并且，周向勇表示，科学设定基准能够更有效地连接中国资本市场与经济基本面，让投资者分享中国经 济增长的红利。当中国最广大的个人投资者拥有的以储蓄为代表的资金能够真正意义上沉淀下来，转化 为实实在在的长期资本，这将成为中国经济新一轮高质量发展的"助推器"。 2025年12月30日，中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金 业金牛奖颁奖典礼"在上海虹口区举办。国泰基金党委书记、董事长周向勇在圆桌讨论环节明确表示， 公募基金行业高质量发展的核心转型是从"重规模"转向"重回报"，这一转变本质上是资产管理机构回 归"受人之托，代客理财"的行业本源。他强调，行业需平衡盈利性与功能性，且要将功能性置于首位， 既要为投资者创造价值、提升投资获得感，也要推动资本市场更好服务国家战略。 声明:文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 近几年市场热议"基金赚钱，基民不赚钱"，周向勇认为，主要是因为主动权益基金虽然收益不弱，但是 波动性太强。公募基金行业强化业绩比较基准的约束作用，有助于让投资回归本源，让投资者更加清晰 地了解产品，"所见即所得"，保障公募基金投资有准则。 随着 ...

2025年，是主动权益投资的"回归之年"。随着经济逐步复苏、政策环境优化、市场情绪回暖，一批注重基本面研究、坚持长期主义的主动 权益基金，凭借扎实的投研底蕴和出色的选股能力，为投资者创造了亮眼的回报，再度彰显出其独特价值。 汇添富在成立之初，就确立了"以深入的企业基本面分析为立足点，挑选高质量证券，把握市场脉络，做中长期布局，以获得持续稳定增长 的较高的长期投资收益"的投资理念。 首先，企业的基本面是决定上市公司长期价值的根本要素，汇添富强调应该依靠企业的业绩成长来获取长期投资收益，而不是靠短期股价 的波动来获取短期的差价收益。 其中，素以"选股专家"著称的汇添富基金，在2025年以一份扎实的业绩答卷，清晰诠释了这一价值的含义。2025年，公司旗下汇添富香 港优势精选A、汇添富自主核心科技一年持有A分别以112.70%、102.40%的业绩实现年度收益率"破百"（同期业绩基准分别为 27.63%、27.87%，业绩数据经托管行复核，基准数据来自汇添富基金，统计区间为2025/1/1-2025/12/31 ），共有25只主动权益基 金年度涨幅超过50%，多只基金业绩排名领先。 | 近１年(2025/1/1-20 ...

2025年，是主动权益投资的"回归之年"。随着经济逐步复苏、政策环境优化、市场情绪回暖，一批注重基本面研究、坚持长期主义的主动权益基金，凭借 扎实的投研底蕴和出色的选股能力，为投资者创造了亮眼的回报，再度彰显出其独特价值。 其中，素以"选股专家"著称的汇添富基金，在2025年以一份扎实的业绩答卷，清晰诠释了这一价值的含义。2025年，公司旗下汇添富香港优势精选A、汇 添富自主核心科技一年持有A分别以112.70%、102.40%的业绩实现年度收益率"破百"（同期业绩基准分别为27.63%、27.87%，业绩数据经托管行复核，基 准数据来自汇添富基金，统计区间为2025/1/1-2025/12/31），共有25只主动权益基金年度涨幅超过50%，多只基金业绩排名领先。 | 近１年(2025/1/1-2025/12/31) | | | | | --- | --- | --- | --- | | 基金简称 | 排名 | 具体 | 产品代码 | | 汇添富香港优势精选混合(QDII)(A类) | 第1 | 1/56 | A 类: 470888 C 类: 017873 | | 汇添富健康生活一年持有期混合(A类) | 第 ...

此外，他还表示，预计2026年A股市场面临的流动性环境依然是相对宽松的。中央经济工作会议提 出"要继续实施更加积极的财政政策和适度宽松的货币政策，灵活高效运用降准降息等多种政策工具"， 不排除货币政策在2026年初就开始靠前发力。海外流动性方面，美联储的点阵图仍保留着2026年一次降 息的选项，而随着"大美丽"法案的推出，特朗普政府需要更低的利率水平来为法案护航，因此政策偏 鸽，流动性保持宽松，仍是大概率情形。 在莫泰山看来，预计在2026年，中国资产重估的故事将继续演绎。一方面，由于美国仍处于宽松的 阶段，中美利差将继续缓慢的修复，而中国经济的强大韧性，将使人民币汇率在2026年稳中有升。另一 方面，由制造和科技的竞争优势所驱动的中国资产重估，还远没有完成。 中证报中证网讯（记者 魏昭宇）近期，博道基金董事长莫泰山发文展望2026年行情。回顾2025 年，他表示，A股市场稳健向上，沪深300全年上涨超17%，公募偏股基金平均上涨超30%，取得了可喜 的成绩。 展望2026年，他预计，A股市场仍将温和上涨。首先，市场基本面有支持。宏观经济总体平稳，企 业盈利延续改善，在新兴产业持续向好和部分传统行业周期回升的 ...

Core Viewpoint - In the 2025 Golden Bull Awards, Invesco Great Wall Fund won three prestigious awards, highlighting its strong performance in active equity investment and long-term results of its products [1][6]. Group 1: Awards and Recognition - Invesco Great Wall Fund was awarded "Active Equity Bull Fund Company," marking the third time it has received this accolade [1][7]. - The fund's products, Invesco Great Wall Strategy Select Flexible Allocation Mixed Fund and Invesco Great Wall Growth Star Stock Fund, received awards for "Seven-Year Open Mixed Continuous Excellence Bull Fund" and "Five-Year Open Stock Continuous Excellence Bull Fund," respectively [1][6]. Group 2: Evaluation Criteria Changes - The Golden Bull Awards introduced three major changes in evaluation criteria, focusing on long-term performance, a three-dimensional evaluation system emphasizing investor experience, and promoting stability in behavior and functionality [1][6][7]. - The awards reflect a shift from prioritizing scale to emphasizing returns and strengthening the alignment of interests with investors [1][6]. Group 3: Company Philosophy and Strategy - Since its establishment in 2002, Invesco Great Wall Fund has been recognized for its active equity investment approach, aiming to be a leading multi-asset management expert [2][7]. - The company adheres to a long-term investment philosophy, emphasizing a stable and diverse investment research team and a unique investment review system to ensure consistent investment styles and behaviors [2][7]. Group 4: Fund Performance - The Invesco Great Wall Strategy Select Flexible Allocation Mixed Fund, managed by Zhang Jing, achieved a total return of 345.78% since October 2014, significantly outperforming its benchmark [3][8]. - The Invesco Great Wall Growth Star Stock Fund, managed by Zhou Hanying, recorded a total return of 90.74% since May 2020, with a maximum drawdown of -26.57%, demonstrating effective risk management [3][9].

Core Insights - In December 2025, China Fund Industry's Golden Bull Awards recognized Invesco Great Wall Fund for its strong performance in active equity investment, winning three major awards, including "Active Equity Investment Golden Bull Fund Company" for the third time [1] - The awards reflect a shift in evaluation criteria towards long-term performance, emphasizing investor satisfaction and stable behavior, moving from a focus on scale to returns [1] Company Achievements - Invesco Great Wall Fund has been known for its active equity investment since its establishment in 2002, aiming to be a leading multi-asset management expert in stock investment [2] - The company maintains a unique investment review system and a long-term performance evaluation mechanism, ensuring stability and consistency in investment styles and behaviors [2] Fund Performance - The award-winning Invesco Great Wall Strategy Select Flexible Allocation Mixed Fund, managed by Zhang Jing, achieved a total return of 345.78% since October 2014, significantly outperforming its benchmark [3] - The Invesco Great Wall Growth Star Stock Fund, managed by Zhou Hanying, recorded a total return of 90.74% since May 2020, also exceeding its benchmark, while maintaining a maximum drawdown of -26.57% during a volatile market period [3] Future Outlook - The recognition from the Golden Bull Awards underscores the long-term research and investment capabilities of the company and its fund managers, reflecting the trust and support from investors [3][4] - The company plans to continue strengthening its research capabilities and adhere to a long-term investment philosophy to provide better returns and quality service to investors [4]

2025年资本市场收官在即，A股结构性行情演绎极致，权益基金迎来业绩"大年"。据Wind数据显示，截 至12月29日，全市场收益率超100%的"翻倍基"已达84只，其中主动权益基金70只，最高收益率突破 200%，沪深300指数同期涨幅约18%，公募主动管理能力再度彰显。 全市场70只主动权益"翻倍基"中，共有8家基金公司跑出3只及以上"翻倍基"，中大型基金公司居多。 | 2025年主动权益"翻倍基"数量较多的基金公司 | | | | --- | --- | --- | | 序号 | 基金公司 | "翻倍基"教量 | | 1 | 易方达基金管理有限公司 | 10 | | 2 | 富国基金管理有限公司 | 8 | | 3 | 永赢基金管理有限公司 | ব | | 4 | 安信基金管理有限责任公司 | 4 | | 5 | 融通基金管理有限公司 | 3 | | 6 | 华商基金管理有限公司 | 3 | | 7 | 红土创新基金管理有限公司 | 3 | | | 数据来源:Wind,截至 2025-12-29 | | 数据来源：Wind，截至2025-12-29 业内人士分析指出，2025年主动权益基金业绩的显著回升， ...

来源：重仓 牛市行情下，一只基金也管理不好，长城基金基金经理翁煜平日子有点难过。 近日，长城基金发布公告，长城久源灵活配置混合型证券投资基金（以下简称"长城久源混合基金"）基 金经理翁煜平离任，转任公司行业研究员。 | 离任基金经理姓名 | 翁煜平 | | --- | --- | | 离任原因 | 业务调整 | | 离任日期 | 2025年12月18日 | | --- | --- | | 转任本公司其他工作岗位 | 转任行业研究员 | | 的说明 | | | 是否已按规定在中国基金 | 是 | | 业协会办理注销手续 | | 作为一位任职时间超过四年的基金经理，翁煜平很难说是行业新手。长城基金给了四年多的时间，翁煜 平还是没能证明自己。如此这般被打回做研究员，对个人而言，无疑是一次事业上的重大挫折。而放眼 整个公募基金行业，像翁煜平这样的基金经理也相当少见。 壹 长城基金十年"老人" "独管一基"四年多亏损过半 据天天基金网，翁煜平，中国，硕士研究生、硕士，曾就职于国际商业机器科技有限公司（2006年9 月-2015年6月），2015年7月加入长城基金管理有限公司，历任研究部研究员，曾任长城久源混合基金 基金 ...

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

Core Viewpoint - The active equity fund industry is facing challenges due to the rise of passive investment tools, making it crucial to continuously generate alpha in a complex macro and market environment [1][2] Group 1: Performance and Rankings - As of September 30, 2025, ICBC Credit Suisse Fund ranks 3rd in absolute returns among 13 large equity fund companies over the past 7, 5, and 3 years [1][10] - The excess return rankings for the same periods are 2nd for 7 years, 3rd for 5 years, and 2nd for 3 years [1][10] Group 2: Investment Team and Research Model - The success of active investment performance is attributed to ICBC Credit Suisse Fund's integrated research and investment model, which fosters collaboration and growth within the team [2] - The "platform-type" mechanism facilitates the transfer of knowledge between seasoned and new investors, enhancing the team's overall effectiveness [2][6] Group 3: Insights from Fund Managers - Fund managers emphasize the importance of continuous learning, teamwork, and specialization in their respective fields to achieve stable excess returns [3][4][5] - The team operates cohesively, akin to a caravan, ensuring collective progress and stability in uncertain markets [6] Group 4: Future of Active Equity Products - Active equity products are expected to thrive as they play a vital role in supporting innovation and resource allocation in capital markets [7] - The long-term development prospects for active equity investment are promising, given the low allocation of household financial assets to equities in China [8] Group 5: Understanding Active Investment - Investors should select fund managers and platforms that align with their investment styles for better outcomes [9] - A focus on deep specialization in specific sectors is crucial for achieving sustained success in active investment [9]