曹晋 富国基金权益投资总监助理、高级权益基金经理 2025年前三季度收官。A、H两地市场在波动中上行，整体呈现出"结构分化"特征。而富二家的一批主动权益基金经理，凭借出色的管理能力，交出了不错 的业绩"名片"。多只基金在短、中、长期排名同类前10%。 今天，就带客官们一一盘点！ ★ Part 1 ★ 科技之秀 具有16年证券从业经历、投资管理年限超12年 作为科技投资老将，曹晋完整亲历了多轮科技产业周期。他的投资风格偏左侧、前瞻性强，善于在产业趋势启动前精准布局。例如，他早在2020年便重仓新 能源，并在2023年坚定认为"AI是新一轮产业趋势"，因而在组合中配置了AI硬件与应用端公司。 曹晋管理的富国中小盘精选混合（A类000940/C类015690），其A类份额近10年排名同类前1%，近7年、5年、3年、1年多个维度也稳居同类前列。 | 近1年 | 近3年 | 近5年 | 近7年 | 近10年 | | --- | --- | --- | --- | --- | | 近前2%（38/1860） | 前2%（23/1389） | 前5%(26/605) | 前2%(5/383) | 前1%(3/330) | ...

Core Insights - As of August 29, 2023, 969 out of 976 comparable ordinary equity funds have reported positive performance in the first eight months of the year, representing a remarkable 99% success rate, with only 7 funds showing declines [1][3]. Fund Performance - The top-performing fund, Huaan Medical Biotechnology Stock A/C, achieved a staggering increase of 107.64% and 107.03%, respectively, making it the only fund to double its value [1][4]. - Other notable funds with over 90% growth include Jiashi Mutual Fund's Jiashi Huirong Selected Stock A/C and Fuguo Medical Innovation Stock A/C, with increases ranging from 91.34% to 98.55% [1][2][5]. Fund Management - The fund managers of the top-performing funds are seasoned professionals with extensive backgrounds in the medical and pharmaceutical sectors. For instance, Jiashi Huirong's manager, Hao Miao, has over 6 years of experience, while Fuguo Medical Innovation's managers, Zhao Wei and Wang Chao, have nearly 8 years of combined experience [2][3]. - Huaan Medical Biotechnology is managed by Sang Xiangyu, who has been with Huaan Fund since 2018 and has a background in investment research [1][2]. Market Trends - The strong performance of A-share markets has contributed to the overall success of equity funds, with only 7 funds reporting declines, the most significant being Minsheng Jianyin's decline of 9.51% [3][4]. - The underperformance of certain funds, such as Qianhai Kaiyuan Traditional Chinese Medicine Stock A/C, which fell by 1.25% and 1.09%, indicates a potential shift in market preferences away from traditional medicine towards innovative pharmaceutical sectors [3][4].

近年来，为满足投资者的不同投资策略、不同持有期限的需求，公募基金份额越来越"五花八门"， C份额、D份额等日益常见。基金不同份额合并运作，在投资策略和范围上并无差异，但费率、销售渠 道、申购门槛等方面并不相同，通常情况下，同一基金的不同份额之间无法相互转换。中国证券报记者 关注到，近日多家基金公司公告开通旗下同一基金不同份额类别转换业务。 据了解，此举主要是为了满足投资者在不同投资策略之间切换的需求，尤其是机构投资者持有期限 变化的需求，提升投资者资金使用的灵活性。 例如，5月20日起，大成基金对大成竞争优势混合开通同一基金不同份额类别间的转换业务。自5月 6日起，富国基金对富国沪港深价值精选灵活配置混合、富国医药创新股票、富国国家安全主题混合、 富国品质生活混合、富国新机遇灵活配置混合、富国核心优势混合、富国天瑞强势地区精选混合7只基 金开通同一基金不同类别基金份额之间的转换业务。上述基金均设有A类份额和C类份额。 今年以来，还有长城基金、鹏华基金、广发基金、华宝基金、摩根资产管理、兴证全球基金、宏利 基金、蜂巢基金、申万菱信基金、安信基金等十几家基金公司陆续公告对旗下部分产品开通这一业务。 满足不同投资策 ...

Core Insights - The majority of ordinary stock funds in China have performed well in the first seven months of the year, with 92% of the 983 funds showing positive returns [1] - The top-performing fund, Huaan Medical Biotechnology, achieved a remarkable increase of over 105% [1] - The strong performance of these funds is largely attributed to their heavy investments in the pharmaceutical sector, with several stocks experiencing significant gains [2][3] Fund Performance - Huaan Medical Biotechnology Fund A and C led the performance with increases of 105.40% and 104.88% respectively, heavily investing in companies like Innovent Biologics and Stone Pharma [1] - Other notable funds include Jiashi Mutual Selection and Fortune Medical Innovation, which saw increases of 97.28% and 96.67% respectively, also focusing on pharmaceutical stocks [2] - Funds with over 80% growth include Ping An Medical Selected Stocks and Penghua Medical Technology Stocks, indicating a strong trend in the healthcare investment space [3] Underperforming Funds - Only seven funds experienced declines exceeding 10%, primarily in sectors like consumer goods, new energy, and technology [4] - The Minsheng Plus Silver Preferred Stock Fund saw a decline of 13.06%, with major holdings in companies like CATL and BYD [4] - Other funds with significant declines include Changxin Consumer Selected Quantitative Stocks and Beixin Ruifeng Preferred Growth, both heavily invested in the liquor sector [5]

例如，大成基金自5月20日起对大成竞争优势混合开通同一基金不同份额类别间的转换业务。自5月6日起，富国基 金对富国沪港深价值精选灵活配置混合、富国医药创新股票、富国国家安全主题混合、富国品质生活混合、富国 新机遇灵活配置混合、富国核心优势混合、富国天瑞强势地区精选混合7只基金开通同一基金不同类别基金份额之 间的转换业务。上述基金均设有A类份额和C类份额。 此外，今年以来，还有长城基金、鹏华基金、广发基金、华宝基金、摩根资产管理、兴证全球基金、宏利基金、 蜂巢基金等陆续公告对旗下部分产品开通这一业务。 在业内人士来看，基金公司提供转换服务，主要是为了适应机构投资者投资需求的变化。对于资金量较大的投资 者而言，原先持有C份额，但预计需较长时间回本，转换为A份额可节省长期持有成本。有的投资者原先持有A份 额，但因资金用途改变需赎回，面临较高赎回费时，转换为C份额则更为合适。 同一基金不同份额之间的灵活转换，为投资者提供了更多选择，使其能够根据自身投资需求和市场情况做出相应 调整。例如，当某一类基金份额表现不佳时，投资者可及时将其转换为另一类表现较好的份额，从而降低损失、 提高收益。此外，对于直销投资者而言，转换成本 ...

Core Viewpoint - The recent trend among public fund companies to allow conversion between different share classes of the same fund aims to meet the diverse investment strategies and holding period needs of investors, particularly institutional investors, enhancing the flexibility of fund usage [1][2][3] Group 1: Fund Share Classes - Various share classes such as C, D, and I have emerged to cater to different investor needs, with C shares being popular among short-term investors due to their fee structure [1][2] - Different share classes operate under the same investment strategy but differ in fees, sales channels, and subscription thresholds, making them suitable for different types of investors [1][2] Group 2: Conversion Services - Multiple fund companies have announced the opening of conversion services for different share classes, allowing investors to switch between them based on changing investment needs [2][3] - The conversion process involves redeeming the original share class and paying any applicable fees, which can vary based on the fee structures of the respective share classes [2][3] Group 3: Investor Flexibility - The ability to convert between share classes provides investors with more options to adjust their investments according to market conditions and personal financial situations, potentially improving returns and reducing losses [3] - For direct investors, conversion costs can be lower, as some fund companies waive certain fees during the conversion process [3] Group 4: Efficiency in Transactions - Converting shares is more time-efficient compared to redeeming and then purchasing new shares, as it reduces the transaction time significantly [3] - The conversion process allows for simultaneous redemption and purchase, streamlining the investment process for those with urgent needs [3] Group 5: Regulatory Considerations - The conversion of share classes does not reset the holding period for the original shares, meaning that fees incurred during the original holding period still apply [4]