近期，基金行业出现产品风险等级集中调整。中国证券报记者走访多家金融机构发现，自10月15日起， 中信银行陆续对代销的17只资管产品进行风险等级调整，其中15只基金等级上调；富国基金、天弘基 金、海富通基金、融通基金等公募机构也调整了旗下部分产品的风险等级，且多数为调升。值得注意的 是，部分今年以来业绩表现突出的基金也被调升了风险等级，引发市场关注。 在调研过程中，多位业内人士透露了基金风险等级上调的深层原因：波动率上升、最大回撤偏离倍数增 加、规模下降是主要触发因素。对于此次调整占比较高的债券基金来说，债市波动加剧与部分基金权益 仓位的提升成为两大推手。 在基金销售端，风险等级调整已产生实质影响：银行系统将对风险不匹配的定投计划执行自动拦截。这 场看似常规的风险等级调整，正在悄然改变着投资者的决策逻辑和基金产品在代销渠道的接受度。 基金密集上调风险等级 近期，多家基金公司与代销机构密集发布旗下基金或代销基金风险等级调整的公告，涉及产品数量之 多、类型之广，引发市场关注。 根据中信银行的公告，中信银行于10月15日起陆续调整17只代销资产管理产品的风险等级，其中上调15 只基金的风险等级，仅2只基金产品风险等级 ...

近期，基金行业出现产品风险等级集中调整。中国证券报记者走访多家金融机构发现，自10月15日起， 中信银行陆续对代销的17只资管产品进行风险等级调整，其中15只基金等级上调；富国基金、天弘基 金、海富通基金、融通基金等公募机构也调整了旗下部分产品的风险等级，且多数为调升。值得注意的 是，部分今年以来业绩表现突出的基金也被调升了风险等级，引发市场关注。 值得关注的是，部分今年以来业绩表现突出的基金产品也在调整之列。例如汇添富北交所创新精选两年 定开，截至10月20日，该基金今年以来回报率超过76%，近一年该基金回报率为92.25%。在中信银行的 此次调整中，该基金的风险等级由原来的"中高风险"（PR4）提升至"高风险"（PR5）级别。 在调研过程中，多位业内人士透露了基金风险等级上调的深层原因：波动率上升、最大回撤偏离倍数增 加、规模下降是主要触发因素。对于此次调整占比较高的债券基金来说，债市波动加剧与部分基金权益 仓位的提升成为两大推手。 在基金销售端，风险等级调整已产生实质影响：银行系统将对风险不匹配的定投计划执行自动拦截。这 场看似常规的风险等级调整，正在悄然改变着投资者的决策逻辑和基金产品在代销渠道的接受 ...

智通财经10月17日讯（记者 李迪）近期基金市场风险等级调整动作十分频繁，多只基金产品密集迎来 风险评级上调。 绩优"翻倍基"也在风险等级上调名单之列。汇添富北交所创新精选两年定开的风险等级由PR4调升至最 高的PR5，而该基金的近一年收益高达126.13%。 波动增加是基金产品的风险等级被调升的主要原因。由于债市波动加剧，多只债基近期也迎来风险等级 被调升的操作。 转自：智通财经 此次调整虽不改变投资者已购产品的核心属性，但投资者的定投操作可能会受影响。若基金新风险等级 超出投资者承受能力，可能导致定投扣款失败。业内人士也指出，"风险匹配"并非一劳永逸的操作，随 着市场变化与基金特征变化，投资者需要定期重新认识基金产品的风险收益特征，并根据实际情况适时 调整投资组合。 多只基金风险等级调升，"翻倍基"也在列 近日中信银行公告称，自2025年10月15日起，该行将陆续调整部分代销资产管理产品的风险评级，共计 17只，其中对15只基金上调风险等级，对2只基金下调风险等级。 调整原因为根据监管要求，做好投资者适当性管理安排，切实履行适当性义务，保护投资者权益。据 悉，中信银行遵循同类产品风险评级一致性、产品风险评 ...

近日，中信银行（601998）在官网发文称，将自10月15日起，陆续调整部分代销资产管理产品的风险评 级。年内，农业银行、宁波银行等多家银行相继对代销公募基金产品的风险评级进行调整。此外，还有 多家公募基金亦披露公告，宣布调整旗下基金产品的风险等级。 有机构表示，基金风险等级整体会遵循"就高不就低"的原则。代销机构或公募基金公司基于市场环境主 动调整风险等级，有利于扩大投资者范围，促进基金销售。 多只基金调整风险等级 近日，中信银行在官网发文称，将自2025年10月15日起，陆续调整部分代销资产管理产品的风险评级。 在本次17只产品的调整中，上调了15只产品的风险等级，如将汇丰晋信同业存单指数7天持有从PR1调 升至PR2，将蜂巢润和六个月持有、建信双息红利华泰柏瑞增利等产品从PR2风险等级调升至PR3。 对于已持有该基金的投资者，基金公司或销售机构会通过短信、APP推送等多渠道发送风险提醒，清晰 告知"产品风险特征已发生变化"，提示投资者重新评估持仓匹配度，同时通常会建议赎回或转换至更低 风险的产品，帮助投资者规避潜在风险。 银河证券基金研究中心曾表示，在其基金评价业务实践中，可能存在某些非标准化分类下，基 ...

Core Viewpoint - The A-share market has experienced a significant turnaround since the implementation of a series of market stabilization policies, with major indices showing substantial gains over the past year [1][2]. Market Performance - As of September 23, 2025, the CSI 300 Index has increased by 40.68%, while the STAR 50 Index has surged by 118.85% since the "9.24 market" began [1]. - The Shanghai Composite Index rose by 4.15% in a single day, and the ChiNext Index jumped by 5.54%, indicating a broad recovery in market sentiment [1]. - The CSI 50 Index, representing traditional industries, saw a modest increase of 30.16%, contrasting with the 114.38% rise of the STAR 100 Index, which focuses on hard technology [2]. Fund Performance - Nearly 90% of the 13,273 funds in the market achieved positive returns, with 774 funds doubling their net value and 13 funds exceeding a 200% increase [2]. - The top-performing funds include 德邦鑫星价值, 中欧数字经济, and 中信建投北交所精选, among others, showcasing the effectiveness of active management in a structural market [2]. Sector Analysis - The telecommunications sector led the market with a 124.09% increase, followed by electronics at 121.05% and computers at 82.15%, forming a strong "technology trio" [2]. - In contrast, sectors such as food and beverage, transportation, and utilities saw gains of less than 20%, highlighting a clear structural shift in market funding [2]. Investment Strategy - The 德邦鑫星价值 fund, managed by 雷涛 and 陆阳, achieved a remarkable 280% increase, with its net value rising from 0.99 yuan to 3.54 yuan over the past year [3]. - The fund's strategy focused on the AI computing power industry, identifying key trends and investment opportunities through in-depth industry research [3][4]. Future Outlook - The technology sector is expected to maintain its strength, driven by optimistic long-term expectations and increased capital inflow into high-growth areas such as AI computing and domestic chips [5][6]. - The ongoing support from national policies and technological breakthroughs is anticipated to further enhance the performance of the technology industry [6]. - The AI industry is viewed as being in its early stages, with significant growth potential ahead, as it is expected to transform traditional industries and create new applications [6].

Core Insights - The recent market performance has been strong, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][5] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with notable performances from technology-themed funds focusing on humanoid robots and AI [1][2] Fund Performance - Three North Exchange theme funds have reported returns over 200% in the past year, with specific funds showing returns of 249.27%, 225.42%, and 216.91% respectively [3][4] - A total of 137 funds have achieved returns over 100% in the past year, with many North Exchange theme funds also performing well, including several with returns exceeding 170% [3][4] Active Management and Benchmark Comparison - Actively managed equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64%, resulting in a 161.84 percentage point outperformance [4] Hong Kong Fund Performance - Hong Kong-related funds, particularly in the securities and innovative pharmaceuticals sectors, have also performed well, with one ETF achieving a return of 176% in the past year [5] - Several funds focused on Hong Kong innovative pharmaceuticals have reported impressive returns, with one fund achieving a return of 152.75% year-to-date [5] Technology Fund Performance - Technology-themed funds, particularly those focused on humanoid robots and AI, have also seen significant returns, with one fund reporting a return of 172.28% and another at 174.11% [6] New Consumption and Small Cap Funds - The fund "Guangfa Growth Leading" has achieved a return of 162.55% by capturing new consumption stocks, while some small-cap quantitative funds have also doubled their returns, although risks have been highlighted by several fund companies [7]

Group 1 - The recent market has shown a strong performance, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][2] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with three North Exchange theme funds reporting returns over 200% [1][2] - Notably, the top-performing North Exchange funds include those managed by Citic Securities and Huaxia, with returns of 249.27% and 225.42% respectively [1][2] Group 2 - Active management equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64% [2] - Hong Kong-related funds, especially in the securities and innovative pharmaceuticals sectors, have also performed well, with the E Fund Hong Kong Securities Investment Theme ETF achieving a return of 176% [2][3] - The performance of the E Fund ETF has been bolstered by a surge in trading volume, reaching nearly 120 billion yuan in a week, marking a record high since its launch [2] Group 3 - Several technology-themed funds have also reported impressive returns, such as the Yongying Advanced Manufacturing Fund, which focuses on humanoid robots and has a return of 172.28% [3] - The China Europe Digital Economy Fund, which targets artificial intelligence sectors, has achieved a return of 174.11% [3] - The growth of new consumption stocks has significantly contributed to the performance of funds like the GF Growth Navigator, which has a return of 162.55% [4]

Market Overview - The Shanghai Composite Index has been on the rise since July, breaking through the 3600-point mark for the fourth time since 2007, 2015, and 2021 [1] - Since September 2024, A-shares and Hong Kong stocks have shown a rotating upward trend across multiple sectors, including dividends, artificial intelligence, banking, and innovative pharmaceuticals, boosting market sentiment [1] Fund Performance - As of August 6, 2023, 80 actively managed equity funds have seen gains exceeding 60% this year, primarily from leading fund managers like E Fund, Huatai-PineBridge, and GF Fund [2] - Over the past year, 43 actively managed equity funds have doubled in value, with E Fund leading with four "doubling funds" [2] - The technology sector, represented by AI, and the pharmaceutical sector, represented by innovative drugs, have shown strong performance, with the CSI Artificial Intelligence Theme Index and CSI Innovative Drug Industry Index rising over 60% and 40% respectively [2] North Exchange Performance - The North Exchange has experienced a significant rally since September 2024, with the North 50 Index rising over 110% in the past year [3] - Several North Exchange-themed funds have outperformed this index, with the CITIC Construction Investment North Exchange Select Fund ranking first among peers with a nearly 200% increase [3] Long-term Fund Returns - As of August 6, 2023, 90 actively managed equity funds have achieved an annualized return of over 15% over the past three years, with E Fund having the highest number of such products [4][5] - The annualized return for the entire market's active equity funds has been negative, with the Wind All A Index at 3.19% and the Wind Mixed Equity Fund Index at -1.99% [6] Future Outlook on Sectors - The innovative pharmaceutical sector has seen a strong rebound, with several stocks doubling or tripling in value this year, indicating a sustainable trend according to top fund managers [8] - The technology sector, particularly cloud computing, is expected to face adjustments after significant gains, with a focus on emerging applications and models [9] - The North Exchange remains at a high valuation, with some caution advised, but long-term investment potential is still recognized [9]

Group 1 - The article provides an overview of the performance of various funds, highlighting the top and bottom performers based on net asset value updates as of July 21, 2025 [3][4]. - The top 10 funds with the highest net value growth include several ETFs focused on construction materials, indicating a strong performance in this sector [3]. - The bottom 10 funds, such as the Morgan Stanley Hong Kong-Shanghai Select Mixed Fund C, show a decline in net value, suggesting challenges in their respective strategies [4]. Group 2 - The Shanghai Composite Index experienced a rebound, with a trading volume of 1.72 trillion, and a significant number of stocks advancing compared to those declining [6]. - The construction materials and engineering machinery sectors led the market with gains exceeding 4%, reflecting positive sentiment in these industries [6]. - The fund with the fastest net value growth is the Fortune China Securities All Index Construction Materials ETF, which aligns with the strong performance of the construction materials sector [6]. Group 3 - The top holdings of the leading construction materials fund include companies like Conch Cement and North New Materials, which have shown significant price increases [7]. - The fund's style is categorized as passive index tracking, specifically following the China Securities All Index Construction Materials Index, indicating a focus on the construction materials industry [7]. - In contrast, the pharmaceutical sector funds, such as the Morgan Stanley Hong Kong-Shanghai Select Mixed Fund, have underperformed, with significant declines in key holdings like BeiGene and Zai Lab [7].