Group 1 - Baofeng Energy (600989.SH) reported its Q3 2025 results, with 9 institutional investors holding a total of 4.941 billion shares, representing 67.38% of the total share capital [1] - The proportion of shares held by institutional investors decreased by 0.97 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 2 funds increased their holdings, including a chemical ETF and the China Europe Index Fund, with an increase ratio of 0.41% [2] - One public fund, Huatai-PB CSI 300 ETF, reduced its holdings slightly [2] - One new public fund was disclosed, namely the Beixin Ruifeng Flexible Allocation Fund [2] - 650 public funds were not disclosed in the current period, including several major ETFs [2] Group 3 - In the social security fund sector, one fund, the National Social Security Fund No. 109 Portfolio, increased its holdings slightly [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.35% [2] - A new foreign institution, Abu Dhabi Investment Authority - Proprietary Fund, was disclosed in the current period [2]

此外，三季度末不少权益类产品保持高仓位运行，多只产品仓位超过80%。其中，同泰数字经济股 票的股票仓位为93.49%，北信瑞丰外延增长主题灵活配置的仓位为88.89%，这两只产品均在三季度增 加了股票仓位。 博时基金资深投资总监曾豪表示，权益类产品收益和规模的增长离不开近期指数亮眼的表现。 首批公募权益基金产品三季报于近日出炉，华富基金、东财基金、同泰基金等基金披露了旗下多只 权益类产品三季报。整体来看，在三季度A股市场的强势表现下，权益类基金回报率亮眼，多只产品规 模翻倍，且维持高仓位运行。值得注意的是，在近期市场的喜人表现下，业内看好中国股市的后续走 势。 整体来看，权益类产品业绩表现亮眼。其中，华富中证人工智能产业ETF、同泰数字经济股票A的 净值增长均超70%，分别为73.86%、70.46%，还有华富中证人工智能产业ETF联接A的净值增长率为 63.96%。此外，还有多只披露三季报的产品净值增长率超20%。Wind数据显示，除了披露三季报的产 品外，截至三季度末，还有超50只权益基金实现了净值翻倍，即回报率超100%。 规模方面，有多只权益类产品规模实现翻倍。其中，东财稳健配置六个月持有期混合（FO ...

Core Viewpoint - The phenomenon of "style drift" in public funds has raised concerns in the market, despite regulatory efforts to standardize and constrain it. Several funds have shown significant deviations from their stated investment themes in the second quarter of this year [1][11]. Group 1: Fund Performance and Characteristics - Several funds exhibiting style drift include: Baoying Modern Service Mixed, Beixin Ruifeng External Growth Theme Flexible Allocation, Huatai Bairui Health Life Mixed, and others, involving multiple institutions such as Jiashi and Huatai Bairui [1]. - The funds primarily affected are mixed funds, including equity-mixed and flexible allocation types, with some stock funds also showing drift. For instance, Baoying Modern Service Mixed is heavily concentrated in the pharmaceutical sector despite its name suggesting a focus on modern services [1]. - Performance analysis shows that some funds with style drift have high volatility and inconsistent returns. For example, Zhongyou Health Entertainment has a return of 62.22% this year, while Baoying Modern Service has increased by 64.73% [2]. Group 2: Structural Characteristics of Style Drift - The heavy holdings of these funds significantly deviate from their claimed thematic directions. For example, Baoying Modern Service's largest holding is a pharmaceutical company, which is not aligned with its stated theme [3]. - Other funds like Taixin Internet+ have major allocations in consumer and transportation stocks, diverging from their "Internet+" theme [4]. - Beixin Ruifeng External Growth is almost entirely invested in electric power stocks, which contradicts its stated investment logic [6]. Group 3: Fund Manager Experience and Investor Composition - The experience of fund managers and the scale of the products may influence the stability of investment styles. For instance, the largest fund, Jiaoyin Innovation Pioneer, has a total scale of 2.066 billion yuan [9]. - Most funds exhibiting style drift are primarily held by individual investors, with institutional investors showing a more cautious approach. For example, Huatai Bairui Health Life and Taixin Internet+ have 100% and over 99% of their holdings from individual investors, respectively [9]. Group 4: Regulatory and Industry Implications - The issue of style drift in public funds is not just a technical problem within rating systems but also relates to industry integrity and investor management. It highlights a disconnect between product design and actual investment practices [11]. - There is a call for enhanced supervision and disclosure regarding the consistency of fund investment styles to promote a return to transparent strategies and stable investment styles [11].