236.88%，公募基金年度收益新纪录

Core Insights - The highest annual return of public actively managed equity funds reached 236.88% as of December 26, 2025, setting a record and securing the top position for the year [1][15][19] - A total of 72 funds achieved over 100% returns this year, indicating a strong performance in the market [1][20][11] - Approximately 80% of actively managed funds outperformed their benchmarks, although the median return was 29.03%, lower than the average of 32.71% [1][11][16] Fund Performance - The top-performing fund, Yongying Technology Smart A, achieved a return of 236.88%, significantly surpassing the second-ranked fund, Zhonghang Opportunity Navigator A, by over 60 percentage points [4][19] - The number of funds with returns exceeding 100% ranks fourth in the past nine years, following 2007, 2020, and 2006 [5][20] - Among the 72 doubling funds, four had returns over 150%, with Yongying Technology Smart A leading at 236.88% [5][20] Market Trends - The strong performance of actively managed equity funds in 2025 is closely tied to the structural market conditions, particularly benefiting from the AI technology sector [7][22] - The average position of the top ten holdings in the doubling funds was 62.72%, significantly higher than the average of 46.2% [7][22] - Notable stocks in the portfolios of top funds include New Yisheng, Zhongji Xuchuang, and Tianfu Communication, which have seen substantial price increases [7][22] Future Outlook - Industry experts suggest that the active equity fund sector is recovering, and the management capabilities of public funds are being recognized [6][21] - There is a call for more funds with consistent performance to benefit a larger number of investors, emphasizing the need for sustainable growth in the sector [1][29] - The investment landscape is expected to evolve, with a focus on long-term value rather than short-term gains, as fund managers adapt to changing market conditions [30][29]