Special Report: Focus on 2025 Fund Q3 Reports: Growth in Equity Scale, Technology Sector Remains "Core Position" Recently, nine products under Beixin Ruifeng Fund disclosed their Q3 reports for 2025, showcasing characteristics of "performance divergence and small scale." The disclosed data reveals a stark contrast within the company's equity product line, featuring strategies that yield returns exceeding 80% alongside a product that registered negative returns, reflecting significant differences in strategies and styles in the current market environment. Data source: Wind as of September 30, 2025 Performance Highlights: Outstanding Results in Quantitative and Manufacturing Themes Among the disclosed products, two funds managed by Cheng Min stood out. Beixin Ruifeng's Industry Advantage (013242.OF) topped the list with an impressive year-to-date return of 84.45%, with a quarterly scale increase of 0.14 million to 0.63 million. Another product managed by Cheng, Beixin Ruifeng Quantitative Select (007808.OF), achieved a return of 62.80%, increasing its scale to 0.17 million. These funds are categorized as ordinary stock and flexible allocation funds, showcasing the manager's dual capabilities in active stock selection and quantitative strategies. Following closely are Beixin Ruifeng's Research Selected (004352.OF) managed by Hu Jianqiang and China Intelligent Manufacturing Theme (001829.OF) managed by Yu Junhua, with year-to-date returns of 46.88% and 37.13%, respectively, both achieving modest scale growth. These products focus on high-end manufacturing and industry research, aligning with the recovery in the manufacturing sector and rotation in technology stocks since the third quarter. Consumer-themed products performed poorly, with weak scale growth In stark contrast to the aforementioned products is Beixin Ruifeng's Select Growth (009954.OF), which focuses on the consumer sector and has recorded a year-to-date return of -3.26%, making it the only disclosed fund with a negative yield. Managed by Pang Wenjie, this product maintained a scale of 0.23 million, showing no growth in the quarter. It is heavily concentrated in sectors such as liquor and food and beverage. Despite the manager's emphasis in the Q3 report on the potential benefits of Fed rate cuts and domestic demand recovery for the consumer sector, short-term performance remains constrained by the overall languishing consumer style. Another product managed by Pang, Beixin Ruifeng Health Living Theme (001056.OF), achieved a positive return of 32.46%, but its scale only increased by 0.01 million in the quarter. It, along with Beixin Ruifeng Industry Upgrade (168501.OF), represents the “top performers” and “dragging factors” in his management portfolio, reflecting the strategy divergence among different products managed by the same manager. Predominantly Small and Micro Funds, Overall Scale Needs Breaking Through From a scale perspective, the nine products disclosed by Beixin Ruifeng together amount to approximately 3.24 million, with an average scale of less than 0.4 million per product. Apart from Beixin Ruifeng Health Living Theme (0.90 million), all other products are below 0.7 million, with some products such as Beixin Ruifeng Peaceful China (001154.OF) only at 0.10 million. Despite several products showcasing impressive performance, their scales have not amplified concurrently, possibly related to the company's brand influence, channel development, and market liquidity concerns regarding small and micro funds. How to translate performance into scale is a key challenge for Beixin Ruifeng in the next phase. Strategic Outlook: Style Adaptation Needed in Structural Market From the overall situation of the Q3 reports, the performance divergence of Beixin Ruifeng's products underscores the varied performance of different style assets in the current market environment. Manufacturing, technology, and quantitative strategy products have aligned with the overarching market trends since the third quarter, while consumer-themed funds are still awaiting a resonance signal from the fundamentals and capital flows. As the fourth quarter opens the policy window for the “14th Five-Year Plan,” the two main lines of domestic consumption and technological innovation may usher in a new round of layout opportunities. For Beixin Ruifeng, the ability to continue to consolidate advantages in manufacturing, technology, and other fields while pushing for a rebound in the performance of consumer-themed products and gradually overcoming scale bottlenecks will become significant observation points for achieving overall improvements.