来源：市场资讯 作者 | 李白玉 如何利用市场波动，而非被市场波动利用？ 2025年即将收官。这一年里，95岁的沃伦·巴菲特正式宣布退休、结束对伯克希尔·哈撒韦公司长达60年 的掌舵，大概是全年投资日历中不能忽略的大事件。一个时代的投资传奇悄然谢幕，但他倡导并践行一 生的价值投资理念，却愈发闪耀出智慧的光芒。 从1965年接手市值仅470万美元的濒临破产纺织厂，到打造出市值万亿美元的投资帝国，巴菲特用一生 证明了价值投资的力量。伯克希尔股价累计涨幅超5.5万倍，年化复合收益率19.9%，这一业绩前无古 人，后面可能也很难有来者。 图源：罐头图库 在信息爆炸、市场情绪极易失控的今天，投资比以往任何时候都更需要冷静、耐心与远见。巴菲特的智 慧，或许能够带来一丝启迪。 来源 | 野马财经 这方面，基金评级是一个很好的评价标准，既是投资者筛选好基金的重要工具，又是基金公司、基金经 理投资行为的约束器。 利用市场波动 而非被市场波动所利用 巴菲特有句名言："短期来看，股市是一台投票机。然而，从长远来看，它是一台称重机。"这一认知构 成了巴菲特能够利用市场波动，而非被市场波动利用的基石。 在巴菲特看来，市场情绪波动是朋友 ...

Group 1 - The core investment strategy focuses on buying competitively advantageous companies at reasonable prices to earn compound growth, emphasizing strong business models and financial robustness [1][8][10] - The growth value fund pool has demonstrated high annual win rates, with an annualized return of 16.88% from February 2, 2015, to November 7, 2025, outperforming the equity fund index by 7.05% [10][13] - The fund pool has shown stability and aggressiveness, managing to achieve high excess returns during bull markets while effectively controlling drawdowns during market downturns [10][13] Group 2 - The excess returns are primarily driven by stock selection, with significant contributions from industry rotation and dynamic adjustments [2][13] - The growth value funds are defined based on their relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [20] - The selected growth value funds exhibit high and stable dynamic returns, with a focus on industry selection and stock picking [21] Group 3 - The report provides a list of selected growth value funds, highlighting their respective managers, sizes, and year-to-date returns, with some funds showing returns exceeding 100% [3][21] - The fund pool has increased its allocation to the TMT (Technology, Media, and Telecommunications) and cyclical sectors, reflecting recent market volatility [17][18] - The analysis of individual funds reveals diverse investment styles, with some focusing on macroeconomic indicators and others emphasizing stock selection based on fundamental analysis [24][32][35]

Core Viewpoint - A rare occurrence of dividend distribution among growth-style active equity funds has been observed, with several funds announcing their first dividends of the year, indicating a shift in strategy and market conditions [1][2][3] Group 1: Dividend Announcements - Multiple active equity funds, including those from E Fund, have announced their first dividends of the year, allowing investors to choose between reinvestment or cash dividends [1][2] - The recent dividend distributions are notable as they come from growth-style funds, which typically focus on capital appreciation rather than income generation [3][5] - Funds like E Fund Kexun and Wanjiabj North Exchange Selection have reported significant year-to-date returns, with E Fund Kexun exceeding 100% [2][5] Group 2: Market Context - The decision to distribute dividends is attributed to the strong performance of growth sectors, particularly technology, which has led to substantial gains for fund managers [6] - The current market environment has seen a notable increase in the valuation of technology stocks, with the ChiNext 50 Index PE ratio reaching 157 times, indicating a high valuation compared to historical averages [6][7] - Analysts suggest that the distribution of dividends may serve as a strategy for fund managers to lock in profits and optimize portfolio structures amid high valuations and concentrated holdings in technology stocks [6][7]

Core Insights - The A-share market has shown significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong performance of public equity funds and the emergence of numerous "doubling funds" [1][3] Group 1: Fund Performance - The average net value growth rate of actively managed equity funds for the first ten months reached 27.48%, with the best-performing funds exceeding 200% [3][5] - Over 98% of actively managed equity funds reported positive net value growth rates, with 705 funds achieving over 50% growth, and 34 funds surpassing 100% [7][5] - The top-performing fund, Yongying Technology Smart Selection A, achieved a net value growth rate of 200.63%, capitalizing on opportunities in the cloud computing market [9][8] Group 2: Index and Sector Performance - Major indices such as the ChiNext Index and the Science and Technology Innovation 50 Index saw annual growth rates exceeding 50%, with the ChiNext Index at 48.84% [1][4] - The communication equipment sector emerged as a significant winner, with related index funds showing remarkable performance, including the Guotai CSI All-Index Communication Equipment ETF, which had a growth rate of 98.87% [12][13] Group 3: Investment Themes and Manager Insights - Fund managers are focusing on structural opportunities in sectors like AI, innovative drugs, and robotics, which have shown strong performance [7][14] - Investment strategies include a focus on domestic semiconductor equipment and energy storage, with managers highlighting the increasing production capacity of domestic storage chips and the growing demand for energy storage solutions [15][14]

（原标题："冠军"基金经理宋昆，创立私募！） 【导读】知名基金经理宋昆"公奔私"，备案友安私募基金 中国基金报记者 林雪 9月29日，中国证券投资基金业协会（以下简称协会）网站发布了新一批完成备案登记的私募基金管理 人名单，其中，有一家名叫"友安私募基金管理（广东）有限责任公司"（以下简称友安私募基金），其 法定代表人是易方达基金原基金经理宋昆，他拥有十多年的证券基金从业经验，如今正式"公奔私"。 协会网站信息显示，友安私募基金成立于2025年7月14日，并于2025年9月29日完成私募证券投资基金管 理人登记。该公司注册资本为1000万元，注册地在广东省珠海市香洲区，办公地在上海市浦东新区，目 前有5名全职员工。 从出资人来看，原知名基金经理宋昆为友安私募基金的实际控制人，认缴比例为51%；上海友安安友咨 询管理有限责任公司认缴比例为49%。 资料显示，宋昆是经济学硕士，2006年7月就加入易方达基金，从研究员做起，2010年9月开始担任基金 投资部基金经理，2014年1月担任投资二部总经理。他曾管理易方达科讯、易方达新兴成长、易方达创 新驱动、易方达新常态、易方达新丝路等多只基金。 2015年宋昆掌舵易方 ...