专题：聚焦2025基金三季报：权益类规模增长 科技赛道仍是"核心仓位" 随着2025年基金三季报披露季拉开帷幕，金信基金旗下六只产品率先交出成绩单。其中，由谭佳俊、杨 超管理的金信智能中国2025A（以下简称"金信智能中国"）因明显的投资风格漂移与相对落后的业绩表 现，成为市场关注的焦点。该基金因长期偏离合同约定的投资方向，持续被专业评级机构不予评级。 | 证券代码 | 证券简称 | 基金经理 | 三季度回报 | 三季度规模合计 | 基金类型 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (亿) | | | 018776.OF | 金信精选成长A | 孔学兵 | 43.45 | 4.27 | 偏股混合型基金 | | 007872.OF | 金信稳健策略A | 孔学兵 | 44.03 | 15.05 | 灵活配置基金 | | 002863.OF | 金信深圳成长A | 黄飘,杨超 | 31.02 | 9.88 | 灵活配置基金 | | 002810.OF | 金信转型创新成长A | 杨超,黄解 | 25.98 | 4.32 | 灵活配置基金 | | ...

Core Viewpoint - Agricultural Bank of China (ABC) has achieved a historic milestone by becoming the A-share market's largest circulating market value, surpassing Industrial and Commercial Bank of China (ICBC) for the first time in its history [1][2] Group 1: Stock Performance - ABC's stock price increased by 1.22% on August 6, 2023, closing at 6.62 CNY per share, with a circulating market value of 2.11 trillion CNY [1] - On August 7, 2023, the stock price rose by 1.36%, reaching 6.71 CNY per share, and the total market value reached 2.35 trillion CNY [1] - The stock has shown significant growth since 2023, with price increases of 33.18%, 54.74%, and 29.54% for the years 2023, 2024, and 2025 respectively [2][3] Group 2: Fund Holdings - As of the end of Q2 2025, 93 fund companies hold a total of 353 public funds in ABC, with a total market value of 6.097 billion CNY [2][3] - The top five funds holding over 100 million CNY in ABC include both index and actively managed funds, with the highest being Huabao CSI Bank ETF at 650 million CNY [3] - The fund "Jinxin Intelligent China 2025" has held ABC for 30 consecutive quarters, focusing on bank stocks, and has delivered strong returns [5][6] Group 3: Fund Performance - "Jinxin Intelligent China 2025" reported returns of 10.40%, 34.05%, and 17.48% for the years 2023, 2024, and 2025 respectively, ranking in the top 3%, 1%, and 25% of its category [5] - "Yinhua Changrong A" has also held ABC for over 10 quarters, with returns of 2.36% and 18.56% in 2023 and 2024, ranking in the top 6% and 8% of its category [5][6] Group 4: Fund Company Holdings - Among the 93 fund companies, 12 have holdings in ABC exceeding 100 million CNY, with Huatai-PineBridge being the largest holder at 974 million CNY [6] - Other significant holders include Huabao Fund and Fortune Fund, with holdings of 686 million CNY and 425 million CNY respectively [6]

Core Viewpoint - Agricultural Bank of China (ABC) has surpassed Industrial and Commercial Bank of China (ICBC) to become the largest A-share market capitalization company for the first time in history, with a market cap of 2.11 trillion yuan as of August 6, 2023 [2][3]. Market Performance - ABC's stock price has seen significant increases in recent years, with gains of 33.18%, 54.74%, and 29.54% in 2023, 2024, and 2025 respectively [2][3]. - The bank's stock price has been on an upward trend since 2023, marking a departure from its previous years of stagnation around 2.5 yuan per share [3]. Fund Holdings - As of the end of Q2 2023, 93 fund companies hold a total of 353 public funds in ABC, with a total market value of 6.097 billion yuan [4][11]. - Notable funds that have consistently held ABC shares include Jin Xin Intelligent China 2025 A and Yin Hua Chang Rong A, with 30 and 14 consecutive quarters of holding respectively [9][10]. Fund Performance - The top five index funds holding ABC shares include Hua Bao Zhong Zheng Bank ETF, Tian Hong Zhong Zheng Bank ETF, and Guo Tai Shanghai Stock Exchange 180 Financial ETF, with the highest holding value being 650.46 million yuan by Hua Bao Zhong Zheng Bank ETF [5][6]. - The actively managed fund with the highest holding value in ABC is Hui Tian Fu Value Selection A, with a market value of 504.97 million yuan [7][8]. Fund Company Holdings - Hui Tian Fu Fund has the highest total market value of ABC shares at 974.14 million yuan, followed by Hua Bao Fund and Fu Guo Fund with 686.33 million yuan and 425.23 million yuan respectively [11].

Core Points - Agricultural Bank of China (ABC) has surpassed Industrial and Commercial Bank of China (ICBC) to become the largest A-share market capitalization company for the first time in history, with a market cap of 2.11 trillion yuan as of August 6, 2023 [3][4] - ABC's stock price has shown significant growth, with increases of 33.18%, 54.74%, and 29.54% in 2023, 2024, and 2025 respectively, providing solid returns for investors [5][6] - A total of 93 fund companies hold ABC's A-shares, with 353 public funds collectively valued at 6.097 billion yuan, indicating strong institutional interest [5][18] Fund Holdings - The top five index funds holding ABC shares include Huabao CSI Bank ETF, Tianhong CSI Bank ETF, Guotai CSI 180 Financial ETF, and others, with Huabao CSI Bank ETF holding the highest value at 650 million yuan [7][9] - Among actively managed funds, Huatai-PineBridge Value Selection holds the largest position in ABC, valued at 505 million yuan, emphasizing a focus on dividend-paying stocks [10][11] - Notably, the Jin Xin Smart China 2025 fund has maintained a continuous holding of ABC shares for 30 consecutive quarters, reflecting a strategic shift towards banking stocks since 2017 [17] Performance and Trends - ABC's stock has historically fluctuated around 2.5 yuan per share until its recent surge starting in 2023, marking a significant turnaround [4] - The performance of funds heavily invested in ABC has been commendable, with Jin Xin Smart China 2025 achieving returns of 10.40%, 34.05%, and 17.48% in 2023, 2024, and 2025 respectively [17] - The overall market sentiment towards ABC is positive, with many funds reporting strong performance due to their investments in the bank [10][18]

Core Viewpoint - Agricultural Bank of China (ABC) has surpassed Industrial and Commercial Bank of China (ICBC) to become the largest A-share market capitalization bank for the first time in history, with a market cap of 2.11 trillion yuan as of August 6, 2023 [3][4]. Market Performance - ABC's stock price has seen significant increases in recent years, with gains of 33.18%, 54.74%, and 29.54% in 2023, 2024, and 2025 respectively [5][6]. - The bank's stock price has been on an upward trend since 2023, marking a notable recovery from previous years when it fluctuated around 2.5 yuan per share [4][5]. Fund Holdings - As of the end of Q2 2023, 93 fund companies held a total of 353 public funds in ABC, with a total market value of 6.097 billion yuan [5][6]. - Notable funds that have consistently held ABC shares include Jin Xin Smart China 2025, which has held the stock for 30 consecutive quarters, and Yin Hua Chang Rong A, which has held it for 14 consecutive quarters [15][16]. Top Funds by Market Value - The top five index funds holding ABC shares with over 100 million yuan in market value include: - Hua Bao CSI Bank ETF: 6.5 billion yuan - Tian Hong CSI Bank ETF: 491.64 million yuan - Guotai CSI 180 Financial ETF: 323.26 million yuan - Fu Guo CSI Composite Index ETF: 239.05 million yuan - Yi Fang Da CSI Bank ETF: 184.69 million yuan [8][9]. Fund Company Holdings - The fund company with the highest total market value in ABC shares is Huatai Fuhua Fund, with 974 million yuan, followed by Hua Bao Fund and Fu Guo Fund with 686 million yuan and 425 million yuan respectively [16][17].

Group 1 - Over 100 active equity funds have reached historical net value highs, with 93 funds showing a growth of over 50% in the past year [2][4] - Among these funds, 91 have increased by over 30% this year, with 24 funds exceeding 50% and 10 funds surpassing 60%, indicating strong excess return capabilities [4] - Notable funds achieving historical highs include popular thematic funds and some newly established funds that have managed to capture structural market trends [4][5] Group 2 - The market outlook is optimistic, with reduced concerns over tariffs and a calming Middle East situation contributing to a recovery in risk appetite [6][7] - The technology sector, particularly the AI industry chain, is expected to show significant long-term growth potential, with upcoming mid-year performance forecasts likely to provide more insights into market conditions [7] - Three favorable factors for the market include breakthroughs in AI, military, and innovative pharmaceuticals, a declining dollar benefiting RMB assets, and attractive market valuations compared to bond yields [7]