2025 年 10 月 29 日 主动权益基金规模再次突破四万 亿，科技板块成为重点聚焦赛道 ——25Q3 主动权益基金季报分析 益 量 化 研 究 证 券 研 究 报 告 相关研究 - 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 权 股 票 基 金 ⚫ 科技、消费、成长等是三季度主动权益基金经理普遍关注的内容：我们对所有主动权益基 金三季报中的投资策略和运作分析进行了词云分析。科技、消费、成长是基金经理三季报 中普遍提到的内容，各类关键词上来看：1）趋势关键词：修复、结构性、回升；2）行业 板块关键词：科技、消费、电子；3）主题关键词：算力、机器人、红利；4）事件关键词： 出口、关税、宽松等。 ⚫ 三季度主动权益基金 ...

Core Viewpoint - The article discusses the significant changes in the investment strategy of the Ruiyuan Growth Value Fund managed by Fu Pengbo, highlighting the reduction in holdings of certain stocks and the focus on sectors like technology and innovation-driven companies. Group 1: Stock Performance and Adjustments - Shenghong Technology's stock price has increased over six times this year, contributing significantly to Fu Pengbo's performance [2] - However, the latest quarterly report reveals that Fu Pengbo has reduced his holdings in Shenghong Technology by nearly 50% [3] - As of October 20, Fu Pengbo's fund participated in a private placement of Shenghong Technology, acquiring 806,400 shares at a total cost of 200 million yuan, representing 0.95% of the fund's net asset value [4] Group 2: Portfolio Composition Changes - New entrants to the top ten holdings of Ruiyuan Growth Value include Alibaba and Dongshan Precision, while Sanuo Biology and Maiwei Shares have exited [5] - Fu Pengbo's portfolio is now heavily weighted towards sectors such as internet technology, optical modules, PCB, chips, and innovative pharmaceuticals [5][7] - The top ten holdings' concentration has reached a historical high of 66.03%, driven by significant price increases in key stocks [15] Group 3: Market Outlook and Investment Strategy - The technology sector has been a major investment theme this year, with the semiconductor and consumer electronics industries showing strong performance [10][9] - Fu Pengbo emphasizes the importance of selecting companies with core competitive advantages and strong governance, focusing on those likely to experience high growth due to favorable industry conditions [7][41] - The article notes that the current market environment has led to high valuations across many sectors, prompting a shift towards more selective stock picking based on fundamentals [27][30] Group 4: Specific Stock Insights - Shenghong Technology, a leader in the PCB industry, reported a revenue of 9.031 billion yuan for the first half of the year, a year-on-year increase of 86%, with net profit soaring by 366.89% [19] - Dongshan Precision, another PCB leader, has also seen significant increases in its stock price, with a P/E ratio of 109.02, indicating it is at a historical high [23] - Newisheng, focusing on optical modules, reported a revenue of 10.437 billion yuan, up 282.64%, and a net profit increase of 355.68% [26]

Group 1 - In September, the number of private equity securities funds registered increased by 171.24% year-on-year, despite a 10.22% decrease from August [1] - In the first three quarters, 25 bank wealth management subsidiaries conducted over 2,100 investigations into A-share listed companies, with more than 50% focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - Securities firms accelerated their financing, with bond issuance reaching 1.26 trillion yuan, a year-on-year increase of 75.42% [1] Group 2 - Insurance capital institutions conducted a total of 14,128 investigations into A-share companies in the first three quarters, with a focus on electronic components and medical devices [2] - Qualcomm is under investigation for failing to legally declare its acquisition of Autotalks, potentially violating antitrust laws [2] - A new DNA search engine named MetaGraph has been developed, enhancing the ability to search vast biological databases [2] Group 3 - Beijing Universal Studios reported that a ride was temporarily halted due to safety protocols being triggered [3] - Zhongxin Jingyuan has initiated IPO counseling for its public stock offering on the Beijing Stock Exchange [3] Group 4 - Dahan Technology's controlling shareholder's 130 million shares were auctioned, resulting in a change of control for the company [4][5] - Inno Private Equity was warned by regulators for failing to conduct independent investment decisions and risk assessments [6] Group 5 - Bull Group's actual controller plans to reduce holdings by 36.17 million shares, valued at over 1.6 billion yuan [7] - Tao Li Bread's actual controller plans to transfer up to 2% of shares to a family member for asset planning [8] - Aipu Co., Ltd. announced the transfer of 29 million shares by its actual controller, with a total transaction value of 261 million yuan [9] Group 6 - Bohai Bank plans to publicly transfer debt assets worth approximately 499.37 billion yuan [9] - Dayu Biological announced a capital increase of 50 million yuan for its subsidiary to support new business growth [10] Group 7 - U.S. stock indices collectively fell, with the Dow down 1.9%, Nasdaq down 3.56%, and S&P 500 down 2.71%, marking significant declines influenced by trade tensions [11][12] - The semiconductor index dropped over 6%, with major companies like AMD and Qualcomm experiencing substantial losses [12] - Safe-haven assets such as U.S. Treasuries and gold saw increases, while oil prices hit a five-month low [12]

Market Overview - The market experienced a significant drop yesterday, leading to a cautious sentiment as the long holiday approaches, with many funds opting to remain stable rather than chase profits aggressively [1] - The main driver of the recent rally has been the technology sector, and a pullback after a continuous rise is considered normal rather than a market peak [1] - The tourism sector saw gains today, indicating that major players may be preoccupied with holiday plans, which could affect market activity next week [1] Trading Activity - The trading volume decreased by nearly 30%, reflecting a lack of participation from major players who are likely to resume activity after the holiday [1] - The buying power is at a critical point, with buy orders exceeding 1000, indicating that if it drops below this level, it may signal a net outflow of funds from the market [3] - There is evidence of institutional selling over the past two days, suggesting a potential continuation of this trend into next week [3] Sector Analysis - The market is currently fragmented, with no clear leading sectors, and the absence of strong themes indicates a lack of direction [3] - The ST (Special Treatment) stocks have shown resilience, suggesting that they may be the last to benefit from any market recovery, although caution is advised due to the risks associated with these stocks [5] - The technology sector, particularly artificial intelligence, has seen a reduction in momentum, indicating a potential shift in market focus [5] Performance Metrics - The number of stocks experiencing consecutive declines has increased, with 1365 stocks down for three days and 358 for four days, indicating a broader market weakness [8] - Despite the overall downtrend, the data suggests that most stocks may require a four-day adjustment period, highlighting the challenges in selecting stocks during a volatile market [8]

Group 1 - The Hong Kong stock market showed strength on August 25, with the Hang Seng Tech Index rising over 2% [1] - The Hong Kong Tech 30 ETF (513160) increased by 2.12%, with a trading volume exceeding 230 million yuan and a turnover rate over 8% [1][2] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business listed in Hong Kong [2] Group 2 - Major constituents such as Kingsoft Cloud, Meituan, SMIC, Alibaba-W, Lenovo Group, and ZTE saw gains of over 4% [2] - The Hong Kong Tech 30 ETF attracted over 270 million yuan in capital inflow over the last five trading days [2] - Federal Reserve Chairman Jerome Powell's speech on August 22 hinted at a potential interest rate cut in the coming months, despite rising inflation risks in the U.S. [2][3] Group 3 - Dongfang Securities maintains that the technology sector is a key investment theme, with a narrowing divergence in market views on this sector [3] - Bank of China International noted that Powell's remarks were interpreted as dovish, significantly increasing market expectations for a rate cut in September [3] - The dual easing phase, both domestically and internationally, is expected to benefit technology assets due to global liquidity shifts and domestic profit turning points [3]

Core Viewpoint - The report outlines the performance and management strategies of Guodu Innovation Driven Fund for the second quarter of 2025, highlighting the fund's investment objectives, strategies, and financial performance during the reporting period [2][4]. Fund Product Overview - Fund Name: Guodu Innovation Driven - Fund Code: 002020 - Fund Type: Contractual open-end fund - Effective Date: December 28, 2015 - Total Fund Shares at Period End: 15,551,291.99 shares - Investment Objective: To actively manage and pursue long-term stable growth while effectively controlling risks and maintaining good liquidity [2][4]. - Investment Strategy: Focus on macro analysis and industry characteristics to identify key sectors, with an emphasis on independent judgment and selection of quality stocks [2][4]. - Performance Benchmark: 80% of CSI 300 Index return + 20% of China Bond Index return [2][4]. Financial Indicators and Fund Performance - Fund Net Value at Period End: 0.629 RMB - Cumulative Net Value: 0.669 RMB - Fund Net Value Growth Rate: -1.41% - Benchmark Growth Rate: 1.24% [8]. - Fund experienced a decline in net asset value below 50 million RMB for 60 consecutive working days during the reporting period [8]. Management Report - The fund manager adhered to relevant laws and regulations, ensuring the management of fund assets was conducted with integrity and diligence [7]. - No violations or irregularities were reported during the management of the fund [7]. Investment Portfolio Report - Total Value of Stocks Held: 7,061,225.20 RMB, accounting for 71.21% of total fund assets [9]. - Major Industries Represented: - Manufacturing: 5,346,999.20 RMB (54.68%) - Mining: 277,200.00 RMB (2.83%) - Information Technology Services: 628,629.00 RMB (6.43%) - Environmental Management: 420,239.00 RMB (4.30%) [9][10]. Fund Share Changes - Total Fund Shares at Beginning of Period: 15,880,354.76 - Total Subscription Shares During Period: 243,472.65 - Total Redemption Shares During Period: 572,535.42 - Total Fund Shares at End of Period: 15,551,291.99 [6].

Group 1 - The fund is managed by Jiao Yin Schroder Fund Management Co., Ltd. and is designed to track the Shenzhen 300 Value Index through a passive investment strategy [2][3] - As of the end of the reporting period, the total fund shares amounted to 29,829,693.00 [2][3] - The fund primarily invests in stocks, with 96.90% of its total assets allocated to equities [11][12] Group 2 - The fund's performance for the past three months showed a net value growth rate of -2.85%, while the one-year growth rate was 9.77% [4][10] - The fund's investment strategy involves closely tracking the underlying index, with adjustments made based on changes in the index components [2][3] - The fund's major financial indicators and net value performance are not audited, and past performance does not guarantee future results [3][10] Group 3 - The fund's asset allocation includes 68.60% in the manufacturing sector, 12.65% in the financial sector, and 4.11% in transportation and warehousing [11][12] - The fund's investment portfolio is diversified across various industries, with a significant focus on manufacturing [11][12] - The fund's management adheres to strict investment control and fair trading practices to ensure compliance with regulations [5][6] Group 4 - The fund experienced a net redemption of 1,500,000 shares during the reporting period, resulting in a decrease in total shares from 31,329,693.00 to 29,829,693.00 [14][17] - The fund's investment in the top ten securities did not exceed the stipulated limits set by the fund contract [13][17] - The fund's management emphasizes transparency and provides investors with access to relevant documents and reports [17]

Group 1 - The core viewpoint of the article highlights the recent reduction in Loan Prime Rate (LPR) by the central bank, marking the first cut of the year, with the one-year LPR down to 3% and the five-year LPR to 3.5% [1] - The adjustment in LPR has led to a decrease in deposit rates across various products, with the one-year deposit rate falling below 1% to 0.95%, indicating a prolonged low-interest environment [1][2] - The article emphasizes the growing interest in "Technology + Dividend" strategies in the Hong Kong stock market, driven by a low-interest rate environment and ongoing global uncertainties [1][2] Group 2 - High dividend assets are becoming a preferred investment choice in uncertain environments due to their stable cash flow and high profitability, with the potential for increased allocation in dividend-focused ETFs [2] - The technology sector is experiencing a dual boost from low interest rates and supportive policies, enhancing the growth potential and valuation flexibility of tech stocks [2][5] - The "Technology + Dividend" strategy is presented as a complementary approach, balancing risk and return by combining high dividend yields with growth potential from technology investments [2][8] Group 3 - Historical data indicates that high dividend companies tend to perform better during economic slowdowns or market volatility, providing stable cash flow and opportunities for valuation recovery [3] - The article references past technology market surges driven by innovation and policy support, suggesting that current conditions may lead to similar outcomes for the technology sector [6][8] - The article concludes that adopting a "barbell strategy" can effectively navigate market uncertainties, with specific recommendations for investing in Hong Kong dividend ETFs and technology ETFs [11][12]