近年来，公募基金的投资风格正悄然发生着变化，曾经被视为核心资产的绩优白马股正被经济转型背景下 高景气个股取代，公募基金的投资策略也从此前盛行的"全市场选股"逐渐向"主题投资"迁移。如若方向得 当，该策略不仅能够更全面地布局高增长个股，亦能在竞争激烈的相对排名中不落下风，爆款效应叠加资 金的虹吸效应，也会反过来导致部分产品提高风格纯度和仓位集中度。 然而，主题投资对基金管理人的投研能力提出了更高的要求，无论是产业链调研、技术迭代跟踪，还是对投资 节奏感和估值纪律都是投资策略中不可或缺的环节，此外，盈亏同源，高弹性的产品回撤给公司品牌声誉及售 后维护带来的压力也是显而易见。 "近年来伴随我国经济结构转型，新兴产业受政策支持力度更强，市场风格也从传统核心资产向新兴产业转 移，传统核心资产表现相对平淡，而新兴领域结构性机会迭出，频频吸引资金关注。注册制全面推行后，市 场'优胜劣汰'的节奏加快，而公募受限于高频策略限制，这一定程度上影响了全市场选股策略的适配性。"前 述投研总监表示。 主题投资被竞相追逐 回溯过去几年主动权益的"冠军基"，无论是崔宸龙管理的前海开源公用事业，还是黄海管理的万家宏观择时多 策略，亦或是雷志 ...

（原标题：公募基金投资逻辑深度重构："主题投资"风行一时 "全市场选股"暂避锋芒） 证券时报记者 赵梦桥 此外，另一只成名已久的基金——广发多因子，投资风格也较为均衡。在该基金多个季度的重仓股中，对非银金融、电力设备、医药、通信等领 域均多有涉猎，中信一级行业基本受到覆盖，因此基金净值一度创下历史高点。 不过，时过境迁。当年风行的策略，如今已归于平淡，无论是在主题产品霸榜的年度业绩排行中，还是在基金宣发时强调的特定赛道上，除了个 别量化产品，"全市场选股"策略已鲜被提及。 对于此种状况，华东某公募投研总监认为主要系近几年的投资环境发生了明显变化。一方面，经济增速换挡、地产链调整、居民收入与预期再平 衡，使得传统消费和部分制造龙头的盈利弹性下降，估值中枢随之回落；另一方面，新兴产业和技术方向层出不穷，导致市场风格更加多元，过 去依靠少数传统核心资产以覆盖全市场机会的做法也越来越难奏效。同时，宽基指数和Smart Beta产品发展迅速，为投资者提供了低费率、广覆盖 的被动选择，传统的主动权益产品在性价比上不再具有明显优势，必须在风格定位和主动度上做出差异化。 "近年来，伴随着我国经济结构转型，新兴产业受政策支持的 ...

公募十变·共塑高质量发展新生态 系列报道(七) 对于此种状况，华东某公募投研总监认为主要系近几年的投资环境发生了明显变化。一方面，经济 增速换挡、地产链调整、居民收入与预期再平衡，使得传统消费和部分制造龙头的盈利弹性下降，估值 中枢随之回落；另一方面，新兴产业和技术方向层出不穷，导致市场风格更加多元，过去依靠少数传统 核心资产以覆盖全市场机会的做法也越来越难奏效。同时，宽基指数和Smart Beta产品发展迅速，为投 资者提供了低费率、广覆盖的被动选择，传统的主动权益产品在性价比上不再具有明显优势，必须在风 格定位和主动度上做出差异化。 "近年来，伴随着我国经济结构转型，新兴产业受政策支持的力度更强，市场风格也从传统核心资 产向新兴产业转移。传统核心资产表现相对平淡，新兴领域则迭出结构性机会，频频吸引资金关注。注 册制全面推行后，市场加快了优胜劣汰的节奏，但公募基金受限于高频策略，因此也让全市场选股策略 的适配性在一定程度上受到了影响。"上述投研总监表示。 近年来,伴随着我国 经济结构转型,新兴产业 受政策支持的力度更强, 市场风格也从传统核心资 产向新兴产业转移。传统 核心资产表现相对平淡, 新兴领域则迭出 ...

此外，另一只成名已久的基金——广发多因子，投资风格也较为均衡。在该基金多个季度的重仓股中， 对非银金融、电力设备、医药、通信等领域均多有涉猎，中信一级行业基本受到覆盖，因此基金净值一 度创下历史高点。 不过，时过境迁。当年风行的策略，如今已归于平淡，无论是在主题产品霸榜的年度业绩排行中，还是 在基金宣发时强调的特定赛道上，除了个别量化产品，"全市场选股"策略已鲜被提及。 对于此种状况，华东某公募投研总监认为主要系近几年的投资环境发生了明显变化。一方面，经济增速 换挡、地产链调整、居民收入与预期再平衡，使得传统消费和部分制造龙头的盈利弹性下降，估值中枢 随之回落；另一方面，新兴产业和技术方向层出不穷，导致市场风格更加多元，过去依靠少数传统核心 资产以覆盖全市场机会的做法也越来越难奏效。同时，宽基指数和Smart Beta产品发展迅速，为投资者 提供了低费率、广覆盖的被动选择，传统的主动权益产品在性价比上不再具有明显优势，必须在风格定 位和主动度上做出差异化。 "近年来，伴随着我国经济结构转型，新兴产业受政策支持的力度更强，市场风格也从传统核心资产向 新兴产业转移。传统核心资产表现相对平淡，新兴领域则迭出结构性机 ...

Core Viewpoint - The article provides an overview of the updated active fund manager pool information for the third quarter of 2025, highlighting various metrics such as investment style, stock allocation, industry preferences, turnover rates, and fund sizes. Group 1: Fund Manager Information - The article includes a detailed summary of fund managers categorized by their investment styles, such as value and growth, along with their respective fund names and codes [4][5][6]. - Key metrics for each fund manager include their experience, stock allocation percentages, and the concentration of holdings [11][12][21][22]. Group 2: Fund Characteristics - The article discusses the importance of analyzing fund characteristics such as investment style, industry preference, and stock concentration when evaluating fund performance [34][36][48][53]. - It emphasizes that different investment styles exhibit varying performance over time, with value and growth styles alternating in strength [36][48]. Group 3: Fund Performance Metrics - The article outlines critical performance metrics such as stock allocation, turnover rates, and fund sizes, which are essential for assessing fund managers' effectiveness [43][59][61]. - It notes that a higher stock allocation typically leads to greater volatility in fund performance [45]. Group 4: Fund Manager Insights - The article highlights the significance of fund managers' insights in their reports, which include reflections on past performance and future market outlooks [62][63]. - It points out that the depth and detail of these insights can vary significantly among fund managers, impacting investor understanding [63].

Core Viewpoint - The article discusses the ongoing debate in the A-share market regarding the future of technology stocks versus domestic demand stocks, highlighting the contrasting investment strategies and sentiments among fund managers [5][12]. Group 1: Technology Sector Insights - Fund managers are beginning to express caution regarding the high valuations of AI stocks, suggesting a need for diversified investment strategies to mitigate potential volatility [8][9]. - The rapid growth of AI-related funds, such as the China Europe Digital Economy Fund, has been accompanied by warnings about the sustainability of current valuations and the importance of spreading investments across different sectors [8][9]. - Prominent figures in the investment community, including Michael Burry, have raised concerns about the AI bubble, indicating a broader skepticism about the pace of growth and valuation levels in the tech sector [9][10]. Group 2: Domestic Demand Focus - Fund managers who missed the tech rally are increasingly focusing on domestic consumption opportunities, particularly in the service sector, as a more stable investment strategy [13][14]. - The importance of domestic consumption is emphasized by fund managers like Zhang Kun, who maintain a strong belief in the long-term potential of China's consumer market [13][14]. - There is a notable divergence in strategies among fund managers regarding domestic demand, with some focusing on service consumption while others remain committed to traditional sectors like liquor [14][17]. Group 3: Real Estate Sector Dynamics - The real estate sector is viewed by some fund managers as a potential recovery area, despite ongoing challenges in the market, with a belief that the sector may present a once-in-a-decade opportunity [17][19]. - Recent data indicates a shift in the competitive landscape of real estate, with new leaders emerging in land acquisition, reflecting changes in market dynamics [17][18]. - Despite optimism from certain investors, the real estate sector continues to struggle with low growth in revenue and profits, leading to a cautious outlook among many market participants [20][19]. Group 4: Market Sentiment and Future Outlook - The article highlights a period of uncertainty in the market, with differing views on the timing and direction of future volatility, particularly between tech and domestic demand investors [24]. - Fund managers are preparing for a critical phase as annual performance evaluations approach, with the potential for significant shifts in market sentiment based on upcoming financial disclosures [24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Based on fund holdings, consumption - related funds can be classified into five types, with most fund managers adopting the "segmented track (mainly liquor)" strategy [3]. - Consumption - related funds can generate relatively stable excess returns in the long - term compared to the sector index, are relatively good at stock - picking in certain industries, and it's difficult to identify their stock - picking ability for consumer stocks compared to all - industry funds [3]. - When comparing consumption - related funds with different style characteristics from seven dimensions, high turnover may lead to high returns recently, high - ROE style funds usually have high dividend attributes, etc. [3]. - To screen the observation list of consumption - related funds, quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, etc. can be referred to [3]. 3. Summary According to the Directory 3.1 Classification of Consumption - Related Funds - The classification method is based on the fund's full - position data and heavy - position stock data in a certain sector. For consumption funds, some Hong Kong stocks are additionally included. Most of the top 10 consumption - related funds in terms of scale have some commonalities in allocation [6]. - Consumption - related funds are classified into five types: consumption + satellite, sector rotation, segmented track, consumption rotation, and consumption equilibrium, with "segmented track (mainly liquor)" being the most commonly adopted strategy [3]. 3.2 Holding Characteristics: Can Consumption - Related Funds Create Positive Excess Returns? - As a whole, consumption - related funds have similar performance to the consumption sector index before 2025, and have achieved certain excess returns compared to the index since this year [22]. - Consumption - related funds are relatively good at stock - picking in industries such as household appliances, textile and apparel, agriculture, forestry, animal husbandry and fishery, etc., and have prominent excess returns in some industries during certain periods [23][26]. - It's difficult to determine whether consumption - related fund managers have stronger stock - picking ability for consumer stocks compared to all - industry funds [28]. - Consumption - related funds prefer to allocate liquor in food and beverage, and their individual - stock allocation is relatively stable. They had positions in new - consumption stocks earlier [36]. - Through cluster analysis, different types of consumption - related funds can be identified, such as those focusing on agriculture, forestry, animal husbandry and fishery, those focusing on liquor investment, etc. [39] 3.3 Comparison of Consumption - Related Funds with Different Style Characteristics - In terms of turnover trading, high - turnover consumption - related funds have better short - term performance recently, and some liquor - themed funds with low turnover have return drag. In the long - term, both high - and low - turnover funds have excellent performers [42][44]. - In terms of holding style, funds with high ROE generally have high dividend attributes. Different segmented tracks have significant differences in market - value styles [48][52]. - In terms of holding popularity, the structure of market - preferred stocks in the consumption sector has changed significantly, and there are excellent performers in various types of products [53]. - In terms of left - and right - side investment, consumption - related funds are generally on the right side of the market median, and there are excellent performers on both sides [59]. - In terms of stock - picking ability, by calculating the skewness, kurtosis, and mean/standard deviation of stock - picking returns, funds with strong stock - picking ability can be found [60][62]. - In terms of adaptability to different market environments, different types of products show different adaptability results, and there are products with strong performance in favorable or unfavorable environments [63][65]. - In terms of segmented - track rotation, there are both products with good and poor rotation effects among consumption - related funds [71]. 3.4 Observation List of Consumption - Related Funds - The screening of the observation list refers to quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, left - and right - side investment ability, and segmented - track rotation effect. Other factors such as the fund manager's tenure and fund scale are also considered [75]. - The observation list includes funds like E Fund Long - Term Value, Cathay Pacific Consumption Optimization, Changxin Multi - Benefit, etc. [3][76]

Core Viewpoint - The article discusses the ongoing debate in the A-share market regarding the performance of technology stocks versus domestic demand stocks, highlighting the contrasting investment strategies and sentiments among fund managers [6][9]. Group 1: Technology Sector Insights - Fund managers benefiting from the tech bull market are beginning to advise against linear extrapolation of AI growth, suggesting a need for diversified investment strategies due to high valuations in the AI sector [9]. - The fund manager of China Europe Digital Economy reported a 79.11% net value growth in Q3, but cautioned investors about the risks of concentrated investments in high-valuation AI stocks [9]. - Michael Burry's significant short position on Nvidia and Palantir has raised concerns about the sustainability of AI stock valuations, with Palantir experiencing an 8% drop despite reporting record earnings [10][12]. Group 2: Domestic Demand Focus - Fund managers who missed the tech rally are increasingly focusing on domestic demand opportunities, particularly in the service sector, as they anticipate a recovery in consumer spending [15][16]. - Zhang Kun, a prominent fund manager, emphasized the long-term potential of China's domestic consumption market, despite facing challenges in performance due to heavy investments in traditional sectors like liquor [17]. - Some fund managers view real estate as a key area for domestic demand recovery, although the sector has not yet stabilized, leading to a cautious outlook on real estate investments [21][24]. Group 3: Market Dynamics and Future Outlook - The article notes a shift in the real estate landscape, with new players emerging in the market and traditional leaders struggling, as evidenced by the land acquisition data from the first three quarters of the year [22][23]. - The upcoming earnings season is expected to reveal critical insights into the performance of AI and domestic demand sectors, with market sentiment likely influenced by macroeconomic factors during this period [27]. - The article concludes that both technology and domestic demand investors are at a pivotal moment, each waiting for their respective turning points in the market [28].

Core Insights - The number of fund managers managing over 10 billion yuan has increased significantly, reaching 109 by the end of Q3, marking a nearly one-third increase from the previous quarter [1][2] - The industry is transitioning from a "star-making" model to a "platform" strategy, indicating a shift in focus from individual fund managers to a more collaborative approach [1][9] - The era of "trillion-level" top fund managers is unlikely to return, as the highest management scale among current fund managers has not exceeded 600 billion yuan, a significant drop from previous peaks [9][10] Fund Manager Performance - Notable fund managers like Zhang Kun, Xie Zhiyu, and Ge Lan have seen their management scales rebound, with Zhang Kun managing 565.44 billion yuan, an increase of nearly 15 billion yuan in a single quarter [3][4] - Newer fund managers, such as Ren Jie from Yongying Fund, have rapidly increased their management scales, with Ren's scale growing from 0.26 billion yuan to 128.78 billion yuan in just over a year [2][7] - Despite the growth in management scales, many top fund managers still face net redemptions, with over 330 billion units redeemed across their products in Q3 [6][11] Industry Dynamics - The current landscape features a mix of large institutions and emerging mid-sized firms, with companies like Yongying and Jinying successfully entering the "billion club" [1][7] - The top fund managers are distributed across 38 fund companies, with seven companies having five or more billion-yuan fund managers, accounting for nearly half of the total [6][10] - The industry is increasingly aware of the "double-edged sword" of scale, with many fund managers opting to limit rapid growth to maintain operational effectiveness and avoid the pitfalls of excessive scale [10][11] Market Outlook - The A-share market is experiencing a steady upward trend, with increased investor enthusiasm and significant inflows into equity markets, particularly in technology sectors [12][13] - Fund managers express cautious optimism about the market, predicting potential new highs while acknowledging the risks of profit-taking due to previous gains [12][13] - Long-term investment strategies focus on sectors like innovative pharmaceuticals and consumer healthcare, driven by structural changes in the economy and supportive policies [14]

Core Viewpoint - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to the performance benchmarks, promoting a return to the fundamental purpose of asset management, which is to provide stable long-term returns for investors [1][9]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released an action plan in May to promote high-quality development in the public fund industry, emphasizing the importance of performance benchmarks [1]. - A draft of new regulations regarding performance benchmarks was published on October 31, which is expected to improve the discipline of active investment and stabilize investment styles [1][9]. - The introduction of a performance benchmark element library aims to standardize the selection of benchmarks and prevent arbitrary changes, enhancing the comparability and normativity of benchmarks [9][8]. Group 2: Fund Performance Analysis - As of November 4, 2023, 3731 active equity funds were analyzed, with an average return that lagged behind their benchmarks by 7.26%, and only 34% of these funds outperformed their benchmarks over the past three years [2]. - Among the top-performing funds, only 20 funds achieved over 100% excess returns, indicating that achieving superior performance under the new standards is challenging [2]. - Some high-performing funds may have misleadingly high returns due to benchmark mismatches, highlighting the importance of appropriate benchmark selection [2][3]. Group 3: Size and Performance Correlation - Larger active equity funds do not necessarily correlate with superior excess returns; only 40% of funds over 10 billion yuan in size outperformed their benchmarks [5]. - Smaller funds, with an average size of 30.57 million yuan, showed better excess return capabilities, supporting the notion that smaller funds can adapt more flexibly to market changes [6][5]. Group 4: Fund Manager Impact - The total management scale of fund managers influences their active management capabilities, with a significant number of successful funds managed by managers overseeing over 10 billion yuan [7]. - The average tenure of fund managers does not significantly correlate with their ability to generate excess returns, indicating that experience alone may not guarantee performance [7]. Group 5: Industry Evolution - The new regulations are expected to lead to a systematic restructuring of the public fund industry, with a one-year transition period for existing products to adjust their benchmarks [9][10]. - The emphasis on long-term performance and the establishment of a benchmark-linked compensation system for fund managers will promote more transparent and standardized investment behaviors [9][10].