先聊个和市场无关的。 释放的信号已经非常明显，如果把2025年成为金融机构出清的元年，那么，往后若干年，这股趋势一定会越来越强，而非逐步减弱。 在去年底的《 2025金融行业的十大猜想 》，对于金融机构这块，咱们就提到，下图，各类机构的出清潮，都会加速。 今天，zy金融办副主任发表了一篇署名文章，其中提到： " 稳步有序推动中小金融机构兼并重组、减量提质。 " 我们可以举出大量今年已经发生的案例，有些可能大家也比较熟悉。 比如 证券业 ，发生在眼前的，就是中金吸收合并东兴、信达的事儿； 银行业 ，也是上个月，吉林的九台农商宣布从港股退市，而背后的大棋，是吉林省年中已完成260亿专项债发行，后续要进一步推进省内农商系统的大合 并； 保险业 ，前期被忠旺系掏空，而被实施贴身监管的君康人寿，上个月被山东国资发起的富泽人寿接管； 信托业 ，此前被爆出董事长用锤子殴打总经理的华信信托，上月底，破产重整的申请获批复，成为我国第三家进入破产程序的信托公司； 公募 这边，其实也有，前阵子，华夏银行就接手了一家此前危在旦夕的机构。 等等。 包括 私募 这边，大家也会发现，虽然这两年行情反弹，但是大家应该没听说过什么突然异军突起 ...

Core Viewpoints - The current bull market in A-shares is likely to continue, with market valuations remaining reasonable despite significant gains this year [3][7][10] Group 1: Fund Performance and Holdings - The performance of several funds, including融通产业趋势, 平安核心优势, and 万家趋势领先, has been notable, with year-to-date net value increases of 93.69%, 88.95%, and nearly 80% respectively [5][10][12] - Key holdings in融通产业趋势 include海博思创, 工业富联, and 中际旭创, with significant year-to-date price increases of 313.46%, 218.92%, and 301.99% respectively [5][6] - 平安核心优势 has focused on innovative pharmaceuticals, with major holdings like 康方生物 and 信达生物 showing year-to-date gains of 89% and 133.74% [8][10] Group 2: Investment Trends and Strategies - Investment managers are optimistic about sectors such as artificial intelligence, energy storage, and the internet, indicating a shift from pessimistic to reasonable valuations in the tech growth sector [4][7] - 万家趋势领先's strategy for the fourth quarter includes focusing on industrial non-ferrous metals and precious metals, anticipating price increases due to global economic shifts and supply chain restructuring [12][13] - The report highlights a trend towards innovative drugs entering the performance release cycle, with a significant portion of these companies expected to achieve profitability this year [10]

Group 1 - The core viewpoint of the article indicates that the recent quarterly reports from various funds reveal a strong focus on sectors such as artificial intelligence, innovative pharmaceuticals, and non-ferrous metals, with many funds holding "doubling stocks" in their top ten positions [1][2][10] - The report highlights that the A-share market has seen significant gains this year, but historical patterns suggest that the current upward trend is likely not over, with overall market valuations remaining at reasonable levels [1][6] Group 2 - The top three holdings of the Rongtong Industrial Trend fund include Haibo Sichuang, Industrial Fulian, and Zhongji Xuchuang, with year-to-date stock price increases of 313.46%, 218.92%, and 301.99% respectively [2][4] - The fund's net asset value has increased by 93.69% in the first three quarters of the year, ranking it 9th among ordinary stock funds, with a stock position of 89.55% [5][6] Group 3 - The Ping An Core Advantage fund's top three holdings are Kangfang Bio, Xinda Bio, and Kelong Botai Bio-B, with year-to-date stock price increases of 89%, 133.74%, and 167.97% respectively [7][9] - The fund has achieved an 88.95% increase in net asset value this year, ranking in the top 2% among over 4,500 mixed equity funds, with a stock position of 90.3% [9] Group 4 - The top three holdings of the Wanji Trend Leading fund are Shandong Gold, Luoyang Molybdenum, and Zhongjin Gold, with significant stock price increases of 181.32%, 184.07%, and 160.32% respectively [10][11] - The fund's net asset value has increased by nearly 80% in the first three quarters, ranking in the top 5% among mixed equity funds, with a stock position of 75.80% [10][11] Group 5 - The fund managers express optimism about sectors such as artificial intelligence, energy storage, and the internet, indicating a belief in continued market growth [6][9] - The Wanji Trend Leading fund manager anticipates several trends for the fourth quarter, including rising prices for physical assets and a potential turning point for PPI, which could lead to a recovery in asset prices and a shift in market style [11]