证券时报记者 王小芊 截至三季度末，该基金的前十大重仓股包括紫金矿业、赣锋锂业、中远海能、芯碁微装、精测电子、洛阳钼业 等。其中，赣锋锂业、洛阳钼业等个股三季度内涨幅均超过80%。 在组合运作上，三季度路博迈资源精选A整体仓位保持相对稳定，并根据市场变化进行了灵活调整，超配有色金属 板块，精选配置化工、建材细分子领域，同时低配黑色系和原油链相关板块，获得了不错的超额收益。 此外，安联中国精选A的年内收益率为54.48%，其重仓行业覆盖制造业、信息软件、医疗保健等板块，体现出对中 国科技创新与产业升级的长期信心。截至三季度末，该基金前十大重仓股包括中科曙光、君实生物、康方生物、 中芯国际、兆易创新等。其中，荣昌生物三季度内涨超90%，兆易创新、中芯国际等涨超50%。 在具体运作上，三季度，安联中国精选A维持了较高的股票仓位，积极看待中国在全球科技变革发展和中国经济深 入转型的大背景下，以优质科技资产为代表的新质生产力引领中国股票的价值重估，并相应地对相关优质科技资 产做了重点配置，取得了较好投资收益。 随着权益市场回暖，部分外资公募旗下产品凭借均衡的行业布局与稳健的投资策略，取得了不错收益。 数据显示，今年以来 ...

随着权益市场回暖，部分外资公募旗下产品凭借前瞻性的行业布局与稳健的投资策略，取得了显著超额收 益。 截至10月31日，贝莱德先进制造一年持有A的年内收益率为66.44%。从配置结构看，该基金股票行业的配置 中，制造业占投资股票市值比为92.52%，占净值比为84.17%，体现出明显的行业集中度。 截至三季度末，该基金的前十大重仓股包括宁德时代、中际旭创、汇川技术、海康威视、福耀玻璃等，其中， 中际旭创三季度内收涨176.76%，澜起科技收涨88.78%，立讯精密收涨87.53%，为组合贡献了可观的收益。 在操作层面，三季度，基金整体保持较高仓位。行业配置上，该基金重点布局电子、电力设备、汽车、机械设 备、通信等领域，并对部分光模块、光纤板块等进行了获利了结。同时，该基金也在电子行业内部不同子板块 之间做了一部分调整，并增加了受益于新技术不断突破的固态电池、汽车整车厂、工程机械等领域。 路博迈资源精选A截至10月31日的年内收益率达到了79.00%。该产品的配置更加多元，除了制造业，还包括原 材料、采矿业、能源等板块。 截至三季度末，该基金的前十大重仓股包括紫金矿业、赣锋锂业、中远海能、芯碁微装、精测电子等。其 ...

Core Viewpoint - The article highlights the significant outperformance of foreign public funds in the A-share market, driven by proactive industry positioning and robust investment strategies, with some funds achieving returns exceeding 50% year-to-date [2][3]. Fund Performance and Strategies - Several foreign public funds have shown remarkable performance this year, with some flagship products achieving returns over 50%. The focus has been on sectors such as technology manufacturing and resource energy, which are expected to continue performing well in the fourth quarter due to low interest rates and ample liquidity [2][3]. - As of October 31, BlackRock Advanced Manufacturing Fund reported a year-to-date return of 66.44%, with a significant allocation of 92.52% of its stock investments in the manufacturing sector. The top holdings include companies like CATL and Hikvision, with notable stock price increases contributing to the fund's performance [3]. - The Robeco Resource Select Fund achieved a year-to-date return of 79.00%, diversifying its investments across manufacturing, raw materials, and energy sectors. Key holdings include Zijin Mining and Ganfeng Lithium, both of which saw stock price increases exceeding 80% [3][4]. - Allianz China Select Fund reported a year-to-date return of 54.48%, focusing on manufacturing, information technology, and healthcare sectors, reflecting confidence in China's technological innovation and industrial upgrades [4]. Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, anticipating that low interest rates and liquidity will support the A-share market's medium to long-term performance. However, they caution about potential short-term disruptions from geopolitical factors and overseas policy changes [5][6]. - The BlackRock fund managers emphasize that the current weak growth in the real estate market will anchor a low interest rate environment, which may drive investors towards riskier assets with positive cash flows. They foresee a mid-term bull market for stocks, particularly large and mid-cap assets [6][7]. - Robeco's fund manager expresses optimism about the resource sector, indicating that resource prices are at the beginning of a new upward cycle with significant growth potential [6][7]. - Allianz's fund manager expects the macroeconomic growth to remain resilient, with the technology sector likely to accelerate. The market is anticipated to experience a range-bound upward trend in the fourth quarter, with quality tech assets expected to perform well [7].

Core Viewpoint - Since September 24 of last year, the A-share market has experienced significant growth, with funds established around that time achieving notable returns [1][4]. Group 1: Fund Performance - Funds established at low points have not produced "doubling funds" this year, with average returns lagging behind the Shanghai and Shenzhen stock indices [2][8]. - Nearly 50 actively managed equity funds were "precisely established" during this period, with all included funds showing positive performance and an average return rate of 35.94% [5][6]. Group 2: Market Dynamics - The investment logic in the A-share market has shifted, with sectors like innovative pharmaceuticals and artificial intelligence leading the charge, resulting in several funds performing exceptionally well [4]. - The issuance of new equity funds was significantly impacted by market conditions, with only 50 billion units issued in July and August 2024, compared to 355 billion and 472 billion units in the same months this year [4]. Group 3: Fund Strategy and Holdings - Many funds that were established during low market conditions adopted a cautious investment strategy, focusing on high-dividend and value stocks, which limited their ability to capitalize on the subsequent market rally [8][9]. - For instance, the Allianz China Select fund initially invested in high-dividend stocks but later shifted to high-growth stocks to capture better returns [8]. Group 4: Dividend Resilience - Despite the recent market adjustments, high-dividend stocks have shown resilience, with expectations for increased dividend payouts as companies move past capital expenditure peaks [11][12]. - The long-term outlook for dividend assets remains positive, with a focus on stable cash flow companies that can provide consistent returns to investors [12].

去年9月24日以来，A股大幅上涨。"9·24"前夕精准成立的基金亦收获不俗。 不过，前述低位成立的基金中，并未诞生年内频现的"翻倍基"，甚至平均涨幅落后于同期沪深股指。从布局情 况来看，这些产品多数重仓了表现一般的红利板块，且因成立于清淡市场，未能及时满仓从而错过随即而来的 迅猛行情。 近一年来，A股投资逻辑正悄然生变，以创新药和人工智能为主力的数个板块轮番上演异动行情，多只基金借 行情东风净值表现优异。 若将时间推至去年"9·24"前两个月，彼时沪指尚在3000点以下徘徊，权益产品新基金发行也陷入冰点——2024 年7月和8月股票型基金成立份额均为50多亿份，而这一数值在今年同期分别为355亿份和472亿份，行情的清淡 无疑对新基发行影响深远。 | 证券代码 | 证券简称 | 基金成立日 | 成立以来回报 | | --- | --- | --- | --- | | | | | (%) | | 020755.OF | 永赢融安A | 2024/8/23 | 89.09 | | 021981.OF | 安联中国精选A | 2024/9/3 | 74.96 | | 020966.OF | 东吴科技创新A | 20 ...