76只翻倍基创近五年新高，“两倍基”重现江湖

Core Insights - The A-share market concluded 2025 with a structural bull market, with the Shanghai Composite Index rising by 18.41%, leading to the best performance of active equity funds in five years, with over 95% of products achieving positive returns [1][2] - The top-performing fund, Yongying Technology Select A, achieved an impressive return of 233.29%, marking the return of "double funds" after 17 years and breaking the previous record set in 2007 [5][6] - The performance of leading funds was largely driven by a high allocation to the artificial intelligence industry chain, indicating that "technology content" was a key factor for success [1][7] Market Performance - The Shanghai Composite Index fluctuated around 4000 points throughout the year, closing at 3968.84 points on December 31, 2025, after a series of eleven consecutive gains [2] - Among the 31 sectors in the Shenwan classification, 29 sectors saw gains, with non-ferrous metals and telecommunications leading with annual increases of 94.73% and 84.75%, respectively [2] - The active equity fund market saw a significant recovery, with over 95% of 4711 comparable active equity funds achieving positive returns, a notable increase from 65% the previous year [2][6] Top Performing Funds - Yongying Technology Select A, managed by Ren Jie, topped the annual returns with 233.29%, significantly ahead of the second-place fund by over 64 percentage points [5] - The second-place fund, China Aviation Opportunity Navigator A, achieved a return of 168.92%, while the competition for third place was intense, with Red Soil Innovation Emerging Industry A and Hengyue Advantage Selection A closely contesting [5][6] - A total of 76 funds achieved returns exceeding 100%, the highest number in the past five years, with E Fund having the most top-performing products [6] Investment Trends - The leading funds predominantly invested in artificial intelligence-related stocks, particularly in sectors like computing chips and optical modules, which were crucial for their standout performance [7] - Looking ahead to 2026, the investment focus is expected to remain on overseas expansion, artificial intelligence, and commodities, with a cautious outlook on potential market corrections [8][9] - Analysts predict a significant probability of sector style shifts in 2026, with high-end manufacturing and core assets gaining attractiveness as the market undergoes a rebalancing phase [9]