收益率超200%！公募再现“两倍基”

Core Insights - The active equity funds have shown remarkable performance in 2025, with nearly 60 funds achieving over 100% returns, and the first fund since 2008 reaching over 200% returns [1][8] - The performance of these funds is attributed to a combination of market structure and improved research capabilities within public funds [1][9] - The top-performing fund, Yongying Technology Smart Selection A, has a return of 218.40%, potentially setting a record for the highest annual return in public fund history if it exceeds 7.84% in the remaining trading days of 2025 [5][10] Fund Performance - As of December 12, 2025, 57 funds have achieved returns exceeding 100%, with 19 of those exceeding 120% [8] - The highest annual returns in previous years were lower, with the last occurrence of a fund exceeding 200% being in 2008 [5][7] - The performance of active equity funds has been particularly strong in 2025, with a significant number of funds achieving high returns compared to previous years [1][8] Market Trends - The active equity funds' performance is linked to structural market changes, with a focus on sectors like technology, high-end manufacturing, and innovative pharmaceuticals [9][10] - The market has shifted from broad-based rallies to more concentrated sector performances, with significant returns coming from specific themes such as AI, semiconductors, and renewable energy [8][9] - The current market environment has allowed for a resurgence in active management capabilities, contrasting with the previous years where passive funds dominated [10][14] Investment Strategy - The concentration of holdings in these funds has raised concerns about potential risks, as high concentration can lead to significant performance volatility during market corrections [12][13] - The industry is moving towards a more systematic approach to investment, focusing on long-term value creation rather than short-term gains [14] - The talent pool within public funds has improved, ensuring stable research output and reducing reliance on individual fund managers [13][14]