·湘财合丰：湘财合丰伞形行业基金之间的投资建议

海富通精选基金：均衡配置　长线  上投摩根基金：每日全球市场巡览  诚实基金：股市外部环境依然良好  《基金投资者教育手册》连载（一  不懂不要做 明明白白基金理财  投资者购买基金存在损失本金的风  南方基金：基金热卖我们该做什么  长信基金：努力发掘“伟大企业”  招商基金：维持分散 均衡的行业配  诚实基金：蓝筹搭台题材唱戏  华富基金：大盘调整可能持续到4月  易方达基金：免于匮乏的自由  短期震荡不改长牛 申万巴黎表示今

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宋体">注：1、按照中国证监会上市公司行业分类标准划分，没有计算综合类上市公司。

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宋体">2、截至日期：2003年8月30日。

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mso-hansi-font-family:宋体">1、被动型配置

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宋体">投资者通过投资湘财合丰伞形基金，在有效控制风险的前提下，如果只想获取平均市场回报，其可采用被动型的投资配置，即按三只行业基金所包括的各子行业计算的流通市值比例：

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宋体">成长类：周期类：稳定类＝17：53：31

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宋体">上述投资配置方案相当于类指数的投资，但实际效果会好于单纯的指数基金。湘财合丰各行业基金采用主动投资的方式，通过专业化的投资管理，选择优势行业和个股进行投资，实际回报会好于被动投资。

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mso-hansi-font-family:宋体">2、主动型配置

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宋体">类别配置是国际上先进的主动性投资方式。我们通过对国内A股市场的实证分析和模拟投资，充分证明了该投资策略在A股市场的有效性。如果投资者不仅仅满足于市场平均回报，而想要获得高于被动型配置的收益，可以采取积极主动的行业配置策略，获取超额回报。根据市场现阶段的情况，我们推荐的主动型各行业基金的投资比例为：

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宋体">成长类：周期类：稳定类＝23：50：27

(湘财合丰)

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