76只翻倍基创近五年新高，“两倍基”重现江湖

Core Viewpoint - The A-share market concluded 2025 with a structural bull market, with the Shanghai Composite Index rising by 18.41%, leading to significant performance improvements in active equity funds, where over 95% achieved positive returns, and 76 funds doubled their returns, marking a strong comeback of "double funds" after 17 years [3][4][7]. Group 1: Market Performance - The Shanghai Composite Index ended the year at 3968.84 points, recovering from fluctuations and achieving an 18.41% annual increase [4]. - Among 31 sectors, 29 experienced gains, with non-ferrous metals and communications leading at 94.73% and 84.75% respectively, while food and beverage and coal sectors saw declines exceeding 5% [4]. - The active equity fund performance saw over 95% of 4711 comparable funds achieving positive returns, a significant increase from 65% the previous year, marking the best performance in five years [4][9]. Group 2: Top Performing Funds - The top-performing fund, Yongying Technology Smart A, achieved a remarkable return of 233.29%, surpassing the second-place fund by over 64 percentage points and breaking the previous record set in 2007 [5][7]. - The second and third positions were held by Zhonghang Opportunity Navigation A with a return of 168.92% and Hongtu Innovation Emerging Industry A with 148.64%, respectively, showcasing intense competition among the top funds [8]. - A total of 76 active equity funds achieved returns exceeding 100%, the highest number in the last five years, with 39 fund companies represented [8]. Group 3: Investment Trends and Future Outlook - The leading funds predominantly invested in the artificial intelligence (AI) sector, indicating a high "science and technology content" as a key to success [3][11]. - Looking ahead, the AI industry is expected to see further valuation increases, transitioning from valuation-driven to a dual-driven model of fundamentals and structural reforms [11][12]. - Investment strategies for 2026 are anticipated to focus on AI, overseas expansion, and commodities, with a cautious outlook on potential market corrections [12][13].