The November public offering performance chart has been officially announced. Public data shows that as of the end of November, a total of 7 funds (calculated separately for shares, the same below) had annual returns exceeding 50%. Among them, Guorong Rongsheng's leading company, Yanxuan Hybrid A, not only temporarily ranks first in the performance of active equity funds, but also has become the highest rising public offering product in the current market. Overall, as of now, over 60% of active equity funds have achieved positive returns during the year. At the same time, there are also some products whose annual returns are still negative and have fallen by more than 30%, and the performance gap between the beginning and end of the public offering is still over 90 percentage points. Looking back at November, the A-share market saw a slight increase. According to trading data, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose 1.42%, 0.19%, and 2.75% respectively in November. On the last trading day of November, November 29th, all three major stock indices of A-shares closed up, with gains of 0.93%, 1.72%, and 2.5% respectively as of the close. As November comes to an end, the performance of public funds for the first 11 months will also be announced. If QDII is excluded, according to data from Tonghuashun iFinD, as of the end of November, Guorong Rongsheng's leading product, Yanxuan Hybrid A/C, led the other products with annual returns of up to 53.6% and 53.32%. During the same period, five products including Morgan Stanley Digital Economy Hybrid A/C, Yinhua Digital Economy Stock Initiated A/C, and Huaxia North Exchange Innovative Small and Medium sized Enterprise Selection Two Year Fixed Open Hybrid Initiated had an annual return rate of over 50%, respectively, at 51.63%, 50.82%, 50.66%, 50.37%, and 50.48%. In addition to the seven products mentioned above, the top ten products on the performance chart include Huitianfu North Exchange Innovation Selection Two Year Fixed Open Hybrid A, Huabao CSI Financial Technology Theme ETF, and Huitianfu North Exchange Innovation Selection Two Year Fixed Open Hybrid C, with annual returns of 47.89%, 47.52%, and 47.35%, respectively. In terms of active equity funds, as of the end of November, among the 7322 funds for which data is available, 4975 products have achieved positive returns within the year, accounting for 67.95%, with an average return rate of 4.25%. During the same period, Jinyuan Shun'an High Quality Selected Flexible Allocation Hybrid C ranked last on the public offering performance chart with an annual return rate of -37.3%, followed closely by its A-class shares with an annual return rate of -37.24%. So far, the performance gap between the beginning and end of the public offering has reached 90.9 percentage points, but it has narrowed compared to 94.55 percentage points at the end of October. It is worth mentioning that at the end of October, the A/C shares of the fund also ranked among the bottom two in terms of annual returns on the public offering performance chart. According to the quarterly report, as of the end of the third quarter of 2024, the top ten heavy holdings of Jinyuan Shunan's high-quality selection and flexible allocation mix are Shenneng Shares, Ninghu Expressway, Fujian Expressway, Guangzhou Development, Guotou Electric Power, Guiguan Electric Power, Supor, Wantong Expressway, Gree Electric Appliances, and Chuantou Energy. As of the end of November, half of the 10 individual stocks mentioned above have experienced a decline of over 10% since the fourth quarter. In addition to the two bottom ranked products mentioned above, there are 9 funds whose annual returns have fallen by over 30%. In other words, as of the end of November, the annual returns of the top ten companies in the public offering performance list have all fallen by more than 30%. In the view of financial commentator Guo Shiliang, the recent high volatility of market conditions also reflects the differences in management capabilities among different fund companies. Due to the large fluctuations in product performance, differentiation is evident. If we look at the performance in November alone, the A/C initiated by Yinhua Digital Economy stocks led the way, with monthly gains of 21.6% and 21.59%. Among the top ten products with monthly increases, there are also Huaxia North Exchange Innovative Small and Medium sized Enterprise Selection Two Year Fixed Open Hybrid Initiator, Yongying Advanced Manufacturing Intelligent Selection Hybrid Initiator A/C, Penghua Carbon Neutrality Theme Hybrid A/C, AVIC Trend Navigation Hybrid Initiator A/C, Huaxia Intelligent Manufacturing Upgrade Hybrid A, with yields of 19.43%, 18.52%, 18.49%, 16.97%, 16.92%, 15.99%, 15.92%, and 15.81%, respectively. While fund returns have increased, market trading has also remained active. Looking back at recent market trends, as of November 29th, the transaction volume of the Shanghai and Shenzhen stock markets has exceeded 1 trillion yuan for 43 consecutive trading days. Yang Delong, Chief Economist of Qianhai Open Source Fund, believes that the overall logic of the current market rise has not changed, and the policy shift means that there will be more policies gradually implemented to stabilize economic growth in the future, in order to achieve the goals proposed at the Central Politburo meeting on September 26 and strive to complete the annual economic and social development targets. The countercyclical adjustment policy is expected to be further intensified in 2025, promoting sustained economic recovery, which is also expected to greatly boost market confidence. Although external factors have a certain impact on the short-term trend of the market, the general logic of the long-term recovery of this bull market has not changed. Therefore, it is recommended that investors adhere to the value investment philosophy, layout high-quality stocks or funds when the current market is still at a low level, patiently wait for the 'bull market' brought by valuation repair, and truly achieve wealth growth Yang Delong said. (New Society)