告别押注式增长：“牛基”画像揭示公募发展逻辑正在迭代

Core Insights - The public fund industry in 2025 achieved a record high average return rate of 141.87% for the top 20 funds, with the leading product reaching an astonishing 233.29%, setting a new annual return record for the industry [1] - The industry is transitioning from a "betting" growth model to a more refined and systematic operation, marking a significant evolution in the active equity fund sector [1] Group 1: Performance and Trends - The top 20 active equity funds in 2025 displayed a notable shift in their investment research structure, moving towards a "platform-based, integrated, multi-strategy" research system [2] - The average tenure of fund managers for the top 20 funds was 4.66 years, the lowest in the past decade, indicating a trend towards younger managers [2] - 95% of the fund managers in the top 20 funds held master's degrees, with 5% holding doctoral degrees, showcasing a higher educational background compared to the industry average [3] Group 2: Investment Strategies - Fund managers with diverse professional backgrounds, particularly in science and engineering, are becoming increasingly important, allowing for better understanding of emerging sectors like technology and renewable energy [3] - The investment style has shifted from "high-frequency trading" to "steady and in-depth research," with the median turnover rate for the top 20 funds dropping to 309.49%, a decrease of over 30% from 2024 [3] - The top two sectors for the leading funds were electronics and communications, indicating a consensus on industry trends among fund companies [4] Group 3: Methodology Evolution - The methodology for achieving high returns has evolved from relying on short-term market speculation to focusing on long-term value creation, with the median excess return over benchmarks for the top 20 funds reaching 121.45%, a new high [5] - The information ratio for the top 20 funds improved to an average of 0.3, reflecting enhanced efficiency in generating excess returns while managing portfolio volatility [6] - The average Calmar ratio for the top 20 funds reached 5.3, indicating a significant improvement in risk-adjusted returns compared to previous years [7] Group 4: Strategic Adjustments - The public fund industry is moving towards a more refined and systematic operation, with a focus on multi-strategy investment approaches to enhance performance and stability [9] - The integration of research across different sectors is becoming standard practice, allowing for more precise investment decisions based on comprehensive industry insights [10] - The shift towards a diversified asset allocation strategy is seen as essential for mitigating market volatility and enhancing long-term performance stability [12]