公募年度揭榜倒计时：主动权益重夺主场，“冠军基”呼之欲出

Core Insights - The year 2025 is anticipated to be a harvest year for public funds, with significant profit effects observed throughout 2023, particularly in innovative pharmaceuticals and technology sectors, leading to the emergence of numerous "doubling funds" [1][2] - Active equity funds are expected to regain their performance edge as the bull market returns, with 55 "doubling funds" primarily being actively managed products [2] Group 1: Fund Performance - As of December 8, 2023, 55 funds have achieved a doubling of returns, with the top performer, Yongying Technology Select, boasting a remarkable 217.93% annual return, significantly ahead of the second-place fund by 56.83% [3] - The top ten funds are predominantly focused on AI, with only one fund, Huatai-PB Quality Select, being a non-AI themed fund, which ranks eighth with a 135.73% return [4][5] Group 2: Market Trends - The AI sector has been a major driver of fund performance, with funds heavily investing in computing power and maintaining high positions, reflecting a strategy that amplifies returns during favorable market conditions [3][4] - Concerns about short-term volatility in the AI sector have been expressed by fund managers, indicating that while the fundamentals remain strong, the market may experience fluctuations as performance expectations are realized [9] Group 3: Capital Expenditure Insights - Analysts suggest that the likelihood of an "AI bubble" in China is low due to limited cyclical financing, prudent capital expenditures, and stable IDC deployment rates, with major internet companies focusing on ROI and operational efficiency [7][8]