Di Yi Cai Jing·2025-10-26 11:49Core Insights - Over 90% of actively managed equity funds reported profits, with many experiencing significant growth in scale during the third quarter [1][2] - The equity market's heat is reflected in both fund performance and scale, with a notable increase in stock positions among funds [1][2] Fund Performance and Scale - As of October 26, 1062 fund products have disclosed their third-quarter reports, with nearly 60% being equity funds [2] - More than 60% of active equity funds maintained stock positions above 90%, and over 96% achieved positive returns in Q3 [2][3] - Notable performers include Yongying Technology Select A, which saw a year-to-date return exceeding 206% and a quarterly return of 99.74% [2][3] Explosive Growth in Fund Scale - Yongying Technology Select A experienced a net subscription of 2.766 billion units, increasing its scale from 1.166 billion to 11.521 billion, an increase of nearly 888% [3] - Other funds like Zhongou Digital Economy also saw significant scale increases, with net subscriptions pushing its scale from 1.527 billion to over 13 billion, a growth of 7.5 times [3] - Over 80% of funds reported a quarter-on-quarter increase in scale, with 37 funds doubling their size [3] Sector Rotation and Fund Manager Strategies - Fund managers are actively adjusting their portfolios in response to market conditions, particularly in the technology sector [4][5] - Yongying Technology Select A's stock holdings exceeded 94%, focusing on global cloud computing, with significant increases in major holdings [5] - Zhongou Digital Economy made more pronounced adjustments, retaining only a few previous top holdings while introducing new ones [5][6] Technology Sector Insights - Fund manager Feng Ludan reduced exposure to AI infrastructure while increasing allocations to intelligent robotics and C-end internet platforms [6] - The global cloud computing industry remains a focal point for investment, with expectations of increased AI model value [6] Pharmaceutical Sector Trends - The pharmaceutical sector, particularly innovative drugs, remains a key focus despite recent market fluctuations [7][8] - Longcheng Pharmaceutical Industry Select A reported a year-to-date return of 84.81%, maintaining a strong position in the industry [7] - Fund managers are adjusting their portfolios to focus on high-value innovative drug stocks, emphasizing cost-effectiveness and certainty [8][9]