权益基金月度观察（2026/02）：新锐基金涌现，主动权益制胜-20260313

• The report introduces a method for evaluating equity funds by using 22 benchmark indices as independent variables and fund returns as dependent variables, performing single-variable linear regression for each index, and calculating the R² for each period. A rolling window regression is applied with a 6-month look-back period to determine the benchmark index with the highest average R² over the last six periods, which serves as the performance reference index for the fund[18][19][21] - Equity funds are categorized into five styles: large-cap, mid-small-cap, value, growth, and sector themes. Performance metrics for February 2026 show mid-small-cap funds had the highest median return at 3.14%, followed by value funds at 2.09%, sector theme funds at 2.65%, growth funds at 0.73%, and large-cap funds at 0.34%[24][25][28] - Sector-themed equity funds are divided into categories such as healthcare, cyclical, infrastructure/real estate, consumer, technology, finance, and advanced manufacturing. In February 2026, cyclical and advanced manufacturing funds performed best, with notable products like "Qianhai Open Source Core Resources A" achieving 11.1% and "China Carbon Neutral A" achieving 16.9%[27][30][31] - The report tracks high-rated funds that consistently achieve high ratings over the past three months. These funds are evaluated based on their reference indices, fund managers, tenure, and recent scores. Examples include "BoDao ShengYan A" with a reference index of CSI 500 and an R² of 0.72, and "HuaTai BaiRui Quantitative Wisdom A" with an R² of 0.95[59][60][61] - Newly rated funds are highlighted as "emerging funds" with high potential for returns and differentiated strategies. These funds are managed by fund managers with less than three years of experience and were rated for the first time this month. Examples include "ChangCheng Cycle Optimization A" linked to the cyclical index and "HuaXia Digital Industry A" linked to the digital economy index[66][67] - Funds with significant rating improvements are categorized as "rating leap funds," reflecting enhanced performance and optimized management strategies. Examples include "PengYang YuanHe Quantitative Large-Cap Selection A" linked to CSI 300 and "GuoTou RuiYin Prosperous Industry" linked to CSI 300[68][69]