作为以追求超额收益为主要目标的基金品类，主动权益基金的相关动向备受市场关注。随着公募基金 2025年四季报披露完毕，主动权益基金的规模、收益、重仓行业等最新情况一一揭晓。 整体来看，2025年第四季度，主动权益基金维持较高的股票仓位运作，价值风格的主动权益基金表现更 优。持仓A股方面，电子、医药生物和电力设备为主动权益基金前三大重仓行业，中际旭创、新易盛、 宁德时代为其前三大重仓个股。 价值风格表现更优 天相投顾统计数据显示，截至2025年末，主动权益基金（积极投资股票基金、偏股混合基金、灵活配置 混合基金）规模为3.91万亿元。其中，偏股混合基金在产品数量和产品规模上均占据主导地位，产品数 量为2770只（按主份额统计），产品规模达2.41万亿元，在主动权益基金总规模中占比超61%。 相较于2025年三季度末，2025年末主动权益基金规模缩水1657亿元。结合新发基金数据来看，主动权益 基金整体规模的缩水或与权益市场的波动有关。2025年第四季度，主动权益基金新发产品112只，新发 产品规模为570.83亿元，与2025年三季度新发基金数量和规模基本持平。其中，偏股混合基金仍是"主 力军"，新发产品数量和规 ...

Core Insights - A significant wealth migration is underway as deposit interest rates decline, prompting individuals to seek alternative investment options that offer better returns than traditional savings accounts [1] - Predictions indicate that over 50 trillion yuan of residents' medium to long-term deposits will mature by 2026, leading to a potential reshaping of asset allocation strategies among residents [1] Banking Sector Changes - Customers are experiencing a drastic reduction in deposit interest rates, with rates dropping from 3.1% to 1.55% [1] - Banks are responding by offering cash management and fixed-income products that provide slightly higher returns than traditional deposits, aiming to retain clients [1][2] Fund Market Dynamics - Public funds, particularly low-volatility funds, are expected to attract significant inflows as investors seek alternatives to maturing deposits [1] - The demand for "fixed income plus" and fund of funds (FOF) products has surged, with many new products selling out quickly and existing ones seeing substantial inflows [3][4] Investment Strategies - Investment strategies are shifting towards a combination of cash management, short to medium-term fixed-income products, and "fixed income plus" funds that include equity components for potential higher returns [1][2] - Banks are increasingly acting as "solution providers" in the asset management ecosystem, utilizing FOF and other strategies to allocate large volumes of funds effectively [2][3] Product Performance - Recent reports indicate that several FOF products have achieved significant net value growth, with some exceeding 66% in returns [6] - The trend of limiting purchases for certain funds has re-emerged, reflecting strong demand and a strategy to manage capacity and liquidity [6][7] Market Trends - The popularity of "fixed income plus" and FOF products is attributed to their ability to provide stability and flexibility, which has been validated by recent market performance [7][9] - Fund companies are enhancing their organizational capabilities and product competitiveness to prepare for the influx of funds from maturing deposits [8][10] Channel Cooperation - Fund companies are focusing on optimizing partnerships with banks by developing customized products and providing training to enhance the understanding of fund performance [10] - The collaboration with banks is shifting towards offering stable, low-volatility solutions that meet the evolving needs of depositors [10]

Group 1 - The China Securities Regulatory Commission has announced the addition of 14 specific futures and options products for domestic markets, signaling an acceleration in the opening of capital markets to foreign investors [1] - The move aims to enhance cross-border investment and financing convenience, improve overseas listing regulations, and strengthen risk prevention capabilities in an open environment [1] - Foreign institutions are not only entering the Chinese market but are also focusing on long-term strategies and deep integration, as evidenced by the establishment of Mizuho Securities (China) in Beijing with a registered capital of 2.3 billion yuan [2] Group 2 - Foreign institutions are expanding beyond traditional securities business into asset management and wealth management, creating differentiated development paths [2] - HSBC China has successfully launched its first public fund custody business in the domestic market, marking its entry into the local public fund custody sector and supporting local fund companies in global asset allocation [2] - The number of mainland companies listed on the Hong Kong stock market has increased, indicating a growing interest in overseas listings, particularly among technology companies [3] Group 3 - Chinese securities firms are transitioning from simple business expansion to building a global service ecosystem, enhancing international competitiveness and contributing to the development of top-tier investment banks [3][4] - China Galaxy Securities has established itself as a leading investment bank in the ASEAN region, leveraging its integrated cross-border service ecosystem to attract industry resources to Hainan Free Trade Port [4] - The capital market is expected to see further institutional opening, with increased support for foreign institutions operating in China and improved convenience for participation in the capital market [5] Group 4 - The State Administration of Foreign Exchange plans to promote high-level institutional opening in direct investment, securities investment, and cross-border financing, enhancing the channels and scope for foreign investment in China [5] - Recommendations include allowing foreign growth companies to list in China and developing new international financial centers through dual opening strategies [5][6] - Strengthening infrastructure connectivity and enhancing collaboration with overseas markets are expected to optimize the investment environment [5][6]

Core Viewpoint - The stock-type ETFs have experienced significant net outflows, totaling nearly 500 billion yuan over the past eight trading days, primarily driven by large-scale redemptions from broad-based ETFs [1][2][3]. Group 1: ETF Performance and Flows - Stock-type ETFs have seen a daily trading volume exceeding 240 billion yuan since January 14, with notable peaks above 300 billion yuan on January 16 and January 23 [2]. - The total net outflow from stock-type ETFs from January 14 to January 23 reached 496.68 billion yuan, with major outflows from broad-based ETFs such as Huatai-PB CSI 300 ETF (116.55 billion yuan), Huaxia CSI 300 ETF (82.69 billion yuan), and E Fund CSI 300 ETF (77.25 billion yuan) [2][4]. - Several large ETFs have seen their shares drop below the holdings of Central Huijin by the end of 2025, indicating a significant reduction in their market presence [3][4]. Group 2: Sector-Specific ETF Trends - In contrast to broad-based ETFs, sector-specific ETFs have attracted inflows, with notable net inflows into Huaxia Electric Grid Equipment ETF (10.66 billion yuan) and Penghua Chemical ETF (7.17 billion yuan) [4]. - Some sector-specific ETFs have reached all-time high share counts, such as the Southern Nonferrous Metals ETF, which has a share count of 16.598 billion, and the Fuguo Chemical 50 ETF with 5.506 billion shares [4]. Group 3: Market Outlook and Investment Sentiment - Analysts suggest that the outflows from broad-based ETFs do not signify the end of the market rally, as a return to stable trading volumes could lead to a more sustainable market environment [5]. - There is a growing interest in structural opportunities within the market, with fund managers expressing optimism about equity returns compared to other asset classes, despite potential volatility [6]. - The issuance of new ETFs focused on industry themes continues, indicating ongoing investor interest in targeted sectors such as metals and solar energy [6].

去年四季度，基金加仓大周期板块，权重仅次于科技类板块。多位基金经理表示，展望2026年，对资本 市场整体环境保持相对乐观判断。基金经理对科技产业与大周期板块的配置仍有分歧。鹏华基金基金经 理袁航分析，市场总体仍处于大的上行周期，虽然在持续上涨后难免出现阶段性震荡，股指中枢中长期 还是会进一步抬升，"价值—成长—价值"交替上行。伴随稳增长政策加码、多项产业政策推进，低估值 公司的基本面及业绩都将得到提振。 "国家队"调仓传闻被四季报证实 2025年基金四季报日前披露完毕。数据显示，截至2025年年底，全市场公募基金资产净值（含估算基 金）合计超过37.64万亿元，规模续创历史新高。近期，A股市场多只宽基ETF（交易型开放式指数基 金）上演天量成交和份额缩水引发了市场对"国家队"调仓的传闻，基金四季报印证了这一传言。 （全文1594字，阅读需要5分钟） 记者｜ 朱开云 编辑｜朱开云 实习生｜袁聪 权益类基金整体维持较高 仓位 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不 断的增量资金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。从仓位分布看，据兴业证 券 ...

Core Insights - The new fund issuance in the A-share market is gaining popularity among investors, driven by a structural market trend, with over 200 funds achieving returns exceeding 20% in 2026 [1] - The successful performance of funds has led to a resurgence in the equity fund issuance market, with significant investor enthusiasm and the emergence of "explosive" funds [1] Fund Performance and Issuance - As of January 24, 2026, 76 new funds have been established, raising a total of 71.939 billion yuan, with an average issuance size of 9.47 billion yuan per fund [1] - There are 12 "explosive" funds with issuance sizes exceeding 2 billion yuan, collectively raising 39.033 billion yuan, accounting for 54.3% of the total fund issuance [1][2] Specific Fund Highlights - The Guangfa Fund's Guangfa Research Smart Selection A has become the first equity fund of the year to exceed 7 billion yuan in issuance, completing its fundraising in just 10 days [2] - Other notable funds include the Fuguo Fund's Fuguo Smart Wealth Stable 3-Month Holding A and the Fidelity Fund's Fidelity High-Grade Sci-Tech and Green Bond A, with issuance sizes of 4.190 billion yuan and 4.000 billion yuan, respectively [2] Subscription Trends - The average subscription period for the 76 newly established funds is 15 days, with a median of 12 days, significantly shorter than historical averages [2] - 38.2% of the funds had subscription periods of 7 days or less, indicating a trend towards rapid fundraising [2] Investment Type Distribution - Equity products dominate the recent fund issuance, with stock funds numbering 31 and raising 16.506 billion yuan, accounting for 22.94% of the total market size [2] - Mixed equity funds issued 24 products, raising 27.806 billion yuan, representing 38.65% of the total, contributing over 61% of the fundraising scale [2] Fund Company Performance - Leading fund companies are showing competitive advantages, with Guangfa Fund raising 11.247 billion yuan from 4 products, ranking first [3] - Yifangda Fund and Fuguo Fund follow with 5.840 billion yuan and 4.221 billion yuan, respectively [3] Market Analysis - The recovery in the new fund issuance market is attributed to the structural trends in the A-share market, with strong performances in sectors like AI applications, commercial aerospace, and storage chips boosting equity fund performance and investor confidence [3] - The overall liquidity environment is favorable for quality growth assets, supported by a sustained low interest rate environment and increased market participation from insurance funds and retail investors [3]

Group 1 - The core focus of the news is on the performance and trends of actively managed equity funds, highlighting their significant stock positions and preference for value style investments [1][2][4] - As of the end of 2025, the total scale of actively managed equity funds reached 3.91 trillion yuan, with equity mixed funds dominating both in number (2,770 products) and scale (2.41 trillion yuan), accounting for over 61% of the total [1][2] - The number of new actively managed equity fund products launched in Q4 2025 was 112, with a total scale of 570.83 billion yuan, maintaining stability compared to Q3 2025 [2] Group 2 - The top three sectors favored by actively managed equity funds as of the end of 2025 were electronics, pharmaceuticals and biology, and power equipment, with the electronics sector having the highest holding ratio at 23.76% [4] - The top three individual stocks held by actively managed equity funds were Zhongji Xuchuang, Xinyi Sheng, and Ningde Times [4] - The overall performance of actively managed equity funds in Q4 2025 was weaker compared to Q3 2025, although flexible allocation mixed funds outperformed the CSI 300 index with a quarterly return of 0.26% [2][3] Group 3 - The stock positions of actively managed equity funds remained high in Q4 2025, with equity investment funds at 90.54%, equity mixed funds at 87.82%, and flexible allocation mixed funds at 74.20% [3] - The market outlook for 2026 is optimistic, with expectations of a shift from valuation-driven growth to fundamental-driven growth as corporate earnings stabilize [5][6] - The current low interest rate environment enhances the attractiveness of equity assets, with potential for significant capital inflow into A-shares and Hong Kong stocks [6]

对比来看，2025年末从均衡打法转向赛道聚焦的基金当中，有相当大比例为"迷你"产品。 强化产品进攻性、走赛道化布局路线，已成为基金保障合同存续和实现规模扩容的关键路径。在对业绩 与规模取得双赢验证后，同类产品的赛道化策略已成为业内教科书式案例，吸引着不少小微基金主动摒 弃均衡打法，聚焦单一高景气赛道以提升净值弹性，从而开启业绩突围与规模跃升双主线。 刚刚披露完毕的公募基金四季报显示，一批小微基金的规模在较短时间内从千万元升破10亿元甚至100 亿元，上百倍的规模扩张背后正是产品进攻特征的极致演绎。 小微基金打破均衡发力赛道化 目前，不少小微产品的基金经理正努力做减法，确保深耕一两个赛道，而不再是广泛涉足多个行业。 基金赛道化布局的业绩红利持续释放，正推动更多产品主动调整持仓逻辑。在见证赛道化打法取得业绩 与规模的双赢局面后，越来越多的小微产品开始放弃均衡打法，转而重点布局某一行业来提升产品净值 的高弹性。比如，根据最新披露的2025年四季报持仓信息，融通明锐混合基金在去年末大幅提升产品净 值的进攻性，该产品此前以个股精选为主，重仓股曾涵盖各类行业，包括德昌电机控股、泡泡玛特、新 易盛、移远通信等标的，不过整体 ...

Core Viewpoint - The public fund industry is undergoing a generational leadership transition, reflecting a shift from rapid growth to high-quality development amidst various pressures such as fee reforms and changing investor demands [1][2][3]. Group 1: Leadership Changes - In 2025, the public fund industry experienced a significant leadership turnover, with 462 changes in senior management across 162 fund managers, marking a historical high [2]. - Over 40% of public fund institutions adjusted their leadership, with notable changes in major firms like E Fund, Huaxia Fund, and China Merchants Fund [2][3]. - The leadership changes are driven by both natural generational shifts and strategic adjustments from shareholders, indicating a deeper transformation in the industry [3]. Group 2: Characteristics of Excellent Fund Executives - Five core traits are essential for successful public fund executives in the current transformation era [4]. - **Respect for Professionalism**: Executives must be knowledgeable about industry dynamics and act as "translators" between shareholder interests and professional operations [5][6]. - **Forward-Looking Vision**: Executives should possess a keen insight into market trends and customer needs, translating these insights into innovative product strategies [7]. - **Long-Term Thinking**: Successful executives understand market cycles and prioritize long-term strategies over short-term gains, ensuring sustainable growth [8][9]. - **Talent Development**: Building a robust talent ecosystem is crucial, focusing on identifying, nurturing, and retaining top talent while fostering a collaborative culture [10][11]. - **Industry Mission and Public Responsibility**: Executives must recognize their role in maintaining industry integrity and public trust, advocating for sound practices and investor education [12]. Group 3: Systemic Transformation - The industry is moving away from individual heroism towards a focus on systemic capabilities, emphasizing governance, collaboration, and technological integration [15][16]. - The separation of roles between chairpersons and general managers, along with strengthened board functions, signals a shift towards modern governance [17]. - Effective systems require breaking down departmental silos and fostering agile collaboration centered around customer needs and product life cycles [17][18]. - The transition from individual leadership to organizational design necessitates leaders to possess deep systemic thinking and strategic patience [18].

Core Viewpoint - In 2025, the resurgence of the "technology bull market" has led to a noticeable recovery in refinancing activities, with public funds actively participating in private placements, achieving significant returns, including projects that have doubled or more in value [1][2]. Group 1: Public Fund Participation - In 2025, public funds invested a total of 11.126 billion yuan in private placement projects, with E Fund leading by contributing 3.125 billion yuan across 12 projects [2]. - Other notable participants included GF Fund with 1.346 billion yuan, and both China Universal Fund and Fortune Fund with 679 million yuan and 530 million yuan respectively, among 21 public funds that each invested over 100 million yuan [2]. Group 2: Market Dynamics - The enthusiasm for public fund participation in private placements is driven by a combination of policy support, industry growth in sectors like semiconductors and AI, and significant market gains from these projects [3]. - The average discount rate for private placements in 2025 was 15.8%, contributing to stable returns despite a slight decrease from 2024 [4]. Group 3: Profitability and Strategies - As of January 23, 2025, several projects had achieved over 100% floating profits, with notable examples like Jinghua New Materials showing a floating profit of 227% [5]. - Fund managers often utilize the discount advantage of private placements to lower their cost basis while simultaneously reducing positions in the secondary market to enhance returns [6]. Group 4: Future Outlook - The supply of private placements is expected to remain robust, with over 260 proposals in 2025, doubling from 2024, and a projected 150-200 projects for 2026 [7]. - Historical data suggests that the annualized return for private placement strategies since 2020 could approach 30%, indicating a favorable outlook for growth-oriented investments [7].