对比来看，2025年末从均衡打法转向赛道聚焦的基金当中，有相当大比例为"迷你"产品。 强化产品进攻性、走赛道化布局路线，已成为基金保障合同存续和实现规模扩容的关键路径。在对业绩 与规模取得双赢验证后，同类产品的赛道化策略已成为业内教科书式案例，吸引着不少小微基金主动摒 弃均衡打法，聚焦单一高景气赛道以提升净值弹性，从而开启业绩突围与规模跃升双主线。 刚刚披露完毕的公募基金四季报显示，一批小微基金的规模在较短时间内从千万元升破10亿元甚至100 亿元，上百倍的规模扩张背后正是产品进攻特征的极致演绎。 小微基金打破均衡发力赛道化 目前，不少小微产品的基金经理正努力做减法，确保深耕一两个赛道，而不再是广泛涉足多个行业。 基金赛道化布局的业绩红利持续释放，正推动更多产品主动调整持仓逻辑。在见证赛道化打法取得业绩 与规模的双赢局面后，越来越多的小微产品开始放弃均衡打法，转而重点布局某一行业来提升产品净值 的高弹性。比如，根据最新披露的2025年四季报持仓信息，融通明锐混合基金在去年末大幅提升产品净 值的进攻性，该产品此前以个股精选为主，重仓股曾涵盖各类行业，包括德昌电机控股、泡泡玛特、新 易盛、移远通信等标的，不过整体 ...

摘得近三年业绩桂冠的，是易方达基金郑希管理的易方达全球成长精选A。该基金作为一只QDII偏股混合型基金，近三年 收益率高达188.27%，远超其同期业绩比较基准20.14%的增长率。根据基金2025年三季度报告，该基金当时保持了较高仓 位，核心聚焦于成长性投资品种，并重点提升了在全球算力、新能源等领域的配置。其前十大重仓股名单中，包含了台积 电、英伟达、谷歌、阿里巴巴等横跨海内外的科技与AI领域巨头。 境内投资者"出海"寻觅收益的热情，正清晰映射在QDII（合格境内机构投资者）基金规模与业绩的爆发式增长上。近日， 中国证券投资基金业协会数据显示，截至2025年10月底，QDII基金净值规模已达9390亿元，同比大幅增长66.7%。 这份业绩排行榜单，不仅展示了在特定市场周期内领先管理人的全球配置能力，也反映出过去几年间科技成长赛道，特别 是全球人工智能产业浪潮所带来的强劲投资机会。 这背后，是投资者全球化配置资产的意识增强，以及美股、港股等市场结构性行情带来的机遇。 风险提示：基金有风险，投资需谨慎。 从近三年的业绩答卷来看，根据Choice数据统计，截至2025年末，有近三年业绩记录的QDII基金平均收益率 ...

Core Insights - The performance of mixed financial products has been outstanding this year, with the highest unit net value growth rate approaching 36% [2][4] - The recovery of the equity market and the increase in structural opportunities in specific sectors have contributed to the explosive performance of mixed financial products [2][4] - There is significant growth potential for mixed financial products, especially in the context of declining deposit rates, prompting financial institutions to enhance their equity research capabilities and innovate product offerings to meet diverse market demands [2][4] Performance Highlights - As of November 27, over 90% of mixed financial products have shown positive unit net value growth this year, with 11 products exceeding a 20% growth rate, the highest being 35.97% [4] - The average annualized returns for mixed financial products over the past week and month were 13.21% and 6.62%, respectively, marking increases of 112.44 percentage points and 35.32 percentage points from the previous quarter [4] - Key drivers for the strong performance include the recovery of the equity market, refined operational strategies, and diversified asset allocation [4] Market Position - Despite the impressive performance, the scale of mixed financial products remains relatively low within the banking wealth management sector, with a total market size of 749.19 billion yuan, accounting for only 2.37% of bank wealth management [5] - The market size has increased by nearly 160 billion yuan since the end of January, with a 0.39 percentage point rise in market share [5] Strategic Recommendations - Financial institutions are encouraged to focus on diversified asset allocation and product innovation to meet the varied investment needs of clients [7] - There is a need to enhance intelligent advisory and dynamic asset allocation technologies to improve management efficiency and customer experience [7] - Institutions should explore opportunities in technology growth sectors, cross-border asset allocation, and alternative fixed-income assets while strengthening research capabilities in equity investment and new stock pricing [7]

Core Insights - Since 2025, the A-share market has shown significant differentiation and rapid rotation between "dividend" and "technology growth" styles, forming a "seesaw pattern" [1] - Market funds are weighing macro expectations and industrial policies; when economic performance or external uncertainties rise, funds flow into stable cash flow and high-dividend sectors for "current certainty" [1] - Conversely, when market risk appetite improves, funds quickly shift towards growth sectors like artificial intelligence for "future high elasticity" [1] - The "14th Five-Year Plan" strongly guides frontier technologies, indicating long-term allocation value in technology growth sectors [1] - The current macroeconomic environment continues to show weak recovery, and rotation opportunities in technology growth sectors need to be dynamically grasped in conjunction with changes in market risk appetite and policy direction [1] Index and ETF Insights - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), with a daily fluctuation of up to 20% [1] - This index selects 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board to reflect the overall performance of representative listed companies [1] - The constituent stocks cover multiple high-tech fields, including information technology, biomedicine, and new materials, showcasing strong innovation and growth potential [1]

Market Overview - The Shanghai Composite Index briefly surpassed 4000 points before retreating, with total market turnover exceeding 2.1 trillion yuan [1] - The profit data for the first three quarters indicates a "total recovery and structural optimization," showcasing resilience in the economy despite external challenges [1] - September's monthly profit growth significantly increased, driven by effective macro policies, resilient exports, and steady recovery in domestic demand [1] Sector Performance - High-tech manufacturing sectors are leading the recovery, while traditional industries show mixed results [1] - Within the equipment manufacturing sector, electrical machinery and automotive industries maintain high prosperity, while the raw materials sector experiences slower profit recovery due to price fluctuations [1] - In consumer goods, pharmaceuticals and food sectors perform well, whereas the liquor industry remains under pressure and the real estate chain continues to be sluggish [1] Policy Developments - The People's Bank of China plans to restore national debt trading operations and implement supportive monetary policies [2] - The China Securities Regulatory Commission (CSRC) announced reforms to the ChiNext board to better accommodate emerging industries and innovative enterprises [3] - The CSRC's recent guidelines aim to enhance investor protection in the capital market, focusing on the issuance, listing, and delisting processes [3] Market Activity - On October 28, A-shares saw declines across major indices, with the Shanghai Composite Index closing at 3988.22 points, down 0.22% [4] - The market turnover was recorded at 21,655.28 billion yuan, showing a decrease from the previous trading day [5] - The margin financing balance increased to 24,820.12 billion yuan, indicating a rise in leveraged trading [5]

Group 1 - The core viewpoint of the articles highlights the significant increase in margin financing in the Chinese stock market, reaching a historical high of 24,455.47 billion yuan as of October 9, 2023, with a notable increase of 508.04 billion yuan from the previous trading day [1] - The margin financing balance for the Shanghai Stock Exchange was 12,332.50 billion yuan, while the Shenzhen Stock Exchange had a balance of 11,884.31 billion yuan, and the Beijing Stock Exchange had 75.13 billion yuan [1] - Over the past decade, the growth of margin financing has been concentrated in the growth sectors represented by the ChiNext board, which saw a 389.3% increase in margin financing balance from 1,038.3 billion yuan in June 2015 to 5,080.57 billion yuan in September 2025 [1] Group 2 - The "9.24" market event is identified as a turning point for leveraged funds, with the ChiNext margin balance increasing by 145% in the year following the event, compared to a 65% increase for the CSI 300 index [2] - The stock of SMIC, which leads the financing balance on the STAR Market, reached a financing balance of 150.97 billion yuan as of October 9, 2023, accounting for 5.44% of its market capitalization [2] - Following the adjustment of margin financing rates to zero for stocks with a static P/E ratio above 300, several stocks, including SMIC, experienced significant declines on October 10, 2023 [2]

Core Viewpoint - The technology growth sectors, particularly artificial intelligence and innovative pharmaceuticals, have emerged as the main drivers of the structural market trends in A-shares this year [1] Group 1: Technology Sector - The technology and advanced manufacturing sectors are expected to remain long-term focal points for investment [1] - A special initiative by China Construction Bank Fund has been launched to systematically outline various aspects of investment in the technology field [1]

Core Viewpoint - The recent recovery of the Shanghai Composite Index above 3800 points has led to a resurgence in market confidence, resulting in a strong performance in the public fund issuance market during September, particularly in the first week [1] Fund Issuance Summary - A total of 38 new funds were established in the first week of September, with a total issuance scale of 27.573 billion yuan, averaging 726 million yuan per fund, indicating a simultaneous increase in both volume and price [1] - Equity funds emerged as the primary contributors to the issuance, with 23 new funds raising 11.663 billion yuan, accounting for 42.3% of the total; mixed funds followed closely with 11 products raising 12.666 billion yuan, making up 45.9% of the total [1] - The top fund by issuance scale was the招商均衡优选A, which raised 4.955 billion yuan, followed by广发创业板指数增强A and平安港股通科技精选A with 2.393 billion yuan and 1.738 billion yuan respectively, reflecting a renewed demand for equity assets [1] Investment Themes - Recent fund issuance trends indicate a focus on technology, high-end manufacturing, and consumer recovery, highlighting investor interest in high-growth sectors [2] - Notable funds include兴业上证科创板人工智能指数A (9.57 billion yuan),国投瑞银上证科创板人工智能指数A (8.81 billion yuan), and华安恒生生物科技ETF (9.18 billion yuan), which target key areas in the AI and biotech sectors [2] - Several new funds experienced rapid subscription periods, with some achieving "one-day sell-out" status, demonstrating strong investor confidence in technology growth sectors [2] Market Environment - In contrast to the recovery in equity fund issuance, bond funds raised only 3.244 billion yuan, accounting for 11.8%, while money market funds saw no new issuances [3] - The improvement in equity fund issuance is closely linked to the recent favorable market conditions, with the Shanghai Composite Index's return to 3800 points enhancing the attractiveness of equity assets [3] - Industry insiders noted an increase in investor risk appetite, particularly towards growth sectors, with a significant proportion of new funds focusing on technology and healthcare themes [3]

Market Overview - A-shares experienced slight fluctuations with the Shanghai Composite Index and ChiNext Index alternating between gains and losses, while the Shenzhen Component Index and CSI 500 reached new highs, with total trading volume shrinking to 2.71 trillion yuan [1] - The market sentiment remains active, but cautious, with a focus on the movement of funds and potential impacts from market fluctuations [1] Sector Performance - The aquaculture, chemical, industrial internet, and performance pre-increase sectors saw significant gains, while medical services, rare metals, diversified finance, and military trade concepts faced declines [1] - The aquaculture sector, particularly chicken-related stocks, surged over 3%, reaching a 1.5-year high, with notable performers including Xiaoming Co., Tianma Technology, and Shengnong Development [2] - Chemical stocks collectively strengthened, with daily chemical, chemical raw materials, agricultural chemicals, and chemical fibers indices rising over 2%, highlighted by Jiaheng Home's 20% limit-up [2] Fund Flow Analysis - The computer and electronics sectors attracted over 10 billion yuan in net inflows, while basic chemicals and machinery received over 5 billion yuan, and media and automotive sectors saw over 3 billion yuan in inflows [1] - Conversely, the pharmaceutical and biological sectors experienced net outflows exceeding 6.7 billion yuan, with non-ferrous metals and financial sectors also seeing significant outflows [1] Policy and Industry Trends - The National Development and Reform Commission aims to limit domestic crude oil processing capacity to 1 billion tons by 2025, while the Ministry of Agriculture plans to enhance fertilizer management and standardization [3] - The chemical industry is expected to see a reduction in outdated production capacity, leading to improved competitive dynamics and potential recovery in profitability as policies are implemented [3]