跨年布局的"前哨战"：震荡是风险还是机会？ 随着年内行情步入尾声，公募基金的年末"答卷季"却上演了截然不同的剧情。 (相关资料图) 一方面是部分绩优基金态度趋于谨慎，通过主动调仓与严格限购锁定全年收益，净值波动显著收窄；另 一方面是次新基金则积极建仓，展现出"倒车接人"的进攻姿态。 这一攻守分化的格局，凸显了机构投资者对后市短期判断的战略分歧，也使得年末的市场博弈更趋复 杂。有人降仓、调仓控制回撤，亦有人直言"下跌正酝酿买入窗口"。随着全年业绩冲刺进入最后阶段， 震荡之中藏着哪些确定性布局密码？ 年末攻防显分化 Wind数据显示，截至12月3日，在已有数据的4686只主动权益基金（仅计算初始基金，下同）中，11月 以来的平均收益率为-2.67%，区间首尾业绩差距仅26个百分点。这一波动幅度不仅较10月31.48个百分 点的净值分化有所收窄，更与前三季度每月平均近50个百分点的涨跌幅形成悬殊对比。 值得注意的是，多只年内收益率超50%的绩优产品，单月振幅环比出现明显收窄，市场人士推测其基金 经理已实施调仓操作。 以11月21日行情为例，当日上证指数单日下跌2.45%，申万电子指数跌幅更是达到4.58%。年内累计 ...

跨年布局的"前哨战"：震荡是风险还是机会？ 除主动调仓外，实施限购已成为绩优基金在年末时段管理规模、保护既有持有人利益的常规操作。 Wind数据显示，截至12月4日，目前有223只主动权益类基金产品处于暂停大额申购的状态。其中，28 只产品的单日申购限额不超过1万元，严防大规模资金涌入稀释业绩。 其中，年内已实现业绩翻倍的景顺长城稳健回报，自11月17日起暂停500万元（不含）的单日单个账户 单笔申请。平安匠心优选A、南方核心科技一年持有A等年内回报在40%的产品，也在近一个月内相继 发布限购公告。 随着年内行情步入尾声，公募基金的年末"答卷季"却上演了截然不同的剧情。 一方面是部分绩优基金态度趋于谨慎，通过主动调仓与严格限购锁定全年收益，净值波动显著收窄；另 一方面是次新基金则积极建仓，展现出"倒车接人"的进攻姿态。 这一攻守分化的格局，凸显了机构投资者对后市短期判断的战略分歧，也使得年末的市场博弈更趋复 杂。有人降仓、调仓控制回撤，亦有人直言"下跌正酝酿买入窗口"。随着全年业绩冲刺进入最后阶段， 震荡之中藏着哪些确定性布局密码？ 年末攻防显分化 Wind数据显示，截至12月3日，在已有数据的4686只主动 ...

Core Insights - The recent performance of active equity funds has been under scrutiny, with over 38% of these funds still in losses over the past five years despite a significant number achieving positive returns since 2025 [1][2][3] - Key factors contributing to the underperformance include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][7] Performance Overview - As of November 10, 2025, the Shanghai Composite Index has risen by 19.42%, while 97.45% of active equity funds reported positive returns [2][3] - However, 1019 active equity funds remain in losses, with 38% of the total, indicating a stark contrast in performance for investors who entered the market earlier [1][2] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, with six funds reporting over 200% returns [3] - Conversely, nearly 40% of active equity funds have not turned a profit in five years, with some funds experiencing maximum drawdowns starting in 2021 [3][4] Underperforming Funds - Notable underperformers include funds managed by well-known managers, with losses exceeding 30% over five years [4] - Specific funds like Tianzhi New Consumption and Fangzheng Fubang Innovation Power have reported losses of -65.25% and -62.32%, respectively [3][4] Trading Behavior - High average stock positions during market peaks have been linked to poor long-term performance, with funds showing an average stock position of 84.22% during critical periods [5][6] - Frequent trading has also negatively impacted fund performance, with an average turnover rate of 460.71% across all active equity funds, rising to 508.45% for those with over 30% losses [7][8] Sector Reliance - Many funds have shown over-reliance on traditional sectors, leading to underperformance despite being labeled as "new" or "growth" funds [8][9] - Funds like Tianzhi New Consumption and Invesco Great Wall New Growth have shifted their holdings but still struggle to achieve positive returns [8][9] Market Outlook - The active equity fund market is seeing a resurgence, with 1354 new funds launched in 2025, indicating renewed investor interest [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [12]

Core Insights - The article highlights the performance of active equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in a decade, revealing that over 97% of these funds achieved positive returns since 2025, yet 38% remain in losses over the past five years [1][2][3] - Key reasons for the underperformance of many active funds include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][6] Performance Overview - As of November 10, the Shanghai Composite Index closed at 4018 points, marking a significant recovery, with major indices like the Shenzhen Composite and ChiNext Index showing gains of 27.6% and 46.35% respectively since 2025 [2] - Despite a high percentage of active equity funds showing positive returns in 2023, the long-term performance reveals a stark contrast, with many investors experiencing losses since entering the market around the end of 2020 [2][3] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, while nearly 40% remain unprofitable, with some funds experiencing drawdowns exceeding 50% [3][4] - Notable underperformers include funds managed by well-known managers, indicating that even established names are not immune to market challenges [4] Causes of Underperformance - High-level accumulation during market peaks has been identified as a significant factor contributing to the long-term underperformance of active equity funds [5][6] - Frequent trading has also negatively impacted fund performance, with average turnover rates for underperforming funds significantly higher than the market average [7][8] Market Trends and Future Outlook - The article notes a shift in investor sentiment towards active management products, with a notable increase in the number of newly established funds and a doubling of issuance scale compared to the previous year [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of over-reliance on specific themes or sectors [12]

Core Insights - The article highlights the impressive performance of the A-share market in 2023, particularly in the technology growth sector, driven by advancements in AI, robotics, and other tech industries [2][4] - The article emphasizes the importance of professional fund management in capturing long-term growth opportunities in technology stocks, as evidenced by the success of various funds managed by experienced teams [6][7] Group 1: Market Performance - The technology growth sector has been the main driver of the A-share market's performance in 2023, with significant contributions from humanoid robots, innovative pharmaceuticals, AI computing, new energy batteries, and military industries [2][4] - As of September 19, 2023, the average return of active equity funds has reached 31.47%, reflecting a strong market environment [2] - The market capitalization of technology companies now exceeds 25% of the A-share market, surpassing the combined market cap of the banking and real estate sectors [2][4] Group 2: Investment Opportunities - The article discusses the potential for sustained growth in technology stocks, driven by factors such as technological breakthroughs, policy support, and capital allocation [4][5] - The engineer dividend in China, with the number of engineers increasing from approximately 5.2 million in 2000 to about 17.7 million in 2020, is a key factor supporting the long-term development of the technology sector [4] - The article notes that the technology sector's valuation has increased significantly, leading to greater uncertainty and investment difficulty [4][5] Group 3: Fund Management and Strategy - The article outlines the importance of having a specialized technology investment team within fund management companies to effectively capture growth opportunities [6][7] - The performance of the CSI Technology 100 Index, which has seen a return of 82.44% over the past year, indicates the success of technology-focused funds [7] - The article highlights the investment philosophy of the Invesco Great Wall Technology Team, which emphasizes long-term opportunities rather than short-term trends, and the importance of deep research in identifying industry trends [19][20][23] Group 4: Team Composition and Expertise - The Invesco Great Wall Technology Team consists of 12 fund managers with diverse backgrounds and expertise in various technology sectors, enhancing their research capabilities [12][13] - The team has a strong focus on long-term investment strategies, with an emphasis on maintaining a stable investment framework to navigate the volatility of technology stocks [20][21][23] - The article mentions specific fund managers and their investment philosophies, highlighting their commitment to identifying sustainable growth opportunities within the technology sector [21][22]

Core Insights - The performance of various funds managed by Invesco Great Wall has been highlighted, showcasing their strong returns in the equity market as of June 30, 2025 [1][2] Group 1: Fund Performance - Invesco Great Wall's equity funds have shown exceptional performance, ranking 1st out of 13 and 2nd out of 13 in excess returns over the last three and ten years respectively [1] - Six of their actively managed equity funds ranked in the top 10 of their category over the past year, with 19 in the top 20% and 28 in the top third [1] - The growth style funds have particularly excelled, with several funds managed by veteran manager Yang Ruiwen ranking in the top 7 of their category over the past year [1] Group 2: Manager Highlights - Yang Ruiwen's funds, including Invesco Great Wall Preferred and Corporate Governance, ranked 15th out of 144 and 5th out of 552 respectively over the past three years [1] - Other notable managers include Nong Bingli, whose fund ranked 2nd out of 1595 over the past two years, and Zhang Zhongwei, whose fund ranked 6th out of 324 [1] - The performance of the funds managed by Jiang Shan and Dong Han also stood out, with Jiang's fund ranking 2nd out of 108 and Dong's fund in the top 13% [1] Group 3: Diverse Strategies - In addition to growth funds, Invesco Great Wall's funds in other styles have also performed well, with manager Zou Lihua's fund ranking 5th in its category over the past two and three years [2] - The quant strategies have gained traction in the current structural market, with several quant funds showing strong performance, including Li Haiwei's fund ranking 32nd out of 344 over the past year [2] - The company emphasizes its commitment to active management and aims to optimize investment strategies for better investor experiences [2]