国泰海通证券 10 月基金投资策略 [Table_Authors] 江涛(分析师) A 股持续演绎慢牛行情，相对偏向成长配置风格 本报告导读： 9 月 A 股持续演绎慢牛行情，反内卷政策效果在 8 月 PPI 数据已有所显现，各主要 宽基指数全月继续上涨。我们建议后续基金配置在整体维持均衡风格的前提下，适 度偏向成长，从大类资产配置角度来看可以对黄金和美股相关 ETF 进行一定配置。 投资要点： [Table_Summary] 基金投资策略 关注基金 风险提示 基本面变化、货币政策和证券市场相关政策的不确定性、资金面大 幅波动、国内改革推进力度、全球地缘政治的不确定性。 请务必阅读正文之后的免责条款部分 基金评价 /[Table_Date] 2025.10.10 | | 021-23185672 | | --- | --- | | | jiangtao4@gtht.com | | 登记编号 | S0880525040067 | | | 倪韵婷(分析师) | | | 021-23185605 | | | niyunting@gtht.com | | 登记编号 | S0880525040097 | [Table_ ...

行业指数持续拉升之际，多只业绩回暖、净值爬出泥潭的基金，反而在净值解套之后迎来较大的赎回压力。 公告显示，近期包括大成丰华稳健六个月持有期混合、华宝远恒混合和海富通优势驱动混合等多只基金，因规模不达标而遭遇清盘危机。 值得注意的是，上述三只基金在这波牛市中刚刚爬出"净值泥潭"，基民就急不可耐大幅赎回。这种"亏30%能扛、赚1%发慌"的心态，深刻折射出 基民"恐高"、"害怕市场再度回落"的心态。 三基金艰难回本却遭巨额赎回 作为一只FOF基金，大成丰华稳健六个月持有期混合在成立头2年日子并不好过。天天基金网数据显示，自2022年8月至2024年2月初，该基金净值 一度回落至0.93。 但此后一年内，随着行情回暖，大成丰华稳健六个月持有期混合净值开启了反弹之路。经过长期缓慢爬坡后，该基金净值截至2025年7月下旬终于 再度突破1元。 历经三年、终于守得云开见月明的投资人，却开始了集体"逃离"。 7月30日、31日两天，因基金资产净值低于2亿元，大成丰华稳健接连发布2则"可能触发基金合同终止情形"公告，并最终于8月4日正式发布"基金 合同终止及基金财产清算"公告。 来源：基金公告 华宝远恒混合则呈现类似情况，该基金 ...

Core Viewpoint - The recent rise in the Shanghai Composite Index has led to a recovery in many actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market average [1][2][3] Fund Performance - More than 170 of the 600+ actively managed equity funds established in 2021 have achieved positive returns, with over 98% of products gaining positive returns this year [2] - Notable performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, which has a total return of 137.21%, and several other funds with returns exceeding 80% [2] - Funds focused on AI computing power, such as E Fund Pioneer Growth A and E Fund Vision Growth A, have also shown strong performance, with returns over 80% this year [3] Redemption Pressure - Despite the recovery, many funds are facing significant redemption pressures, particularly as their net asset values approach 1 yuan, leading to concentrated redemption behaviors [3][4] - For instance, the Jiashi Hong Kong Stock Advantage Fund saw its shares drop from 64.34 billion to 49.44 billion due to nearly 15 billion shares being redeemed in a single quarter [4] Market Trends - The current redemption pressure is notably concentrated in sectors such as new energy, liquor, and pharmaceuticals, aligning with the "track-based" funds issued between 2019 and 2021 [5] - The market is transitioning from a rebound to a reversal, with the previous trend of "rising but facing redemptions" weakening, and new fund issuance is accelerating [6] Fundraising and New Issuance - As of August 13, 2023, newly established actively managed equity funds have raised over 60 billion yuan this year, with several products exceeding 10 billion yuan in initial offerings [6] - The issuance of traditional fee-based actively managed equity funds has rebounded to around 10 billion yuan in July, indicating a recovery in fundraising [6] Future Outlook - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds, stocks, and margin trading, while some may also move into lower-risk insurance products [7]

Core Viewpoint - The TOP 100 active equity fund manager list has consistently outperformed the Wind偏股基金指数 for four consecutive years, indicating the value of excellent active equity fund managers [1][2]. Group 1: Performance of Fund Managers - The TOP 100 list includes fund managers who have shown the ability to outperform their peers, with a specific focus on those managing Hong Kong stocks [4][9]. - The performance of the Hong Kong fund managers from the TOP 100 list yielded a return of 22.89% as of May 28, 2025, compared to the Hang Seng Index's 17.45% and the active Hong Kong fund index's 13.61% [9]. - Despite the success of individual fund managers, the overall active equity funds in the Hong Kong market struggle to outperform the index, similar to trends in other mature markets [9][10]. Group 2: Notable Fund Managers - Zhang Feng from 富国基金 has over 25 years of experience and has built a strong reputation in the Hong Kong market, with his fund 富国中国中小盘 being one of the top performers [12][13][14]. - Ning Jun, also from 富国基金, has a broad investment style and has managed funds that have consistently performed well, including 富国沪港深业绩驱动 [20][24]. - Bai Yang from 大成国际 has a strong academic background and has received multiple awards for his performance, managing funds that rank well in the Hong Kong market [33][41]. - Luo Jiaming, with 18 years of experience in Hong Kong, has a quality-focused investment style, but his recent performance has been disappointing due to market conditions [43][49]. - Xiong Xiaoya from 南方基金 has shown promising results with her growth-oriented investment style, although her team's recent changes may impact future performance [56][59]. - Zhang Jintao from 嘉实基金 has a value-oriented investment approach and has managed funds with solid performance, although his large management scale may affect focus [63][66]. Group 3: Market Insights - The Hong Kong market is characterized by concentrated liquidity, making it challenging for active fund managers to consistently outperform the index [9]. - The article emphasizes the importance of selecting fund managers with proven track records and the ability to navigate the complexities of the Hong Kong market [4][9].