首批北交所主题基金成立四周年，累计收益率最高达138%

Core Insights - The first batch of North Exchange thematic funds has shown impressive performance since its establishment on November 23, 2021, with some products achieving cumulative returns of over 100%, the highest being 138% [1][4] - The North Exchange 50 Index has reached new highs, with a year-to-date increase of 32.72% as of November 21, 2025, contributing to the strong performance of the thematic funds [3] - The average year-to-date return for the first batch of thematic funds is 46.56%, with leading funds like Huaxia North Exchange Innovation Small and Medium Enterprises Fund achieving 77.53% [3][4] Thematic Fund Performance - As of November 23, 2025, all but one of the first batch of thematic funds have positive cumulative returns, with an average return of 60.13% [4] - The cumulative return of the Huaxia North Exchange Innovation Small and Medium Enterprises Fund is 138.62%, while other funds like Huatai North Exchange Innovation Fund are close to doubling their returns at 92.68% and 89.62% [4] - Newer funds established in August 2022 and April 2023 have also performed well, with cumulative returns exceeding 100% for all three funds [5] Market Dynamics - The North Exchange thematic funds are considered more flexible compared to other fund products, primarily focusing on core assets of the North Exchange, which enhances their competitiveness in a bull market [5][6] - The liquidity issues that previously affected these funds have been gradually resolved, with turnover rates now comparable to other growth sectors in the Shanghai and Shenzhen markets [6] - The performance of North Exchange thematic funds is expected to continue benefiting from favorable market conditions, with adjustments needed based on market environment and investment styles [6]