A股市场经历极端风格切换：科技股暴跌与基金经理高位追入现明显反转

In July, China's A-share market witnessed a sharp reversal in style, with technology-focused stocks experiencing significant declines while traditional sectors saw gains.

科技股剧烈调整与行业数据

The CSI Sci-Tech 50 Index plummeted by 25.90% in a single month, registering one of the largest single-month drops. Concurrently, the创业板指 (ChiNext Index) fell 23.00%, the second-worst performance in history, following the 2016 melt-down that saw a decline of -26.53%. Meanwhile, the Shenhua Electronics sector dropped 34.72%, and the Communications sector retreated 31.90%, highlighting intense sell-offs.

On the other side of the spectrum, coal, petrochemicals, and banking stocks rose more than 11%, offering a sharp contrast. Overall, out of 4925 active equity funds, the average loss was 12.31% in July, with 974 funds declining by over 30%, 75 by more than 40%, and one suffering losses exceeding 50%. This mirrors the earlier performance for the first half of the year, where 246 funds "surged" or doubled in value, but now only two remain on track.

明星基金经理的行为与市场反应

The unexpected aspect was the collective action by renowned fund managers known for value investing, such as Zhang Kun, Liu Yan Chun, Zhu Shao Xing, Jiao Wei, and Zhao Bei. Despite managing massive assets, they shifted gears in the second quarter, buying into overvalued technology stocks amid market congestion. By July, their funds faced further net asset value declines, compounding the losses from the style pivot.

For instance, Zhang Kun's fund resumed trading after a period of adjustment, reflecting the volatile market conditions. This behavior underscores the challenges in adhering to conventional investment strategies when market dynamics change abruptly.

数据解读与潜在影响分析

The scale of losses underscores the risks associated with timing market shifts. A simple breakdown shows that the decline in the Electronics sector exceeded the average fund loss, indicating poor allocation choices. Meanwhile, the resilience of traditional sectors suggests a flight to safety, possibly driven by regulatory concerns in technology.

• CSI Sci-Tech 50 Index: Monthly drop of 25.90%
• ChiNext Index: Decline of 23.00% in July
• Active equity funds average loss: 12.31%

五位顶流基金经理调仓重仓电子，科技仓位达历史高位

2026年二季度，张坤、刘彦春、朱少醒、焦巍、赵蓓五位知名基金经理在基金持仓调整中集中布局电子行业，科技持仓占比创历史纪录。市场数据显示，电子行业持仓占比达到42.64%，成为主动权益基金重仓A股前三。

张坤调仓变动

张坤管理的易方达蓝筹精选基金因增聘基金经理，股票仓位从93%降至75%，港股仓位大幅减少，战略性配置两只电子股，减持了包括贵州茅台在内的消费白酒企业。

刘彦春旗下产品差异化表现

刘彦春管理的基金组合出现显著分化，增聘基金经理后的产品集中投资半导体设备、光通信等科技赛道，明显提升基金回报，但90%以上的科技重仓使得6月下旬以来产品遭受较大回撤。

朱少醒跳出"茅台魔咒"

富国天惠成长基金持仓中贵州茅台退出前十大，电子元件企业成为替代选择。从调仓结果看，其卖出的重仓股几乎全数上涨，买入的股票多数实现正收益，显示出高超的择时能力。

焦巍重仓方向争议

焦巍管理的基金呈现出两种路径，离职产品转向AI产业链投资，委托产品延续红利消费策略。研报分析，在市场极端分化情况下，基金经理面临"刀俎鱼肉"的选择困境。

赵蓓跨界配置科技

一向专注医药领域的"医药女神"赵蓓，二季度大幅削减医药持仓，大举布局半导体设备和AI算力企业，其调仓观点"假如基本面不变，那么他强由他强，清风拂山岗"值得市场思考。

值得注意的是，五位风格迥异的基金经理不约而同转向科技领域，反映出市场风格转换的趋势。财通证券研报指出，电子行业持仓占比已达历史高位。

基金调仓风险揭示

市场行业轮动频发时，基金投资者需关注基金经理的持仓变化策略。当科技重仓产品在7月遭遇较大回撤，而坚守消费的同类产品则实现正收益，提示投资者应审慎评估持仓迁移带来的风险收益特征。

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