◎记者 陈玥 时至年末，科技主题基金在一众基金中表现依然亮眼，并与其他类型的基金进一步拉开差距。Choice统 计数据显示，截至12月11日，普通股票型基金和偏股混合型基金的近一年业绩前十强中，多数是科技主 题基金。 具体来看，截至12月11日，永赢科技智选混合以近一年212.75%的净值增长率排名第一，是唯一一只近 一年净值增长率超过200%的主动权益类基金。排名其后的中航机遇领航混合、信澳业绩驱动和恒越优 势精选近一年净值增长率均超过150%，从持仓来看，上述基金均重仓科技标的。榜单的另一头，多只 消费主题基金近一年净值增长率均告负，榜单头尾相差超过240个百分点。 虽然结构性行情演绎了近一年，但在机构人士看来，明年上半年市场大概率仍将延续今年的主线，AI 就是其中最重要的方向之一。"AI产业链短期依然有海外订单支持，明后年的资本开支又相对清晰，短 期内该板块依然具有吸引力。"沪上一家中型公募旗下科技类基金经理告诉上证报记者，当前的业绩景 气度和估值已经基本上反映在价格中，期待板块像年中那样大幅上行可能性很小，但基本上能够保持稳 定。 事实证明，科技股依然是市场上最受资金追捧的板块。12月5日，摩尔线程上 ...

Group 1 - Yongying Fund has seen a "clean sweep" resignation of four billion-level fund managers this year, with the latest being Yang Fanying, who managed a total of 12.291 billion yuan in assets before her departure [1] - Yang Fanying's tenure lasted 8 years and 34 days, during which she achieved a cumulative return of 20.23% for the Yongying Huajia Credit Bond A fund, marking the best performance record for public fund management [1] - Other funds managed by Yang Fanying mostly yielded positive returns, although the Yongying Stable Enhanced Bond A fund experienced a decline of nearly 5% over her management period [1] Group 2 - The new generation fund manager, Ren Jie, successfully captured the current technology market trend with the Yongying Technology Smart Selection Mixed Fund, which has significantly outperformed competitors and is on track to secure the annual championship [2] - Several actively managed equity products under Yongying Fund, including Yongying Advanced Manufacturing Smart Selection, Pharmaceutical Innovation Smart Selection, Semiconductor Industry Smart Selection, Digital Economy Smart Selection, and Emerging Consumer Smart Selection, have also shown strong annual returns [2]

Core Viewpoint - Yongying Fund is rapidly rising in the competitive domestic public fund industry, leveraging its strong foundation in fixed income and strategic positioning in index and active equity products, leading to significant growth in management scale, referred to as the "Yongying Phenomenon" [2][3] Group 1: Growth Strategy - Yongying Fund has achieved a market ranking of 18th in non-monetary scale by the end of Q3 2023, reflecting a clear strategy and precise execution in its growth path [3] - The fund's approach includes using fixed income as a "ballast" and equity products as "pioneers," allowing it to differentiate itself in a highly competitive market [3][4] - The fund's products have shown outstanding performance, with several equity funds achieving over 80% growth in the past year, including Yongying Technology Select Mixed Fund, which had a net value increase of 203.8% [3][4] Group 2: Product Characteristics - Yongying's funds are characterized by high industry concentration and clear tool attributes, aligning well with recent market trends [4] - The fund has strategically launched products during quieter market periods, such as the Yongying Technology Select Mixed Fund and others, which were established during less active times [5] - The fund's proactive approach is evident in its launch of a medical device ETF during a period of high interest in the medical sector, and a gold stock ETF that has grown to 13.3 billion yuan [5] Group 3: Risk Management - Yongying Fund has shown a high level of risk awareness during its rapid growth, contrasting with other firms that may pursue scale blindly [6] - The fund has implemented purchase limits on its products to guide rational investor decisions and control growth, ensuring stability in investment strategies [7] - Fund managers have emphasized the importance of rational investment and diversification, warning against over-reliance on past performance to predict future results [8][9] Group 4: Industry Trends - The success of Yongying Fund has led to a trend of other firms attempting to replicate its model, which may result in increased product homogeneity and potential risks [10][11] - Regulatory bodies are focusing on high-quality development in the fund industry, with new guidelines aimed at managing investment styles and ensuring diversified investment [10][11] - The industry is witnessing a shift towards high-quality development, with a call for differentiated strategies to avoid the pitfalls of following trends without clear strategic alignment [11]

Core Viewpoint - The recent style switch in the A-share market has added uncertainty to the annual performance competition among public funds, with the technology sector experiencing high-level consolidation and cyclical sectors gaining strength [2][4]. Fund Performance Overview - As of November 14, 2023, 103 active equity funds (including QDII funds) have achieved a unit net value growth rate exceeding 80%, with Yongying Technology Select Mixed Fund leading at 184.04% [6][7]. - The leading fund's advantage has decreased from nearly 100 percentage points to less than 40 percentage points due to recent market fluctuations [6][3]. - Other notable funds include Hengyue Advantage Select at 146.88% and GF Growth Navigation at 140.60%, with significant movements in rankings observed [6][7]. Market Dynamics - The market is currently characterized by increased volatility, particularly as the Shanghai Composite Index hovers around 4000 points, impacting fund performance and rankings [10]. - Factors influencing fund performance include the fund manager's active management ability, market environment, and the performance of key holdings [10][11]. Investment Strategy Insights - Fund managers emphasize a long-term perspective over short-term performance, focusing on structural opportunities rather than chasing trends [11]. - The technology sector remains a mid-term focus, with ongoing investment opportunities in hardware, semiconductors, and storage, despite recent market corrections [12][15]. Future Outlook - The global wave of technological innovation is expected to continue, with a shift in market focus anticipated towards balancing valuation and profit quality [14]. - The AI sector is projected to present significant investment opportunities, particularly in infrastructure and application development, as the market evolves through 2026 [14][15].

Core Insights - The article discusses the trend of short-term trading among retail investors in the mutual fund market, particularly focusing on popular funds in the technology sector and other high-performing categories [1][4][5] Group 1: Short-term Trading Trends - Retail investors are increasingly engaging in short-term trading strategies, utilizing funds with a 7-day or 30-day redemption fee waiver to capitalize on market fluctuations [1] - Investors are actively seeking funds that allow for quick entry and exit, avoiding long-term investments in broad index funds [1][4] - Fund bloggers are also participating in short-term trading, showcasing their transactions and attracting followers who wish to replicate their strategies [2][3] Group 2: Popular Funds and Performance - The "Zhonghang Opportunity Leading Mixed Fund" has seen significant growth, with its scale increasing to 132.31 billion yuan, a 12.47-fold increase from the previous quarter, and a net value growth rate of 88.64% for A shares and 88.37% for C shares [4] - The "Zhongou Digital Economy Mixed Fund" experienced a scale increase of 114.94 billion yuan, with a net value growth rate exceeding 70% [4] - The "Yongying Technology Selection Mixed Fund" and "Yongying Advanced Manufacturing Selection Mixed Fund" have also attracted substantial investment, with high subscription and redemption rates indicating a high turnover among investors [5] Group 3: Investor Behavior and Market Dynamics - Many investors are exhibiting a pattern of rapid buying and selling, with some funds experiencing nearly 100% turnover rates in subscriptions and redemptions [5] - The article highlights the importance of rational decision-making and risk management, suggesting that investors should avoid trying to predict short-term market movements [6]

Core Insights - The resurgence of short-term trading strategies among retail investors, particularly the "7-day trading method," has gained popularity in the current hot equity market, especially in technology and gold funds [1][2] - Several high-performing technology-themed funds have seen their assets grow significantly, with some funds experiencing over tenfold increases in size due to inflows and rising net values [1][4] Group 1: Short-term Trading Strategies - Retail investors are increasingly engaging in short-term trading of funds, focusing on those with a 7-day redemption fee waiver, aiming for quick profits [2][3] - Fund bloggers with large followings are actively sharing their trading activities, contributing to the trend of short-term fund trading among retail investors [3] Group 2: Fund Performance and Growth - The "Zhonghang Opportunity Leading Mixed Fund" saw its size increase to 132.31 billion yuan, a 12.47-fold growth from the previous quarter, driven by a return rate exceeding 190% over six months [4] - The "Zhongou Digital Economy Mixed Fund" also experienced significant growth, with its size jumping from 1.5 billion yuan to over 10 billion yuan, and a net value growth rate of over 70% [5] - The "Yongying Technology Selection Mixed Fund" and other funds from Yongying have become favorites among investors, with substantial inflows and high turnover rates in subscriptions and redemptions [6] Group 3: Investor Behavior and Market Dynamics - Many investors are rapidly buying and selling funds, indicating a trend of short holding periods, which may lead to increased pressure on fund stability and management decisions [7] - Fund managers are advising investors to adopt a more rational and long-term investment approach, cautioning against the risks of frequent trading and the potential for missing out on significant returns [7]

Core Insights - The article discusses the resurgence of short-term trading strategies among retail investors in the mutual fund market, particularly focusing on the "7-day trading method" which allows investors to quickly buy and sell funds that have a 7-day redemption fee waiver [1][2] Group 1: Market Trends - The equity market has been performing well in 2023, with a notable focus on technology stocks, leading to a revival of short-term trading strategies among retail investors [1] - Several high-performing technology-themed funds have seen their net asset values surge, with some funds experiencing over tenfold growth in size due to significant inflows [1][4] Group 2: Investor Behavior - Retail investors are increasingly treating actively managed funds as short-term trading instruments, with some funds seeing subscription and redemption volumes in the tens of billions [1][4] - Investors are focusing on funds that allow for quick exits, avoiding long-term investments in broad index funds [2] Group 3: Fund Performance - Notable funds such as 中航机遇领航混合 and 中欧数字经济混合 have experienced substantial growth in net asset value, with 中航机遇领航混合's size increasing to 132.31 billion yuan, a 12.47-fold increase from the previous quarter [3][4] - The 中欧数字经济混合 fund saw its size grow from 1.5 billion yuan to over 100 billion yuan, with a net value growth rate exceeding 70% in the third quarter [4] Group 4: Fund Manager Insights - Fund managers are cautioning investors against frequent trading, emphasizing that mutual funds are primarily long-term investment tools and that short-term trading can lead to increased risks and missed opportunities for growth [6] - The high turnover rates in popular funds indicate that many investors are rapidly buying and selling, often within short time frames, which can undermine long-term investment strategies [6]

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].

Core Insights - The recent quarterly reports from public funds indicate a significant increase in equity positions, reflecting fund managers' positive outlook on market opportunities [1][6][7] Group 1: Fund Performance - The "champion fund" Yongying Technology Smart Mixed Fund reported a total scale of 11.52 billion yuan, a remarkable increase of 888.09% from the previous quarter [4] - The fund's equity investment ratio rose to 91.59%, up from 86.38% in the previous quarter, indicating a strong bullish sentiment [4] - The top three holdings of the fund include Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication, with respective market values of 1.125 billion yuan, 1.092 billion yuan, and 1.034 billion yuan [4] Group 2: Sector Focus - The Yongying Technology Smart Mixed Fund's manager highlighted the ongoing potential in the global cloud computing industry and the increasing value of AI models [5] - The Longcheng Pharmaceutical Industry Selected Mixed Fund also increased its equity investment ratio to 82.18%, focusing on innovative pharmaceutical stocks in the Hong Kong market [6] - The top three holdings of the Longcheng fund include Innovent Biologics, 3SBio, and Hotgen Biotech, with significant year-to-date gains [6] Group 3: Market Outlook - The technology sector, particularly cloud computing and artificial intelligence, is expected to benefit from accelerated digital transformation and strong market demand [7] - The innovative pharmaceutical sector in Hong Kong is poised for growth due to rising global healthcare demands and advancements in China's biopharmaceutical capabilities [7] - Both sectors are viewed as having broad investment windows, with potential for sustained value creation as technology progresses and consumer upgrades occur [7]

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]