节后主题基金平均跌超9%，四季度公募投资主线仍是科技？

Market Overview - After the National Day holiday, the A-share market experienced a pullback, with the three major indices showing declines. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell by 0.49%, 5.27%, and 7.56% respectively as of October 20 [3] - The technology sector faced significant declines, with the STAR 50, STAR Composite Index, and STAR 100 all dropping over 8%. The semiconductor and CPO (Co-Packaged Optics) sectors notably dragged down the overall performance of the technology industry [3][4] Fund Performance - The average decline for technology-themed funds exceeded 9% since October, with the largest drop recorded by the Fortune Information Technology Mixed Fund C at 14.16%. Out of over 1700 technology-themed funds, only 8 achieved positive returns, while more than 550 funds fell over 10% [3][4] Investment Sentiment - Analysts attribute the recent adjustments in the technology sector to external uncertainties leading to risk aversion and profit-taking from previous gains. However, the underlying logic supporting the technology sector remains intact, with a focus on policy benefits and structural data verification [4][6] - The "technology bull" market is expected to continue, with key areas of focus including humanoid robots, solid-state batteries, semiconductor chips, computing algorithms, and low-altitude economy, which are anticipated to be highlighted in the upcoming "14th Five-Year Plan" [6][7] Future Outlook - The fourth quarter is expected to maintain technology as the main investment theme, with significant performance from equity funds heavily invested in technology sectors such as artificial intelligence and computing power. The Yongying Technology Select Mixed Fund achieved returns of 194.49% and 193.09% [5][6] - The semiconductor industry index rose over 20% and the artificial intelligence industry index increased over 16% in the third quarter, reflecting strong market optimism towards the technology sector [5] Investment Strategy - A barbell asset allocation strategy is recommended, balancing between "China Special Valuation" and dividend assets (e.g., banks, public utilities) on one end, and high-growth technology sectors like AI on the other. This strategy aims to mitigate portfolio volatility while positioning for future growth [7][8] - For investors with varying risk tolerances, a more conservative portfolio can increase the proportion of dividend assets, while maintaining exposure to high-volatility, high-elasticity investments in technology sectors [8]