Optimize the position structure through public offering, focus on exploring high-quality targets.

The "battle" for the Shanghai Composite Index to reach 4000 points continues. Recently, there has been a pullback in the technology sector, while sectors such as consumer goods and banks have taken the lead in the market, leading to a faster rotation of market styles and sectors. Many fund managers have stated that they are currently focusing on optimizing their holdings structure, aiming to discover and capture high-quality assets with alpha. The Shanghai Composite Index has been oscillating around 4000 points, and the overall positions of actively managed equity funds remain at historical highs. According to data from CICC Securities, as of November 9th, the average position of ordinary equity funds is approximately 91.46%, a 0.12 percentage point increase from 91.34% on November 2nd. At the same time, the average position of equity mixed funds is 89.92%, with the average position of "fixed income +" funds increasing by 0.03 percentage points compared to the previous period. "With the increased market volatility, I have not been as aggressive in my investments in the third quarter, but I have not reduced my positions either. Instead, I have optimized my holdings structure. I have added assets such as consumer goods and dividends, while also seeking individual stock alpha to improve the excess returns of my products," disclosed a Shanghai equity fund manager. Meanwhile, the pace of new fund launches in the public fund market has been increasing since November. Data from public fund ranking website shows that from November 10th to 16th, a total of 39 new funds were launched in the market, representing a 5.41% increase compared to the previous week, and this growth has been consistent for two consecutive weeks since November. Many funds have quickly made moves amid market volatility. Data from Choice shows that for new funds established in the last three months, nearly 60% of them have experienced a profit or loss of over 1% since inception. Among them, around 20% of new funds have provided returns of over 5% to investors, with the best-performing fund having increased by over 40%.