Core Insights - The third-quarter reports of the 2025 funds show a significant divergence in performance, with equity products focused on technology innovation outperforming bond and diversified industry products, indicating a concentrated market interest in technology innovation [1][3] Fund Performance - Jin Xin Selected Growth A leads with a year-to-date return of 63.45%, managed by veteran Kong Xuebing, with a scale of 427 million yuan and a quarterly growth of 31.8 million yuan, achieving a one-year return of 76.30% [3] - Jin Xin Steady Strategy A follows with a year-to-date return of 61.32% [3] - Jin Xin Shenzhen Growth A, managed by Huang Biao and Yang Chao, achieved a year-to-date return of 58.66%, with its scale increasing to 988 million yuan [3] - Jin Xin Transformation Innovation Growth A also performed well with a year-to-date return of 50.48% and a one-year return of 78.51% [3] - These four equity products significantly outperformed the CSI 300 index, highlighting the strong momentum in the technology sector [3] Portfolio Composition - Jin Xin Fund's concentrated investment in the semiconductor equipment sector has been a key driver of performance, with Jin Xin Steady Strategy A's top ten holdings including Chip Source Micro, which accounts for 9.90% and has risen 39.13% in the last three months [3] - Other significant holdings include Zhongwei Company and Tuo Jing Technology, with respective holdings of 9.70% and 9.56%, both seeing increases of over 64% in the last three months [3] Diverse Strategies - Jin Xin Cycle Value A, established in February, achieved a return of 40.01% in eight months, showcasing a more diversified portfolio beyond semiconductor stocks [8] - Jin Xin Intelligent China 2025 A, a flexible allocation fund, recorded a year-to-date return of 10.46% and a one-year return of 15.08%, indicating steady growth despite not matching the technology-focused products [10] Market Outlook - The fund managers express optimism about the semiconductor domestic substitution trend, driven by high R&D, accelerated product validation, and AI sovereignty demands, suggesting a long-term positive outlook [12] - The focus remains on identifying high-growth potential companies within the technology sector while managing risks associated with valuation pressures as tech stocks rise [13]