Core Viewpoint - The report highlights the performance of mixed public fund products in the third quarter of 2025, showcasing significant growth in the A-share market, particularly in technology and high-end manufacturing sectors, with several products achieving notable returns [5][6]. Market Performance - In Q3 2025, the A-share market exhibited a structural bull market, with the ChiNext Index rising over 50% and the STAR Market increasing by over 40%. The Shanghai Composite Index and Shenzhen Component Index reached new highs since April 2019, with increases of 12.73% and 29.25% respectively [5]. - Key sectors such as new energy, artificial intelligence, semiconductors, and non-ferrous metals showed the highest growth rates [5]. Mixed Public Fund Performance - The average net value growth rate for mixed public fund products was 2.15% in Q3 2025, with only 4 products exceeding a 20% growth rate. Approximately 40% of the 1196 sample products had returns below 1%, and 14 products reported negative returns [6]. - Seven asset management companies had products listed in the top rankings, with Ningyin Wealth Management, Huihua Wealth Management, and Xingyin Wealth Management each having two products featured [6]. Product Analysis - The top-performing product, "Ningyin Mixed Carbon Neutral Open-End Fund No. 1," achieved a net value growth rate of 26.07%, benefiting from significant gains in the new energy and non-ferrous metal sectors. The product's stock investments accounted for 54.84% of its portfolio, with top holdings including Ningde Times and Zijin Mining, which saw respective increases of 59.96% and 52.14% [7][8]. - The second-ranked product, "Huizhe Flexible Allocation Open-End Fund," had a net value growth rate of 21.86% and was diversified across equity assets (71%), government bonds (15.48%), and cash (13.53%). Key holdings included automotive and technology stocks, with notable gains from Changyuan Donggu and Zhongding Holdings [7][8].

中信证券：未来主动型公募会更加聚焦核心资产定价 基准偏离和盈利客户比率可能是公募考核新规影响最大的两个规则。从过往主动型基金业绩基准分布来看，采 用沪深300和中证800的基金仅占总规模的62%，超过18%的产品是赛道型产品。2007年至今，2012—2014年和 2022—2024年出现过三年维度主动型公募大面积跑输沪深300指数10个百分点的情况。 过去3年公募普遍跑输基准，低配银行是部分原因，频繁交易和板块轮动也产生负向贡献。向基准靠拢和保守 化配置是大势所趋，但过程是动态的，绝非简单做多低配行业。未来主动型公募会更加聚焦核心资产定价而不 是边际信息流定价，策略范式可能出现整体性调整。未来资管行业当中相对收益和绝对收益产品的策略、选股 范围和定价模式会呈现明显分化。 华泰证券：公募改革或进一步增加资金配置港股需求 5月7日的国新办发布会对资本市场政策态度积极，重点支持科技、消费领域，对港股市场形成积极影响。5月8 日凌晨，美联储继续按兵不动，强调不确定性以及滞胀风险上升，不急于调整货币政策，基本符合市场预期。 周末，中美展开经贸高层会谈，贸易摩擦或有降级空间，有助于改善市场情绪。 鉴于美国对等关税的复杂 ...