Core Viewpoint - The article highlights the entrepreneurial spirit and investment philosophy of Duan Yongping, emphasizing his humility and practical approach to business and investment [3][4]. Group 1: Personal Background and Career - Duan Yongping was born in Nanchang, Jiangxi, and faced challenges during his childhood, which instilled a sense of independence in decision-making [4]. - He left unsatisfactory jobs quickly, including a brief stint at Beijing Electronic Tube Factory and a small company in Guangdong, before finding success at Xiaobawang [4][7]. - After leaving Xiaobawang due to unfulfilled promises of equity, he founded BBK Electronics in Dongguan [7]. Group 2: Business Philosophy - Duan emphasizes a grounded approach to business, stating that true financial freedom comes from doing what one loves without being driven by money [8]. - He believes in a principle of "doing the right thing" and maintaining a calm mindset, which he refers to as "本分 + 平常心" (being principled and having a normal heart) [9][10]. - The "not-to-do list" established by BBK includes avoiding OEM production, which he believes would hinder brand development [12][13]. Group 3: Investment Strategy - After retirement, Duan shifted focus to investing, realizing that understanding a company is more important than stock price fluctuations [14]. - He made a significant investment in NetEase during the dot-com bubble, purchasing shares at a low price, which later yielded a return of over 100 times [16][17]. - Duan's investment philosophy centers on understanding the business deeply, as demonstrated by his investments in companies like Apple and Moutai, which he believes have unique value propositions [18][19].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Previously, the report was bullish on technology, but since mid - October, it has shifted towards a more balanced view. Based on high - frequency fund tracking and institutional behavior, it assesses the year - end market. For example, it mentioned in the report on October 12 that in the short term, it's advisable to adjust the structure, pay attention to finance (bank + insurance), and there may be rotations in the technology sector. As of November 14, banks and insurance have risen by 8.8% and 8.7% respectively, while technology sectors like electronics, communication, and computer have shown relatively poor performance [4]. - The recent capital behavior consistently tends towards balanced allocation. The reasons are the resonance of domestic and foreign risk - aversion sentiment and the year - end profit - taking demand of absolute - return institutions. Currently, the equity market is in the process of style re - balancing, and risk - averse funds may temporarily flow into industries weakly or negatively correlated with technology, such as finance, chemical industry in the pro - cyclical sector, and innovative drugs under the warming of the Sino - US narrative. The report also anticipates that the time for the next style to refocus on technology may be within this year [5][7][8]. Summary by Relevant Catalogs Asset Price Performance - **Global Assets**: In the week from November 10 - 14, 2025, most overseas stock markets rose, bond markets adjusted, non - ferrous metal prices increased, and the US dollar depreciated. US bonds fell significantly, while Chinese bonds remained relatively stable. Commodity prices were differentiated, with precious metal prices turning from decline to rise and crude oil prices falling. The US dollar index declined, and the RMB and Hong Kong dollar appreciated relatively. In the domestic stock market, the Shanghai Composite Index fell 0.2%, and the ChiNext Index and STAR 50 Index had relatively large declines, resonating with the US Nasdaq Index [13][14]. - **Risk - Aversion Sentiment**: The S&P 500 Volatility Index (VIX) rose this week, reaching the pressure level of 20 on Thursday, indicating an increase in risk - aversion sentiment [16]. - **A - share Market**: - **Index Performance**: Most broad - based indices fell this week. The STAR 50 (-3.8%) and ChiNext Index (-3.0%) led the decline, while the Wind Micro - cap Stock Index performed well, rising 4.1%. The dividend index, although slightly down (-0.02%), outperformed the broader market. After the National Day holiday, market volatility increased significantly, and the STAR Market, ChiNext, and micro - cap and dividend stocks often acted as two ends of a seesaw [19][21]. - **Trading Volume**: The average daily trading volume of major broad - based indices showed a slight increase overall, with most indices' average daily trading volume at a level similar to that in mid - August. Different indices had different trading volume trends, with the micro - cap stock index continuing to increase in volume and the STAR 50 significantly reducing in volume [25]. - **Industry Performance**: The top five rising industries were comprehensive (8.5%), basic chemicals (5.1%), commerce and retail (4.8%), textile and apparel (4.6%), and petroleum and petrochemical (3.7%), beauty care (3.5%). The industries with the largest declines were electronics, communication, and computer. The technology industry has been adjusting for two consecutive weeks, and the decline widened this week [27]. - **Technology Sector**: Since October, only a limited number of technology sectors have outperformed the Wind All - A Index. Specifically, controllable nuclear fusion, solid - state batteries, and storage have certain excess returns. This week, most sub - sectors in the technology sector fell, with rotations around storage, semiconductors, and solid - state batteries. The trading volume of the technology sector soared on Monday and Tuesday and declined marginally on Wednesday, Thursday, and Friday. Only semiconductors, storage, controllable nuclear fusion, and solid - state batteries had trading volumes higher than the average from August to September [32][37]. Fund Behavior Tracking - **Technology Weakening, Micro - cap and Dividend Reaching New Highs**: After the National Day, the STAR Market and ChiNext ended their unilateral upward trend since July and entered a wide - range shock. Micro - cap stocks, after a sideways shock since August, started to rise and continuously reached new highs this year. This week, the STAR Market and ChiNext fell significantly, while micro - cap stocks rose sharply, and micro - cap and dividend stocks reached new highs again [43]. - **Margin Trading Funds**: - **Trading Activity**: As of Thursday this week, the proportion of margin trading turnover in A - share turnover increased from 10.9% to 11.1%, indicating a slight increase in margin trading activity. The A - share margin trading balance on Thursday was approximately 2.51 trillion, a slight increase, and the proportion of margin trading balance in A - share market capitalization was approximately 2.54%, a decrease compared to last Friday [48]. - **Flow Direction**: In the past two weeks, margin trading funds and ETF funds mainly showed net outflows. From Monday to Thursday, margin trading funds flowed out of broad - market indices and the STAR 50 and flowed into small - and medium - cap stocks. This week, there were bottom - fishing funds in ETFs, especially on Friday, when the net inflow scale of the CSI 300 and the STAR Market and ChiNext was relatively large [53]. - **Market - Capitalization - Based Behavior**: This week, stocks with a market capitalization of over 500 billion added leverage, while those with a market capitalization between 100 billion and 500 billion reduced leverage. Stocks with a market capitalization of over 500 billion had a large variance in margin trading, with CATL, Zhongji Innolight, and BYD contributing most of the net margin trading purchases this week, while Cambricon, Kweichow Moutai, etc. had net margin trading sales [57]. - **Industry - Based Behavior**: This week, the industries with the largest proportion of net margin trading purchases in turnover were non - ferrous metals and chemicals. The industries with the largest month - on - month increase in the proportion of net margin trading purchases in turnover were non - ferrous metals, banks, home appliances, building materials, and non - bank financials, which were industries that reduced leverage significantly last week. After the National Day, basic chemicals and pharmaceutical biology have added leverage for six consecutive weeks [61]. - **Hot - Stock Behavior**: From the perspective of the proportion of net margin trading purchases in the market capitalization of hot stocks, most hot stocks in the power equipment, electronics, and chemical industries added leverage. The average proportion of margin trading funds in the top 35 hot stocks rose to 0.39% this week from 0.35% and 0.23% in the past two weeks. From the perspective of the proportion of net margin trading purchases in the turnover of hot stocks, most hot stocks in the power equipment, electronics, and chemical industries added leverage. In the power equipment field, stocks such as CATL, Huasheng Lithium, and Juhua Technology had a large proportion of net margin trading purchases in turnover, exceeding 10%. The average proportion of margin trading funds in the top 35 hot stocks rose to 2.65% this week from 1.51% and 0.67% in the past two weeks [63][70]. - **Quantitative Funds**: - **Excess Return**: In the last week of October, the excess returns of quantitative index - enhancing funds were negative, with the excess returns of CSI 500 and CSI 1000 quantitative index - enhancing funds being -0.9% and -1.0% respectively. In the past two weeks, the excess returns of CSI 500 and CSI 1000 quantitative index - enhancing funds have risen to 2.6% and 1.3% respectively [72]. - **Futures Basis**: The basis discount of stock index futures has narrowed in the near - term contracts and widened in the far - term contracts, but it still remains at a relatively high level [77]

- The report does not contain any specific quantitative models or factors for analysis or construction[1][2][3][4] - The report primarily focuses on market trends, fund flows, and industry performance without detailing quantitative models or factors[5][6][7] - No formulas, construction processes, or evaluations of quantitative models or factors are provided in the report[8][9][10]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [10][61]. Core Insights - The October data indicates a recovery in the restaurant sector, benefiting from the dual holiday effect, leading to improved sentiment in the sector [6][60]. - The liquor sector is experiencing a positive market sentiment, with companies showing resilience despite ongoing performance adjustments [6][59]. - The overall consumer sector is showing signs of improvement, with October retail sales reaching 46,291 billion yuan, a year-on-year increase of 2.9% [7][60]. Summary by Sections Industry News - In October, liquor consumption prices decreased by 2% year-on-year, while retail sales of tobacco and alcohol increased by 4.1% [5][19]. - JD Supermarket reported an 18% year-on-year growth in liquor sales during the Double Eleven shopping festival [5][19]. Investment Views - The liquor sector is benefiting from positive consumer sentiment, with a shift towards recovery in valuations after a prolonged period of suppression [6][59]. - Recommendations include high-dividend leaders such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks like Jiu Gui Jiu and She De Jiu Ye [6][59]. Key Company Feedback - The report highlights the performance of key companies, with notable increases in stock prices for She De Jiu Ye and Jiu Gui Jiu, reflecting positive market trends [30][31]. - The liquor industry's revenue for 2024 is projected to be 796.4 billion yuan, showing a year-on-year growth of 5.3% [34]. Core Data Trends - The cumulative production of liquor in 2024 is expected to be 4.145 million tons, a decrease of 7.72% year-on-year [34]. - The report emphasizes the importance of product innovation and strategic adjustments among leading companies to navigate the competitive landscape [60].

Core Viewpoint - Douyin has shut down all unauthorized Moutai stores, leading to increased market attention and a rise in the number of links for Moutai products on the platform [2][5]. Group 1: Douyin's Actions - Douyin's recent actions to clean up unauthorized Moutai sales are seen as a necessary step to protect its reputation and ensure compliance with platform policies [2][6]. - Following the crackdown, many stores that were found to have no violations are being gradually unblocked, indicating a return to normalcy for compliant sellers [2][6]. Group 2: Moutai Pricing Dynamics - The price of 53-degree Flying Moutai on e-commerce platforms has shown signs of fluctuation, with prices ranging from 1,600 to 1,800 yuan, and some stores offering it at around 1,499 yuan [2][5]. - The average retail price for 500ml Flying Moutai increased by 5 yuan to 1,841 yuan after the cleanup on November 16 [6][8]. Group 3: Market Implications - Analysts suggest that Douyin's intervention helps stabilize Moutai's pricing and prevents further price erosion that could harm offline distributors [5][6]. - Moutai has proactively adjusted its supply strategy, delaying its release plans to manage market dynamics better and maintain price stability [9][10]. Group 4: Future Outlook - The market is expected to see a slight price increase for Moutai products as the peak consumption season approaches, although some products may still experience price discrepancies [10].

Core Viewpoint - Douyin has shut down all unauthorized Moutai stores, which has attracted market attention and led to a fluctuation in the prices of Moutai products on e-commerce platforms [2][4]. Group 1: Douyin's Actions - Douyin's platform has seen an increase in links to Moutai products, with prices for 53-degree Flying Moutai mostly ranging from 1600 to 1800 RMB, and some stores selling it for around 1499 RMB [2]. - Some stores that were previously shut down for selling Moutai products have been gradually restored after verification of compliance [2][4]. - The recent actions by Douyin are seen as a way to protect its reputation and prevent the sale of counterfeit products, which could harm the platform's credibility [4][16]. Group 2: Price Dynamics - The price of 53-degree Flying Moutai has been fluctuating on e-commerce platforms, with Pinduoduo's "Billion Subsidy" section offering it at a subsidized price of 1460 RMB for the overseas version and 1496 RMB for the domestic version [6]. - The retail price of 53-degree Flying Moutai on November 16 was reported to be 1841 RMB, a slight increase from the previous day [16]. Group 3: Market Implications - The actions taken by Douyin are viewed as beneficial for both Moutai and Douyin, as they help to stabilize prices and prevent a downward spiral in profit margins for offline distributors [15][16]. - Moutai has proactively delayed its release plans and reduced quotas to manage supply and demand effectively, aiming to regain control over pricing strategies [15][18]. - Analysts suggest that the price of Moutai may rise slightly before the Spring Festival due to increased demand, although some products may still experience a "price inversion" where offline prices are lower than official guidance [19].

Group 1 - The price of Moutai has significantly dropped from nearly 3000 to 1500, indicating a drastic decline in demand and market value [1] - The decline is attributed to a combination of factors including the ban on alcohol, reduced business banquets, and a shift in consumer preferences among younger generations [3] - The market sentiment among speculators has turned negative, leading to a sell-off that exacerbates the price drop, creating a feedback loop of declining prices [3] Group 2 - Moutai is transitioning from being viewed as a financial asset to a regular beverage, suggesting a fundamental change in consumer behavior and market perception [3] - The current price drop is seen as a natural market cycle rather than a catastrophic event, indicating that the brand's value remains intact despite the fluctuations [3] - The advice is to maintain a balanced perspective on Moutai, recognizing its value while avoiding speculative behavior [3]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

《底部布局，柳暗花明—行业投资策 略》-2025.11.14 《白酒底部布局，兼顾成长型标的— 行业周报》-2025.11.9 《三季报业绩压力增大，白酒报表持 续出清—行业周报》-2025.11.2 消费板块共振上涨，消费行业结构性回暖 ——行业周报 食品饮料 2025 年 11 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-11 2025-03 2025-07 食品饮料 沪深300 相关研究报告 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：消费已有企稳迹象，布局机会渐行渐近 11 月 10 日-11 月 14 日，食品饮料指数涨幅为 2.8%，一级子行业排名第 5，跑赢 沪深 300 约 3.9pct，子行业中预加工食品（+6.9%）、烘焙食品（+5.1%）、乳品 （+4.3%）表现相对领先。本周消费板块集体上行，是由于 10 月 CPI 由负转正 引发催化， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].