本报记者 彭衍菘 孙珩进一步表示，这一现象更反映出公募行业的转型——从过往单纯追求规模扩张，转向重视投资者回报的精细化运营模 式，长远来看有助于提升行业口碑与投资者信任度。 对于普通投资者而言，面对高波动的绩优基金，如何理性参与？对此，深圳市前海排排网基金销售有限责任公司公募产品 运营曾方芳对《证券日报》记者表示，第一，采取定期定额的投资方式，例如每月投入固定金额，这样可以在市场下跌时买入 更多份额，从而摊薄成本、平滑波动。同时，在市场上涨时，定投也能发挥显著优势。当市场处于上升趋势时定投，随着时间 的推移，投资者能够持续积累基金份额，分享市场上涨带来的收益。第二，设置合理的目标收益率，一旦达成及时止盈；也可 设定最大回撤阈值，触及即止损。此外，可参考指数估值分位水平，在市场高估时择机退出。第三，通过"核心—卫星策略"进 行组合配置，分散投资以降低整体组合的波动风险。 事实上，上述基金此前已多次提示风险。其2025年中期报告明确提出，产品聚焦新质生产力相关行业，高成长性伴随高波 动，投资者需先厘清三大问题：是否已经通过底层资产了解清楚产品的特性、能否承受历史最大回撤、是否匹配投资期限与收 益预期，越是市场热度 ...

Core Insights - Jibite (603444.SH) released its 2024 annual report on March 28, 2025, indicating that 46 institutional investors held a total of 10.8147 million A-shares, accounting for 15.01% of the total share capital [1] - The top ten institutional investors collectively held 14.56% of the shares, with a decrease of 1.75 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Jibite shares is 46, with a total holding of 10.8147 million shares [1] - The top ten institutional investors include notable entities such as Hong Kong Central Clearing Limited and Cathay Fund Management [1] - The proportion of shares held by the top ten institutional investors decreased by 1.75 percentage points from the last quarter [1] Public Fund Activity - One public fund, Ping An Low Carbon Economy Mixed A, increased its holdings, while three funds reduced their holdings, with a total decrease of 0.47% [2] - Eight new public funds disclosed their holdings, including Rongtong Huixin Mixed A and Morgan Stanley ESG Quantitative Mixed [2] - A total of 47 public funds did not disclose their holdings this period, including notable funds like China Europe Internet Mixed A [2] Social Security Fund and Foreign Investment - One social security fund, Cathay Fund Management - Social Security Fund 1102 Combination, increased its holdings by 0.17% [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.04% [2]