风格漂移酿苦果：金信智能中国2025A三季度收益下跌1.95%，跑输同类平均超20%

Core Viewpoint - The third-quarter report of the Jinxin Fund highlights a significant growth in equity scale, with a focus on technology sectors as a "core position" despite the underperformance of the Jinxin Intelligent China 2025A fund, which has deviated from its investment mandate and received no ratings from professional agencies [1][3]. Fund Performance Summary - Jinxin Intelligent China 2025A reported a negative return of -1.95% in Q3, making it the only fund with negative returns among the disclosed products, significantly underperforming its benchmark by 21.64% and the CSI 300 index by 19.33% [3]. - In contrast, other funds managed by Jinxin achieved returns exceeding 24%, with the highest at 43.45% [2][3]. - Year-to-date, the fund has a return of 14.61%, ranking 1353 out of 2297 similar products, indicating a below-average performance [3]. Portfolio Composition - As of September 30, the top ten holdings of Jinxin Intelligent China 2025A are entirely concentrated in the banking and insurance sectors, with a total market value of 280 million yuan [5][6]. - The fund has significantly increased its positions in major banks such as Industrial and Commercial Bank of China (up 27.87%), Industrial Bank (up 29.50%), and Citic Bank (up 31.80%), while reducing holdings in Ping An Bank, Agricultural Bank, and China Construction Bank by over 30% [7]. Investment Strategy and Compliance - The fund's stated investment objective is to focus on companies providing intelligent production, design, and services, yet its actual holdings do not align with this mandate, leading to a notable style drift [7][9]. - The fund managers indicated a focus on low-valuation companies benefiting from intelligent transformation, but this contradicts the heavy investment in traditional financial stocks [8][9]. - Regulatory scrutiny on fund investment style consistency is increasing, which may pressure funds exhibiting style drift to adjust their strategies [9].