?Source: securities company, China Author: the era of passive investment in a shares of Su Hongbo is coming? The performance of the active fund is inferior to that of the index enhanced fund. When the index enhanced fund and the active partial stock fund lose the market one after another, the passive investment process of A-share may accelerate again. Under the strong rebound of nearly 24% in Shanghai stock index, the index enhanced fund, which claims to win the target index and maximize the pursuit of excess return, finally lost the battle. Since 2122, more than 30% of the index enhanced fund's earnings have underperformed the performance benchmark. In fact, more than 60% of the active biased funds did not outperform the Shanghai index. The reason for this is that the problems of "improper timing" and "improper stock selection" have arisen again. In contrast, index funds naturally avoid the above defects. In the future, with the maturity of a shares, it will be more and more difficult for active funds to defeat passive funds at the income end. The repeated experience and lessons of the market will accelerate investors' investment in passive funds. Because of the characteristics of both active investment and passive快乐向前冲20080804期 investment, the investment enthusiasm of index enhanced funds is increasing. When the stock market improved in 2122, what was their real ability to make money? Since 2122, a shares have bottomed out and rebounded. The three major stock indexes have gained 23.23%, 35.34% and 34.24% in the year (as of March 21), respectively. Other indexes have rebounded in different levels.