Core Insights - The report highlights that the power equipment sector has performed well, with active equity funds showing an average return of 0.88% during the period from September 22 to September 26, 2025 [3][9][16] - The Shanghai Composite Index increased by 0.21%, while the Shenzhen Component Index rose by 1.06% during the same period [3][9] - Among various fund types, active equity funds and mixed funds saw positive returns, while bond funds experienced a slight decline [3][16] Equity Sector Performance - The report indicates that the power equipment and non-ferrous metals sectors performed well, while most other sectors saw declines [3][9] - Over the last 12 periods, the electronics and communications sectors have shown strong performance [9][12] Fund Performance - Active equity funds focusing on electronics and related sectors have outperformed in the current period [13] - Notable funds include the E Fund CSI Semiconductor Materials and Equipment Fund, which achieved a return of 15.76%, and the Wanji CSI Hong Kong Stock Connect Innovative Drug ETF, which has a year-to-date return of 103.96% [14][15] Fixed Income Performance - Convertible bond funds led the performance in the fixed income category, with an increase of 1.25% during the period, while traditional bond funds showed minimal gains [16][17] - The average return for convertible bond funds this year stands at 19.64% [16][17] QDII Fund Insights - Among QDII funds, alternative asset categories, particularly energy commodity QDII funds, showed a strong performance with a return of 3.09% [18][20] - The Greater China equity funds have had a significant year-to-date return of 46.06% [18][20]

Group 1 - The core viewpoint of the report indicates that the coal sector performed well during the period, with QDII funds showing an average return that outperformed other types of funds [1][7][17] - The Shanghai Composite Index decreased by 1.30%, while the Shenzhen Component Index increased by 1.14%, highlighting a mixed performance in the domestic market [1] - Various types of funds experienced gains, with actively managed equity funds rising by 0.66% and QDII funds increasing by 1.37% [1][17] Group 2 - In the equity category, the coal and power equipment sectors showed strong performance, while the comprehensive and electronics sectors also performed well over the last 12 periods [7][12] - The report lists several high-performing representative equity funds, with notable returns such as 7.48% for the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials fund [13] - The report highlights that the average return for global equity QDII funds was 2.08%, with the Greater China equity QDII funds achieving a significant increase of 46.20% year-to-date [17][19] Group 3 - In the fixed income category, short-term pure bond funds led the performance with an average return of 0.03% for the period, while convertible bond funds had a strong year-to-date average return of 18.15% [15][16] - The report provides a detailed breakdown of bond fund performance, indicating that ordinary bond funds saw a decline of 0.10% during the period [15][16] - The report also identifies high-performing representative active bond funds, with the ICBC Balanced Return 6-Month Holding Period Bond A fund returning 2.82% for the period [16]

Macro Data Commentary - The report highlights the outstanding performance of small and mid-cap funds, with the average return of fund heavyweights at 8.94%, significantly outperforming the average return of the CSI 800 component stocks at 1.66% [1][15] - In the second quarter, 30 out of 31 industries saw fund heavyweights outperform their benchmark industry indices, with an excess return of 5.91% over the industry average [1][16] Timing Selection Ability - The report indicates that the asset allocation effects of various funds were not ideal, with equity funds reducing their average stock positions by 0.24 percentage points and mixed funds by 1.21 percentage points compared to the previous period [2][20] - The overall performance of the bond market was also subpar, with the total wealth index of bonds rising by only 1.53% while bond funds reduced their holdings by 0.12% [2][20] Risk Management Ability - The risk exchange efficiency of bond funds remained stable, with slight declines in both returns and volatility for equity and mixed funds [2][22] - The report notes that despite a recovery in the market since September, equity assets are still in a downward trend over a longer time frame [2][22] Comprehensive Management Ability - The report states that the Shanghai Securities comprehensive management ability index integrates performance across security selection, timing selection, and risk management [5][23] - Notable fund managers with outstanding performance include Jin Xin, Da Cheng, and Yuan Xin Yong Feng in the active management of equity funds, and Yi Fang Da, Tian Hong, and Bo Shi in pure bond funds [5][23] Fund Rating Performance Tracking - The report tracks the performance of rated funds, indicating that five-star funds maintain a 60% probability of being in the top 40% of their peers within 6 months to 1 year after rating [3][29] - Since 2015, the three-year return of five-star ordinary stock fund portfolios reached 216.93%, compared to only 38.82% for the CSI All Index [3][29]

Report Summary 1. Market Performance Overview - During the period from July 14 - 18, 2025, the Shanghai Composite Index rose by 0.69%, and the Shenzhen Component Index rose by 2.04%. Most Shenwan primary industries saw gains, with the communication and pharmaceutical biology sectors performing well. Overseas equity market indices mostly declined, and the international gold price dropped. All types of funds increased this period [2]. 2. Equity - related Funds 2.1 Industry Performance - In the equity market, the communication and pharmaceutical biology sectors of Shenwan primary industries performed well this period. In the past 12 periods, the comprehensive and communication sectors showed better overall performance [8]. 2.2 Fund Performance - Active - investment stock funds rose by 3.29% compared to the previous period, and active - investment hybrid funds rose by 2.76%. Funds heavily invested in sectors like pharmaceutical biology performed well. Representative high - return active - investment stock funds this period included JingShun Great Wall Medical Industry Stock A (17.61%), and high - return funds this year included HuaAn Pharmaceutical Biology Stock Initiation A (98.31%). Similar high - return data were also presented for index stock funds and active - investment hybrid funds [2][13][14]. 3. Fixed - income Funds 3.1 Bond Market Index Performance - This period, bond market representative indices all rose. The ChinaBond Aggregate Index, ChinaBond Corporate Bond Index, and ChinaBond Treasury Bond Index rose by 0.11%, 0.09%, and 0.04% respectively, and the ChinaBond Convertible Bond Index rose by 0.67% [16]. 3.2 Fund Category Performance - Convertible bond funds led in returns this period, rising by 1.09%. Ordinary bond funds rose by 0.27%, long - term pure - bond funds by 0.07%, medium - and short - term pure - bond funds by 0.05%, and short - term pure - bond funds by 0.04%. In terms of this year's comprehensive returns, convertible bond funds had an average return of 9.84%, performing better [16]. 4. QDII Funds 4.1 Fund Category Performance - Most types of QDII funds rose this period. Equity funds - Greater China QDII funds led with a 4.17% increase. Looking at the whole year, equity funds - Greater China QDII funds had a significant increase of 30.44%. Some categories like bond - type QDII funds and certain alternative - asset QDII funds declined [18]. 4.2 Representative Fund Performance - Representative high - return QDII funds this period included HuTianFu Hong Kong Advantage Selection A (15.89%), and high - return funds this year included HuTianFu Hong Kong Advantage Selection A (133.72%) [20].