【公募基金】重磅会议将至，多元配置应对风格切换——基金配置策略报告（2025年10月期）

Market Overview - In September 2025, the equity market continued its upward trend, but the growth rate slowed compared to August, with a notable structural market characterized by strong performance in technology growth sectors [5][11] - The bond market faced pressure due to the stronger equity market, leading to a volatile environment [6][11] Equity Market Insights - The leading sectors in September included electric equipment and new energy, non-ferrous metals, and electronics, with respective gains of 18.64%, 12.64%, and 10.28%. Conversely, sectors like comprehensive finance, banking, and national defense saw declines of -8.04%, -6.64%, and -6.62% [5][10] - The market experienced significant fluctuations around the military parade, followed by a rebound in AI-related stocks due to better-than-expected earnings from overseas AI leaders [5][10] Fund Performance - All major equity fund indices recorded gains, with the Wind Active Equity Fund Index, Wind Mixed Equity Fund Index, and Wind Ordinary Stock Fund Index rising by 6.67%, 5.52%, and 5.43% respectively [5][10] - The fund performance review indicated a general uptrend in fund style indices, with growth and small-cap styles continuing to dominate [7] Bond Market Insights - The bond market continued to experience fluctuations, with the equity market's strength exerting pressure on bond yields [6][11] - Key events included a meeting between the Ministry of Finance and the central bank, which raised expectations for the resumption of bond buying, followed by concerns over fund redemption due to new regulations [6][11] Fund Strategy Adjustments - The active equity fund selection strategy focuses on sectors with high short-term prosperity, emphasizing the need for sustained industry momentum amid prolonged market differentiation [11] - Adjustments to the pure bond fund selection strategy were made to enhance returns by incorporating credit bonds and strategies adept at wave trading [17][18] Thematic Fund Performance - Thematic funds showed varied performance, with sectors benefiting from overseas demand for energy storage and breakthroughs in solid-state battery technology leading the gains [8][10] - Financial and real estate thematic funds lagged, reflecting a shift in market sentiment as risk appetite increased [8][10] Future Outlook - The bond market is expected to continue its volatile trend, with potential for moderate recovery amid a cooling stock market and macroeconomic data [18] - The focus on domestic demand remains crucial, with expectations for sectors like aviation and liquor to gain traction as consumer infrastructure initiatives are implemented [13][14]