三季报"小作文"打开真心话模式 当科技赛道成为今年A股"最靓的仔"，一批未能踏准节奏的基金经理，并未回避业绩压力，而是以千 字"小作文"的形式，在三季报中写下了一篇篇融合专业反思、幽默自嘲与未来预判的"真心话"。 相较于以往的程式化表述，如今的"小作文"满是"刀刃向内"的坦诚。有人反思交易策略的有效性，有人 自嘲"老登组合跑不赢科技疯涨"，有人长文写下"乐见同行赚钱，行业形象好了"的豁达，有人直面建仓 难题，还有人袒露"深夜焦虑"，点破规模对调仓的束缚。 这些直面争议的细节拼凑出的，是专业投资人面对市场波动时的真实思考：当"赚钱像呼吸一样简 单"时，为什么他们选择"不跟"？在分化的市场里，如何在狂热中保持清醒？又怎样在争议中锚定长 期？ "踏空者"的反思与自嘲 回顾三季度，在科技板块亮眼行情的带动下，A股市场"赚钱效应"持续升温。Wind统计，截至三季度 末，年内净值涨幅超过100%的基金共有53只（仅计算初始基金，下同），多只重仓科技方向的产品稳 居业绩前列。 有基金经理调侃称：三季度的市场呈现出"慢牛"的特征，极少数科技龙头负责"牛"，其他股票负 责"慢"。在此背景下，也有不少老牌知名基金经理因持仓风格差 ...

| | | | 日期 | 期间申购(亿份) | 期间景回(亿份) | 期末总分裂(亿份) | 期末净资产(亿元) | 净资产变动率 | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 0.23 | 1.37 | 24.27 | 107.06 | 1.01% | | 2025-03-31 | 0.28 | 1.63 | 25.41 | 105.98 | -8.10% | | 2024-12-31 | 0.53 | 2.41 | 26.77 | 115.33 | +7.90% | | 2024-09-30 | 0.46 | 121 | 28.65 | 125.22 | -2.20% | | 2024-06-30 | 0.57 | 1.00 | 29.40 | 128.03 | 0.44% | | 2024-03-31 | 0.54 | 1.39 | 29.84 | 127.48 | 6.40% | | 2023-12-31 | 0.57 | 1.69 | 30.68 | 119.81 | -9.00% | | 2023-09-30 | 0.70 | 1.1 ...

Market Performance - The A-share market showed strong performance on August 13, with the Shanghai Composite Index breaking the high point from October 8 of the previous year, reaching a nearly four-year high [1] - The Shenzhen Component Index and the ChiNext Index also reached their annual peaks, with total trading volume exceeding 2 trillion yuan for the first time in 114 trading days [1] - Over 2,700 stocks rose, led by growth sectors such as non-ferrous metals and AI hardware [1] Fund Performance - Despite the strong market indices, not all funds benefited, with over 2,700 out of more than 13,000 funds having unit net values below the level of October 8 of the previous year [1] - Notably, eight large-cap equity funds managed by well-known fund managers are facing issues with "net value recovery lag" [1] Specific Fund Analysis - The E Fund Consumer Industry fund (110022.OF) saw its unit net value drop by 0.50 yuan to 3.468 yuan, with a year-to-date return of -3.48%, despite a scale of 168.54 billion yuan [3][4] - The Invesco Great Wall New Emerging Growth A fund (260108.OF) experienced a net value decline of 0.29 yuan to 1.745 yuan, with a year-to-date return of -0.17% and a scale of 188.54 billion yuan [7][9] - The Fortune Select Growth A fund (161005.OF) had a slight net value drop of 0.11 yuan to 2.623 yuan, but achieved a year-to-date return of 8.22% [10] - The E Fund Blue Chip Select fund (005827.OF) reported a net value decrease of 0.08 yuan to 1.880 yuan, with a year-to-date return of 7.87% [12] - The Qian Guo Xu Yuan Three-Year Holding A fund (016709.OF) saw a minor net value drop of 0.01 yuan to 0.820 yuan, with a year-to-date return of 9.23% [15] - The Silver Hua Wealth Theme A fund (180012.OF) and the GF Stable Growth A fund (270002.OF) both experienced a net value decline of 0.008 yuan, with year-to-date returns of 2.71% and 4.58%, respectively [18] Market Insights - The decline in the E Fund Consumer Industry fund is attributed to the significant drop in liquor stocks in the fourth quarter of last year and a sluggish recovery in the consumer sector this year [4] - Fund managers express concerns over slow domestic demand recovery and low inflation, but maintain confidence in the long-term economic outlook [9][14] - The current market environment highlights a divergence between index performance and fund net values, signaling a need for investors to assess funds' maximum drawdown and recovery capabilities [18]

Core Insights - The article discusses the performance of various funds in the first quarter of 2025, highlighting significant profits and losses among them [1][2][3] Fund Performance Summary - E Fund Blue Chip Selection Mixed Fund (005827.OF) achieved the highest quarterly profit of 3.172 billion, making it the only equity fund to surpass the 3 billion mark [1][2] - The second tier of profitable funds includes Wanji Industry Selection (18.81 million), China Merchants Advantage Enterprises A (16.05 million), and others, indicating a clear performance hierarchy [1][2] - The article notes that the medical sector showed a strong recovery, with China Europe Medical Innovation A reversing a previous loss of 1.718 billion to achieve a quarterly return of 20.33% [2][6] Losses and Challenges - The top loss was recorded by Xingquan Trend Investment (163402.OF) with a quarterly loss of 935 million, reflecting a year-to-date return of -9.64% [3][4] - Other notable losses include Caizhong Value Momentum A (-648 million) and Caizhong Growth Selection A (-521 million), both managed by the same individual, indicating significant challenges in the TMT sector [6][7] - The article emphasizes the risks associated with large funds that may struggle to convert scale into effective returns, as seen with E Fund Blue Chip Selection [6][7] Market Dynamics - The article highlights the contrasting performance of funds, suggesting that investors should be cautious of both oversized funds that may underperform and smaller funds that may show high returns without substantial profit realization [7][8] - The ongoing market differentiation in the second quarter is expected to continue influencing fund performance, with a focus on those that can maintain scale flexibility while efficiently converting profits [7][8]