也因此，在牛市环境中，更需强调"底仓思维"，预留一定仓位配置那些风格稳健的"底仓 型"基金。 一般而言，底仓型基金不押注单一赛道或热门主题，也不盲目追逐资金短期聚集的市场热 点。这类基金通常风控能力出色：一方面，通过行业均衡配置与分散持股，规避因单一行业 或股票权重过高带来的风险；另一方面，重视估值水平和安全边际，避免追高。从数据表现 来看，底仓型基金的短期业绩可能并不突出，但中长期表现往往较为优异，同时具备低波 动、低回撤的特征，能够为投资者提供更舒适的持有体验。 权益配置：不可或缺的投资选择 为什么一定要配置权益资产？又为什么必须通过组合的方式参与？对普通投资者而言，权益 市场无疑是分享优质企业成长红利、实现资产保值增值的重要途径。历史数据显示，尽管A股 市场存在明显的周期性波动，但从长期来看，偏股型基金指数仍实现了较为可观的回报，其 长期收益率远超大多数传统理财产品。正因如此，从资产配置角度出发，完全避开权益类资 产，很可能意味着错失重要的长期收益来源。 然而，盲目追逐市场热点、单一押注某一高波动赛道，一旦遭遇深度回调，所带来的损失可 能是很多投资者难以承受的。例如，若某只基金回撤达到50%，其后需上涨 ...

Core Viewpoint - The active equity fund market has shown significant recovery in performance, with a notable increase in net asset values and a majority of funds achieving positive returns in 2023 [2][3][10]. Performance Summary - In July, nearly 800 active equity funds reached historical net asset value highs, with 94% of products achieving positive returns and an average annual return of 13.89% [1][2][3]. - The number of funds that doubled their returns this year reached four, with the top-performing fund, Huatai-PB Hong Kong Advantage Selection, achieving a return of 135.23% [2][3]. - The Wind偏股混合基金指数 recorded a return of 14.49% this year, indicating that most active equity fund holders who entered the market in 2023 are now profitable [3]. Fund Manager Performance - Several veteran fund managers have successfully turned around their funds, with notable performances such as Guangfa Growth Navigator achieving an annual return of 88.44% [5]. - Fund managers with over 20 years of experience, such as Guo Jun, have also delivered high returns, with the Bosera New Income fund achieving 27.85% this year [5][6]. - The trend of "using feet to vote" is evident, as funds with sustained excess returns are attracting significant capital inflows, with some funds seeing their sizes increase by over five times in the second quarter [7][10]. Market Dynamics - The recovery in fund performance has led to a weakening of the constraints imposed by fund size on performance, with several large funds reaching new net asset value highs [6]. - Investors are increasingly willing to pursue high-performance funds, moving away from the "fear of heights" mentality that previously dominated the market [8][10]. - Funds that failed to outperform the偏股混合基金指数 have seen their sizes shrink, becoming "mini" funds with less than 50 million yuan in assets [9]. Trust Rebuilding Efforts - Despite the positive performance, many investors remain cautious due to past experiences, leading to a continued decline in the size of some active equity funds [10]. - Fund companies are implementing measures to rebuild trust, including enhancing research capabilities, ensuring transparency, and binding fund manager interests to performance [10][11]. - Regulatory initiatives are also expected to promote high-quality development in the public fund sector, further enhancing investor confidence in active equity funds [11].