2026 年 01 月 05 日 主动权益基金：2025 年度策略回顾 与 2026 年度策略展望 股 票 基 金 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 A0230523070004 xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 证 券 研 究 报 告 权 益 量 化 研 究 《寻找"新"中之"锐"：新锐基金 经理定量业绩追踪体系——基金投 资策略研究系列报告之五》 2024/03/12 ⚫ 回顾中国权益市场的 2025 年：2025 年中国权益市场经历了先扬后抑再企稳上行的 N 字 型行情——年初在科技、港股、新消费、创新药、机器人等众多热门主题赛道的驱动下实 现了开门红，而后在 4 月初遭遇外部环境影响，在新一轮中美贸易摩擦的早期阶段遭遇 冲击导致快速回撤。后续随着中美关系缓 ...

Group 1 - The number of public fund managers has surpassed 4,000, reaching a historical high of 4,073, indicating a significant expansion in the industry and research teams [2][4] - Over one-third of fund managers, totaling 1,491, have less than three years of investment experience, highlighting a structural change in the industry [2][3] - The number of newly appointed fund managers in the year has reached 362, setting a record for recent years [2][4] Group 2 - The traditional view that experience is the core asset is shifting, with a growing emphasis on cognitive flexibility and real-time feedback among fund managers [2][3] - Young fund managers are increasingly being recognized for their sensitivity to macroeconomic environments and policy rhythms, allowing for quicker adjustments in portfolio strategies [3][8] - The performance of new and mid-generation fund managers has been notable, with many achieving significant returns, as evidenced by 45 funds with over 100% net value growth this year [4][5] Group 3 - The operational style of new generation fund managers is characterized by decisive decision-making and a strong sense of market rhythm, which are seen as advantages of this cohort [8][9] - There is a notable preference among younger fund managers for rapid trading and tactical shifts, contrasting with the older generation's focus on selective holding strategies [9][10] - Despite the rise of younger managers, experienced fund managers with over ten years of experience continue to perform well, demonstrating their ability to navigate market changes effectively [9][10]