2025年中国主动权益基金市场完成了一次真正意义上的"能力再定价"，超九成产品实现正收益，中位数收益接近30%，头部产品 收益甚至超过200%。但分化比收益本身更重要——这一年不是"所有人都赚钱"，而是"谁在对的时间、用对的方法，赚到了结构 性的钱"。 据申万宏源最新研报，从基金评价角度看，2025年呈现出三大核心变化：赛道选择重新主导年度排名，调仓节奏比长期风格更重 要，高换手、强主动的基金重新占优。这些变化背后，是A股市场典型的"N型结构行情"：年初科技、创新药、新消费、港股主题 全面爆发，二季度外部扰动加剧风险快速释放，下半年在政策预期与中长期资金推动下市场重新走强。 行业层面的收益差异极大，有色金属、通信、电子等行业全年涨幅居前，其中有色金属以94.73%的涨幅领跑，通信行业连续第三 年表现领先，涨幅达84.75%。而食品饮料下跌9.69%，首末行业收益差距达104.43%。这直接导致一个结果：2025年，基金是 否"重仓对赛道"，几乎决定了其全年排名区间。 对投资者而言，2025年验证了主动管理的价值，但也凸显了赛道择时的重要性。上半年表现优异的产品中有31%在下半年跌至后 20%，提示投资者需关注 ...

1. Report's Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The improvement of A-share market efficiency provides a solid foundation for the development of passive investment, with the scale of passive equity funds in the domestic public fund market exceeding 50% in 2025 [5]. - The effectiveness of the A-share market is lower than that of Hong Kong and US stocks, and the effectiveness of small-cap and technology stock indices is weaker than that of large-cap stock indices. The effectiveness of the A-share market shows an overall upward trend [5]. - There is a significant negative correlation between the excess return of active funds and index effectiveness. As the difficulty of obtaining Alpha increases, the demand for diversified Beta and Smart Beta on the equity side increases, highlighting the importance of asset allocation [5]. - There is a balance point between the scale ratios of active and passive funds. In the choice of funds, it is recommended to allocate ETFs in the large-cap style market, select active equity funds in the mid-cap style market, and choose quantitative funds for small-cap style allocation [5]. 3. Summary by Relevant Catalogs 3.1 A-share Equity Fund Market: Passive Investment Proportion Exceeds 50% - In 2025, the scale of domestic passive equity funds exceeded that of active equity funds for the first time, and this trend continues. The reasons include the difficulty of obtaining sustainable excess returns from active funds, the improvement of A-share market efficiency, and the development of domestic investment advisory services [9]. 3.2 Rise in Passive Investment Proportion Due to Market Efficiency Improvement - As market efficiency improves, it becomes more difficult to obtain Alpha, leading to the rise of Beta investment. Passive investment includes pure passive investment and factor-based passive investment (Smart Beta) [14]. - There is a balance point between active and passive funds, and the scale ratio of passive investment will not increase indefinitely. Ideal asset allocation should be an organic combination based on the market cycle, asset categories, and strategy capacity [15]. 3.3 Market Efficiency and Testing Methods 3.3.1 Origin and Connotation of the Efficient Market Theory - The study of market efficiency can be traced back to 1889, and Eugene Fama formally defined and improved the efficient market theory, dividing market efficiency into three levels: weak, semi-strong, and strong [18][19][20]. 3.3.2 Testing Methods for the Efficient Market Theory - **Weak Form Tests**: By testing whether the price sequence residual is white noise, it can be determined whether the stock price is likely to follow a random walk, which is used to judge market efficiency. The Ljung - Box test is commonly used for white noise testing [21][25][27]. - **Semi - Strong Form Tests**: Economists generally use the event study method to test the reaction speed of stock prices to public information [29]. - **Strong Form Tests**: This tests whether investors can obtain excess returns using insider information. It studies the returns of professional investors or insiders [30][31]. 3.4 Exploration of Market Efficiency in A-share, Hong Kong, and US Stocks - Since 2013, the efficiency of A-share has been slightly lower than that of Hong Kong and US stocks, and the efficiency of small-cap and technology stock indices is weaker than that of large-cap stock indices. After 2018, the efficiency of the A-share market has increased rapidly [34][38][40]. - There is a significant negative correlation between the excess return of active funds and index efficiency. As market efficiency improves, the difficulty of obtaining Alpha in A-shares increases [43]. 3.5 Fund Investment Choices under the Background of Improved Market Efficiency 3.5.1 ETF: Emphasizing Multi-Asset ETFs and Equity Smart Beta - As the demand for diversified Beta increases, the importance of asset allocation becomes prominent. ETFs are becoming increasingly important in the strategic position of asset allocation, and the proportion of ETFs in the holdings of public FOFs continues to rise, with diversified demand [47][50]. - Strategy ETFs (Smart Beta factor ETFs) show relatively independent trends, providing a source of differentiated Beta in the equity market and playing an important role in asset allocation [52]. - Industry ETFs are mostly market - capitalization weighted, with large-cap stocks contributing more to returns. Since it is difficult to obtain excess returns from large-cap stocks, investment is recommended to be based on long - term allocation [55][56]. 3.5.2 Active Equity and Quantitative Investment: Obtaining Alpha Returns from Small and Mid - Cap Stocks - Active equity funds are more exposed to mid - cap stocks. The trading environment of mid - cap stocks is more friendly to actively managed funds, with lower pricing efficiency and lower difficulty in obtaining excess returns compared to large - cap stocks, and relatively sufficient liquidity [61][62]. - Quantitative funds may be a better choice for investing in small - cap stocks. Quantitative strategies can improve the objectivity and winning rate of decision - making, and have advantages in terms of stock coverage and trading execution [69][70][71].

进一步分析业绩领先的基金群体特征可见，在近十年收益排名前二十的主动权益基金中，灵活配置混合型基金占据主导， 共计12只；积极投资股票基金与偏股混合型基金各有4只。从基金管理人角度看，景顺长城基金旗下产品上榜数量暂时领 先，华商基金、东吴基金、易方达基金、大成基金等公司亦有两只及以上产品出现在榜单之中。 风险提示：基金有风险，投资需谨慎。 去十年，A股市场以行业市值占比观之，Wind统计数据显示，以房地产、石油石化为代表的传统行业影响力减弱，电子、 通信等科技行业市值规模大幅跃升。在市场跌宕与结构变迁中，究竟哪些主动管理型权益基金产品穿越周期，真正为投资 者创造了长期稳健的回报？ | | | 动权益基金十年期收益TOP2 | | | --- | --- | --- | --- | | LID TO TOWELL | 昼五间称 | 十年期收益率 | | | 000390 | 华商优势行业混合A | 571.91% | 灵活配置混合基金 | | 166301 | 华商新趋势优选混合 | 515.06% | 灵活配置混合基金 | | 001387 | 国联新经济混合A | 502.61% | 灵活配置混合基金 | | ...

导读：2022年2月17日，我们发布了第一个主动权益TOP100基金经理榜单后，至今已经有4年的时间。这份榜单是由点拾投资和零城投资每年耗费 几个月时间共同讨论、整理出来的。零城投资主要负责定量的数据分析和研究，点拾投资主要负责定性的基金经理研究。 在过去的4年中，这份榜单被许多业内的机构投资者关注，包括FOF、银行渠道、银行理财子、保险资管、甚至基金经理本人。我们坚信一件事情： 优秀的基金经理，是能跑赢市场和同行，创造超额收益的。从2022到2024年，我们的榜单也连续三年跑赢万得偏股基金指数。 但是2025年很不同，这一年主动权益重新跑赢沪深300，成长风格引领市场，基金经理之间的业绩方差巨大。万得偏股基金指数涨幅33.19%，跑赢 的难度大幅增加。这一年我们很遗憾，没有连续第四年战胜万得偏股基金指数。我们榜单组合2025年的收益率为32.4%，跑输了万得偏股基金指数的 33.19%。这里面有两个原因： 1）我们年初榜单中的一些成长风格基金经理离职，而根据规则基金经理换人后就自动从榜单扣除。他们的离开，导致无法为我们榜单贡献业绩，一 部分拖累了我们榜单的表现。 2）我们在每一个风格和行业，包括成长，价值， ...

Group 1 - The core point of the news is that the public fund industry has achieved record-breaking annual returns, with Yongying Technology Smart Selection winning the championship with a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][5] - In 2025, major A-share indices performed well, with the Shanghai Composite Index rising by 18.41% and the ChiNext Index leading with nearly 50% annual growth, contributing to a total market capitalization of nearly 109 trillion yuan [1][3] - The market saw a variety of active sectors, with robotics, innovative pharmaceuticals, and Hong Kong brokerage firms leading in the first half, while CPO, semiconductors, and new energy sectors took the lead in the third quarter [1] Group 2 - The top ten public funds for 2025 were dominated by actively managed equity funds, with Yongying Technology Smart Selection and China Aviation Opportunity Navigator securing the first and second places with returns of 233.29% and 168.92%, respectively [3][4] - A total of 90 funds achieved returns exceeding 100% in 2025, with 75 of these being actively managed equity funds, indicating a highly competitive environment for fund performance [2][8] - The emergence of "doubling funds" has become a benchmark for entering the top 100, with notable contributions from various fund companies, including E Fund and Red Soil Innovation [8] Group 3 - The "doubling fund" phenomenon highlights the strong performance of smaller fund companies, with Red Soil Innovation's funds achieving significant returns, showcasing the competitive landscape of the public fund market [4][8] - The total scale of the ETF market in China reached 6.03 trillion yuan in 2025, marking a significant increase and establishing it as the largest ETF market in Asia [9] - The performance of "fixed income plus" products has also seen substantial growth, with total assets reaching 2.52 trillion yuan, reflecting a 50% increase from the previous year [12]

专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 来源：中国证券投资基金业协会 元旦快乐 满载山川古色，投资行者无疆。 Keeping in mind the history and sights of his homeland，an investor knows the journey never ends． 中国证券投资基金业协会祝您元旦快乐！ The Asset Management Association of China （AMAC） wishes you a Happy New Year！ （下图请横屏观看↓） （下图请横屏观看↓） MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 来源：中国证券投资基金业协会 元旦快乐 满载山川古色，投资行者无疆。 Keeping in mind the history and sights of his homeland，an investor knows the journey never ...

Core Viewpoint - The public fund industry has witnessed a record-breaking annual return, with Yongying Technology Smart Selection achieving a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][6]. Group 1: Fund Performance - Yongying Technology Smart Selection, managed by Ren Jie, secured the top position in the 2025 public fund rankings with a return of 233.29% [3][6]. - The second place was taken by Zhonghang Opportunity Navigation, managed by Han Hao, with a return of 168.92% [3][4]. - The third place was claimed by Hongtu Innovation Emerging Industry, managed by Liao Xinghao, with a return of 148.64% [3][4]. - A total of 90 funds achieved returns exceeding 100% in 2025, with 75 of these being actively managed equity funds, indicating a highly competitive environment [9]. Group 2: Market Trends - The A-share market saw all major indices rise, with the Shanghai Composite Index increasing by 18.41% and the ChiNext Index leading with nearly 50% annual growth [2]. - The total market capitalization of A-shares reached a new high of nearly 109 trillion yuan [2]. - Various sectors experienced active market trends, with robotics, innovative pharmaceuticals, and hard technology sectors leading the charge [2]. Group 3: Fund Management Insights - The success of Yongying Technology Smart Selection is attributed to its concentrated holdings in high-performing sectors, particularly in CPO, with top ten holdings accounting for 73.25% of the fund's net value [8]. - The fund's top four holdings saw significant gains, with the first holding, Xinyi Sheng, increasing by 187.96% in the fourth quarter [8]. - The active management capabilities of funds have allowed them to outperform passive index products in a volatile market [3]. Group 4: ETF Market Developments - The ETF market in China reached a total scale of 6.03 trillion yuan in 2025, marking a significant increase from 3.73 trillion yuan at the beginning of the year [10]. - The top-performing ETFs included the Guotai Communication ETF with a return of 125.81% and the Guotai Communication Equipment ETF with 121.37% [10][14]. - Gold-themed ETFs also performed well, with several funds achieving returns exceeding 90% [12]. Group 5: Fixed Income + Fund Growth - The "Fixed Income +" strategy saw substantial growth, with the total scale of related funds reaching 2.52 trillion yuan, a 50% increase from the end of 2024 [15]. - The median return for fixed income + funds in 2025 was 10.2%, with the top performer, Southern Changyuan Convertible Bond, achieving a return of 48.77% [16][18].

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 责任编辑：江钰涵 专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 责任编辑：江钰涵 ...

截至12月26日，公募主动权益基金年内最高收益达到236.88%，不仅锁定年度冠军位置，还刷新纪录， 成为公募史上收益最高的年度翻倍基。包括该基金在内，年内收益超100%的翻倍基已达72只。 截至12月26日，永赢科技智选A年内累计回报达到236.88%，超过排名第二的中航机遇领航A （175.65%）逾60个百分点，已基本锁定年度冠军位置。同时，永赢科技智选A这一收益水平，打破华 夏大盘精选A在2007年创下的纪录（226.24%），成为公募史上收益最高的年度翻倍基。 整体上看，近八成主动基金跑赢比较基准，但收益率中位数在29.03%位置，小于平均值32.71%。 受访人士对券商中国记者表示，2025年主动权益基金扬眉吐气，公募主动管理能力不负"资管皇冠明 珠"美誉。但也要看到，这类基金高集中度持仓明显，和结构行情深度绑定。公募基金20多年发展，基 金投资"恒星"稀少"流星"喧嚣，需用平常心看待这类现象。主动权益基金持续焕发生机，需有数量更 多、占比更高、业绩良好且持续的基金，才能惠及更多持有人。 18年后纪录被打破 根据Wind统计，以普通股票基金、偏股混合基金、平衡混合基金和灵活配置基金的初始份额为对象 ...

证券时报记者 余世鹏 截至12月28日，公募主动权益基金年内最高收益率达到236.88%，不仅锁定了年度冠军位置，还可能刷新业绩纪 录，成为公募史上年度收益最高的翻倍基。 接受证券时报记者采访的基金业内人士表示，2025年主动权益基金终于扬眉吐气了，但同时也要看到，不少翻倍 基持仓集中度很高，和结构性行情深度绑定。从公募基金历史上看，基金产品一直是"流星"多而"恒星"少，需用平 常心看待这类现象。主动权益基金需要有更多数量业绩良好且能持续的产品，如此才能惠及更多持有人，让公募 基金行业持续焕发生机。 年度收益或打破历史纪录 根据Wind统计，以普通股票基金、偏股混合基金、平衡混合基金和灵活配置基金的初始份额为对象，剔除2025年 内成立的次新基金后，纳入统计的主动权益基金一共有4378只。 从相对收益的角度看，主动权益基金年内平均收益率超过了30%，有3455只基金年内收益率超过了业绩比较基 准，在4378只基金中占比接近80%。其中，有31只基金的超额收益率超过100个百分点，涨幅最大的永赢科技智选 A超额收益率达到195.64个百分点，中航机遇领航A等6只基金的超额收益率超过130个百分点。 "2025年 ...