本文利用分时段比较研究中国三种主要开放式基金在股市涨落中是否存在选股择时能力,以帮助投资者对其形成初步的认识。研究发现,目前的两种主要评价模型更适合在市场相对平稳时期评价中国基金的选股择时能力。当市场剧烈波动时,模型解释力较弱;基金总体仅具有极为微弱的选股能力,择时能力欠佳,且不同类型基金在市场不同波动阶段选股择时能力差异较大;市场下降期往往同时具有一定的选股和择时能力,但其他时段两种能力则具有较强的负相关性。 This article uses sub-periods to compare the three major open-end funds in China stock market volatility in the presence of the ability to choose the right time to help investors to form a preliminary understanding of them. The study found that the current two major evaluation models are more suitable for evaluating the timing of Chinese stock fund selection in the relatively stable period of the market. When the market fluctuates drastically, the explanatory power of the model is weaker. The fund generally has very weak stock selection ability, poor timing ability and different types of funds have different ability to choose stock options in different fluctuation stages of the market. The market decline period Often both have a certain stock picking and timing ability, but the other two periods have a strong negative correlation.