行业“黑马”永赢基金，5年管理规模暴涨4300亿

Core Insights - The article highlights the significant performance of Yongying Fund in the recent A-share market rally, particularly through its "Yongying Technology Smart Selection Mixed Fund A," which achieved a return of 178.11% over the past year, far surpassing its peers and the CSI 300 index [3][8] - Yongying Fund's assets under management (AUM) have seen remarkable growth, increasing from 189.9 billion yuan at the end of 2020 to 626.3 billion yuan by November 8, 2025, marking an increase of over 430 billion yuan in five years [3][8] Performance Analysis - As of November 21, 2025, Yongying Fund's "Yongying Technology Smart Selection Mixed Fund A" ranked first among 4,455 similar funds, with a return of 178.11%, while the average return of similar funds was only 22.63% [3][8] - The mixed fund's scale grew from 26.5 billion yuan at the end of 2024 to 106.5 billion yuan by November 4, 2025, representing a nearly fourfold increase [3][8] Strategic Development - Yongying Fund was established in November 2013 and initially focused on fixed-income investments, leveraging its banking background to establish a foothold in the competitive public fund industry [4] - In 2018, the fund made a strategic shift to aggressively enter the equity market by recruiting well-known fund managers, which significantly contributed to its rapid growth in mixed fund products [4][5] Product Strategy - The fund's "productism" strategy emphasizes a tool-oriented approach, viewing products as communication bridges with investors, which has led to the creation of specialized investment tools like the "Smart Selection Series" [6][7] - Yongying Fund has developed a diversified asset allocation platform through a matrix layout, covering various investment styles and strategies, including growth stocks and quantitative models [7] Challenges Ahead - Despite its impressive growth, Yongying Fund faces potential risks, including redemption pressures following market corrections and regulatory constraints on concentrated investments in specific sectors [9][10] - The fund has experienced a wave of departures among its fund managers, raising concerns about the stability and experience of its management team, as the average tenure of its fund managers is now below the industry average [10]