citic sec's fund investment strategy in 2025: since 2024, actively managed stock funds have continued to underperform the index. The quantitative excess returns experienced withdrawals at the beginning of the year and in late September. The trend of investors "buy passive, sell active" is gradually strengthening, but the stock selection ability still highlights the allocation value of actively managed stock funds, and the decay of quantitative excess returns is also a gradual process.
中信证券2025年基金投资策略:基于投资者风险偏好分层
citic sec's fund investment strategy in 2025: stratified based on investors' risk preferences.
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