2025年，基金赢家的三大特点

Core Insights - The year 2025 marked a significant "ability repricing" in China's active equity fund market, with over 90% of products achieving positive returns and a median return close to 30%, while top products exceeded 200% [1] - The differentiation in performance was more critical than the returns themselves, emphasizing the importance of timing and method in capturing structural gains [1][2] Fund Performance and Market Dynamics - The report from Shenwan Hongyuan highlighted three core changes in fund evaluation for 2025: track selection dominated annual rankings, adjustment rhythm was more crucial than long-term style, and high turnover, actively managed funds regained superiority [1][3] - The A-share market exhibited a typical "N-shaped structural market," with significant sector performance variations, particularly in metals, communications, and electronics, which saw annual gains of 94.73%, 84.75%, and 47.88% respectively [1][5] - The disparity in industry returns reached a record high, with the food and beverage sector declining by 9.69%, resulting in a 104.43% difference between the best and worst-performing sectors [1][5] Fund Manager Insights - The value of active management was validated in 2025, highlighting the importance of track timing, as 31% of top-performing products in the first half fell to the bottom 20% in the second half [2] - Fund managers who effectively adjusted their portfolios demonstrated superior performance, indicating that flexibility in trading is essential for success [2][10] Company Performance - Among companies with active equity assets exceeding 10 billion, Yongying Fund, AVIC Fund, and Caitong Fund stood out, with average performances exceeding 50%, and Yongying Fund achieving an average return of 56.76% [4] - The top-performing funds were predominantly technology-themed, leveraging industry allocation to generate substantial excess returns [8][19] Market Structure and New Fund Launches - The market's recovery was reflected in the new fund launches, with 334 new active equity funds totaling 161.9 billion yuan, marking a significant rebound from previous years [16][18] - The top new products included those with substantial initial offerings, such as the 4.955 billion yuan launch of the Zhaoshang Balanced Selection Fund [16] Key Themes and Strategies - Five major thematic opportunities emerged in 2025, with precious metals providing consistent returns, and the precious metals index rising over 111% [11] - The performance of innovative pharmaceuticals and new consumption sectors was notable, with significant gains in the first half of the year, although they faced declines later [11][14] - The ability to switch between multiple tracks and manage drawdowns effectively became a critical factor for fund success in 2025 [15][19]