Core Viewpoint - The recent quarterly report of the Tongtai Industrial Upgrade fund reveals a significant recovery in fund size, but the reasons for net value growth remain ambiguous, raising concerns about compliance and risk management within the small fund company [1][3]. Fund Performance and Structure - The Tongtai Industrial Upgrade fund, established in March 2022, experienced a drastic decline in net value, dropping to around 0.6 yuan by Q3 2024. However, due to large redemptions and subsequent fees, the fund's net value saw an unusual single-day increase of 68.73% [2][3]. - By the end of Q3, the fund's net asset value reached 2.1425 yuan, marking a 30.65% increase, outperforming its benchmark return of 12.53%. The fund also saw a net subscription of 0.34 million shares, doubling its size to 4.39 million yuan [2][3]. Investment Strategy and Stock Selection - The fund has shifted its investment focus towards the robotics sector, particularly humanoid robots, which saw a nearly 30% increase in the index during Q3. The fund manager expressed intentions to continue investing in high-growth opportunities within this niche [5][6]. - The fund's top holding, Dongjie Intelligent, was added to the portfolio during Q3, accounting for 8.07% of the fund's net value. Despite a significant stock price increase of over 120% in recent months, the company faced regulatory scrutiny, receiving two warnings for financial reporting inaccuracies [6][7]. Broader Fund Management Trends - Other funds under Tongtai have also shifted towards niche sectors, but their performance has not improved significantly. For instance, the Tongtai Huize fund, which pivoted to the pet industry, saw its size shrink to 0.17 million yuan, with a year-to-date return of only 5.63% [8][9]. - The overall management scale of Tongtai funds is relatively small, with a total of 7.7 billion yuan, ranking 143rd in the industry. This raises questions about the strategic depth of their high-concentration and high-turnover investment approach [9][10].

一批北交所主题基金净值新高。 北交所持续走强，市场交投活跃，同泰基金对记者分析，这反映了市场对北交所高质量扩容和流动性改善的认 可，更体现了在技术进步、行业产业景气度提升大背景下，市场对于北交所上市企业业绩增长的长期信心。 开年以来，除了机器人、港股科技等主题基金业绩一路飙涨之外，较为小众化的北交所主题基金也表现强势， 今年全部实现18%以上正收益，其中同泰远见、广发北证50成份等25只北交所主题基金净值涨幅超30%。 机构表示，北交所市场反弹离不开支持政策不断出台、机构投资多元化、市场流动性提升、基本面改善等多重 利好。 在北交所已经大幅反弹的当下，机构认为，短期需审慎优选估值合理的标的进行配置，不过中长期来看，其作 为"专精特新"企业孵化器的定位明确，叠加流动性改善与高质量扩容，结构性机会将不断涌现。 北交所主题基金表现强势 近期，北交所主题基金成为市场上除机器人、港股科技之外表现最强的主题基金之一。 今年以来，北交所主题基金全部实现正收益，其中同泰远见、广发北证50成份、博时北证50成份等25只北交所 主题基金净值涨幅均超30%，引发市场广泛关注。 目前市场上共计超30只北交所主题基金，其中22只基金为 ...