Market Overview - In September 2025, the equity market continued its upward trend, but the growth rate slowed compared to August, with a notable structural market characterized by strong performance in technology growth sectors [5][11] - The bond market faced pressure due to the stronger equity market, leading to a volatile environment [6][11] Equity Market Insights - The leading sectors in September included electric equipment and new energy, non-ferrous metals, and electronics, with respective gains of 18.64%, 12.64%, and 10.28%. Conversely, sectors like comprehensive finance, banking, and national defense saw declines of -8.04%, -6.64%, and -6.62% [5][10] - The market experienced significant fluctuations around the military parade, followed by a rebound in AI-related stocks due to better-than-expected earnings from overseas AI leaders [5][10] Fund Performance - All major equity fund indices recorded gains, with the Wind Active Equity Fund Index, Wind Mixed Equity Fund Index, and Wind Ordinary Stock Fund Index rising by 6.67%, 5.52%, and 5.43% respectively [5][10] - The fund performance review indicated a general uptrend in fund style indices, with growth and small-cap styles continuing to dominate [7] Bond Market Insights - The bond market continued to experience fluctuations, with the equity market's strength exerting pressure on bond yields [6][11] - Key events included a meeting between the Ministry of Finance and the central bank, which raised expectations for the resumption of bond buying, followed by concerns over fund redemption due to new regulations [6][11] Fund Strategy Adjustments - The active equity fund selection strategy focuses on sectors with high short-term prosperity, emphasizing the need for sustained industry momentum amid prolonged market differentiation [11] - Adjustments to the pure bond fund selection strategy were made to enhance returns by incorporating credit bonds and strategies adept at wave trading [17][18] Thematic Fund Performance - Thematic funds showed varied performance, with sectors benefiting from overseas demand for energy storage and breakthroughs in solid-state battery technology leading the gains [8][10] - Financial and real estate thematic funds lagged, reflecting a shift in market sentiment as risk appetite increased [8][10] Future Outlook - The bond market is expected to continue its volatile trend, with potential for moderate recovery amid a cooling stock market and macroeconomic data [18] - The focus on domestic demand remains crucial, with expectations for sectors like aviation and liquor to gain traction as consumer infrastructure initiatives are implemented [13][14]

Group 1 - The report highlights that the equity market continued its upward trend in September 2025, although the growth rate was lower than in August, with a notable structural market characterized by strong performance in technology growth sectors [3][11] - In the bond market, September saw continued fluctuations, with a stronger equity market putting pressure on bond prices. The report notes that the bond market experienced volatility due to various factors, including changes in government policy and market sentiment [12][26] - The report emphasizes the importance of multi-dimensional asset allocation strategies to navigate market style shifts, suggesting that cyclical sectors may benefit from supportive economic policies, while funds may flow to other technology innovation areas if growth in AI-related sectors slows down [4][18] Group 2 - The report provides insights into the performance of various fund indices, indicating that active equity funds showed significant returns, with the Wande Active Equity Fund Index rising by 6.67% in September [13][14] - The report outlines the construction of preferred indices for active equity funds, focusing on sectors with high short-term prosperity and emphasizing the need for a balanced approach to fund selection based on performance and stability [21][22] - The report discusses the outlook for bond funds, suggesting that the bond market is likely to continue its oscillation, with adjustments made to the composition of bond fund indices to enhance returns through strategic selection of credit bonds [5][26]

Key Points - The article discusses the recovery of equity market sentiment and the fluctuating bond market in May 2025, influenced by the US-China tariff agreement and monetary policy adjustments [2][5][6] - It emphasizes the importance of balancing growth and defensive strategies in investment portfolios, highlighting the need to capture structural opportunities while being cautious of external disturbances and domestic economic data fluctuations [2][14] - The performance of various fund styles is analyzed, showing that value and balanced styles outperformed growth styles in May 2025, with significant movements in sector-specific funds, particularly in healthcare and military themes [9][10][11] Equity Market Overview - In May 2025, the equity market experienced a "rise, fall, and stabilization" pattern, with major indices showing gains due to supportive monetary policies and the US-China tariff agreement [6][7] - The overall trading volume decreased, indicating a lower risk appetite among investors, with small-cap stocks seeing increased activity [11][12] Bond Market Overview - The bond market exhibited a narrow range of fluctuations, with government bond issuance and tariff negotiations impacting interest rates [8][18] - The yields on 1-year, 3-year, and 10-year government bonds changed slightly, reflecting the market's response to monetary policy and external factors [18][26] Fund Performance Review - The article reviews the performance of public funds, noting that all major equity fund indices recorded gains, with the Wande Stock Index and Wande Ordinary Stock Index leading with increases of 1.59% and 1.23%, respectively [7][8] - The article highlights the performance of thematic funds, particularly in healthcare and military sectors, which saw significant gains due to market dynamics and geopolitical events [10][11] Fund Strategy Insights - The article outlines strategies for equity and fixed-income fund allocations, suggesting a focus on growth and defensive sectors while maintaining a balanced approach [2][3][14] - It discusses the construction of various fund indices, including low, medium, and high volatility fixed-income funds, aimed at providing stable returns while managing risks [19][28][30]