] - Equity funds performed well, with mixed equity funds rising by 3.06% during the week [2] Fund Product Issuance - A total of 35 new funds were established this week, with a combined issuance of 21.485 billion units. This included 20 equity funds, 3 bond funds, 7 mixed funds, 4 REITs, and 1 FOF fund [3] - Overall, 33 new funds were issued, comprising 18 equity funds, 8 mixed funds, 3 bond funds, 2 REITs, 1 FOF fund, and 1 international (QDII) fund [3] Fund Product Performance Tracking - The net value of long-term thematic funds increased, with the pharmaceutical theme fund showing significant performance advantages. As of July 18, 2025, the weekly performance of various thematic funds was as follows: pharmaceutical (8.38%), TMT (3.91%), defense and military industry (3.44%), and others [4] - Passive index funds in the Hong Kong market, particularly in pharmaceuticals and communications, performed well [5] ETF Market Tracking - Domestic equity ETFs saw profit-taking, with passive funds reducing their positions in broad-based ETFs. However, there was significant inflow into financial real estate and dividend-themed ETFs. The median return for domestic equity ETFs was 1.38%, with a net outflow of 15.043 billion yuan [7] - Hong Kong ETFs had a median return of 5.53%, with a net inflow of 5.289 billion yuan [7] - Themed ETFs related to the Sci-Tech Innovation Board saw a net inflow of 392 million yuan, while financial real estate themed ETFs had a notable net inflow of 4.211 billion yuan [8] Fund Position High-Frequency Monitoring - The estimated position of actively managed equity funds increased by 0.65 percentage points compared to the previous week. Funds were allocated more towards communication, household appliances, and machinery equipment, while electronic, non-ferrous metals, and food and beverage sectors saw reductions [9] ESG Financial Product Tracking - The issuance of green bonds was subdued, with 9 new green bonds issued, totaling 7.079 billion yuan. The cumulative issuance of green bonds reached 4.67 trillion yuan, with 3,992 bonds issued [10] - The median net value changes for various ESG funds were as follows: actively managed equity ESG funds (2.20%), passive equity index ESG funds (0.80%), and bond ESG funds (0.07%). Funds focused on low-carbon economy, carbon neutrality, and sustainable development showed significant performance advantages [10]

Core Viewpoint - The article discusses the performance of various sectors in the financial market, highlighting the strong performance of pharmaceutical-themed funds and the anticipated recovery in the steel sector due to policy changes aimed at eliminating outdated production capacity [3][5]. Group 1: Fund Market Insights - Equity funds continue to perform well, with mixed-asset funds rising by 3.06% [3] - Pharmaceutical-themed funds show significant advantages, while passive products in Hong Kong's pharmaceutical and communication sectors also perform well [3] - There is a noticeable trend of profit-taking in stock ETFs, with passive funds reducing exposure to broad-based ETFs while increasing investments in financial, real estate, and dividend-themed ETFs [3] Group 2: Steel Industry Analysis - The Ministry of Industry and Information Technology has revised the "Steel Industry Normative Conditions," emphasizing the orderly exit of outdated production capacity [3] - The steel sector's profitability is expected to recover to historical average levels, with price-to-book ratios likely to improve as a result [3] Group 3: Copper Market Overview - Non-commercial short positions in COMEX copper have reached their lowest level since April 2012, indicating a potential shift in market dynamics [4] - The U.S. June CPI continues to rebound, with a 94% probability that the Federal Reserve will not cut interest rates in July, which may lead to a stronger dollar [4] Group 4: Coal Mining Sector Outlook - The government is implementing a new round of policies to stabilize growth in key industries, including coal mining, which is expected to maintain an upward trend [5] - The focus on eliminating low-price competition and enhancing product quality is anticipated to support the coal sector's performance [5] Group 5: Renewable Energy Equipment Exports - In June 2025, inverter exports amounted to $920 million, remaining flat year-on-year, while component and battery exports totaled $2.2 billion, down 24% year-on-year [6] - Transformer exports increased by 48% year-on-year to 5.41 billion yuan, indicating strong demand in this segment [6] Group 6: China Power Construction Company - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly benefit China Power Construction Company [6] - The company holds over 65% market share in domestic hydropower and is projected to secure annual contracts worth 21.8 to 29.1 billion yuan from this project [6]

Group 1 - The core viewpoint highlights that the brokerage industry has shown impressive performance in the first half of the year, with a significant increase in net profits among leading firms, reflecting enhanced market activity [1] - Among 32 brokerages that disclosed performance forecasts, 29 reported growth, with a total net profit expected to exceed 500 billion yuan, indicating a strong recovery in the sector [1] - The top-performing brokerages, such as Guotai Junan and CITIC Securities, have seen substantial profit increases, with Guotai Junan's net profit projected to grow by 205% to 218% year-on-year [1] Group 2 - Huatai Securities has received approval to issue company bonds totaling up to 40 billion yuan, which is expected to optimize its capital structure and support its stock price [2] - The approval reflects market confidence in Huatai Securities' qualifications and is likely to enhance the overall financing capacity of the brokerage sector, boosting market liquidity [2] Group 3 - Government investment funds have significantly increased their contributions, with a year-on-year growth of 151.22%, driven by favorable policies and regulatory easing [3] - This increase in funding is expected to improve the capital structure of companies and support various industry sectors, enhancing market confidence [3] Group 4 - Over 130 funds have been liquidated this year, indicating a trend towards market-driven fund issuance and exit, with popular themes like dividends and pharmaceuticals also facing challenges [4] - The trend of fund liquidation reflects the importance of market selection and fund management capabilities, leading to increased competition within the industry [4]