首批北交所主题基金自2021年11月23日成立以来，已有四年。在年内大盘走高、北证50指数屡创新高的背景下，首批北交所主题基金的年内收益率均表现亮 眼，其中也不乏成立至今累计收益率翻倍的产品，最高达138%。除首批产品外，第二批北交所主题基金的表现也相对突出，累计收益率均实现翻倍。在业 内人士看来，相较于其他基金产品，北交所主题基金具备更高的灵活性，且主要布局北交所核心资产，在牛市行情中具有一定的竞争力。 | 1900 2,957,700 6,414,100 | 639.10 558.77 | 2.94 2.57 2.41 | | | --- | --- | --- | --- | | | 523.34 | | | | 72,352,200 | 507.55 | 2.34 | 7.01 | | 23,040,600 | 492.48 | 2.27 | 21.37 | | 233,909,200 | 491.13 | 2.26 | 2.10 | | 19,590,800 | 438.42 | 2.02 | | | | 423.00 | | | | -11 .600 | | | | | 241 200 | 346 ...

Core Viewpoint - In the third quarter, public funds showed an overall trend of increasing positions in equity assets, particularly in the TMT and power equipment sectors, amidst a rising technology stock bull market [1][3]. Fund Positioning and Trends - Active equity funds displayed significant differentiation in their strategies, with some funds aggressively increasing their positions to capitalize on the bull market, while others opted to reduce their positions after achieving certain gains [2][10]. - The overall risk appetite of public funds has increased, with an average stock position of 83.28% by the end of the third quarter, up 2.13 percentage points from the end of the second quarter. Mixed open-end funds had an average position of 82.15%, while stock open-end funds reached 90.14%, an increase of 2.26 percentage points [3]. - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 and 2.1 percentage points, respectively, reaching 56.81% and 57.72% [3]. Sector Allocation - According to research from CICC, there was a simultaneous increase in the market value and growth style preference of active equity funds in the third quarter, while the value style saw a notable decline. The TMT sector received an overall increase in allocation, with power equipment, new energy, and non-ferrous metals also seeing significant increases, while reductions were mainly in consumer, financial real estate, and manufacturing sectors [4]. Notable Fund Performances - Several equity funds significantly increased their positions, with some funds exceeding 99% stock allocation by the end of the third quarter, including products managed by Huaxia and CITIC [6]. - For instance, the Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, benefiting from a shift towards technology manufacturing companies [7][8]. - Other funds, such as Guangfa Industry Selection and Jin Xin Quality Growth, also chose to increase their positions and achieved over 20% gains during the third quarter [8]. Caution Among Some Funds - Conversely, some active equity products opted to lock in profits and reduce their positions as the market approached the 4000-point mark. For example, Huashang Fund's products reduced their stock positions from over 90% to 51% by the end of the third quarter, securing gains from the previous quarter [10].

Group 1 - Public funds have shown an overall trend of increasing positions in equity assets during the third quarter, particularly in the TMT (Technology, Media, Telecommunications) and power equipment sectors [1][2] - The average stock position of all public funds reached 83.28% by the end of the third quarter, an increase of 2.13 percentage points from the end of the second quarter [1] - The concentration of holdings in public funds has increased, with stock-type open-end funds and mixed open-end funds seeing concentration levels rise to 56.81% and 57.72%, respectively [1] Group 2 - Among fund companies, 27 firms had products with an average stock position exceeding 90% by the end of the third quarter, with Allianz, Zhuque, and Fidelity having over 94% [2] - The report from CICC indicates that the market sentiment has become more unified, with a notable increase in the concentration of holdings and a shift towards TMT and power equipment sectors [2] Group 3 - Several equity funds have significantly increased their stock positions, with some exceeding 99%, such as Huaxia Panyi and CITIC JianTou [3] - The Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, indicating a strong bullish sentiment [3][4] Group 4 - Fund managers have adjusted their portfolios by reducing exposure to dividend stocks and increasing positions in domestic technology chains, reflecting a shift in risk preference [4] - Other funds, such as GF Industry Selection and Jin Xin Quality Growth, also made bold increases in their positions, achieving over 20% gains [5] Group 5 - Some funds opted to reduce their positions to lock in profits as the market approached the 4000-point mark, with examples including Huashang Fund, which decreased its stock position from 90% to 51% [6] - Concerns over high valuations in growth sectors led some funds to adopt a cautious approach, reducing positions to manage volatility [6]

Group 1 - Public funds have collectively increased their stock positions in Q3, with an average stock position of 83.28%, up 2.13 percentage points from Q2 [1] - The average stock position for equity open-end funds reached 90.14%, an increase of 2.26 percentage points from the previous quarter [1] - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively [1] Group 2 - Most fund companies have raised their stock positions, with only 37 companies showing a slight decrease; 27 companies have an average stock position exceeding 90% [2] - Notable fund managers have significantly increased their positions, with some funds reaching over 90% stock allocation, such as the funds managed by Guo Jie and He Chongkai [2] - Several mixed funds are nearing full investment, with significant increases in equity assets, including the Zhongxin Jian Investment fund, which saw a stock position increase of over 10 percentage points [3] Group 3 - Some funds have notably reduced their stock positions, indicating market risk; for instance, the fund managed by Wu Wei decreased its stock position from 90% to 60% [3][4] - The performance of style indices has shown significant differences, suggesting that fund managers need to evaluate not only growth potential but also pricing rationality and industry dynamics [4]

Core Viewpoint - The North Exchange 50 Index has reached new historical highs, drawing significant attention from the capital market, with a notable increase in both market performance and investor interest [1][2]. Market Performance - On August 19, the North Exchange 50 Index broke through 1600 points, peaking at 1637.5 points, and closed at 1596.67 points, marking a 1.27% increase [1]. - On August 18, the index surged by 6.79%, closing at 1576.63 points, also a historical high [2]. - Year-to-date, the North Exchange 50 Index has accumulated a rise of 53.85%, with 11 stocks from the exchange increasing over 100% this year, including a notable 226.42% rise for Ge Bi Jia [2]. Fund Performance - All 20 North Exchange thematic funds have reported gains exceeding 39% this year, with an average return of 64.36% [3]. - The top-performing fund, CITIC Securities North Exchange Selected Mixed Fund, achieved returns of 114.59% and 114.06% [3]. - Among the 60 index funds tracking the North Exchange 50 Index, 53 funds have returns exceeding 10%, with 37 funds surpassing 40% [3]. Market Dynamics - The recent performance is attributed to three main factors: the synergy of technology industry trends and policy benefits, the verification of high-growth companies' performance, and improved liquidity and market sentiment [2][4]. - The North Exchange market has seen increased attention and participation since the "9.24" market event, highlighting the innovative capabilities of small and medium-sized enterprises [4]. Investment Strategy - Investors are encouraged to focus on high-growth, high-scarcity, and high-dividend companies within the North Exchange, rather than purely speculative plays [4]. - The North Exchange's market structure and innovative dynamics suggest a promising long-term investment outlook, despite potential short-term volatility [4][5].

Core Viewpoint - The performance of funds in the first half of the year has been significantly influenced by the strong rally in Hong Kong's innovative pharmaceutical sector, with the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection, achieving over 85% returns [1][3]. Fund Performance - As of June 30, 2023, the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection, recorded a return of 86.00% [2][3]. - Other notable funds include CITIC Construction Investment North Exchange Selection and Great Wall Pharmaceutical Industry Selection, with returns of 82.45% and 75.18% respectively [6]. - The overall performance of the Hong Kong stock market, particularly in the innovative pharmaceutical sector, has been robust, with the Hang Seng Index and Hang Seng Technology Index rising by 20% and 18.68% respectively [3]. Market Trends - The innovative pharmaceutical sector in Hong Kong has been a key driver of fund performance, with many funds heavily invested in this area [4][6]. - The Hang Seng Hong Kong Innovative Pharmaceutical Selection Index has seen a year-to-date increase of 58.95%, indicating strong market interest and growth potential [6][7]. - Analysts predict that the innovative pharmaceutical sector will continue to benefit from policy support and market dynamics, suggesting a favorable outlook for the second half of the year [7][8]. Investment Insights - Fund managers believe that the pharmaceutical industry will experience a recovery in growth due to normalized regulations and increasing domestic medical demand [3][4]. - The current market environment is characterized by a combination of policy benefits, global liquidity, and positive market sentiment, which are expected to sustain the growth of innovative pharmaceutical companies [7][8]. - The disparity in fund performance highlights the importance of strategic investment choices, with some funds underperforming despite being in popular sectors [9].