本文共1900 字 阅读完约7分钟 金融投资报记者 刘庆华 三季度行情即将收官。在经历了一季度的震荡上行，一季度末和二季度初的调整之后，A股市场和港股 市场自4月中旬以来持续走高，并在三季度迭创阶段新高，投向股票资产的基金也获得了不错的收益。 Wind数据显示，今年以来截至9月26日，在权益类基金和QDII基金中，合计共有37只基金收益率翻倍。 主动管理的A股权益类基金中，重仓AI的基金收益率领先，单只基金收益率最高接近190%。被动指数 型基金中，跟踪创新药、通信、人工智能等方向的基金收益率居前。 01 主动权益基金：31只基金收益翻倍 投向A股的主动权益类基金今年以来表现不俗，超额回报出色。截至9月26日，算术平均收益率为 30.32%（剔除年内成立的基金），超过98%的主动权益类基金取得正收益，收益率超50%的基金达到 684只，占比超15%。其中，收益率超过100%的基金有31只，单只基金最高收益率接近190%。 永赢科技智选A以189.58%的收益率领跑。二季度以来该基金净值涨幅明显，近半年的收益率超过了 164%。从基金季报可以看到，二季度末该基金有明显的调仓动作，前十大重仓股全部更换，将持仓重 ...

专题：专题|A股"924行情"一周年回顾与展望 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ A股"924行情"一周年之际，Wind数据显示，从2024年9月24日至2025年9月22日，主动权益基金（包括普通股票型、偏股混合型、灵活配置型、平衡混合 型以及QDII混合型等基金，只统计主份额）中，458只主动权益基金翻倍，其中，德邦鑫星价值A区间回报282%位居第一，中信建投北交所精选两年定开 A回报271.5%位居第二，中欧数字经济A区间回报262%位居第三。 7只主动权益基金924行情以来亏损，其中，东财价值启航A亏损8.13%位居跌幅榜第一名，广发价值优势亏3.26%位居跌幅榜第二名，广发内需增长A亏 2.55%位居跌幅榜第三名。 | 简称 | 区间回报 区间超基准 | 规模 and and any and the commend of the submit of the commend of | | | --- | --- | --- | --- | | | % % | | | | 德邦鑫星价值A | 282.09 280.58 | 9.33 雷涛,陆阳 | | | 中信建 ...

Core Viewpoint - The interview with Wang Mingxu, a fund manager at Guangfa Fund, highlights his unique investment philosophy and approach, emphasizing the importance of patience and understanding market dynamics over the past five years [1][17]. Group 1: Investment Philosophy - Wang Mingxu believes that investment requires both self-awareness and an understanding of the broader market, stating that patience and persistence are key to navigating market changes [1][18]. - His investment style is characterized by a balanced approach, allowing him to identify opportunities across various market conditions while avoiding significant risks [9][11]. - Wang's investment philosophy is influenced by Charlie Munger's ideas, focusing on integrating diverse knowledge rather than adhering to rigid methodologies [10][11]. Group 2: Performance Metrics - Wang's longest-managed fund, Guangfa Inner Demand Growth A, has achieved a cumulative return of over 136% and an annualized return of 13.84% as of May 30 [4]. - His funds consistently rank among the top in their category over a three-year period, reflecting a long-term performance strategy akin to a marathon runner [3][4]. Group 3: Sector Focus and Strategy - Wang has maintained a significant allocation of 15-30% in bank stocks within his portfolio, which he views as effective assets despite conventional wisdom suggesting otherwise [5][6]. - Over the past four years, the banking sector has outperformed the CSI 300 index by a cumulative 30 percentage points, validating Wang's investment strategy [6]. - His investment coverage spans various sectors, including food and beverage, retail, banking, real estate, electricity, pharmaceuticals, and new energy, demonstrating a broad industry understanding [13][36]. Group 4: Market Outlook and Adjustments - Wang expresses optimism about the mid-term equity market, indicating a shift in his portfolio from defensive to more aggressive positions in sectors like real estate and brokerage [55][56]. - He strategically adjusted his holdings in 2021, moving away from consumer stocks to sectors he believed offered better value, such as banking and energy [25][26]. - Wang's approach to cyclical industries is rooted in supply-demand dynamics, which he considers crucial for making informed investment decisions [44][46].