沉寂已久的短线"炒基"招式重出江湖！ 在上一轮"喝酒吃药"的结构性行情中，30日炒基法、7日炒基法一度在新手基民圈子里流行，即用基金 做短线，跟风追热点买爆款，赚到就卖，对一些持有7天或30天免赎回费的基金进行高抛低吸。 今年以来，科技板块结构性行情突出，细分热点层出不穷，科技、黄金等热门基金C类份额被基民热 捧。一些热门基金在三季度被申购几十亿份后又被迅速获利了结，基民"快进快出"玩得不亦乐乎。 "9月收益突破1万了！"基民小杨分享自己的基金操作方法称，"开了个'基金超市'，我买的基本上都是'7 免'(即满7天免赎回费)，哪只基金赚够5个点就跑，落袋为安。大道至简，高抛低吸，有时候难免会因为 卖掉后接着涨后悔到'拍断大腿'，但整体收益为正就好。" 像他这样快进快出的新基民不在少数，他们的目标是寻找适合做短线的基金，不占用中长期资金，像中 证A500等需要长线投资的宽基指数基金不在其考虑范围内。在PCB(印制电路板)大涨的时候，他们跟 着"吃肉"感叹幸福到"头晕目眩"，当短期风格轮动到电池时，又跟着主力加仓电池基金，甚至因场外基 金效率太低，迫不及待在尾盘时追涨场内基金。 不止新基民，一些基金博主也热衷于短线 ...

2020年至2021年"喝酒吃药"的结构性行情中，"30日炒基法"一度在基民圈子里流行，即用基金做短线， 跟风追热点买爆款，对一些持有30天免赎回费的基金进行高抛低吸。后来，这一策略进一步发展为"7日 炒基法"，紧跟市场热点，赚到就卖。 今年以来，权益市场火热，且科技结构性行情突出，细分热点层出不穷，此前沉寂已久的短线炒基战 法"重出江湖"。基民热衷于炒作科技、黄金等热门基金C类份额。三季度，多只绩优科技主题基金在净 值大涨和资金涌入的推动下，规模增长十倍以上。有趣的是，其中部分基金被申购、赎回的份额均为数 十亿级别，显示出一些基民将这些主动基金当成股票"短炒"的新趋势。 投资者晒"基金超市"收益 "9月收益突破1万了！"基民小杨分享自己的基金操作方法称，"我开了个'基金超市'，买的基本上都是'7 免'（即满7天免赎回费）基金，哪只基金赚够5个点就跑路。重点就是及时落袋为安，大道至简，高抛 低吸，有时候难免会因为'卖飞'了而拍断大腿，但整体收益为正就好。" 像小杨这样快进快出的基民不在少数，他们的目标是寻找适合做短线的基金，不占用中长期资金，像中 证A500等需要长线投资的宽基指数基金不在其考虑范围内。在PC ...

2020年至2021年"喝酒吃药"的结构性行情中，"30日炒基法"一度在基民圈子里流行，即用基金做短线， 跟风追热点买爆款，对一些持有30天免赎回费的基金进行高抛低吸。后来，这一策略进一步发展为"7日 炒基法"，紧跟市场热点，赚到就卖。 今年以来，权益市场火热，且科技结构性行情突出，细分热点层出不穷，此前沉寂已久的短线炒基战 法"重出江湖"。基民热衷于炒作科技、黄金等热门基金C类份额。三季度，多只绩优科技主题基金在净 值大涨和资金涌入的推动下，规模增长十倍以上。有趣的是，其中部分基金被申购、赎回的份额均为数 十亿级别，显示出一些基民将这些主动基金当成股票"短炒"的新趋势。 像小杨这样快进快出的基民不在少数，他们的目标是寻找适合做短线的基金，不占用中长期资金，像中 证A500等需要长线投资的宽基指数基金不在其考虑范围内。在PCB概念大涨的时候，他们及时跟进相 关主题基金，跟着"吃肉"，感叹幸福到"头晕目眩"；当短期风格轮动到电池时，又跟着主力加仓电池主 题基金，甚至因场外基金效率太低，迫不及待在尾盘时刻追涨场内产品。 一些基金博主也热衷于短线操作。例如，在支付宝、小红书等平台粉丝超过40万的基金博主"梁带逛"， ...

Core Insights - The report highlights a significant increase in the scale of several high-performing active equity funds in Q3 2025, driven by a steady rise in the stock market and structural opportunities in emerging industries like technology [1][2]. Fund Performance - Notable funds such as Yongying Technology Select Mixed Fund and China Europe Digital Economy Mixed Fund have seen substantial growth in their assets. For instance, Yongying Technology Select Mixed Fund's total assets surged from 11.66 billion to 115.21 billion, marking an increase of 888% [2]. - China Europe Digital Economy Mixed Fund's assets grew from 15.27 billion to 130.21 billion, reflecting a 752% increase, with a one-year net value growth of 156.49% [2][3]. Market Trends - The equity market has shown an upward trend over the past year, with significant performance differentiation among active equity funds. Funds focusing on AI and technology sectors have outperformed, while those centered on consumer and dividend stocks have faced challenges [3]. - Over 160 funds reported negative returns over the past year, with more than 20 funds experiencing losses exceeding 10% [3]. Manager Outlook - Fund managers express optimism regarding future market conditions, citing potential improvements in liquidity and a positive outlook for China's equity market. They anticipate a new market trend emerging, particularly around favorable policy windows in late October [4]. - Long-term expectations remain positive due to declining risk-free interest rates, liquidity easing, and improving profit forecasts, with a focus on AI-related sectors as a key investment area [5].

公募三季报密集披露中。10月22日，多家公募公布旗下产品三季报，其中不乏年内"冠军基"永赢科技智选混合以及绩优基金长城医药产业 精选混合。具体来看，两只产品分别聚焦科技、医药行业，并均在三季度提升了权益仓位。有业内人士表示，绩优产品权益仓位的显著上 升反映了基金经理对于市场机会的积极判断，绩优基金最新季报提供了重要的参考信息，重仓股和行业布局可以揭示基金经理的投资逻 辑，投资者也应警惕市场波动带来的不确定性。 | 主要财务指标 | 报告期(2025年07月01日-2025年09月30日) | | | --- | --- | --- | | | 永赢科技智选混合发起 A | 永赢科技智选混合发起 C | | 1. 本期已实现收益 | 417, 374, 279. 11 | 2,082,525,889.53 | | 2. 本期利润 | 733, 228, 228. 59 | 3.981.899.341.77 | | 3. 加权平均基金份额本期利润 | 1. 6726 | 1.7118 | | 4. 期末基金资产净值 | 2, 278, 322, 574. 61 | 9,242,901,116.95 | | 5. ...

Group 1 - The technology sector is experiencing a resurgence, with "Yizhongtian" leading the market, as evidenced by significant stock price increases for companies like New Yisong (up 10.99%), Zhongji Xuchuang (up 9.55%), and Tianfu Communication (up 5.56%) [1] - The Shanghai Composite Index has stabilized above 3900 points, reaching a nearly ten-year high, while the Hang Seng Index has also shown strong performance, with year-to-date gains of over 16% and nearly 30%, respectively [1] - The overall market fund performance has been impressive, with only about 8% of public funds reporting losses this year, indicating a positive trend for investors [1] Group 2 - The "star fund" Yongying Technology Smart Mixed Fund has reopened large-scale subscriptions, raising its single account limit from 10,000 to 1 million yuan, reflecting its strong performance and popularity among investors [2][4] - This fund has achieved a remarkable year-to-date return of 175.87%, making it the highest-performing fund in the market, with a significant difference in scale between its A and C share classes [2][3] - The fund's top holdings are heavily concentrated in high-performing stocks, with a total of 82.24% of its assets in the top ten holdings, including "Yizhongtian" and other notable companies [3] Group 3 - The technology sector's high elasticity has led to a shift in investment strategies, with newer fund managers favoring technology stocks over traditional value investments, as seen in the contrasting performances of "old" and "new" fund managers [5][6] - Despite some funds experiencing initial losses due to heavy investments in technology, many have rebounded significantly in the second half of the year, showcasing the sector's volatility and potential for recovery [6][7] - The ongoing earnings reports from listed companies are expected to provide further support for the technology sector, with analysts noting a positive outlook for segments like AI computing, semiconductors, and consumer electronics [8]

国庆假期过后市场震荡回调，A股三大股指有所回撤，科技板块及相关基金更是跌幅明显，单只基金最 大跌幅超14%。对于上述情况，有业内人士指出，短期下跌是不确定性带来的避险需求和前期涨幅较高 的获利了结情绪共同作用的结果，长期上涨的逻辑并未改变，后续关注AI应用、半导体制造、存储等 细分领域。就普通投资者而言，建议均衡配置、分散风险，杠铃型资产配置策略不失为一种合理选择， 在防守的一端通过类固收高股息类红利资产降低投资组合波动。 此外，相关指数方面，今年三季度中证半导体产业指数涨幅超过20%，中证人工智能产业指数涨幅超过 16%，都交出了相当不错的成绩单。这样的涨幅不仅反映了市场对科技行业的乐观预期，也体现了科技 股在当前经济环境下的强劲动力。 那么，面对本轮市场回调，基金经理仍会坚定科技赛道的选择吗？具体关注哪些细分领域？ 前海开源基金首席经济学家杨德龙表示，当前"科技牛"行情预计将延续，"十五五"规划即将公布，其重 点支持领域值得关注，如人形机器人、固态电池、芯片半导体、算力算法、低空经济等，均有望成为规 划重点方向，这也是本轮科技行情持续的重要推动力。科技创新有望成为我国经济增长的第二曲线和主 要增长点，在投 ...

Market Overview - After the National Day holiday, the A-share market experienced a pullback, with the three major indices showing declines. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell by 0.49%, 5.27%, and 7.56% respectively as of October 20 [3] - The technology sector faced significant declines, with the STAR 50, STAR Composite Index, and STAR 100 all dropping over 8%. The semiconductor and CPO (Co-Packaged Optics) sectors notably dragged down the overall performance of the technology industry [3][4] Fund Performance - The average decline for technology-themed funds exceeded 9% since October, with the largest drop recorded by the Fortune Information Technology Mixed Fund C at 14.16%. Out of over 1700 technology-themed funds, only 8 achieved positive returns, while more than 550 funds fell over 10% [3][4] Investment Sentiment - Analysts attribute the recent adjustments in the technology sector to external uncertainties leading to risk aversion and profit-taking from previous gains. However, the underlying logic supporting the technology sector remains intact, with a focus on policy benefits and structural data verification [4][6] - The "technology bull" market is expected to continue, with key areas of focus including humanoid robots, solid-state batteries, semiconductor chips, computing algorithms, and low-altitude economy, which are anticipated to be highlighted in the upcoming "14th Five-Year Plan" [6][7] Future Outlook - The fourth quarter is expected to maintain technology as the main investment theme, with significant performance from equity funds heavily invested in technology sectors such as artificial intelligence and computing power. The Yongying Technology Select Mixed Fund achieved returns of 194.49% and 193.09% [5][6] - The semiconductor industry index rose over 20% and the artificial intelligence industry index increased over 16% in the third quarter, reflecting strong market optimism towards the technology sector [5] Investment Strategy - A barbell asset allocation strategy is recommended, balancing between "China Special Valuation" and dividend assets (e.g., banks, public utilities) on one end, and high-growth technology sectors like AI on the other. This strategy aims to mitigate portfolio volatility while positioning for future growth [7][8] - For investors with varying risk tolerances, a more conservative portfolio can increase the proportion of dividend assets, while maintaining exposure to high-volatility, high-elasticity investments in technology sectors [8]

来源：基客说 本周，永赢科技智选基金经理任桀于13号下午发文解释了放宽限购的原因： 可以简单概括为短期市场波动大，但他们依然看好中国优质科技资产的长期价值，所以才松了限购。 今年业绩第一的主动权益基金永赢科技智选混合，竟然于本周市场大跌之日"松绑" 了！ 单日限购从 1 万提到了 100 万。 依据近期走势，这只基金大概率还是重仓通信、电子等科技方向。 科技前期涨得猛，最近不少人想止盈，加上市场不确定性发酵，近期警惕板块短期风险、小心风格切换的声音也明显增 多。 而永赢科技智选混合偏在这节骨眼放松限购，基金经理任桀也随之发观点看多，其实挺容易被误解的。 今天也借这事和大家讨论一下：公募基金要不要把 【限购】和 【观点】绑在一起？ 而投资者又该如何避免陷入思维惯性被误导？ 在波动之际放松限购，什么意思？ 倒不是质疑这个说法，但大家觉得这真是全部的原因吗？ 基金经理发表后市观点当然没错~ 但是没记错的话这只基金在一个月前，才把单日限购卡到 1 万。 如果按现在这个 "长期看好" 的口径，难不成那时候，他们还没那么长期看好这些资产？ 显然不合理。 当短期资金快速流入，为维持策略稳定性，基金或许会收紧限购； 当短期波 ...

Group 1 - Multiple actively managed equity funds announced purchase limits on September 6, with adjustments effective from September 8, including limits of 500,000, 100,000, and 50,000 yuan for various funds [1][2] - As of September 5, 98.24% of 7,792 actively managed equity funds reported positive returns year-to-date, with the A-share indices rising by 13.75%, 20.89%, and 38.13% respectively [3] - The recent surge in the market has led to concentrated purchase limits, with fund managers aiming to maintain investment styles and protect existing investors' interests [2][3] Group 2 - The "champion fund" of the year, Yongying Technology Select Mixed Fund, reduced its large purchase limit to 10,000 yuan on September 5, after previously adjusting it to 1 million yuan on August 27 [3] - Fund managers are implementing purchase limits to prevent rapid growth in fund size and encourage rational investment behavior among investors [3]