基金研究专题报告 周期主题基金研究框架及产品优选 行业主题基金专题研究（五）-上篇 核心结论 本文构建主动型周期主题基金池。根据主动权益基金对周期行业的配置，细 分为均衡型周期基金、专注单一赛道型周期基金。定量定性结合筛选出优质 基金，建议关注：大成产业趋势、汇丰晋信中小盘、前海开源沪港深核心资 源等。 【主要逻辑】 主要逻辑一：根据历史配置情况，对周期主题基金进行分类和标签划分 基于基金对周期细分赛道的历史配置情况，划分为均衡型周期基金、专注单一赛 道的周期基金。根据是否投港股、换手率等对均衡型周期基金进行标签划分。 主要逻辑二：定量定性优选均衡型周期基金、专注单一赛道周期基金 1、均衡型的周期基金中，优选出 5 只基金：大成产业趋势、汇丰晋信中小 盘、博时成长精选、嘉实周期优选、中欧融恒平衡。 2、专注单一赛道的周期基金中，优选出 5 只基金：工银红利优享、华宝资 源优选、前海开源沪港深核心资源、创金合信资源主题、景顺长城支柱产业。 主要逻辑三：深度分析优选周期主题基金 1、行业配置上，大成产业趋势、汇丰晋信中小盘主要在有色金属、基础化 工；博时成长精选、中欧融恒平衡主要在有色金属、石油石化；嘉实周期优 ...

Group 1 - The report highlights the update of the active equity fund pool, which now includes 105 funds, with 24 new additions such as Qianhai Kaiyuan Hong Kong and Shanghai Core Resource A and HSBC Jintrust Small Cap [2][9][8] - The ETF pool has been updated to include new products focusing on robotics and free cash flow, totaling 113 ETFs [12][13] - Year-to-date performance as of April 30 shows positive absolute returns across all four fund combinations, with the monthly report combination yielding 3.21% and the active combination yielding 2.65% [20][19][18] Group 2 - The report reflects on the core positions of the fund combinations, indicating that they are primarily composed of actively managed funds, which may pose tracking difficulties and risks due to changes in fund managers and investment styles [3][21] - The report notes that the bond market is experiencing preemptive pricing and volatility, leading to underperformance of bond products in early 2025 [21][19] - The report suggests optimizing the fund combinations by considering ETF replacements, increasing overseas asset allocation, and adjusting the weight of domestic demand-side equities [22][21]