Report Title - Active Equity Fund Monthly Investment Portfolio - October 2025 [1][2] Market and Fund Performance in September - Major broad - based indices rose, with the ChiNext Index and STAR 50 Index leading the gains, while the SSE 50 Index performed weakly [3] - Among industry sectors, the CITIC Growth Index and CITIC Cyclical Index had positive monthly returns, while the CITIC Consumption Index and CITIC Financial Index fell by 2% - 3% [3] - In terms of fund strategies, growth - style funds, especially those focused on prosperity and trend, outperformed, with an average increase of over 7%, while deep - value style funds lagged [3] - Among industry - themed funds, technology, cyclical, and new - energy themed funds had positive returns, while pharmaceutical and consumption - themed funds had negative returns [3] - Growth style outperformed value style, and large - and mid - cap styles outperformed small - cap styles [3] Top - Performing Funds Recent One - Month Performance - **All - Market Top Ten**: Funds like Noan Advanced Manufacturing A (001707.OF) and Huabao Competitive Advantage A (010335.OF) had significant monthly increases, with Noan Advanced Manufacturing A rising 31.08% and Huabao Competitive Advantage A rising 28.27% [6] - **Industry - Themed Top Ten**: Noan Research Preferred A (008185.OF) led with a 36.32% monthly increase, followed by Silver Fund Integrated Circuit A (013840.OF) with a 33.68% increase [6] Year - to - Date Performance - **All - Market Top Ten**: Hengyue Advantage Selection (011815.OF) had a YTD increase of 121.69%, and Jiaoyin Optimal Return A (519770.OF) had a 115.96% increase [8] - **Industry - Themed Top Ten**: Yongying Technology Smart Selection A (022364.OF) led with a 187.86% YTD increase, followed by China - Europe Digital Economy A (018993.OF) with a 132.39% increase [8] October Equity Fund Portfolio Construction Market Outlook - In the short term, the core logic of incremental funds, improved internal returns, and policy resonance remains unchanged, but the risk premium is near the median, and some valuations are relatively high, requiring continuous growth in net profit. The market may slow down and fluctuate [10] Portfolio Construction Principles - **Sustained Tech Growth Opportunities**: The tech growth theme remains the main line of the bull market, but short - term volatility may be high. Consider funds with diversified investment directions and rotation strategies [10] - **Anti - Involution Policy Catalysts**: Industries at the bottom of the cycle, such as chemicals, steel, coal, and some energy metals, are expected to benefit from anti - involution policies, with improved risk - reward ratios [10] - **Style Rotation of Dividend - Value Stocks**: Dividend - value sectors, although with low profit expectations, have attractive dividend yields compared to treasury bond yields. During market fluctuations, funds may flow to low - level sectors, creating investment opportunities [10] Fund Portfolios - **Aggressive Portfolio**: Includes funds like Cathay Golden Prosperity Return A (019328.OF) and Fullgoal Steady Growth A (010624.OF), with a focus on technology, manufacturing, and consumption sectors [11] - **Conservative Portfolio**: Comprises funds such as Merchants Upstream Industry A (005161.OF) and ChinaAMC Value Selection A (007592.OF), with a relatively balanced distribution across sectors [11] Portfolio Distribution - **Aggressive Portfolio**: Technology accounts for 34.12%, followed by cycle at 20.21% and manufacturing at 15.94% [15] - **Conservative Portfolio**: Cycle has the highest proportion at 28.28%, followed by manufacturing at 17.79% and technology at 21.46% [17]