主动权益基金十年考：仅2只破百亿！大成高鑫A规模166亿十年涨416%，中欧时代先锋A规模123亿涨345.15%

Core Insights - The report highlights the significant performance differentiation among 419 actively managed equity funds established in 2015, with a focus on long-term returns and strategic adjustments in holdings [1] Fund Performance - Only 2 funds have surpassed 10 billion yuan in size, namely Dachen Gaoxin A (16.623 billion yuan) and Zhongou Shidai Xianfeng A (12.251 billion yuan) [2] - Dachen Gaoxin A has achieved a cumulative return of 416.25% since its inception, with an annualized return of 16.51%, growing from 176 million yuan to 16.623 billion yuan, a nearly 95-fold increase [2][6] - Zhongou Shidai Xianfeng A has a total return of 345.15% over 10 years, with an annualized return of 16.12%, ranking 5th among 136 similar funds [6] Portfolio Composition - The funds have invested heavily in leading companies across various sectors, including China Mobile, Midea Group, Haomai Technology, and Tencent, reflecting a balanced approach between stable blue-chip stocks and high-growth companies [4] - Significant adjustments were made in the third quarter, with major reductions in cyclical and overseas assets, including a 43.91% reduction in China National Offshore Oil Corporation and a 22.07% reduction in Fuyao Glass [6][7] Investment Strategy - The fund managers emphasize a long-term investment philosophy focused on stock selection and understanding business fundamentals, contrasting with short-term trading behaviors [6][10] - In the AI sector, the funds are investing in areas such as humanoid robots, autonomous driving, and AI smart terminals, driven by positive industry trends and commercial viability [10] Market Trends - The report indicates a trend of increasing investment in cyclical and high-end manufacturing sectors, with notable increases in holdings of Wanhuachina and Sany Heavy Industry by 20.75% and 19.10%, respectively [9] - The balance between fund performance and size is highlighted as a critical consideration for fund managers and investors, with larger funds potentially facing flexibility issues and smaller funds at risk of liquidation [10]