Graph anomaly detection (GAD) has garnered increasing attention in recent years, yet it remains challenging due to the scarcity of abnormal nodes and the high cost of label annotations. Graph pre-training, the two-stage learning paradigm, has emerged as an effective approach for label-efficient learning, largely benefiting from expressive neighborhood aggregation under the assumption of strong homophily. However, in GAD, anomalies typically exhibit high local heterophily, while normal nodes retain strong homophily, resulting in a complex homophily-heterophily mixture. To understand the impact of this mixed pattern on graph pre-training, we analyze it through the lens of spectral filtering and reveal that relying solely on a global low-pass filter is insufficient for GAD. We further provide a theoretical justification for the necessity of selectively applying appropriate filters to individual nodes. Building upon this insight, we propose PAF, a Pre-Training and Adaptive Fine-tuning framework specifically designed for GAD. In particular, we introduce joint training with low- and high-pass filters in the pre-training phase to capture the full spectrum of frequency information in node features. During fine-tuning, we devise a gated fusion network that adaptively combines node representations generated by both filters. Extensive experiments across ten benchmark datasets consistently demonstrate the effectiveness of PAF.