低利率时代下的基金选择：2025市场回顾与来年配置方向

Core Insights - The key theme for the public fund market in 2023 is "index," with index fund scale surpassing 8 trillion yuan, indicating a shift towards index-based investment as a primary strategy [1] - The performance of A-share growth stocks has been particularly strong, with industry and thematic ETFs becoming central to investment strategies, driven by significant capital inflows into sectors aligned with national strategic directions [1] - Active equity funds have also performed well, with the highest return reaching 236.88%, potentially setting a record for annual returns in public fund history [1] Index Funds - The average return for all 2,362 passive index funds reached 23.68%, with over 90% of these funds achieving positive returns, and 11 funds exceeding 100% returns [1] - Index funds are characterized by their strong tool attributes and low fees, contributing to their unexpected explosive growth this year [1] Active Equity Funds - Active equity funds have an average annual return exceeding 30%, with 3,455 funds outperforming their benchmarks, representing nearly 80% of the total 4,378 funds [2] - The strong performance of active equity funds is supported by industry policies aimed at enhancing fund quality, encouraging a focus on performance over scale [2] Fixed Income Plus Funds - The "Fixed Income Plus" fund category has seen significant growth, approaching 2.5 trillion yuan in total scale, a more than 50% increase since the beginning of the year [3] - The overall performance of "Fixed Income Plus" funds has been positive, although there is a notable disparity in returns among different products, with performance differences exceeding 50 percentage points [3] Market Trends - The average yield of 10-year government bonds has reached 1.74%, a decrease of 48 basis points from the previous year, indicating a shift to a low-interest-rate environment [3] - The decline in yields and the withdrawal of certain bank deposit products reflect the broader impact of low interest rates on personal finance and investment strategies [3]