证券研究报告 基金策略组合报告（R3） 2025 年 09 月 05 日 上证指数-上证基金指数走势图 -40% -20% 0% 20% 40% 2016-06 2016-09 2016-12 2017-03 基金指数 上证指数 主要指数表现（涨跌幅%） | 指数名称 | 60 日 | 年初至今 | | --- | --- | --- | | 上证指数 | 9.15 | 13.75 | | 中证基金 | 6.99 | 10.00 | | 股票基金 | 16.86 | 22.90 | | 混合基金 | 16.37 | 23.56 | | 债券基金 | 0.10 | 1.13 | | 货币基金 | 0.19 | 0.92 | 刘鋆 分析师 执业证书编号:S0530519090001 liujun23@hnchasing.com 相关报告 1 基金 2025 年中报跟踪点评（一）：银行、白酒 等行业配置变化跟踪 2025-09-05 2 基金周报（20250901-20250905）：上周 A 股市 场表现亮眼，新发基金市场热度较高 2025-09-02 3 基金周报（20250811-20250815）：中金唯品 ...

Group 1 - The report identifies investment opportunities in various industries under the "anti-involution" theme, drawing parallels with the supply-side reform period from 2015 to 2018, focusing on policy effects, inventory cycles, and industry prosperity [1][8] - The current "anti-involution" theme has a broader industry coverage, with a positive outlook on photovoltaic and medical devices based on their clearing reversal elasticity, while chemicals and building materials are favored for their certainty in prosperity [2][14] Group 2 - The report outlines the criteria for selecting actively managed equity funds related to the "anti-involution" theme, requiring a significant holding in relevant industry stocks and a minimum fund size [3][16] - For ETF funds, a scoring system based on various performance metrics is used to identify the top products in the same category [3][16]