德邦老基金，一个月暴涨35%

Core Viewpoint - The recent rumor of Debon Stable Growth Fund attracting over 12 billion yuan in a single day has sparked discussions in the fund industry, driven by a significant 35% increase in net value over the past month, largely attributed to early investments in the AI application sector [1][13]. Group 1: Fund Performance and Strategy - As of the end of Q3 2025, the fund's size was only 724 million yuan, but it has gained attention due to its concentrated investments in AI-related stocks, with the top ten holdings accounting for 70% of the fund's net value [1][16]. - The fund's performance over the past three years has been underwhelming, with a net value growth rate of -15.14% in 2023, 0.26% in 2024, and 8.06% in 2025, all failing to outperform their respective benchmarks [2][14]. - The fund's investment strategy aims for a balanced approach between stocks and bonds, with a focus on risk control, yet recent holdings reveal a more aggressive stance with five new AI stocks among the top ten [4][16]. Group 2: Market Reactions and Investor Behavior - Following the rumors of significant inflows, the fund quickly denied the claims, stating that daily scale data requires end-of-day settlement for confirmation, and subsequently imposed purchase limits, indicating high demand [1][9]. - The T+2 rule for mixed funds means that new investors will not see immediate returns, as they must wait two days to start earning from their investments, potentially leading to diluted returns for new entrants [20][21]. - As of January 16, 2026, eight of the top ten holdings had seen price declines, highlighting the volatility and risks associated with the recent surge in interest [21][23].