2025年10月20日，泉果旭源三年持有期混合基金（下称"泉果旭源"）迎来成立后首个开放日。这个本应 见证投资回报的时刻，却让不少基民陷入纠结。 在投资互动平台上，持有人的发言尽显复杂情绪。有人透露出对收益未达预期的失落："三年前申购买 入泉果旭源C，如今回报率跟当年存银行定期相差无几"；有人直言劝诫："奉劝大家千万不要买锁定三 年的产品。"还有人在看到今年第三季度收益大幅反弹后表示"当年后悔不该买，现在后悔买少了"。 一些基民的失落与三年前的热烈追捧形成鲜明对比。公开资料显示，该基金由明星基金经理赵诣执掌， 首发规模逼近百亿并实现比例配售。然而历经三年，根据Choice数据，截至2025年10月21日，其A份额 净值累计增长5.83%，C类份额增长4.56%。尽管为基民实现正收益，但显著落后于近3年同类基金 15.49%的平均收益率。 重仓新能源，赵诣临考"狂奔" 泉果旭源的表现低迷，与其重仓板块的选择密不可分。泉果旭源股票仓位自2022年四季度建仓完成后持 续提升，于2024年三季度达到峰值94.82%。同时前十大重仓股集中度从2022年四季度的47.54%逐步攀 升至2025年二季度末的67.64%。这 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 最新披露的公募基金2025年三季报显示，多只基金规模大幅增长。其中，永赢科技智选混合基金 规模增至115亿元，较去年底增长超440倍。 从最新观点看，基金经理普遍认为，接下来权益资产配置价值依然值得关注，有较多投资机会可以 把握。 多只绩优基金规模大增 三季度，多只基金规模实现跃升。 永赢科技智选混合基金三季报显示，截至三季度末，该基金规模超过了115亿元。值得注意的是， 2024年底永赢科技智选混合基金规模只有0.2609亿元。这意味着，短短9个月时间，永赢科技智选 混合基金规模暴增超440倍。 | 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 ...

最新披露的公募基金2025年三季报显示，多只基金规模大幅增长。其中，永赢科技智选混合基金规模增至115亿元，较去年底增长超440倍。 多只绩优基金规模大增 三季度，多只基金规模实现跃升。 永赢科技智选混合基金三季报显示，截至三季度末，该基金规模超过了115亿元。值得注意的是，2024年底永赢科技智选混合基金规模只有0.2609亿元。 这意味着，短短9个月时间，永赢科技智选混合基金规模暴增超440倍。 | 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. 期末基金 ...

Core Viewpoint - The report indicates a positive long-term outlook for the Chinese equity market, with expectations of a turning point in US dollar liquidity and a commitment to high-quality economic development in China [1][6]. Financial Performance - As of the end of Q3, the net asset value of the A-class shares of the fund was 1.1172 yuan, with a quarterly growth rate of 45.58%, significantly outperforming the benchmark return of 13.49% [1][3]. - The fund's total assets exceeded 19 billion yuan, establishing it as a representative active equity product managed by the company [1]. Investment Strategy - The fund manager emphasizes a concentrated and in-depth research approach, focusing on sectors such as new energy, electronics, machinery, military industry, and Hong Kong internet stocks [6]. - The investment strategy includes three main lines for AI-themed investments: efficiency-enhancing internet leaders, companies driven by new application scenarios, and firms related to computing power and cloud services [6]. Sector Insights - In the new energy sector, the focus is on the midstream materials of lithium batteries, with an expectation of a healthy supply-demand relationship and potential shortages in certain segments next year [6]. - The military industry is showing signs of improvement in contract liabilities, indicating an upward cycle in orders, supported by increased overseas military trade demand [7]. Market Outlook - The company maintains confidence in the Chinese economy, highlighting the gradual emergence of long-term investment value in the A-share market, particularly for high-quality companies with global competitiveness [7].

部分基金募集期甚至只有1天。10月16日，中欧基金公告称，中欧价值领航混合基金10月16日起开始募集，原定募集截止日为10月28日，10月16日即提前 结束募集，基金首次募集规模不高于20亿元。 "新基金提前结募主要包括两方面原因，一是部分基金的认购资金达到了预期发行规模。二是基金管理人主动缩短募集周期，希望尽早成立产品，为投资 者布局提供工具。"沪上某基金公司渠道人士表示。 从当前正在发行的基金来看，多家基金公司派出旗下绩优基金经理上阵，把握市场机会。其中，10月16日，栾超管理的华安优势领航混合基金、蓝小康管 理的中欧价值领航混合基金、金梓才管理的财通品质甄选混合基金等"多基齐发"。从记者了解的情况看，近期市场虽然震荡调整，但投资者对绩优基金经 理关注度较高，多只新基金发行火热。 次新基金快速建仓 与此同时，次新基金快速建仓。多只成立不满三个月的基金，净值已发生明显变动。具体来看，信澳优势行业混合基金成立于7月23日，截至10月17日， 该基金成立以来收益率超过23%。 加快募集，增量资金来了！ 在近期的震荡行情中，基金正在加快入市步伐，多只基金缩短募集期。据统计，国庆节以来，10只权益类基金提前结束募集 ...

Group 1 - The core viewpoint of the articles indicates a positive outlook on equity assets, with multiple fund managers expressing optimism for the fourth quarter and beyond [5][6] - The technology growth sector has become a focal point for fund allocation, with significant adjustments in holdings towards high-end manufacturing industries such as new energy, electronics, and military technology [2][3] - Fund managers are particularly focused on AI-related investments, emphasizing efficiency-driven internet leaders, new application-driven companies, and cloud service providers [2][5] Group 2 - The top holdings of the funds reveal a strong concentration in leading companies, with significant positions in Ningde Times, Tencent, and Enjie, among others [3] - Fund sizes have seen substantial growth, with the泉果旭源三年持有期混合基金 increasing from 13.08 billion to 19.07 billion, driven by net value appreciation [4] - The AI industry is experiencing a shift in its driving model, with a notable expansion in demand for computing power and a transition towards application-driven growth [6]

Core Insights - The first batch of 2025 fund Q3 reports reveals that fund managers are increasingly focusing on growth potential in their stock selections [1][4] Fund Performance and Scale - In Q3, A-share market experienced a significant rally driven by technology sectors, leading to substantial growth in fund sizes [2] - The fund managed by Zhao Yi, Quan Guo Xu Yuan, saw its scale increase from 13.081 billion to 19.069 billion, a growth of nearly 6 billion in a single quarter, with a unit net value increase of 45.58% [2] - The Hua Fu CSI Artificial Intelligence Industry ETF reached a scale of 8.079 billion, growing over 125% in Q3, driven by a unit net value increase of 73.86% and over 1.1 billion units in net subscriptions [2] Bond Fund Growth - Some bond funds also experienced significant scale increases, such as the Bei Xin Rui Feng Ding Sheng Short-Duration Bond Fund, which grew from less than 20 million to 17.115 billion, primarily due to institutional investor subscriptions [3] Stock Selection Focus - Fund managers are actively adjusting their portfolios to align with market trends, focusing on high-end manufacturing sectors like new energy, electronics, and military industry [4] - Zhao Yi's report indicates a dual focus on technology AI and sectors experiencing turnaround, particularly in the lithium battery supply chain, with an emphasis on segments like hexafluorophosphate and separators [4] - The military industry is expected to see an upturn in orders starting Q3 2024, driven by domestic recovery and increased overseas demand due to geopolitical conflicts [4] Changes in Top Holdings - The top ten holdings of Quan Guo Xu Yuan include Ningde Times, Tencent Holdings, and Enjie Co., with significant reductions in holdings like Keda Li and increases in lithium and chip sectors [5] - Fund managers are focusing on strategic emerging industries represented by AI and increasing positions in domestic computing while reducing exposure to overseas supply chains [5] - The Bei Xin Rui Feng Research Select Fund has increased its focus on copper stocks due to better growth prospects compared to aluminum, reflecting a shift towards growth-oriented stock selection [5]

Group 1 - The first public fund of QuanGuo Fund, QuanGuo XuYuan Three-Year Holding Period Mixed Fund (016709), is approaching its first redemption period, having achieved a cumulative return of only 0.24% since its establishment in October 2022, significantly lagging behind its performance benchmark by 26.5 percentage points [1][5] - As of mid-2025, the fund's A share size reached 11.2 billion yuan, accounting for over 70% of the company's total managed assets, making it a crucial product for the company [5][7] - The fund's investment focus includes growth sectors such as new energy, high-end manufacturing, military industry, and TMT, but its long-term performance remains disappointing [5][6] Group 2 - In 2023, the fund faced a systemic decline in the new energy sector and continued pressure in the Hong Kong internet market, leading to significant net value retracement [6] - Despite a rebound in 2025 driven by themes like AI and military industry, the fund's long-term performance still reflects volatility and instability in industry selection and position management [6][9] - The opening of the redemption period presents both an opportunity for investors to realize returns and a critical moment to assess the fund manager's long-term research capabilities [6][9] Group 3 - QuanGuo Fund, established in February 2022, is a new player in the domestic public fund industry, managing a total of 16.14 billion yuan across five funds as of mid-2025, but heavily reliant on the performance of the XuYuan fund [7][8] - The company faces pressure on its profitability, with a high proportion of client maintenance fees at 44.6% of management fees, indicating a strong dependence on distribution channels [7][8] - The overall fund performance is not ideal, with a reported loss of 940 million yuan from equity investments in the first half of 2025, overshadowing positive returns from other products [7][8] Group 4 - The founding team of QuanGuo Fund, led by Chairman Wang Guobin and fund manager Zhao Yi, was initially seen as a significant advantage, but this has not translated into stable performance [8][9] - The core challenges for the company include limited scale, high fees, strong channel dependence, and unproven research capabilities [8][9] - The experience of QuanGuo Fund serves as a reminder to the industry that holding period funds do not guarantee long-term benefits, and a balance between fees, channels, and performance is essential for new fund companies [9]

专题：证监会印发《推动公募基金高质量发展行动方案》 5月7日，证监会发布的《推动公募基金高质量发展行动方案》引发行业震动。新规将基金经理薪酬与长 期业绩直接挂钩，明确"跑输基准超10%降薪，跑赢则加薪"。这一政策不仅直指行业"重规模轻业绩"的 顽疾，更让市场关注到基金经理业绩的剧烈分化：一边是24位百亿级基金经理因业绩垫底或面临薪酬腰 斩，另一边则是38位超额收益者有望成为新规受益者。 Wind数据显示，近三年在管产品规模超百亿的权益类基金经理共有111位。其中，以沪深300为业绩比 较基准，低于基准的基金经理有45位，而跑输幅度超过10%的达24位；跑赢基准的则有66位，其中超越 幅度超10%的有38位。 | 其余经理 资管年限 | | | 近3年 | 在管规模 | 在管基金数 | 重要公司 | | --- | --- | --- | --- | --- | --- | --- | | | | 收益率% | 跑到北绩喜准% | 亿元 | | | | 郑澄然 | 4.97 | -45.12 | -45.14 | 148.34 | 8 | 广发基金 | | 冯波 | 15.36 | -33.56 | -33.5 ...