● 本报记者 魏昭宇 近期，多家公募机构旗下投顾产品开启了新一轮的调仓。有的组合选择低位加仓，在科技、医药等成长 性较强的赛道持续买入；有的组合选择了偏保守的调仓策略，小幅降低权益仓位，增加固收类资产。 有业内人士表示，一方面，从估值、风险溢价、新基金发行等指标看，权益资产仍有不错的性价比；另 一方面，扩内需、"反内卷"政策持续推出、资金面和产业层面出现积极变化，均对A股后市构成利好。 部分机构看好成长风格 11月28日，万家基金旗下的投顾组合万家随心人生进行了调仓。其主理人在调仓理由一栏表示，根据市 场环境的变化，小幅提升了权益类基金的仓位，回补了部分AI算力领域的仓位。具体来看，多只科技 主题基金成为了该投顾组合加仓的对象。比如，本次调仓加仓了中欧数字经济混合发起C、天弘中证科 创创业50ETF联接C、万家创业板指数增强C，新增了华富科技动能混合C、易方达成长动力混合C。 除了科技主题基金，成长性较强的医药主题基金亦获多个投顾组合青睐。比如，万家随心人生在本次调 仓中加仓了富国医药创新股票C；富国基金旗下的投顾组合富国双子星股债均衡在11月中旬的调仓中加 仓了富国精准医疗混合。 周期与地产板块亦获机构关注 ...

Core Viewpoint - Multiple public fund institutions are adjusting their investment portfolios in response to the changing market environment, with a focus on balancing asset allocation between equity and fixed-income funds [1][2][6]. Group 1: Portfolio Adjustments - The "招商灵活进取" fund has significantly reduced its allocation to mixed funds and increased its investment in cross-border fixed-income QDII funds, with these new QDII funds accounting for approximately 20% of the portfolio [2]. - The "中欧超级股票全明星" fund has increased its exposure to Hong Kong internet theme products and medical theme funds, benefiting from the Federal Reserve's interest rate cuts [2][3]. - The "博时价值精选" fund has replaced underperforming funds with higher-quality balanced funds to enhance portfolio stability [3]. Group 2: Market Sentiment and Strategy - The frequent "发车" (launch) actions by various investment advisory products are seen as a positive market signal, indicating active management in response to market conditions [4]. - Year-to-date returns for several equity advisory products have been strong, with "中欧超级股票全明星" achieving a return of 35.66%, outperforming its benchmark by approximately 6 percentage points [5]. - Despite short-term market volatility, long-term prospects for the A-share market remain positive, supported by low interest rates, long-term capital inflows, and favorable policies [6][7]. Group 3: Investment Recommendations - Investment advisors recommend maintaining a balanced portfolio and avoiding impulsive trading in hot sectors, as the market is currently in a consolidation phase [6][7]. - The technology sector, while previously a leading investment theme, is experiencing increased volatility, suggesting a need for careful selection of investments based on supply-demand dynamics and reasonable valuations [6].

Group 1 - Multiple public fund institutions have initiated a new round of portfolio adjustments to respond to the changing market environment, with some reducing equity fund positions and increasing allocations to fixed-income funds [1][2] - The adjustments include a significant reduction in mixed fund positions and an increase in cross-border fixed-income QDII funds, with specific funds accounting for approximately 20% of the portfolio [1] - The market sentiment remains optimistic about the long-term upward trend of the equity market despite short-term fluctuations, encouraging a balanced asset allocation approach [1][3] Group 2 - The "launch" function of investment advisory products has been frequently utilized, indicating a potentially positive market signal as multiple products announce new plans [2][3] - Year-to-date returns for several equity advisory products have been strong, with notable performances exceeding benchmarks, such as the China Europe Super Stock All-Star achieving a return of 35.66% [3] - The current market is experiencing significant volatility, with a recommendation against chasing hot sectors, suggesting a focus on maintaining a balanced portfolio and flexible asset allocation [4][5]

Core Viewpoint - The performance of equity funds is recovering, leading to increased activity in fund advisory products' portfolio adjustments [1][10] Group 1: Fund Advisory Product Adjustments - In July, a total of 141 fund advisory products made adjustments, including 27 mixed equity-debt and 64 equity advisory products [1][10] - Mixed equity-debt advisory products increased their holdings in active equity funds while reducing allocations to index funds [1][10] - Equity advisory products decreased their holdings in bond funds and increased their allocations to equity funds, with a notable shift away from consumer sectors towards pharmaceuticals, cyclical, and technology sectors [1][10] Group 2: Specific Fund Actions - Notable fund advisory products like 中欧超级股票全明星 and 交银全明星 initiated "发车" plans, with investment amounts of 500 million and 1.5 billion respectively [4][6] - 中欧超级股票全明星 increased its active equity fund holdings from 63.5% to 65.5% and raised its stock fund allocation from 14.5% to 19.5% [6] - 富国双子星股债均衡 adjusted its bond fund allocation from 32.78% to 45.25% and reduced its index fund allocation from 18.35% to 3.55% [8] Group 3: Market Outlook and Investment Strategies - Fund advisory institutions are optimistic about high dividend and technology assets, emphasizing balanced and diversified allocations [2][16] - The market is expected to enter a phase of incremental competition, with continuous inflow of new funds and cyclical improvements in fundamentals [15] - Investment strategies should focus on sectors with improving conditions, such as high dividend stocks and technology, particularly in AI and semiconductors [16][17]

Core Viewpoint - Fund advisory products are accelerating their portfolio adjustments as they prepare for the second half of 2025, with several fund companies, including China Securities and Central European Fund, updating their strategies and releasing adjustment reports [1] Group 1: Fund Adjustments - Many fund advisory combinations are actively updating their portfolio strategies in response to market challenges, with a focus on increasing exposure to growth-style funds [1][2] - The China Securities Fund's "Jiaoyin All-Star" has adjusted its portfolio by reducing value-weighted funds and increasing aggressive growth positions to enhance yield [2] - The "Jiaoyin Winning Investment" combination has also shifted towards growth sectors, adding technology and pharmaceutical theme funds while reducing dividend funds [2][3] Group 2: Market Outlook - Analysts expect that the internal growth momentum of China's economy will continue to recover, providing new investment opportunities, particularly in technology growth and consumer sectors [1][4] - The "发车" (launch) plans from various fund combinations indicate a positive market signal, with expectations of a supportive liquidity environment due to potential monetary easing [3][4] - The outlook for the second half of the year suggests that core assets and small-cap stocks may present good opportunities, with a focus on growth rather than defensive strategies [4][5] Group 3: Sector Focus - The TMT sector is currently at a historical valuation midpoint, with internal valuation disparities that may lead to short-term volatility [5] - The AI sector is still in its early development stages, and high valuations may be justified if performance expectations are met [5]