According to Wind statistics, as of July 27th (the same below), the yield of nearly 10,000 Public Offering of Fund products during the year dropped from the early second quarter. At present, only 8 products have a yield of more than 40%. In addition, benefiting from the high commodity prices this year, some commodity funds continue to occupy the top position in the annual yield list. For example, among the top ten in the list, 7 are only commodity funds. Specifically, Cathay Pacific Commodity, Wanjia Macro Timing Strategy and Harvest Crude Oil A rank in the top three respectively; Except Yin Hua CSI Photovoltaic ETF initiated to connect A and Wanjia Xinli, the rest are commodity funds. In the third quarter, most Public Offering of Fund's yields fell. For example, Cathay Pacific, the top commodity, achieved a maximum yield of 54.3% in early June this year, and the current yield of Wanjia's macro timing strategy is not as good as that in early June and early July. In addition, due to the high commodity prices this year, some commodity funds continued to occupy the top position in the list during the year, and the yield of some products at the end of the second quarter was close to 80%, reaching the highest level in the year, but the overall decline. According to the strategy group of CITIC Securities, the active public offering products in the second quarter continued the unbalanced allocation mode since the first quarter. From the perspective of absolute positions, different types of active products show certain differentiation. For example, the positions of ordinary stock funds and flexible allocation funds have risen rapidly, but the positions of partial stock hybrid funds have continued to decline. At the same time, the market value of heavy positions in the main board market declined again in the first quarter, and the market value of heavy positions in the Growth Enterprise Market also maintained a downward trend, reflecting that Public Offering of Fund continued to maintain a balanced feature in the second quarter. "In the second quarter, the scale of subscription and redemption in Ji Min shrank, and the net redemption rate increased slightly, but it did not exceed the historical extreme. The main redemption transactions are still relatively concentrated in the head products. " Benefiting from the performance of crude oil, natural gas and other commodities this year, some QDII funds achieved good returns during the year. Wind data shows that there are 26 QDII funds with a return rate of more than 10% during the year, of which 17 funds have a return rate of more than 30%, and 6 products excluding category C have a return rate of more than 40%. In contrast, only two stock funds have a return rate of more than 30%, and another 2/kloc-0 products have a return rate of 20% to 30%. Six hybrid funds remain above 30%, and another 3 1 only remains between 20% and 30%; QDII fund is still the biggest winner in the year, with a large number of high-yield products. Guo Xiaolin, the fund manager of Bosera Fund, told reporters that in the second half of the year, overseas markets are in the channel of inflation and interest rate hikes, and the rate of interest rate hikes will accelerate, and the economy may peak down or even turn into recession. However, the factors affecting the demand side of the domestic economy are changing, consumer demand will soon recover, and the margin of real estate policy will begin to relax. It is expected that the year-on-year decline in sales in the second half of the year will also narrow. On the whole, the domestic market will take the lead in the recovery stage, and the current market valuation is also at a low level, so the A-share market will be the best direction for investment layout. "New energy, military industry, semiconductors, biomedicine and other industries are still in the first half of the growth period in China." Guo Xiaolin believes that both the localization of new energy and high-end manufacturing are still in the stage of low industry penetration. It is necessary to pay attention to the changes in the competitive pattern of related industry segments and find the changing trend of industry profit distribution, so as to continue to look for investment opportunities in these growth industries. If you want to know more real-time financial news, please follow us.