2026 年 02 月 02 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 《基金投顾产品 11 月调仓一览》 -2025.12.4 《从投顾调仓行为出发构建 FOF 策 略》-2023.12.30 《基金投顾的全方位解析及 FOF 策略 构建》-2023.9.26 基金投顾产品 1 月调仓一览 ——金融工程定期 魏建榕（分析师） 傅开波（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 fukaibo@kysec.cn 证书编号：S0790520090003 业绩 ...

Core Viewpoint - Since September 24 of last year, the A-share market has experienced significant growth, with funds established around that time achieving notable returns [1][4]. Group 1: Fund Performance - Funds established at low points have not produced "doubling funds" this year, with average returns lagging behind the Shanghai and Shenzhen stock indices [2][8]. - Nearly 50 actively managed equity funds were "precisely established" during this period, with all included funds showing positive performance and an average return rate of 35.94% [5][6]. Group 2: Market Dynamics - The investment logic in the A-share market has shifted, with sectors like innovative pharmaceuticals and artificial intelligence leading the charge, resulting in several funds performing exceptionally well [4]. - The issuance of new equity funds was significantly impacted by market conditions, with only 50 billion units issued in July and August 2024, compared to 355 billion and 472 billion units in the same months this year [4]. Group 3: Fund Strategy and Holdings - Many funds that were established during low market conditions adopted a cautious investment strategy, focusing on high-dividend and value stocks, which limited their ability to capitalize on the subsequent market rally [8][9]. - For instance, the Allianz China Select fund initially invested in high-dividend stocks but later shifted to high-growth stocks to capture better returns [8]. Group 4: Dividend Resilience - Despite the recent market adjustments, high-dividend stocks have shown resilience, with expectations for increased dividend payouts as companies move past capital expenditure peaks [11][12]. - The long-term outlook for dividend assets remains positive, with a focus on stable cash flow companies that can provide consistent returns to investors [12].

Core Viewpoint - Since September 24 of last year, the A-share market has experienced significant growth, with funds established around that time achieving notable returns [1][3]. Fund Performance - Nearly 50 actively managed equity funds were "precisely established" during this period, with an average return of 35.94% across all funds, despite the challenging market conditions at the time of their launch [4][5]. - Specific funds such as Yongying Rong'an A and Allianz China Select A have seen returns of 89.09% and 74.96%, respectively, since their establishment [4][5]. Investment Strategy and Challenges - Many of the funds established during the low market point adopted a cautious investment strategy, focusing on dividend and value stocks, which led to underperformance compared to the broader market [2][6][8]. - The cautious positioning resulted in these funds missing out on the rapid market recovery, with some funds maintaining low exposure to high-growth sectors like technology [7][9]. Dividend Stocks Resilience - Despite the shift towards growth sectors, dividend-paying stocks have shown resilience, with expectations for increased dividend payouts as companies move past capital expenditure peaks [11][12]. - The long-term outlook for dividend assets remains positive, with a focus on stable cash flow companies that can provide consistent returns to investors [12].