刚刚，年内最牛基金榜单来了！

Group 1 - The capital market is entering the final phase of the annual "grand performance" as 2025 comes to a close [1] - The competition among actively managed equity funds has intensified, with 25 funds doubling their returns by the end of November [2] - The top-performing fund, managed by Ren Jie, achieved a return of 191.71%, with significant holdings in companies like Xinyi Technology and Zhongji Xuchuang [2][4] Group 2 - The ETF market is experiencing a significant capital migration, with strong performances in the biotechnology sector, where the S&P Biotechnology ETF rose by 14.03% in November [6][7] - Commodity-related ETFs also performed well, with the S&P Oil & Gas ETF increasing by 4.30% and grain ETFs showing gains of over 3% [6][7] - Gold-related ETFs have started a new upward trend, with several ETFs gaining over 3.2%, highlighting their safe-haven appeal amid year-end market conditions [6][7] Group 3 - The communication ETF led the market with a 96.11% increase over the first 11 months of 2025, reflecting strong momentum in the AI era [9] - The Hong Kong innovative drug sector was a major winner, with various ETFs in this category rising between 85.22% and 87.42% [9] - Resource sectors also performed well, with mining ETFs up by 82.32% and non-ferrous metal ETFs up by 76.83% due to rising global inflation expectations [9] Group 4 - In November, the Nikkei 225 ETF fell by 9.39%, and the fintech sector faced a collective pullback, indicating pressure on traditional consumption and energy sectors [9][10] - The cautious sentiment among investors is reflected in the net inflows to safer assets like short-term bond ETFs and gold ETFs, which saw significant capital inflows [10][11] - The Hong Kong technology sector ETFs attracted substantial net inflows, indicating strong market confidence in this area [10][11]