基金可通过两种方式实现对中小板、创业板等新兴行业的配置:一是基金调整仓位;二是直接发行新兴产业基金。基金调整仓位会导致三方面的不利影响:一是影响基金产品的透明度和行业公信力,对投资者有效配置资产带来困难;二是难以有效评价基金经理的主动投资管理能力,对基金经理的考核基础提出挑战;三是频繁换仓势必提高交易成本,对基金产品的收益形成拖累。而直接发行新兴产业基金可以为投资者提供投资标的范围明确、风险收益特征明确的基金产品,并进行有效资产配置,有利 The fund can realize the disposition of emerging industries such as the small plates and the gem by two ways: one is to adjust the positions of the funds; the other is to directly issue the emerging industry funds. The adjustment of the fund positions will lead to three adverse effects: First, the transparency of the fund products and industry credibility, the effective allocation of assets to investors difficult; Second, it is difficult to effectively evaluate the fund manager’s active investment management capabilities, the assessment of the fund manager Based on the challenge; Third, frequent trading is bound to increase transaction costs, the formation of the proceeds of the Fund dragged down. The direct issuance of emerging industry funds can provide investors with a clear range of investment targets, the characteristics of risk-return fund products, and effective asset allocation, and favorable