202 1, the difficulty of making money in the market may increase;

Equity funds that have made significant profits in the past two years may face the pressure of uncertainty next year.

Looking back on the history of nearly 15 years, it is not high that active equity funds have significantly outperformed the Shanghai and Shenzhen 300 Index for two consecutive years. If the annual excess rate of return of the fund is required to be no less than 5%, and the excess performance of public offering for three consecutive years is observed, it can be found that since 2005, the equity Public Offering of Fund has not significantly outperformed the Shanghai and Shenzhen 300 Index for three consecutive years.

From the fund's point of view, the excess return of public offering in recent two years is very high, and the median return of active partial stock funds for two consecutive years exceeds 30% (data source: Choice data). In fact, it is difficult to exceed 30% every year, so investors still need to lower their expectations and set reasonable fund target returns.

From the market point of view, institutions generally believe that there is still inertia in the domestic economic recovery in the first half of next year. It is expected that the liquidity of the stock market will be abundant, and the profit of A-share listed companies will accelerate, but it will drop slightly in the second half of next year. 202 1, the market is profitable from valuation to profit increase.