最近，管理层发布行业指引征求意见稿，规定基金公司要根据主动权益类基金经理过去三年业绩比较基准对比和基金利润率，建立不同的绩效薪酬调整机 制。 | 基金 经理薪酬 | 业绩情况 | 某余利 | | --- | --- | --- | | 降薪≥30% | 业绩<基准-10% | 利润率 | | 适当降薪 | 业绩<基准-10% | 利润率 | | 不得加薪 | 基准-10%>业绩《基准 | 利润率 | | 适当加薪 | 业绩>基准 | 利润率 | 看起来要求不低，除了业绩要超越基准，不能帮基民赚钱（基金利润率>0）的基金经理也得降薪。 我们姑且把业绩显著超过比较基准定义为：基金成立3年以上，基金经理任期满3年以上（2022-2024年），过去连续3年跑赢基准5%，以股票型基金和偏股 混合型基金为例，看看有多少基金经理可以做到？ 行业主题基金在特定时期总是很强，但业绩能否持续有待验证？ 惊讶的是，这些人并不是我们以为的名声大噪的基金经理。 他们分别是：富国基金的孙权、东吴基金的刘元海、招商基金的王平、鹏华基金的伍旋和国联安基金的徐俊。 我们以年化收益率排序，孙权管理的"富国新兴产业股票C"以28.26%的年化收益 ...

Core Viewpoint - The A-share market has seen a significant upward trend, leading investment advisory firms to increase equity positions and focus on growth-oriented funds while reducing fixed-income allocations [1][2]. Group 1: Portfolio Adjustments - Investment advisory firms are enhancing the growth aspect of their portfolios by increasing allocations to growth-style funds, such as Jin Ying Technology Innovation Stock C and Fu Guo Emerging Industry Stock C [2]. - Equity investment positions have been generally increased across various advisory portfolios, with examples like E Fund's stock fund allocation rising from 52% to 55.3% since July [3]. - Some firms, like Xingzheng Global, have adjusted their holdings to favor growth styles over value funds, optimizing their Hong Kong stock allocations in response to market changes [3]. Group 2: Popular Fund Types - Technology and healthcare theme funds have become popular choices for increasing portfolio elasticity, with firms adding funds like the China Securities Robotics Index A and the China Securities Semiconductor Industry ETF [4]. - Funds focused on innovative pharmaceuticals are also favored, with examples including Fu Guo Precision Medicine Mixed C being added to portfolios [4]. - Not all firms are uniformly bullish on innovative pharmaceuticals; for instance, some have reduced exposure to this sector, indicating a selective approach to fund allocations [4]. Group 3: Quantitative Products and Market Sentiment - Many advisory products are incorporating strong growth-style quantitative products to enhance portfolio flexibility, such as the addition of Bo Dao Growth Smart Navigation Stock C [5]. - There is a trend of reducing positions in previously high-performing sectors like gold stocks, reflecting a shift in investment strategy [5]. - Current market sentiment indicates a cautious approach towards risk assets, with some firms highlighting the potential impact of external factors like U.S. Federal Reserve policies on market dynamics [7].

Core Viewpoint - The A-share market is experiencing a bullish trend, prompting investment advisors to increase equity positions and focus on growth-oriented funds while reducing fixed income allocations [1][2]. Group 1: Portfolio Adjustments - Investment advisors are enhancing the growth aspect of their portfolios by increasing allocations to growth-style funds, such as Jin Ying Technology Innovation Stock C and Fu Guo Emerging Industry Stock C [1]. - The equity investment ratio has been raised across various portfolios, with E Fund Stock-Bond Balance increasing its stock fund holding to 55.3% as of August 14 [2]. - Many advisors are adjusting their portfolios to reflect a positive outlook on growth styles, with a notable shift from value funds to growth funds [2]. Group 2: Sector Preferences - Technology and healthcare theme funds are gaining popularity among investment advisors, with significant additions to tech-focused index funds like the China Securities Robotics Index A [2][3]. - Funds heavily invested in innovative pharmaceuticals are also favored, such as Fu Guo Precision Medicine Mixed C, which has seen increased allocations [3]. - Some advisors are reducing exposure to certain sectors, like innovative pharmaceuticals, while reallocating to sectors like robotics and semiconductors [3]. Group 3: Market Outlook - Investment managers are cautious about the current market dynamics, noting that the anticipated Federal Reserve rate cuts may not yield the same market reactions as in previous years [4]. - There is a focus on sectors benefiting from "anti-involution" policies and a recommendation to consider large-cap indices and dividend-paying stocks [5]. - The market is advised to be wary of over-concentration in small-cap stocks and convertible bonds, which may face risk release pressures [5].