主动基金2025年四季度在加仓顺周期、AI与非银金融，明显下调港股配置

格隆汇01-23

公募基金四季报披露完毕。从规模变化看，2025年四季度以来，主、被动基金的表现均不算逊色，整体业绩亮眼，但资金选择却出现明显分化。主动偏股基金规模有所下降，而被动基金规模则显著回升。从老基金申赎情况来看，主动老基金的净赎回规模继续收窄，但依然为净流出；被动老基金则呈现出更为确定的净申购，且规模进一步扩大。与此同时，各类型基金的整体仓位出现阶段性回落。这意味着，即便市场回暖，机构资金在操作层面依然...

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