部分混合类理财短期业绩爆发 【导读】混合类理财产品业绩亮眼，年内最高单位净值增长率接近36% 中国基金报记者 李树超 张玲 今年以来，混合类理财产品业绩亮眼，短期业绩爆发，最高单位净值增长率接近36%。 业内人士表示，随着权益市场回暖，细分板块结构性机会增多，混合类理财产品业绩爆发。 在存款利率持续下调的大背景下，混合类理财产品仍有较大发展空间，建议理财机构不断加 强权益投研能力建设，做好多元配置与产品创新，更好满足市场差异化投资需求。 编辑：张洁 Wind数据显示，截至11月27日，超九成混合类理财产品今年以来单位净值增长率为正，11 只产品单位净值增长率超20%，最高达35.97%。 该类产品短期业绩也呈现爆发势头。普益理财数据显示，截至2025年三季度末，混合类理财 产品近7日、近1个月平均年化收益率分别为13.21%、6.62%，较上季度分别上升112.44个 百分点、35.32个百分点，收益弹性显著提升。 中国邮政储蓄银行研究员娄飞鹏表示，年内混合类理财业绩表现突出的原因有权益市场回 暖、策略精细化运作、资产配置多元化等。部分产品短期业绩爆发式增长，主要驱动因素是 对特定市场板块阶段性机会的精准捕捉 ...

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]