主动基金业绩回暖，成长风格两极分化——权益基金月度观察（2025/12）-20260123

• The report introduces a quantitative model for evaluating equity funds' performance. The model uses 22 benchmark indices as independent variables and fund returns as dependent variables. A univariate linear regression is conducted for each index, and the rolling window regression is applied with a 6-month window to calculate the R² matrix for each fund. The index with the highest average R² over the last six periods is selected as the performance benchmark for the fund. The corresponding regression equation result is used as the performance evaluation result[17][18][20] - The evaluation method for equity funds also incorporates a scoring system based on fund-manager performance. The scoring system considers both horizontal (market-wide win-rate percentile) and vertical (long-term and short-term performance trends) dimensions. This creates a comprehensive scoring framework for all active equity funds. Funds are categorized into four ratings: AAA, AA+, AA, and BB+, with each rating reflecting different alpha characteristics and performance stability[41][42][43] - The report highlights the performance of different fund styles in December 2025. Growth funds achieved the highest median return of 7.49%, followed by small- and mid-cap funds at 4.45%, large-cap funds at 4.25%, thematic funds at 2.67%, and value funds at 0.29%. Growth funds exhibited significant polarization, with the best performer achieving a 25.0% return and the worst performer at -0.9%[23][25][27] - Thematic funds are further analyzed by sector, including technology, cyclical, high-end manufacturing, and financials. Among these, technology funds performed the best, with an average return of 57.5% for active funds in 2025. The top-performing technology fund, "Yongying Technology Smart Selection A," achieved a return of 236.9%[24][27][28] - The report identifies the most tracked indices by active equity funds in December 2025. The CSI 500 index was the most followed, with 559 funds tracking it, accounting for 14.95% of the sample. The second most tracked index was the ChiNext Index, with 428 funds (11.44%). The CSI A50 index saw the largest increase in the number of funds tracking it, rising from 121 to 145 funds during the month[36][37] - The report also provides details on high-rated funds across different styles, such as small- and mid-cap, large-cap, value, growth, and thematic funds. For example, in the small- and mid-cap category, "Huatai-PineBridge Quantitative Wisdom A" achieved a recent score of 10 with an R² of 0.96, while in the growth category, "Bosera Smart Quantitative Multi-Factor A" scored 10 with an R² of 0.86[52][53][55][56]