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Core Viewpoint - The market is transitioning from a single standout to a diverse array of investment opportunities, with public funds showing impressive performance in a structural market environment [1][3]. Group 1: Fund Performance - As of September 30, 2025, 104 public funds have doubled their returns, with 44 funds having a scale greater than 100 million yuan, and the best-performing active equity fund achieving nearly 200% annual returns [3][5]. - The average return for the 44 funds with a scale greater than 100 million yuan is 112.5% year-to-date [5][7]. - The top-performing fund is Yongying Technology Select A (022364.OF) with a return of 197.6%, followed by Huatai-PB Hong Kong Advantage Select A (470888.OF) at 161.1% [8][10]. Group 2: Sector Focus - Funds focused on technology and pharmaceuticals are leading the performance, while traditional sectors like real estate, banking, and liquor are relatively stable in a volatile market [4][11]. - The strong performance of small and medium-sized funds is attributed to their agility in targeting high-yield sectors such as artificial intelligence and innovative pharmaceuticals [7][11]. Group 3: ETF Performance - Among the 44 doubling funds, 37 are actively managed equity funds, while only 7 are ETF index funds, with the highest return from the Hong Kong Innovative Drug ETF (520700.SH) at 109.2% [12][14]. - The average return for all 14 gold ETFs is 41.04%, with significant inflows driven by rising international gold prices [15][12]. Group 4: Emerging Investment Themes - New emerging themes include "brand going abroad," "Beijing Stock Exchange," and "high-end manufacturing/robotics," with funds like GF Growth Navigator A (016243.OF) and CITIC Construction Investment Beijing Stock Exchange Select A (016303.OF) showing strong returns [17][18]. - The Beijing Stock Exchange has a high concentration of "specialized, refined, distinctive, and innovative" companies, with 58.1% of listed companies fitting this description [24][26]. Group 5: Investment Strategy - The article suggests that high-yield, high-volatility thematic funds should be considered as "satellite allocations" within a broader investment portfolio, emphasizing the importance of core stable assets [34].