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　　南方财经5月25日电，中信证券研报表示，主观多头策略倾向于围绕资产进行定价的打法，以“增长景气”定价为代表，使得产品本身的净值表现与经济产业周期存在较高的关联度，因此宏观信号能否企稳是中长期重回击球区的关键。同时发现历史上其超额业绩贡献主要来自个股挖掘，超额损失主要源于行业轮动择时和板块配置，而当前主观公募整体持仓风格依然极其进取。中信证券认为，在宏观环境周期拐点到来前，首先应减少博弈性持仓，降低活跃头寸；充分发挥选股优势，对市场宽基形成有效“增强”。预计《公募基金改革方案》将引导务实调整，主观多头有望迎来新一轮“击球”机遇。未来主动型公募会更加聚焦A股和港股核心资产的定价，而原有持仓的“出清”进程基本完成，核心资产已经率先走出拐点，为击球区提供资产端基础；一旦基民持有体验有效改善，负债端的赎回压力也可能迅速缓解。

（文章来源：南方财经网）

(原标题：中信证券：公募改革引航破局 有望迎来新一轮“击球”机遇)

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