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 ...

Core Viewpoint - The article discusses the recent trend of residents shifting their savings from bank deposits to the stock market and mutual funds, driven by a recovering market and declining deposit interest rates. The public fund industry has seen significant growth, with the total net asset value reaching 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [6][9][20]. Group 1: Market Performance - The Shanghai Composite Index has surpassed 3,800 points, marking a ten-year high, while the Hang Seng Index has crossed 26,000 points with a year-to-date increase of nearly 33% [6][9]. - As of September 15, 2023, the public fund scale was 33.92 trillion yuan, a decrease of 1.16 trillion yuan from the end of July [19]. - In 2023, 98% of mutual funds have reported profits, with 2,582 funds yielding over 30% returns, and 39 funds exceeding 100% returns [9][10]. Group 2: Fund Manager Performance - Star fund managers like Zhang Kun and Ge Lan have seen significant changes in their fund management scales, with Zhang's scale dropping from 1,019.35 billion yuan to 550.47 billion yuan [16]. - Ge Lan's fund, which focused on the pharmaceutical sector, experienced a cumulative decline of over 65% from July 2021 to September 2024, but has recently rebounded by 52.37% in the past year [14][16]. - The article highlights a shift in investor sentiment, with many choosing to exit funds once they break even, reflecting a "holding paradox" in the mutual fund industry [19]. Group 3: Investment Trends - The article notes that the current market is characterized by a "slow bull" phase, with many investors returning to their accounts to find that their funds have recovered or gained value [8][10]. - The trend of residents moving their savings into the stock market and mutual funds is expected to continue, especially as deposit rates decline and the capital market strengthens [20][22]. - Analysts predict that the issuance of new funds will increase in the second half of the year, enhancing market activity [21].

Core Viewpoint - The Hong Kong stock market has seen a significant increase in attractiveness for capital, driven by factors such as the Federal Reserve's interest rate cuts and the catalyzing effect of the artificial intelligence (AI) industry [1] Fund Performance - The launch of Hong Kong-themed funds has been notable, with the Tianhong Guozheng Hong Kong Stock Connect Technology Index raising over 2.5 billion yuan, setting a record for new fund launches this year [2] - Hong Kong-themed ETFs have also experienced strong inflows, with net inflows exceeding 10 billion yuan since September, particularly in ETFs tracking the Hong Kong Stock Connect Internet Index [2][3] - Notable inflows have been recorded in various indices, including the Hang Seng Technology Index and Hong Kong Stock Connect Technology Index, with net inflows of 67.67 billion yuan and 59.09 billion yuan respectively [3] Southbound Capital Inflows - Southbound capital has accelerated its allocation to Hong Kong stocks, with net purchases exceeding 60 billion HKD in a single week, marking a five-month high [4] - The E Fund Hong Kong Stock Connect Growth Mixed Fund has implemented purchase limits due to its strong performance, with a year-to-date return of 56.21% [4] Market Valuation and AH Premium - The AH premium has reached a low point, leading to discussions about the valuation of Hong Kong stocks. Some analysts believe the current AH premium is reasonable, with potential for further narrowing [1][6] - The Hang Seng Technology Index has recently risen, with significant gains in major tech stocks such as Baidu and Alibaba, indicating a positive market sentiment [6] Future Outlook - Analysts suggest that the AI technology and new consumption sectors have substantial growth potential, which could drive the Hong Kong market upward [7] - Continuous inflows from southbound capital and a low domestic interest rate environment may lead to increased allocations to the Hong Kong market [7] - The potential for further interest rate cuts by the U.S. could enhance global liquidity, supporting the Hong Kong market's growth [7]

01 持股周期也比较长，年度换手率200%左右。重仓行业以电子、军工、机械设备、有色金属、化工等制造业为主。 交银的刘鹏有变动的迹象，管理的3只基金全部增聘基金经理。 代表基金"交银先进制造"增聘的还是同样大制造背景，过去一段时间业绩和刘鹏不相上下的郭若。 | 草金代码 | 基金简称 | 自全规模 (亿元) | 前任 直令经典 | 现任 其全经典 | 変更日期 | | --- | --- | --- | --- | --- | --- | | 519704. OF | 交银先进制造A | 46.22 | 刘鹏 | 刘鹏,郭若 | 2025/9/15 | | 010936. OF | 交银均衡成长—年持有A | 27.8 | 刘鹏 | 刘鹏,徐嘉辰 | 2025/9/11 | | 009402. OF | 交银启明A | 17.23 | 刘鹏 | 刘鹏,周珊珊 | 2025/9/15 | | | | 制表: 博猫的丰收日 | | | | 下图中的黑线是郭若管的"交银启信"，不算建仓期的择时，净值走势和"交银先进制造"基本一致。 刘鹏大家应该比较熟悉了，大制造背景，2014年6月毕业后加入交银施罗德，研究方向覆盖 ...

Market Overview - The Shanghai Composite Index rose 1.65% to close at 3875.31 points, the Shenzhen Component Index rose 3.36% to close at 12979.89 points, and the ChiNext Index rose 5.15% to close at 3053.75 points. The total trading volume of A-shares in the two markets was 2464.9 billion yuan. The top-performing sectors were communications (7.39%), electronics (5.96%), and computer (3.71%) [2][6] Stock ETF - The top-traded stock ETFs were E Fund ChiNext ETF (up 5.22% with a discount rate of 5.07%), Huaxia SSE STAR 50 ETF (up 5.45% with a discount rate of 5.18%), and Guotai CSI All-Securities Company ETF (up 3.13% with a discount rate of 3.21%) [3][7] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-Term Commercial Paper ETF (up 0.01% with a discount rate of -0.01%), Bosera CSI Convertible and Exchangeable Bond ETF (up 1.36% with a discount rate of 1.17%), and Penghang ChinaBond 30-Year Treasury Bond ETF (down 0.25% with a discount rate of -0.05%) [4][9] Gold ETF - Gold AU9999 fell 0.39% and Shanghai Gold fell 0.25%. The top-traded gold ETFs were Huaan Gold ETF (down 0.30% with a discount rate of -0.26%), Bosera Gold ETF (down 0.30% with a discount rate of -0.26%), and E Fund Gold ETF (down 0.33% with a discount rate of -0.26%) [12] Commodity Futures ETF - Dacheng Nonferrous Metals Futures ETF rose 0.29% with a discount rate of 0.52%, Huaxia Feed Soybean Meal Futures ETF rose 0.10% with a discount rate of 1.92%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.23% with a discount rate of -0.11% [13] Cross-Border ETF - The Dow Jones Industrial Average fell 0.48%, the Nasdaq Composite rose 0.03%, the S&P 500 rose 0.30%, and the German DAX fell 0.36% the previous day. The Hang Seng Index fell 0.43% and the Hang Seng China Enterprises Index fell 0.73% today. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.91% with a discount rate of 1.39%), GF CSI Hong Kong Innovative Drug ETF (down 2.25% with a discount rate of -1.46%), and Huitianfu China Securities Hong Kong Stock Connect Innovative Drug ETF (down 1.48% with a discount rate of -1.10%) [15] Money ETF - The top-traded money ETFs were Yin Hua Day Profit ETF, Hua Bao Add Benefit ETF, and Money ETF Jianxin Add Benefit [17]

Core Viewpoint - The A-share market has shown significant strength in the first eight months of the year, leading to a strong performance of public equity funds, with many funds achieving over 100% returns [2][6][13]. Group 1: Market Performance - The main indices have experienced substantial gains, with the North Exchange 50 index rising by 51.49%, and several other indices, including the Sci-Tech Innovation 50 and the ChiNext index, increasing by over 30% [2][4]. - In August, the Shanghai Composite Index broke through the 3,800-point mark, reaching a 10-year high, with the Sci-Tech series indices showing strong performance, with increases of 32.25% and 28.00% respectively [4]. Group 2: Fund Performance - The average net value growth rate of active equity funds in the first eight months reached 23.83%, with the best-performing fund achieving a growth rate exceeding 175% [6][10][11]. - A total of 603 active equity funds have recorded a net value growth rate exceeding 50%, with 21 funds surpassing 100% [13][20]. - The average net value growth rates for ordinary stock funds and mixed equity funds were 28.38% and 28.79% respectively, indicating strong recovery in net values [9]. Group 3: Sector Opportunities - Structural opportunities have emerged in sectors such as the North Exchange, innovative pharmaceuticals, humanoid robots, AI, and semiconductors, contributing to the strong performance of funds managed by adept fund managers [12][20]. - The innovative pharmaceutical sector has been a standout performer, with the Hong Kong Stock Connect innovative pharmaceutical index showing a cumulative annual increase of 108.24% [24]. Group 4: Future Outlook - If the current market trends continue, 2025 is expected to be a breakout year for active equity fund performance [21]. - The market is experiencing a rebalancing of underlying funds, with indications of capital flowing from dollar assets to non-dollar assets, and from the bond market to the equity market [26].

Group 1 - Multiple high-performing ETFs have disclosed their semi-annual reports for 2025, showing a significant presence of institutional investors such as insurance funds, corporate annuities, and foreign capital among the top ten shareholders [1] - The Huatai-PineBridge CSI Hong Kong Stock Connect Innovative Drug ETF has achieved an impressive return of over 90% year-to-date, with major shareholders including Barclays Bank and various insurance and pension funds [1] - The Bosera SSE STAR Market Artificial Intelligence ETF has reported a year-to-date return exceeding 70%, with significant holdings from major insurance companies like Xinhua Life and Taikang Life [1] Group 2 - The Harvest SSE STAR Market Chip ETF and the Yongying CSI Hong Kong and Shanghai Gold Industry ETF have both recorded returns above 50% this year, with their top shareholders including major insurance firms [1] - The top ten shareholders of the Harvest SSE STAR Market Chip ETF include China Life, Ping An Property & Casualty, and several other prominent insurance companies [1] - The Yongying CSI Hong Kong and Shanghai Gold Industry ETF's top shareholders also feature major players in the insurance sector, indicating strong institutional interest in these funds [1]

Group 1 - The total scale of ETFs in China has reached a record high of 5 trillion, achieving this milestone in just four months from 4 trillion [1] - The A-share market is showing signs of improvement, leading to changes in the public fund-raising market, with several fund companies collaborating with major banks for "second launches" of well-performing funds [2][3] Group 2 - "Second launch" refers to a concentrated sales effort for existing funds that have performed well but have low asset sizes, aimed at expanding their scale [3] - Notable funds involved in "second launches" include the West China State-Owned Enterprises Preferred Stock Fund, which saw its size grow rapidly after a successful fundraising campaign [3][4] - Other high-performing funds like the Huaxia Smart Selection Mixed Fund and the Yuanxin Yongfeng Pharmaceutical Health Mixed Fund have also undergone "second launches," with returns of 55.43% and 108.82% respectively [4] Group 3 - The trend of diminishing star fund manager effects is becoming a consensus in the industry, with many investors unaware of specific top-performing managers [5] - Index funds, such as the GF CSI Hong Kong Innovative Medicine ETF and the Huatai-PineBridge National Index Hong Kong Stock Connect Innovative Medicine ETF, have also shown impressive returns exceeding 130% over the past year, indicating strong performance compared to actively managed funds [5][6] Group 4 - Investors often have high expectations for star fund managers, but individual funds may struggle to maintain strong performance across different market conditions [6] - For risk-averse investors, ETF products may be a more suitable option compared to actively managed funds [6]

Group 1: ETF Growth Overview - A total of 644 stock ETFs experienced growth in scale from August 18 to 19, accounting for nearly 60% of approximately 1100 ETFs, with a combined increase of nearly 33.6 billion yuan [2][3] - The leading ETF in terms of scale growth was the E Fund ChiNext ETF, which increased by 2.885 billion yuan, bringing its total scale close to 93.68 billion yuan [3] - Other notable ETFs with significant growth include the Fortune CSI Hong Kong Stock Connect Internet ETF, which grew by 1.849 billion yuan, and the Huatai-PB CSI 300 ETF, which increased by 1.565 billion yuan [3] Group 2: Market Sentiment and Trading Activity - The recent rise in the Shanghai Composite Index above 3700 points has notably stimulated buying enthusiasm among investors, as indicated by the increase in ETF scale [2][5] - The average daily trading volume of stock ETFs has shown improvement, with the average reaching 132.226 billion yuan in the first two trading days of the week, compared to previous weeks where it ranged from 80.3 billion to 103.8 billion yuan [5][6] - The shift in investor sentiment is crucial for market recovery, as historical data suggests that changes in ETF fund flows can serve as a reference for market trends [5][6] Group 3: Long-term Market Outlook - Analysts suggest that the A-share market may gradually transition into a "slow bull" pattern, driven by a combination of policy measures and improving corporate earnings [6] - The current market dynamics differ from previous bull markets, as the influx of institutional, insurance, and foreign capital has accelerated following the breach of key index levels [6] - The market's volume and index growth rate are currently moderate, indicating that the downside risk remains relatively controllable [6]

Group 1 - The second batch of Sci-Tech Innovation Bond ETFs is set to be submitted, with 14 fund companies including ICBC Credit Suisse, Huaxia, Tianhong, and others participating [1] - On August 19, data from Wind indicated that four ETFs had a net inflow exceeding 1 billion yuan in a single day, including the GF CSI Hong Kong Innovative Drug ETF and the Penghua SSE AAA Sci-Tech Innovation Bond ETF [1] - The Ministry of Finance reported that from January to July, the revenue from major tax items included 255.9 billion yuan in stamp duty, representing a year-on-year increase of 20.7%, with securities transaction stamp duty at 93.6 billion yuan, up 62.5% year-on-year [1]