● 本报记者王宇露 党的二十届四中全会是一次在关键时期擘画未来的重要会议，全会审议通过的"十五五"规划建议，系统 描绘了未来五年我国经济社会发展的宏伟蓝图，是指导各行各业做好工作的总纲领、总遵循。工银瑞信 基金坚决贯彻落实党的二十届四中全会精神，全体干部员工认真学习、深刻领会，提升金融服务质效， 更好满足经济社会发展和人民群众日益增长的金融需求，坚定不移走中国特色金融发展之路，坚守初 心、回归本源，建设一流资产管理机构。 增强机遇意识和风险意识 工银瑞信基金表示，党的二十届四中全会内涵丰富、思想深邃，要站在党和国家事业发展全局的高度， 深入理解其历史方位、理论创新和实践要求，切实把思想和行动统一到党中央决策部署上来。 二是牢固树立以人民为中心的发展思想。全会集中体现了以人民为中心的发展思想，并部署了一系列务 实政策举措，充分彰显了始终不变的为民初心。工银瑞信基金将持续强化金融工作的政治性和人民性， 树牢以投资者最佳利益为核心的经营理念，全力创造客户满意的投资回报。 一是深刻认识全会的重大历史意义和现实意义。全会系统谋划了未来五年的发展蓝图，对于激励全党全 国各族人民万众一心、接续奋斗，确保基本实现社会主义现代 ...

● 本报记者 王宇露 党的二十届四中全会是一次在关键时期擘画未来的重要会议，全会审议通过的"十五五"规划建议，系统 描绘了未来五年我国经济社会发展的宏伟蓝图，是指导各行各业做好工作的总纲领、总遵循。工银瑞信 基金坚决贯彻落实党的二十届四中全会精神，全体干部员工认真学习、深刻领会，提升金融服务质效， 更好满足经济社会发展和人民群众日益增长的金融需求，坚定不移走中国特色金融发展之路，坚守初 心、回归本源，建设一流资产管理机构。 一是胸怀"国之大者"，以金融活水支持实体经济转型升级。工银瑞信基金发挥基金业务与资本市场紧密 联接特色，重点围绕现代化产业体系建设、高水平科技自立自强，加大对战略新兴产业、未来产 业、"专精特新"和独角兽企业等研究力度，深挖优质标的，积极满足相关企业直接融资需求，积极助力 新质生产力发展，公司科技金融、绿色金融的投资规模和占比稳步提升。持续丰富符合国家战略和新质 生产力发展方向的行业主题基金布局，助力投资者分享经济高质量发展红利。 二是践行金融为民，积极助力推动全体人民共同富裕。工银瑞信基金以提升投资者获得感为目标，围绕 居民多元化财富管理需求和养老投资，持续丰富基金产品供给，加强基金产品 ...

Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]

Group 1 - Public funds have shown an overall trend of increasing positions in equity assets during the third quarter, particularly in the TMT (Technology, Media, Telecommunications) and power equipment sectors [1][2] - The average stock position of all public funds reached 83.28% by the end of the third quarter, an increase of 2.13 percentage points from the end of the second quarter [1] - The concentration of holdings in public funds has increased, with stock-type open-end funds and mixed open-end funds seeing concentration levels rise to 56.81% and 57.72%, respectively [1] Group 2 - Among fund companies, 27 firms had products with an average stock position exceeding 90% by the end of the third quarter, with Allianz, Zhuque, and Fidelity having over 94% [2] - The report from CICC indicates that the market sentiment has become more unified, with a notable increase in the concentration of holdings and a shift towards TMT and power equipment sectors [2] Group 3 - Several equity funds have significantly increased their stock positions, with some exceeding 99%, such as Huaxia Panyi and CITIC JianTou [3] - The Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, indicating a strong bullish sentiment [3][4] Group 4 - Fund managers have adjusted their portfolios by reducing exposure to dividend stocks and increasing positions in domestic technology chains, reflecting a shift in risk preference [4] - Other funds, such as GF Industry Selection and Jin Xin Quality Growth, also made bold increases in their positions, achieving over 20% gains [5] Group 5 - Some funds opted to reduce their positions to lock in profits as the market approached the 4000-point mark, with examples including Huashang Fund, which decreased its stock position from 90% to 51% [6] - Concerns over high valuations in growth sectors led some funds to adopt a cautious approach, reducing positions to manage volatility [6]

Core Insights - The article presents the performance returns of various investment products since their inception, highlighting the top performers in the market [1]. Performance Summary - Huashang Zhiyuan Return A achieved a return of 42.72% since inception [1] - Invesco Great Wall Growth Partner recorded a return of 42.41% [1] - Jiashi Growth Win A reported a return of 40.27% [1] - Xin'ao Advantage Industry A had a return of 34.84% [1] - E Fund Growth Progress A achieved a return of 29.23% [1] - Wanjia New Opportunities Share A reported a return of 19.98% [1] - Huashan Competitive Advantage A had a return of 18.83% [1] - ICBC Hongyu Return recorded a return of 14.48% [1] - Yinhua Growth Smart Select A achieved a return of 14.22% [1] - Fortune Balanced Allocation A reported a return of 10.74% [1]

Group 1 - The core viewpoint of the articles highlights the ongoing enthusiasm for new fund issuances, with 36 new products launched in a week despite only having four trading days [1][2] - The total issuance of newly established funds this year has exceeded 410 billion units, with equity funds accounting for 166.34 billion units, representing a significant increase to 39.93% of the total [1][3] - Index products continue to expand, with 11 passive index funds among the newly launched products, indicating a growing variety of investment tools for investors [1][2] Group 2 - The issuance of new floating fee rate funds has gained momentum since late May, with all 11 newly launched mixed funds being equity mixed funds [2][3] - The new floating management fee rate products link management fees to the investor's holding period and fund performance, enhancing the investment experience for investors [2] - A total of 522 new funds have been established this year, with a combined issuance of 416.61 billion units [2][3] Group 3 - The issuance of equity funds has become a key focus for fund companies this year, particularly in passive index products, with the proportion of equity fund issuance rising from 21.14% to 39.93% [4]

Group 1 - The first batch of 16 floating rate funds was launched on May 28, with significant sales performance, particularly the Dongfanghong Core Value Mixed Fund, which surpassed 1.5 billion yuan in sales by June 3 [1] - Major contributions to the sales of the Dongfanghong fund came from its custodial bank, SPD Bank, and shareholder brokerage, Dongfang Securities, with initial sales reaching nearly 400 million yuan on the first day [1] - Other floating rate funds have also seen sales exceeding 100 million yuan, with sales performance closely linked to channel capabilities, as evidenced by the Tianhong Quality Value Fund, which also surpassed 400 million yuan in sales [1] Group 2 - The sales competition for floating rate funds is expected to remain strong into June, as several fund companies anticipate a surge in main client participation after the Dragon Boat Festival [2] - New floating rate funds are being launched, with 26 funds already filed for issuance, including Dachen Zhi Zhen Return and Wan Jia New Opportunities, which started issuing on June 3 [3] - Many public fund institutions are committing their own capital to invest in floating rate funds, such as Xingzheng Global Fund planning to invest 20 million yuan in its fund, and other firms like Bosera and Dongfanghong also announcing similar self-investments [3][4]