绝对收益产品及策略周报（251117-251121） [Table_Authors] 郑雅斌(分析师) 上周 23 只固收+基金创新高 本报告导读： 股票端采用小盘成长组合+不择时的股债 10/90 和 20/80 月度再平衡策略，2025 年累 计收益分别为 5.86%和 10.57%。 投资要点： 金 融 工 程 周 报 [Table_Summary] 固收+产品业绩跟踪。截至 2025 年 11 月 21 日，全市场固收+基金 规模 21846.96 亿元，产品数量 1151 只，其中 23 只上周净值创历史 新高。上周（20251117-20251121，下同）共新发 8 只产品，各类型 基金业绩中位数表现分化：混合债券型一级（-0.04%）、二级（- 0.72%）、偏债混合型（-0.87%）、灵活配置型（-0.60%）、债券型 FOF （-0.40%）及混合型 FOF（-1.03%）。按风险等级划分，保守型、稳 健型、激进型基金中位数收益分别为-0.13%、-0.59%、-0.93%。 大类资产配置和行业 ETF 轮动策略跟踪。1）大类资产择时观点。 2025Q4 逆周期配置模型给出的宏观环境预测结 ...

11月27日，富春股份跌5.07%，截至发稿，报7.67元/股，成交6.39亿元，换手率11.85%，总市值52.95亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从富春股份十大流通股东角度 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金位居富春股份十大流通股东。华夏中证动漫游戏ETF（159869）三季 度增持266.26万股，持有股数1585.71万股，占流通股的比例为2.3%。根据测算，今日浮亏损失约650.14 万元。 华夏中证动漫游戏ETF（159869）基金经理为鲁亚运。 资料显示，富春科技股份有限公司位于福建省福州市鼓楼区铜盘路软件大道89号C区25号楼，成立日期 2001年3月2日，上市日期2012年3月19日，公司主营业务涉及通信网络规划设计服务。主营业务收入构 成为：游戏产品64.97%，技术服务及配套31.50%，其他(补充)3.52%。 截至发稿，鲁亚运累计任职时间3年172天，现任基金资产总规模228.1亿元，任职期间最佳基金回报 ...

一、证券市场回顾 南财金融终端数据显示，昨日(11月25日，下同)上证综指日内上涨0.87%，收于3870.02点，最高3882.03 点；深证成指日内上涨1.53%，收于12777.31点，最高12882.81点；创业板指日内上涨1.77%，收于 2980.93点，最高3027.83点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为0.98%。其中按照不同分类，规模指数ETF中易方达上证科创板200ETF 收益率最高，为2.94%；行业指数ETF中广发国证通信ETF收益率最高，为3.56%；策略指数ETF中华夏 创业板低波价值ETF收益率最高，为1.47%；风格指数ETF中易方达国证成长100ETF收益率最高，为 3.71%；主题指数ETF中银华中证5G通信主题ETF收益率最高，为4.28%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：银华中证5G通信主题ETF（4.28%）、国泰中 证动漫游戏ETF（4.14%）、华夏中证动漫游戏ETF（4.11%）。涨幅前10详情见下表： | 类别 | 代码 | 基金名称 | 涨跌幅(%) | ...

一、交易提示 基金发行寒意延续。数据显示，11月24日至30日全市场仅23只新基开卖，平均认购期23.65天，数量环比再缩32%，募集时 长拉长逾3天，连续第二周呈现"少而慢"格局。其中FOF与债基仍保持常规节奏，成为冷清市场上的主要发声者。 分投资类型看，同样剔除掉分级杠杆及固定收益两类基金的影响，股票型基金冠军为同泰行业优选股票C，日增长率为 6.0587%；债券型基金冠军为南方昌元转债C，日增长率为1.5297%；混合型基金冠军为浦银安盛数字经济混合A，日增长率 为6.5864%；货币型基金冠军为银河钱包货币B，日增长率为0.0097%；ETF联接基金冠军为华夏中证动漫游戏ETF，日增长 率为4.3001%；LOF型基金冠军为国联安科技创新混合(LOF)，日增长率为4.8989%；QDII基金冠军为华泰柏瑞南方东英恒 生科技指数ETF(QDII)，日增长率为1.3695%;下面是不同类型基金日增长率TOP5 （剔除掉分级基金的影响） （1）11月25日无新发基金；基金分红50只，多为债券型，派发红利最多的基金是国泰海通中证1000优选股票型发起式证券 投资基金，每10份基金份额派发红利3.1760元； ...

11月17日，富春股份涨7.37%，截至发稿，报7.58元/股，成交3.84亿元，换手率7.72%，总市值52.32亿 元。富春股份股价已经连续3天上涨，区间累计涨幅5.37%。 资料显示，富春科技股份有限公司位于福建省福州市鼓楼区铜盘路软件大道89号C区25号楼，成立日期 2001年3月2日，上市日期2012年3月19日，公司主营业务涉及通信网络规划设计服务。主营业务收入构 成为：游戏产品64.97%，技术服务及配套31.50%，其他(补充)3.52%。 从富春股份十大流通股东角度 数据显示，华夏基金旗下1只基金位居富春股份十大流通股东。华夏中证动漫游戏ETF（159869）三季 度增持266.26万股，持有股数1585.71万股，占流通股的比例为2.3%。根据测算，今日浮盈赚取约824.57 万元。连续3天上涨期间浮盈赚取570.86万元。 华夏中证动漫游戏ETF（159869）成立日期2021年2月25日，最新规模106.97亿。今年以来收益 37.76%，同类排名1099/4216；近一年收益27.63%，同类排名1428/3956；成立以来收益38.05%。 华夏中证动漫游戏ETF（159869）基 ...

11月11日，国脉文化涨5.07%，截至发稿，报14.30元/股，成交1.36亿元，换手率1.23%，总市值113.78 亿元。 资料显示，新国脉数字文化股份有限公司位于上海市江宁路1207号，成立日期1992年4月1日，上市日期 1993年4月7日，公司主营业务涉及商旅预订业务、酒店运营及管理业务和积分运营业务;文娱旅游服 务。主营业务收入构成为：数字内容28.54%，酒店运营25.97%，数智应用20.06%，权益运营及新消费 18.42%，大网融合6.64%，其他(补充)0.36%。 从国脉文化十大流通股东角度 数据显示，华夏基金旗下1只基金位居国脉文化十大流通股东。华夏中证动漫游戏ETF（159869）三季 度增持150.73万股，持有股数915.23万股，占流通股的比例为1.15%。根据测算，今日浮盈赚取约631.51 万元。 华夏中证动漫游戏ETF（159869）基金经理为鲁亚运。 截至发稿，鲁亚运累计任职时间3年156天，现任基金资产总规模228.1亿元，任职期间最佳基金回报 86.63%， 任职期间最差基金回报-31.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在 ...

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth, highlighting the top-performing and bottom-performing funds as of November 3, 2025 [2][4][7]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Tongtai Huili Mixed A (008180) with a unit net value of 1.3716 and a cumulative net value of 1.5446, showing an increase from 1.3157 [2]. 2. Tongtai Huili Mixed C (008181) with a unit net value of 1.3399 and a cumulative net value of 1.5129, up from 1.2854 [2]. 3. GF Zhongzheng Photovoltaic Leading 30 ETF (560980) with a unit net value of 0.7313, unchanged from the previous period [2]. 4. Guotai Zhongzheng Film and Television Theme ETF (516620) with a unit net value of 1.1382, unchanged [2]. 5. Yinhua Zhongzheng Film and Television Theme ETF (159855) with a unit net value of 1.0184, unchanged [2]. 6. Huaxia Zhongzheng Animation and Game ETF (159869) with a unit net value of 1.4789, unchanged [2]. 7. Guotai Zhongzheng Animation and Game ETF (516010) with a unit net value of 1.4673, unchanged [2]. 8. Huatai Baichuan Zhongzheng Animation and Game ETF (516770) with a unit net value of 1.5304, unchanged [2]. 9. Founder Fubon Core Advantage Mixed A (018815) with a unit net value of 1.1638, unchanged [2]. 10. Founder Fubon Core Advantage Mixed C (018816) with a unit net value of 1.1498, unchanged [2]. - The bottom 10 funds with the lowest net value growth include: 1. Taixin Bond Enhanced Income D (022516) with a unit net value of 1.1137, down from 1.1594 [4]. 2. AVIC New Start Flexible Allocation Mixed A (005537) with a unit net value of 0.8543, down from 0.8809 [4]. 3. AVIC New Start Flexible Allocation Mixed C (005538) with a unit net value of 0.8379, down from 0.8639 [4]. 4. Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Core Resource Mixed A (003304) with a unit net value of 4.6310, down from 4.7590 [4]. 5. Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Core Resource Mixed C (003305) with a unit net value of 4.5850, down from 4.7110 [4]. 6. Tongtai Huiying Mixed C (008179) with a unit net value of 1.1344, down from 1.1620 [4]. 7. Tongtai Huiying Mixed A (008178) with a unit net value of 1.1619, down from 1.1901 [4]. 8. AVIC Mixed Reform Selected A (004936) with a unit net value of 0.9107, down from 0.9324 [4]. 9. AVIC Mixed Reform Selected C (004937) with a unit net value of 0.8895, down from 0.9106 [4]. 10. Hui'an Quantitative Pioneer Mixed C (007776) with a unit net value of 1.2861, down from 1.3141 [4]. Market Overview - The Shanghai Composite Index showed a slight recovery with a trading volume of 2.13 trillion, indicating a positive market sentiment with 3,535 stocks rising against 1,801 falling [7]. - Leading sectors included oil, media and entertainment, internet, and coal, all showing gains of over 2% [7]. - Notable concepts with significant growth included disperse dyes, solar thermal power, and Hainan free trade, each rising over 3% [7].

Group 1 - The core viewpoint of the news is that Fuchun Technology Co., Ltd. has seen a significant stock price increase of 6.03%, reaching 6.68 CNY per share, with a total market capitalization of 4.611 billion CNY [1] - Fuchun Technology's main business involves communication network planning and design services, with revenue composition being 64.97% from gaming products, 31.50% from technical services and support, and 3.52% from other sources [1] Group 2 - Among the top shareholders of Fuchun Technology, Huaxia Fund's Huaxia CSI Animation Game ETF has increased its holdings by 2.66 million shares, totaling 15.8571 million shares, which represents 2.3% of the circulating shares [2] - The Huaxia CSI Animation Game ETF has achieved a year-to-date return of 41.27% and a one-year return of 37.27%, ranking 1153 out of 4216 and 1239 out of 3889 respectively in its category [2] - The fund manager, Lu Yaun, has a total fund asset size of 22.81 billion CNY, with the best fund return during his tenure being 98.38% and the worst being -31.74% [2]

Group 1 - The core viewpoint of the news is that Tianzhou Culture (300148.SZ) has reported its Q3 2025 results, highlighting the current institutional and public fund holdings in the company [1][2][3] Group 2 - As of October 28, 2025, five institutional investors hold a total of 135 million shares of Tianzhou Culture, accounting for 16.05% of the total share capital, with a slight decrease of 0.12 percentage points compared to the previous quarter [1] - The public funds that increased their holdings this period include Huaxia CSI Animation Game ETF and Guotai CSI Animation Game ETF, with an increase ratio of 0.56% [2] - One new public fund disclosed this period is the Dacheng CSI 360 Internet + Index A, while 48 public funds were not disclosed again, including notable funds like Huatai-PineBridge Consumption Industry Mixed and CITIC Prudential Multi-Strategy Mixed [2] - From the foreign investment perspective, Barclays Bank PLC is noted as an institution that has not disclosed its holdings this period [3]

Group 1 - The core viewpoint of the articles highlights the significant institutional investment in Light Media, with 27 institutional investors holding a total of 1.445 billion shares, representing 49.27% of the total share capital [1] - The top ten institutional investors collectively hold 49.07% of the shares, with a slight increase of 0.09 percentage points compared to the previous quarter [1] - In the public fund sector, nine funds increased their holdings, while nine funds decreased their holdings, indicating a mixed sentiment among public investors [2] Group 2 - The newly disclosed public funds total six, reflecting ongoing interest in Light Media from various investment vehicles [2] - Foreign investment sentiment shows a slight increase, with one foreign fund, Hong Kong Central Clearing Limited, raising its holdings by 0.44% [2]