文｜新经济e线

xinjingjiexianhuoxi，yubeidongzhishutouzirelanggungunxingchengxianmingduibideshi，gongmuzhudongquanyitouzipoyouxieluomo。suizhejinliangnianguoneibeidonghuatouziqushibuduanshenhua，jinniansanjiduagubeidongjijinchicangzhanbigengshilishixingdeshoucichaoyuezhudongpianguxingjijin，zheibiaozhizheyigehuashidaidexinshiqiyijingdaolai。

congtouzijixiaolaikan，zhudongquanyijijinyemianlinzhongdakaoyan。jinliangnianlaizhudongquanyichanpindechaoeshouyibiaoxianchuyujiaodideshuiping，congeryinfashichangmiqieguanzhu。jugongmujijinjinniansanjibaoshujuxianshi，zhudongquanyigundongyiniandechaoeshouyi（xiangjiaozhongzheng800zhishu）pingjunwei-6.24%，chaoeshouyidayu0debilijinwei23.20%，liangxiangzhibiaochuyu2014nianyilaihou10.8%hehou5%fenweishu，yuandiyuzhongshushuipingde5.17%he58.59%。bujinruci，zheiliangxiangzhibiaoyeshilianxuliangnianchuyujiaodishuiping，erzheizhongzhangshijianbiaoxianjiaoruodeqingxingzailishishangjiaoweihanjian。

juxinjingjiexianlejie，yigezuixianzhudetedianjiushi，jinnianlaidichengben、gaoxiaolvdezhishuchanpinzhengduimingxingjijinjinglideyejigouchengjiangweidaji，tongyangzhishujijinyichengweitoubugongmuzhuanxingshengji、baituomingxingjijinjingliyilaidehexinzhuashou。jiumingxingjijinjinglieryan，danzhijijindeguimokuaisuzengzhang，yidingchengdushanghuohuichengweijijinyejidebanjiaoshi。jiuqiyuanyin，jijinguimofanglianghou，jijinjinglixuangunandu、huoqushichangchaoeshouyidenanduyezaidafuduzengjia，fanguolaiyouhuiyingxiangzheileijijinchanpindechijitiyan。

yucitongshi，youyuzhanshengzhishudenanduzhengzaidafuzengjia，yuelaiyueduodezijinkaishiguanzhugaoxiaolvdezhishuchanpin。suizheshichangyouxiaoxingdezengqiang，touzizhezhuipengmingxingjijinjinglidequshizhengzaizhubugaibian。touzizheqingxubianhuayebiaoming，mingxingjijinjinglihuosuchuquandexianxiangbuzai，jiminzhuipengmingxingjijinjinglichanpindereqingyidaweijiangdi，touzizheshenzhikaishipubiandanxinzhudongquanyichuangzaochaoeshouyidenengli，congerdaozhixinchanpinfaxingyuleng。

年内新成立规模腰斩

xinjingjiexiandiaochafaxian，jinnianlaizhudongquanyijijin（baokuoputonggupiaoxingjijin、pianguhunhexingjijin、linghuopeizhixingjijin、pinghenghunhexingjijinzainei，yixiatong）faxingtongyangburongleguan。windtongjixianshi，anchengliriqijisuan，jiezhi2024nian12yue16ri，nianneizhudongquanyijijinmujiecongquniantongqide1321.09yiyuandafujianshaozhijin659.22yiyuan，jiaoquniantongqixiangbiyicanzaoyaozhan，zheiyeshizuijinsannianlaizhudongquanyijijinfaxingguimoshoucidiepoqianyiyuandaguan。

基金市场概况

来源：Wind

windtongjibiaoming，jinnianlaixinchenglijijinshulianggongji1062zhi，leijifaxingguimoyue11018.27yiyuan。qizhong，zhudongquanyijijinxinchenglishuliangwei256zhi，qishuliangzhanbiyue24.11%。buguo，congmujiguimolaikan，qifaxingzhanbiduanyaxiajiangzhishangbudaoyicheng，jinlude5.98%。

ruoanmujiguimoconggaodaodipaixudehua，jinnianlaimujiguimochaoguoshiyiyuandezhudongquanyijijinjinyousizhi，fenbieweixingzhengquanqiuhongli（a/c）、tianhonghonglizhixuan（a/c）、zhongoujingqijingxuan（a/c）、puyinanshenghonglilianghua（a/c），hebingmujiguimofenbiewei13.98yiyuan、11.28yiyuan、11.10yiyuan、10.19yiyuan。qizhong，qiansanzhijijinjunchengliyujinnianshangbannian，jinpuyinanshenghonglilianghua（a/c）gangyu11yue29richengli。

eryishangjijinchenglihoudeguimobianhuaqingkuangbiaoming，faxingjushoudexingzhengquanqiuhongli（a/c）guimoyidafusuoshui。jiezhijinniansanjidumo，xingzhengquanqiuhongliahexingzhengquanqiuhonglicgebeishuhui9535.01wanfenhe44950.35wanfen，hebinggongjijingshuhui54134.29wanfen，jijinzichanjingzhidafuxiajiangzhiyue8.85yiyuan。duanduansangeduoyueshijianli，jijinguimojiaochenglizhichusuoshuijinsicheng，da36.70%。

tongyang，tianhonghonglizhixuan（a/c）hezhongoujingqijingxuan（a/c）zichengliyilaiyezaoyujingshuhui。jiezhijinniansanjidumo，zheiliangzhijijinhebingzichanjingzhifenbiexiajiangzhi8.01yiyuanhe6.7yiyuan，guimofenbiesuoshui28.99%he39.64%。

yucitongshi，zaijinnianyilaixinchenglidezhudongquanyijijinzhong，youbushaochanpinshuyu“caixian”chengli。qizhong，mujiguimojieyu2yiyuanzhi3yiyuanzhijiandezhudongquanyijijingongjiyou75zhi，zhanbida29.30%。bujinruci，haiyouduoda94zhizhudongquanyijijinbudebuyifaqishijijindefangshichengli，zhanbijinsicheng，da36.72%。

来源：基金公告

ru2024nian9yue6richenglidexingyinshuzijingjizhixuana，gaijijinyifaqishijijinchengli，mujiguimo1000wanyuan。qizhong，mujiyouxiaorengouzonghushujinyouyihu，yejiushizuoweijijinguanlirendexingyinjijinzishen，qifaqifenezhanjijinzongfenebilida100%，bingzihetongshengxiaozhiriqichiyoubushaoyu3nianshijian。tongyang，xingyinjijinqixiayujinnian5yue15rihe6yue17richenglidexingyinxianjinzhizaozhixuanahexingyinjuyouzhixuanayeshiruci。ciwai，yinheesgzhuti（a/c）mujiyouxiaorengouzonghushuyejinyouyihu，jizuoweifaqirendeyinhejijin。

ciwai，xifensidaleizhudongquanyijijindehua，qishichangzhanbiyejinyibuxiahua。jiezhijinniansanjidumo，putonggupiaoxingjijin、pianguhunhexingjijin、linghuopeizhixingjijin、pinghenghunhexingjijinguimofenbiecongquniannianmode6232.71yiyuan、24701.76yiyuan、11507.18yiyuan、378.6yiyuansuoshuizhi5573.92yiyuan、22105.68yiyuan、9751.28yiyuan、343.72yiyuan，quanbuzhudongquanyijijinshichangzhanbicongquniannianmode15.55%xiajiangzhijinniansandumode11.96%，jiangfuxianxian。

huigu2023niantongqi，dangnianzhudongquanyijijinchenglishulianghemujiguimotongbiyeshuangshuangchuxianhuapo。2023niannianneixinchenglijijinshuliangcong2022niande1466zhixiajiangzhi1205zhi，tongbijianshao261zhi，duiyingdemujiguimoyecong14663.21yiyuanjianshaozhi10692.3yiyuan，jianshaole3970.91yiyuan，liangxiangzhibiaojiangfufenbiewei17.8%he27.08%，tebieshimujiguimozhanbijiangfugengweixianzhu。

qizhong，xinchenglizhudongquanyijijinshuliangcong2022niande435zhijianshaozhi2023niande321zhi，jianshaole114zhi，mujiguimoyecong2022nian 2242.57yiyuanxiajiangzhi1321.09yiyuan，xiajiangle921.48yiyuan，duiyingdeshuliangzhanbihemujiguimozhanbiyefenbiecong29.67%he15.29%、jiangdizhi26.64%he12.36%，tongyangyezaizhunianzoudi。

逾七成超额收益为负

xinjingjiexianzhuyidao，zhengtilaikan，jinliangnianlaizhudongquanyichanpinchaoeshouyiqianjiashibuzhengdeshishi。windtongjibiaoming，jiezhi2024nian12yue13ri，zai7359zhizhudongquanyijijin（a/cfenlie，yixiatong）zhong，duoda5487zhichanpinnianneichaoeshouyiweifuzhi，junpaoshulejijintongqiyejibijiaojizhun，zhanbichaoguoqicheng，gaoda74.56%。

rujinyuanshunanjijinqixiajiuyou4zhizhudongquanyichanpinchaoeshouyiweilietongleichanpindaoshuqianshi。qizhong，jinyuanshunanyouzhijingxuanc、jinyuanshunanyouzhijingxuanahejinyuanshunanchanyezhenxuanc、jinyuanshunanchanyezhenxuanajiaotongqiyejibijiaojizhundechaoeshouyifenbiedizhi-47.12%、-47.06%he-41.65%、-41.45%。jiezhi2024nian12yue13ri，yishangsizhijijinfenenianneijingzhizengzhanglvfenbiewei-34.71%、-34.65%，-28.25%、-28.05%。

xiangbizhixia，jinyuanshunanyouzhijingxuanc、jinyuanshunanyouzhijingxuanaduiyingdeyejibijiaojizhunweizhongzheng700zhishushouyilv*80%+yinxinghuoqicunkuanlilv(shuihou)*20%，houzheshouyilvwei12.41%，erjinyuanshunanchanyezhenxuanc、jinyuanshunanchanyezhenxuanaweihushen300zhishushouyilv*80%+zhongzhaizonghezhishushouyilv*20%，houzhenianneishixianhuibaolvda13.40%。

qizhong，jinyuanshunanyouzhijingxuanc、jinyuanshunanyouzhijingxuanayouzhouboyangyirendanduguanli，erjinyuanshunanchanyezhenxuanc、jinyuanshunanchanyezhenxuanazeyouminhang、zhouboyangliangrengongtongguanli。congrenzhiqixianlaikan，zhouboyangzi2018nian1yue26riqijichurenjinyuanshunanyouzhijingxuan（a/c）dejijinjingli，zhijinyizhangdajinqinian。buguo，zhouboyangrenzhizonghuibaoqijinrengweifuzhi，renzhinianhuahuibaowei-0.16%。qigongtongguanlidejinyuanshunanchanyezhenxuan（a/c）renzhihuibaogengshidizhi-28.21%，huibaopaiming4087/4090。jiezhijinniansanjidumo，gaijijinyibuzuyiyuan，jinyue7800wanyuan，lunweiyizhibuzhebukoudeminijijin。

gongkaiziliaobiaoming，zhouboyangcengrenshanghaixinshijizixinpinggutouzifuwuyouxiangongsizhulifenxishi，shanghaizhengquanxiangmujingli。2014nian8yuejiarujinyuanshunanjijin。qilirenguanlijijinshuliangyou7zhi，xianzaiguanjijinrengyou6zhi，chuleyishang2zhizhudongquanyijijinwai，lingwai4zhigushouchanpin，qihejiguanliguimoyue49.22yiyuan。

zaijinnianlaichaoeshouyiweiliedaoshuqianershidezhudongquanyijijinzhong，huashangjijinyi7zhichanpinweiliegejiajijingongsibangshou。jiezhi2024nian12yue13ri，huashangzhinengshenghuoc、huashangzhinengshenghuoa、huashangzhuoyuechengzhangyinianchiyouc、huashangxinxinghuoli、huashangzhuoyuechengzhangyinianchiyoua、huashanghexinchengzhangyinianchiyouc、huashanghexinchengzhangyinianchiyouanianneifenbieshixianchaoeshouyidizhi-40.99%、-40.64%、-40.17%、-39.93%、-39.74%、-38.85%、-38.50%。tebieshihuashanghexinchengzhangyinianchiyouc、huashanghexinchengzhangyinianchiyouazi2022nian12yue26richengliyilai，lianxuliangnianyejidafuluohou。

ciwai，yitongshangbangdehaiyoufurongjiazhijingxuanc、furongjiazhijingxuana、hengshengqianhaixingxianga、hengshengqianhaixingxiangc、dachengdongtailianghuac、dachengdongtailianghuaa、xinyuanxingyelundongc、xinaochanyeyouxuanyinianchiyouc、xinyuanxingyelundonga，duiyingdechaoeshouyifenbieluohouzhi-45.35%、-45.17%、-40.94%、-40.78%、-40.51%、-40.25%、-38.69%、-37.76%、-38.40%。

yeneifenxirenwei，jinnianlaizhudongquanyichanpinzhengtichaoeshouyiqianjiadeyuanyinyousange。yishicangweiyinsu。dangzhishubiaoxianxianzhujiaoqiangshi，zhudongquanyijijindangyuedepingjunchaoejibendaduoweifu。youqimianduishichangzhangqixiaxingzhihoudefandanshi，zhudongquanyijijinchuyuzhiqianbixiandeyuanyin，kenengtongguojiangdicangweilaijinxingfangyu，zaifandanshiyouyucangweibugaopaobuguozhishu。ershibetayinsu。yiwangzhudongquanyizhangqichaopeidianzi、yiyao、dianlishebeidengxingye，xianzhudipeifeiyinjinrongyuyinxing。zaizhudongquanyidabufenpaoshuzhishudeshijianqujiannei，qidipeidexingyewangwangshibiaoxianxiangduizhanyoude。sanshialphayinsu，jizhudongquanyijijindexuangunengli。tebieshibufenxingyejijinzai2021 nianzhihouchaoechuxianxiahua，zheixiechanpinyezhengshiciqianzai2019~2020 nianniushizhongfazhanzuikuaidechanpinleixing，jijinguanlirenjijibujulecileisaidao，zaihuicheshituoleilezhudongquanyijijinzhengtibiaoxian。