"四年多了，总算回本了！"小麦回忆道，自己持有的某只产品最大亏损曾达60%。期间从最初"死磕到 底"到亏得麻木，再到回本前夕市场反复震荡又几度犹豫，直到三季度账户终于翻红赎回。"有种'轻舟 已过万重山'的感觉。"他这样形容。 小麦的抉择并非孤例。Wind数据显示，三季度，全市场主动权益基金净赎回2179亿份，较二季度直接 翻倍。在净赎回超1亿份的产品里，近六成同期涨幅超20%。明明在赚钱，基民为何急着"下车"？ 盈利新高反遭赎回！基民为何急着"落袋"？ 单季赚了近8800亿，前三季度狂揽1.07万亿！当主动权益基金创下盈利新高、600只基金单季涨幅超 50%时，持有人却用脚投票，掀起一轮"落袋为安"的赎回潮。"终于解套了，不跑还等什么？"2021年初 入场的投资者小麦，用朴素的语言道出了许多基民的心声。 "过去我们总担心基民'不理性'，现在情况变了，基民开始主动'止盈'了。"沪上某公募市场部人士告诉 第一财经，现如今越来越多投资者形成了明确的止盈意识，短线操作行为也愈发普遍。 这一行为的变化，在三季度公募主动权益基金（包括普通股票型、偏股混合型、平衡混合型、灵活配置 型基金）的申赎数据中得到直观印证。Wind ...

- The report provides an overview of the major asset markets, including equities, bonds, commodities, and foreign exchange markets[4][9][10][26][27][32][33][39] - The report highlights the performance of various indices in the A-share market, such as the Shanghai Composite Index, Shenzhen Component Index, and others, with their respective percentage changes[9][11][12][13][15] - The report also covers the performance of the Hong Kong stock market, including the Hang Seng Index and the Hang Seng China Enterprises Index, along with their percentage changes[10][18][19][22] - The report includes the performance of the US stock market, with indices like the Dow Jones Industrial Average, Nasdaq Index, and S&P 500, along with their percentage changes[10][24][25] - The bond market section discusses the yield changes of various government and corporate bonds, including the yield spread between different maturities[26][27][28][29][30][31] - The commodities market section provides the weekly percentage changes of various commodities such as crude oil, gold, copper, aluminum, and others[32][33][34][35][36][37][38] - The foreign exchange market section details the exchange rate changes of major currencies against the Chinese Yuan[39][41][42][43] - The report summarizes the newly established funds for the week, including their types, sizes, and fund managers[44][46] - The report provides an overview of the total number and scale of open-end public funds in China, categorized by different types of funds[47][48][49][50] - The performance of different types of funds over the past week, month, year, and year-to-date is compared, highlighting the best and worst performers[51][52][54][55][56][57][59]

Group 1: Report Overview - Report title: "Noan Technology: Building a Product Ecosystem with Both Breadth and Depth, Continuously Creating Excess Returns in the Long - term Technology Cycle - Report on Fund Managers' Research Series No. 64" [1] - Release date: April 22, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Noan Fund's technology group combines in - depth industry - research experience, has the ability to integrate global perspectives with local practices, and has a clear differentiated positioning, which can continuously create excess returns in the long - term technology cycle [5][11] - Noan Fund's technology line constructs a "technology supermarket" product matrix covering the entire technology industry chain, forming a multi - level and multi - dimensional investment system [21] Group 4: Analysis of the Research Team - The Noan Technology Group has 9 members, more than half of whom have industrial or sell - side research backgrounds, enabling them to deeply understand the pain points of the technology industry chain [5][11] - The team combines the experience of US stock technology research with the logic of domestic technology rise, strengthening the Sino - US benchmarking ability [5] - The group has different investment strategies, such as the "disruptive innovation" high - elasticity strategy and the "low - volatility technology" stable style, meeting the needs of different risk preferences [5] Group 5: Product Layout Upstream - Focus on the breakthrough of advanced processes in hard - tech semiconductors, with products including Noan Optimized Allocation and Noan Growth. Noan Optimized Allocation focuses on the "bottleneck" areas of domestic chip self - control, while Noan Growth is for long - term investment in Chinese technology giants [25] Midstream - Focus on AI end - side applications, with flagship products Noan Steady Return, Noan Active Return, and Noan Innovation Drive, focusing on AI large - model applications, high - purity Chinese AI applications, and AI end - side + new technology infrastructure respectively [26] Downstream - Aim at the integration opportunities of technology with consumer, medical and other industries, with products Noan Selected Value Hybrid and Noan Advantage Industry Hybrid, capturing the scenario explosion dividends of "AI + innovative drugs" and "AI + embodied intelligence industry chain" respectively [27] Whole Technology Industry Chain - Include Noan Yixin Hybrid, Noan Hexin Hybrid, and Noan Research Preferred Hybrid. Noan Yixin Hybrid features "low - volatility technology", Noan Hexin Hybrid focuses on the main technology market trends, and Noan Research Preferred Hybrid is positioned as a pan - technology track product [28] Group 6: Analysis of Upstream Products Noan Optimized Allocation - Since being taken over by Liu Huiying, the cumulative return has reached 18.28%, with obvious excess returns compared to the CSI Semiconductor Index, and its return percentile among similar active equity funds is in the top 7.46% [32] - It focuses on the semiconductor track in the electronics industry, with high investment concentration, few stocks, and less frequent replacement of heavy - position stocks. It has a certain market - value decline and is more concentrated in companies with a market value of 10 - 50 billion yuan [35][44] - The average interval increase and decrease of heavy - position stocks in the past two quarters were 27.62% in Q4 2024 and 5.12% in Q1 2025, indicating high stock - selection quality [50] Noan Growth - Since being taken over by Liu Huiying, it has continued to perform well, maintaining a positive return of 8.82%. In 2025, it showed the characteristics of being able to rise and resist declines [54] - It mainly invests in the semiconductor track in the electronics industry, preferring mid - and large - cap stocks, with lower investment concentration and turnover rate, focusing on semiconductor leaders and long - term "companion - style" investment [59] - In Q1 2025, most of the top ten heavy - position stocks had a market value of over 5 billion yuan, highlighting the mid - and large - cap style [65] Group 7: Analysis of Midstream Products Noan Steady Return - Since September 24, 2024, it has achieved a return of 71.43%, with an excess return of 40.54% compared to the CSI Technology Index. Since being taken over by Deng Xinyi, it has achieved an excess return of 7.02% [70] - It uses an active rotation investment method, with a high turnover rate in the same category and frequent rotation of heavy - position stocks. Stock selection is the main source of excess returns [74][83] Noan Active Return - Since 2024, it has shown strong elasticity, with an excess return of 4.50% compared to the CSI Technology Index since being taken over by Liu Huiying [85] - It focuses on mid - and large - cap technology stocks, with a high concentration of positions. Heavy - position stocks mainly focus on AI + application - oriented stocks, which are the main source of fund returns [88][94] - It has strong stock - selection ability in multiple technology industries, and the fund manager brings high - return elasticity to the portfolio by concentrating on selecting individual stocks [99] Noan Innovation Drive - Since being taken over, it has achieved an excess return of 6.35% compared to the CSI Technology Index [104] - It uses a low - turnover + high - concentration investment method, mainly focusing on the computer and electronics industries, with phased allocation of the communication industry. The market - value style and heavy - position stocks are adjusted according to market changes [106][112] Group 8: Analysis of Downstream Products Noan Selected Value - As of April 15, 2025, it has an excess return of 29.86% compared to the CS Innovative Drug Index [122] - It has changed in terms of turnover rate and concentration. It has always focused on the pharmaceutical sector, with long - term heavy - position stocks in the innovative drug sector, and it invests in both A - share and Hong Kong - share innovative drugs [124][128] Noan Advantage Industry - As of April 15, 2025, it has achieved a performance return of 8.70%, with a small excess return compared to the performance benchmark [135] - It has a small - and medium - cap market - value style, with a wide industry allocation covering multiple sectors such as advanced manufacturing and cycles. It has good allocation effects in multiple sectors [137][142] Group 9: Analysis of Whole - Industry - Chain Products Noan Yixin Hybrid - It has the characteristics of "low - volatility technology", with lower回撤 and volatility compared to comparable funds since being taken over. A relatively low equity position and dynamic adjustment of the position are important reasons for low volatility and low回撤 [153][154][159] - It focuses on industries it is good at in the equity segment, and its stock - selection ability is outstanding, providing support for relative returns [162][164] Noan Hexin Hybrid - It is jointly managed by two fund managers, with a significant scale. Its net - value trend is highly similar to the Shenwan Technology Sector Index, showing a focus on technology - themed investment [168] - It maintains a position of about 80%, selects high - elasticity technology stocks for long - term holding, and significantly over - allocates the electronics industry compared to the index [171][175] Noan Research Preferred Hybrid - Since being taken over by Deng Xinyi in 2025, it is still in the position - adjustment period. It has added many technology - field stocks, reflecting the fund manager's emphasis on and adjustment of the technology style [180][183]