主动权益基金：2025年度策略回顾与2026年度策略展望

1. Report's Investment Rating for the Industry - The report does not explicitly mention the investment rating for the industry [1][5][6] 2. Core Viewpoints of the Report - In 2025, the Chinese equity market experienced an N-shaped trend, and there were multiple investment opportunities in different sectors, which provided opportunities for some active equity funds to achieve high returns. In 2026, the report maintains an optimistic attitude towards the market, emphasizing the importance of maintaining defensive discipline while seeking offensive opportunities through diversified multi - sector layouts and appropriate phased key allocations [5][71] 3. Summary According to the Table of Contents 3.1 Market Review: Overall Review of the 2025 Equity Market - The 2025 Chinese equity market had an N-shaped trend. It started strong, then declined due to external impacts, and finally rose steadily. The Shanghai Composite Index once exceeded 4,000 points. The Wande All - A Index rose 27.65%, the CSI 300 rose 17.66%, and the Shanghai Composite Index rose 18.41%. There were also obvious structural trends in the market, with significant differences in returns among industries [12] 3.2 Which Active Equity Funds Effectively Seized the Sector Theme Opportunities in 2025? - Precious Metals: Throughout 2025, precious metals performed strongly. Fund managers such as Ye Yong, Li Xiaohua, Wu Guoqing, and Liu Wenzhe effectively seized the opportunity [34][37] - Innovative Drugs: The innovative drug theme was strong in the first three quarters but weakened in the fourth quarter. Fund managers like Zheng Ning, Sang Xiangyu, Liang Furui, and Jin Xiaofei effectively grasped the opportunity [40] - New Consumption & Hong Kong - Stock Connect Consumption: These sectors were strong in the first half of 2025 but declined in the second half. Fund managers including Fu Juan/Liu Han, Song Jialing, Wu Yuanyi, and Qu Shaojie effectively seized the opportunity [45] - AI Computing Power: The main upward trend of AI computing power was in the third quarter. Fund managers such as Ren Jie, Wang Haoyu, Han Hao, and Jiang Shan effectively grasped the opportunity [48] - New Energy: The new energy market rebounded from September to mid - November. Fund managers such as Huang Qianyi, Yao Zhipeng/Xiong Yuzhou, Li Tao/Song Yang, and Zheng Chengran effectively seized the opportunity [51] 3.3 Sales End: Which Funds Did Investors Prefer in 2025? - In 2025, 334 new active equity funds were launched, with a total issuance scale of 161.898 billion yuan, showing a significant recovery. Funds with high net subscription amounts in Q3 2025 included Yongying Advanced Manufacturing Selection and China Europe Digital Economy. There were 12 new products with an issuance scale exceeding 2 billion yuan, and China Merchants Balanced Selection had the largest issuance scale at 4.955 billion yuan. China Merchants Bank was the leading custodian bank, and E Fund had the largest issuance scale of active equity funds [54][56] 3.4 Fund Company Comparison: Differences in Investment Performance and Style? - In 2025, top - performing fund companies with active equity funds over 10 billion yuan in Q3 included Yongying Fund, AVIC Fund, Caitong Fund, and Huashang Fund. Few fund companies performed well in all four quarters. Huashang Fund and Baoying Fund had relatively balanced performance in different quarters. There were also differences in market capitalization, valuation, and internal performance differentiation among fund companies [58][59] 3.5 Commonalities of High - Performing Funds: Significant Industry Allocation Advantages? - Most high - performing funds were technology - themed funds, with diverse sources of returns, including stock - picking and trading adjustments. Most funds obtained significant excess returns through industry allocation, with communication and electronics being important sources of returns [63][64] 3.6 Newcomers and Veterans: Which Promising Newcomers Emerged in 2025? Which Veterans Maintained High - Level Performance? - In 2025, some promising new fund managers emerged, including those focusing on popular sectors like Shan Lin and Ren Jie, moderately balanced ones like Ke Zheng and Yu Yi, and some quantitative - style managers like Kong Xianzheng and Liu Weiming. Veterans such as Liu Yuanhai, Zou Lihu, and Li Yin maintained good performance in the past two years, and mid - career fund managers like Guo Weiling, Liu Jianwei, and Hu Zhongyuan also performed well in 2025 [66][69] 3.7 Outlook: 2026 Active Equity Fund Investment Strategy - In 2026, the report suggests maintaining defensive discipline while seeking offensive opportunities through multi - sector diversification and appropriate phased key allocations. Key sectors to focus on include technology, cyclical sectors, and potential reversal opportunities in currently weak sectors. In addition to maintaining an overweight in growth style, more attention will be paid to the dividend style and the overseas expansion strategy [71][72]