Core Insights - The article provides an overview of the performance of various open-end funds, highlighting the top and bottom performers in terms of net asset value growth as of November 28, 2025 [2][4]. Fund Performance Summary Top Performing Funds - The top 10 funds with the highest net value growth include: 1. 东方阿尔法瑞享混合发起C: 1.1256, growth of 4.20% 2. 东方阿尔法瑞享混合发起A: 1.1257, growth of 4.20% 3. 广发远见智选混合C: 0.9124, growth of 4.07% 4. 广发远见智选混合A: 0.9260, growth of 4.07% 5. 汇添富竞争优势灵活配置混合: 1.2681, growth of 4.06% 6. 银河核心优势混合A: 0.9337, growth of 3.72% 7. 银河核心优势混合C: 0.9238, growth of 3.72% 8. 华富策略精选混合C: 1.7859, growth of 3.71% 9. 华富策略精选混合A: 1.8088, growth of 3.71% 10. 泰信发展主题混合: 1.9070, growth of 3.70% [2][4]. Bottom Performing Funds - The bottom 10 funds with the lowest net value growth include: 1. 华宸未来稳健添利债券C: 1.2027, decline of 3.56% 2. 华宸未来稳健添利债券A: 1.2199, decline of 3.56% 3. 德邦稳盈增长灵活配置混合A: 0.9871, decline of 1.54% 4. 德邦稳盈增长灵活配置混合C: 0.9750, decline of 1.54% 5. 金信量化精选混合A: 1.2110, decline of 1.43% 6. 浙商汇金量化精选混合C: 1.5450, decline of 1.09% 7. 浙商汇金量化精选混合A: 1.5457, decline of 1.09% 8. 同泰行业优选股票A: 0.5298, decline of 1.06% 9. 同泰行业优选股票C: 0.5207, decline of 1.06% 10. 广发中证港股通非银ETF发起式联接A: 1.6921, decline of 1.05% [3][4]. Market Overview - The Shanghai Composite Index opened lower but rebounded, closing with a small gain, while the ChiNext Index experienced fluctuations, ultimately closing slightly lower. The total trading volume was 1.59 trillion, with a gain-loss ratio of 4122 to 1193 [6]. - The leading sectors included trade and agency services, with a growth exceeding 2%, while banking, insurance, oil, and coal sectors lagged behind [6].

Market Outlook and ETF Strategy - Current market expectations are weak, with the Shanghai Composite Index experiencing a narrow fluctuation after a rebound, primarily due to ongoing US-China tensions, escalating geopolitical uncertainties, and a lack of new narratives to catalyze market movements [2] - The strategy suggests a return to a broad technology focus while avoiding sectors with low earnings visibility, especially as companies prepare to disclose mid-year earnings forecasts [2] - The report highlights a historical low win rate for dividend stocks in June, suggesting a potential pullback risk after dividend distributions [2] Industry Trends and ETF Recommendations - Short-term opportunities are expected to revolve around specific segments within the technology growth sector, emphasizing the importance of timing in capitalizing on market rotations [3] - Recommendations include focusing on the AI industry chain, both upstream and downstream, with specific attention to: 1. Upstream AI infrastructure, including high demand for AI computing power and semiconductor sectors, suggesting an increase in allocation to 5G communication and semiconductor ETFs [3] 2. Downstream consumer electronics, where valuations are at historical lows, and the gaming sector is expected to benefit from stable licensing and AI technology integration [3] 3. The defense sector, particularly aerospace, is highlighted due to potential growth opportunities amid geopolitical tensions [3] ETF Strategy Composition - The report lists a selection of ETFs recommended for investment, including: - E Fund CSI Innovation and Entrepreneurship 50 ETF with a scale of 81.5 billion [4] - Harvest CSI Semiconductor Materials and Equipment Theme ETF with a scale of 22.7 billion [4] - Harvest CSI 5G Communication Theme ETF with a scale of 67.4 billion [4] - Other ETFs focusing on AI, consumer electronics, and military sectors are also included in the strategy [4]