Core Viewpoint - The A-share market has seen a significant rise since June, with the Shanghai Composite Index reaching a nearly ten-year high, leading to a profitable environment for most actively managed equity funds. However, some funds have struggled to keep pace with the market, highlighting the importance of their investment strategies [1][3]. Fund Performance and Strategies - Since June, the Shanghai Composite Index has surged, breaking through multiple key levels, which has opened up profit opportunities for actively managed equity funds [3]. - A total of 114 actively managed equity funds were established in early 2025, with 74 of them having an equity investment ratio exceeding 80% by the end of Q2 [3]. - Notable performers include the China Europe Information Technology Mixed Fund A/C, which achieved a return of 92.65% since June, significantly outperforming the average return of similar funds [3]. - Conversely, the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced criticism for its slow investment pace, resulting in minimal performance changes since its inception [4]. Investment Positioning - The Dacheng Xingyuan Qihang Mixed Fund reported a net value that remained relatively stable, with a return of -0.06% and -0.36% since its establishment [4]. - Other funds, such as the GF Industry Selection Mixed Fund and the Rongtong Quality Selection Mixed Fund, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5]. - The performance of these funds has lagged behind their peers, with the GF Industry Selection Mixed Fund underperforming by over 17 percentage points [5]. Market Trends and Manager Strategies - Some existing actively managed equity funds have also underperformed due to poor position control or deviations in their holding strategies, with the Fangzheng Fubang Xinyi One-Year Open Mixed Fund yielding returns significantly below the average [6]. - Funds that held high stock positions but diverged from the market's main upward trends also saw poor performance, such as the Shenwan Hongyuan Industry Selection Mixed Fund, which has declined since its inception [7]. - The average return for actively managed equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have returned less than 5% [7]. Future Outlook - Analysts suggest that fund managers may adopt a more cautious approach in the wake of recent market volatility, focusing on optimizing their holding structures and risk management [9]. - The potential for new market opportunities remains, especially with expectations of macroeconomic adjustments following changes in U.S. Federal Reserve policies [8][9].

6个月建仓期截止日来临，这只产品的最新动向备受市场关注。近期，由知名基金经理徐彦管理的大成兴远启航混合因建仓缓慢净值变化不大被投资者质 疑"踏空"。而这一争议的出现，与6月以来A股市场走势上扬，沪指创下近十年新高，多数主动权益类基金展现出赚钱效应不无关系。北京商报记者统计发 现，热市下，确实有部分基金未能跟上市场节奏，产品业绩不及同期同类基金，其中，建仓与持仓策略更成为关键变量。有业内人士表示，市场行情较热及 市场轮动较快时，更考验基金经理在建仓、持仓策略上的能力，未来权益市场投资机会仍较为可观。 部分产品建仓"慢半拍" 9月12日，沪指一度上攻至3892.74点，再度创下近十年新高。回溯来看，6月以来，A股市场走势逐步上扬，沪指先后突破3400—3800点共5个关口，市场交 易热情迅速被点燃，也为主动权益类基金打开盈利窗口。 值得关注的是，年初成立的主动权益类基金，多数在较短时间内迅速提升权益仓位。北京商报记者关注到，有114只普通股票型基金及偏股混合型基金（份 额分开计算，下同）在2025年1—3月期间成立。其中，多达74只基金截至二季度末的权益投资比例已超过80%。若按照收益率排名看，部分接近满仓或权益 ...

8月21日，大成基金发布公告，大成消费精选股票、大成悦享生洁混合两只基金增聘齐炜中为基金经理，与原基金经理张烨共管。 | 1. 公告基本信息 | | | --- | --- | | 基金名称 | 大成消费精选股票型证券投资基金 | | 基金筒称 | 大成消费精选股票 | | 基金主代码 | 011923 | | 基金管理人名称 | 大成基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息技露管理办法》 | | 基金经理李更发型 | 增聘基金经理 | | 新任基金经理姓名 | 齐炜中 | | 共同管理本基金的其他 | 张峰 | | 经理娃名 | | | 2. 新任基金经理的相关信息 | 2 | | 新任基金经理姓名 | 介绍中 | | 任职日期 | 2025年8月20日 | | 证券从业年限 | 13年 | | 证券投资管理从业年限 | 13 स | | 过往从业经历 | 英国约克大学金融学硕士,证券从业年限 13年。2012年7月加入 | | | 大成基金管理有限公司,曾担任研究部研究员、行业研究主管、大 | | | 成积极成长泥合型证券投资基金基金经理助理,现任股票投资部总 | | | 监助理 ...

Group 1 - The recent surge in A-shares has led to many public funds ending their fundraising early, indicating strong investor interest and a desire for quicker capital deployment [1][2] - Several funds, including浦银安盛医疗创新混合 and 银华上证科创板综合增强策略ETF, have announced early closure of their fundraising periods, with some funds adjusting their deadlines from August 21 to August 19 [1] - The number of new funds launched has increased significantly, with 45 new funds starting fundraising this week, marking a 36.36% increase from the previous week, and this is the fourth consecutive week with over 30 new fund launches [2] Group 2 - Equity funds are the main focus of the recent fundraising surge, with 35 out of 45 new funds being equity funds, accounting for 77.78% of the total [2] - Large-scale equity funds have been launched, such as 易方达价值回报混合 and 中欧核心智选混合, both exceeding 2 billion in initial fundraising [2] - The current market sentiment reflects growing investor confidence, with expectations of continued market activity and structural growth opportunities [3]

Core Insights - The active equity funds have shown a dramatic contrast in performance amidst rising capital market volatility, with the first "doubling fund" emerging in the year, igniting market enthusiasm, while new fund issuance remains relatively subdued [1][3] - As of June 13, the "Huitianfu Hong Kong Advantage Selected Mixed A/C" fund achieved a year-to-date return exceeding 100%, becoming a market highlight, while 16 active equity funds have returns over 70% [3][4] - Despite strong performance from some funds, the new issuance of active equity funds has been lackluster, with a total of 299.16 billion yuan raised in new funds this year, accounting for only 6.56% of the total public offering new issuance [5][6] Fund Performance - The first "doubling fund" appeared in the active equity market, with the "Huitianfu Hong Kong Advantage Selected Mixed" fund showing a year-to-date increase of over 100% [3] - Other notable funds include "Changcheng Medical Industry Selected Mixed" with over 87% return and "Yongying Medical Innovation Smart Selection" with over 79% return [3] - The overall average return for active equity funds this year is 2.87%, with a significant disparity of 132.35 percentage points between the best and worst performers [3][4] Fund Issuance - A total of 89 new active equity funds were established this year, with the largest fund being "Oriental Red Core Value Mixed" at 19.91 billion yuan [5][6] - 32 active equity funds had issuance sizes below 1 billion yuan, indicating a trend towards smaller fund launches [5] - The failure of the "Shenwan Lingshin Vision Growth Mixed" fund to meet fundraising conditions highlights challenges in the current market environment [6] Market Outlook - Analysts suggest that the key to breaking the current stagnation in new fund issuance lies in enhancing asset allocation capabilities and improving net value performance [7][8] - The recent reforms in public funds emphasize the alignment of fund company income with investor returns, which may enhance the attractiveness of existing products and instill confidence in new offerings [8] - Future issuance of active equity funds may improve as market conditions stabilize and investor confidence returns, with a focus on optimizing product design and enhancing service quality [8][9]

Core Viewpoint - The active equity funds have regained market attention as the market conditions improve, with a notable focus on technology innovation-related themes [1][2][6] Group 1: Fund Issuance and Themes - As of March 20, a total of 17 new active equity funds have been launched, primarily focusing on technology innovation themes [1][2] - Among the 10 funds currently in the initial issuance phase, many are centered on technology sectors, including funds like Taiping Technology Pioneer Mixed and Deutsche Bank Emerging Industry Mixed [2] - Some funds are targeting specific themes, such as central enterprises and dividends, with examples like Rongtong Central Enterprise Selected Mixed focusing on high-dividend, stable cash flow companies [2][3] Group 2: Fund Issuance Strategies - Many funds are adopting a "initiated" issuance strategy due to concerns over unsuccessful fundraising, with 5 out of the 10 currently issuing funds being initiated funds [3][4] - Initiated funds require a minimum of 10 million yuan to establish and have shorter issuance periods, allowing for gradual scale growth post-establishment [4] Group 3: Fund Performance and Market Sentiment - Despite the increase in active equity fund issuance, there remains a cautious sentiment among fund companies due to recent failures in fundraising, with 3 funds reported to have failed to meet registration conditions this year [4][5] - The performance of active equity funds has shown promise, with the highest return exceeding 80% year-to-date, indicating potential for sustained performance as market conditions evolve [7]