资料 图。 指数投资时代，主动权益基金为何不可或缺？ 2026年开年，A股市场情绪回暖，指数投资持续盛行。但在ETF规模高歌猛进的同时，一个值 得关注的现象是：部分主动权益基金开始恢复大额申购，且开年以来近半数产品净值创下新 高。面对市场的结构性机会，投资者不禁要问：在指数化投资时代，我的组合中还需要主动权 益基金吗？ 当然，主动权益基金的价值兑现，核心依赖于基金公司的投研实力与基金经理的专业能力—— 这也是普通投资者在选择主动权益基金时，最需要关注的核心要素。华夏基金作为国内公募行 业的标杆企业，自成立以来便着力打造主动权益投研体系，经过多年深耕，已形成"平台化、体 系化、专业化"的研究团队，"多策略、多风格、全天候"的投资团队，以及全面、前瞻、科学的 产品体系，其主动权益投资能力早已通过长期业绩得到市场验证。 在结构性行情显著的2025年，华夏基金旗下主动权益产品表现亮眼。银河证券、国泰海通证 券、晨星等国内外权威基金评价机构发布的2025年基金业绩榜单显示，华夏基金旗下主动权益 类产品表现亮眼，16只产品在一年期至五年期不同期限的细分品类排名中位居同类前5或前 5%，多只产品斩获冠、亚军。绩优基金覆盖科 ...

经济观察网 随着公募基金2025年四季报完成披露，行业全年数据相继揭晓。其中，主动权益基金为投 资者创造的利润，成为市场关注的焦点之一。 根据数据，2025年全年公募基金为投资者实现利润超过2.6万亿元，其中主动权益类基金贡献约1.1万亿 元。 在2025年度主动权益基金利润表现上，易方达基金以839.10亿元位居行业第一，中欧基金、富国基金、 汇添富基金、广发基金、兴证全球基金、华夏基金、嘉实基金、南方基金、景顺长城基金依次位列第二 至第十名，展现出头部公司在主动管理领域的综合竞争力。 此外，部分基金公司在主动权益盈利效率上表现突出。例如，交银施罗德基金与兴证全球基金的"十年 利润规模比"（十年累计利润/最新规模）分别达到56%和48%。 从单只主动权益产品的十年累计利润来看，部分基金公司的旗舰产品表现优异，兴全合宜A以130.56亿 元位列近十年利润榜首，中欧时代先锋A和兴全新视野分别以107.07亿元和92.46亿元位居第二、三位。 公募基金行业正步入高质量发展新阶段，在这一进程中，主动权益投资的价值不仅依托于专业研究与风 险控制，更体现在通过主动管理灵活应对市场变化、捕捉优质企业的成长红利，最终转化为 ...

Core Viewpoint - The event "Dian Shi 100" hosted by Dian Shi Investment focused on high-quality discussions among leading fund managers from various prominent public funds, addressing critical topics such as the future of active management in the context of ETF trends, the potential of growth styles in the Chinese stock market, and the impact of emerging industries like AI and commercial aerospace on investment strategies [1][3]. Group 1: Active Management and Alpha Generation - The discussion highlighted the challenges faced by active equity funds as passive investment strategies have gained popularity, yet since 2025, active equity fund indices have outperformed the CSI 300, indicating their resilience [3]. - Fund managers emphasized the importance of building a robust team capable of generating excess returns, with a focus on creating a systematic approach rather than relying on individual talent [7][5]. Group 2: Growth Opportunities in A-shares - Fund manager Cao Jin discussed the significance of growth as a primary source of alpha in the A-share market, emphasizing the need to differentiate between genuine growth opportunities and mere thematic speculation [8][11]. - He introduced a simple metric for evaluating growth potential based on the payment capabilities of end-users, stressing that only trends that can translate into actual company performance should be prioritized [11]. Group 3: Insights from Foreign Fund Managers - The roundtable discussion featured foreign fund managers who shared their strategies, with a focus on balancing growth and value investments, particularly in the context of current market conditions [14][15]. - They highlighted the importance of combining high-dividend assets with cutting-edge technology growth stocks to optimize risk-return profiles, especially in light of declining interest rates and improved corporate governance [15]. Group 4: Fund Manager Selection and Performance - The event concluded with a presentation on the unique methodology for selecting top-performing fund managers, which combines qualitative interviews and quantitative analysis to identify those who consistently outperform benchmarks [22][23]. - The selection process has resulted in significant excess returns, with the equity manager list achieving an accumulated excess return of 8.38% since its inception, indicating the effectiveness of the selection criteria [25].

Core Viewpoint - The year 2026 is identified as a critical window for laying out the dividends of high-quality economic development in China, with a focus on investment strategies and opportunities in various sectors, including macro policies, equity markets, and AI [1] Group 1: Investment Strategy and Product Offerings - Jiashi Fund has established a comprehensive product ecosystem that integrates both active and passive investment strategies, aiming to provide investors with tools for diversified market exposure and stable returns [1] - The total scale of ETFs in China has surpassed 6 trillion yuan, with Jiashi Fund managing approximately 330 billion yuan across 61 products, ranking among the top in the public fund market [2] - Jiashi Fund's ETF product matrix covers various sectors, including broad-based, industry-specific, thematic, and Smart Beta ETFs, facilitating one-click market access for investors [2][3] Group 2: Performance Highlights - Jiashi's HuShen 300 ETF and Zhongzheng 500 ETF have shown significant performance, with net value growth rates of 20.77%, 28.18%, and 124.58% since inception, outperforming benchmarks [2] - The Jiashi New Energy ETF achieved a net value growth rate of 44.08% over the past year, capitalizing on opportunities in the renewable energy sector [3] - The Jiashi Semiconductor ETFs, including the Zhongzheng Integrated Circuit ETF, have also performed well, with the Jiashi Rare Earth ETF and Rare Metal ETF showing impressive growth rates of 77.40% and 90.46% respectively over the past year [3] Group 3: Active Management and Sector Focus - Jiashi Fund has developed a robust active management capability, particularly in sectors like semiconductors and AI, with funds like Jiashi Technology Innovation Mixed Fund achieving a growth rate of 238.82% since inception [6] - The Jiashi Global Industry Upgrade Fund has provided a global investment tool with a net value growth rate of 53.99% over the past year, focusing on global industrial upgrade opportunities [7] - The company emphasizes a deep understanding of industry trends and employs a research methodology that supports the performance of its active products [7] Group 4: Client Services and Experience - Jiashi Fund has implemented a systematic service framework to enhance client experience, including tools like the Super Jiabei mini-program for retail investors to track market trends and achieve investment goals [4]

Core Viewpoint - Huashang Fund adheres to the core philosophy of "active management at its core, prioritizing the interests of holders," demonstrating strong long-term performance in active equity investment, with significant rankings in various time frames [1][34]. Performance Summary - As of December 31, 2025, Huashang Fund's active equity funds ranked in the top ten of the industry for 3-year, 5-year, 7-year, and 10-year performance, achieving 68 instances in the top 10% of peers, including 7 instances ranked first in their category, showcasing robust investment strength across market cycles [1][34]. - In the past year, Huashang Fund's performance included 28 instances in the top 10% of peers, with specific funds like Huashang Balanced Growth Mixed A (011369) and Huashang Advantage Industry Flexible Allocation Mixed A (000390) achieving notable rankings [3][36]. Fund Rankings - Huashang Balanced Growth Mixed A (011369) ranked 4th out of 1895 in the equity fund category [3]. - Huashang Advantage Industry Flexible Allocation Mixed A (000390) ranked 2nd out of 396 in the flexible allocation fund category [18]. - Huashang Dual Wings Balanced Mixed A (001448) ranked 1st out of 104 in the ordinary bond-type fund category [57]. Fund Manager Performance - Fund managers such as Zhang Mingxin and Hu Zhongyuan have consistently led their respective funds to high rankings, with multiple funds under their management achieving top positions in their categories [3][36][57].

Group 1 - The core transformation of the public fund industry is shifting from "emphasizing scale" to "emphasizing returns," which reflects a return to the fundamental principle of asset management institutions as fiduciaries for clients [1] - The industry needs to balance profitability and functionality, prioritizing functionality to create value for investors and enhance their investment experience while supporting national strategic goals [1] - The issue of "funds making money but investors not benefiting" is attributed to the high volatility of actively managed equity funds, highlighting the need for stricter performance benchmarks to clarify product offerings for investors [1] Group 2 - With the continuous growth of the Chinese economy, there is significant development potential for the capital market and various asset management products [2] - Active equity investment will thrive as it focuses more on investor returns, emphasizes benchmark importance, and builds research platforms to generate stable alpha returns [2] - Passive investment tools, particularly ETFs, have vast growth potential, with broad-based ETFs becoming more closely linked to economic fundamentals, allowing investors to share in the economic growth [2]

Core Viewpoint - 2025 is identified as the "year of return" for active equity investment, with a focus on fundamental research and long-termism, leading to impressive returns for investors, particularly highlighted by the performance of Huatai-PineBridge Fund [1] Performance Summary - In 2025, Huatai-PineBridge's Hong Kong Advantage Selection A and Core Technology One-Year Holding A achieved annual returns of 112.70% and 102.40%, respectively, significantly outperforming their benchmarks of 27.63% and 27.87% [1][14] - A total of 25 active equity funds exceeded a 50% annual increase, with several funds ranking among the top in their categories [1] Long-Term Performance - Over the past three years (2023-2025), Huatai-PineBridge's Health Living One-Year Holding A ranked first among 67 funds, while the North Exchange Innovation Selection Two-Year Open A ranked second among 10 funds [2] - In the five-year period (2021-2025), the Global Mobile Internet Flexible Allocation A ranked third among 33 funds, and the Technology Innovation Flexible Allocation A was in the top 7% of 446 funds [3] Investment Philosophy - Huatai-PineBridge emphasizes a clear investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities, and long-term positioning for sustainable growth [6] - The firm believes that the fundamental performance of companies is the key determinant of long-term value, advocating for a focus on quality securities to manage risks effectively [6] Research and Development System - The company has established a unique vertical integrated research and investment system, enabling efficient collaboration across various industry teams and enhancing its competitive edge [8] - This system aligns with regulatory guidance aimed at promoting high-quality development in public funds, enhancing the firm's team-based operational capabilities [8] Management Innovation - Huatai-PineBridge has implemented a rules-based investment management approach to ensure stable investment styles and controllable risks, integrating data science into the investment management process [10] - The firm has developed a closed-loop quality assurance system that aligns client needs with investment strategies, ensuring a comprehensive approach to investment management [10] Talent Development - The company focuses on building a strong team by selecting and nurturing talent from recent graduates while also attracting experienced professionals to complement its capabilities [12] - Huatai-PineBridge emphasizes a culture of integrity, passion, teamwork, and long-term thinking, fostering a cohesive and effective team environment [12] Future Outlook - The firm aims to continue enhancing its core competencies in active equity investment, solidifying its research platform, optimizing team structures, and improving service efficiency to contribute to the development of a strong financial sector [13]

Core Viewpoint - 2025 is identified as the "year of return" for active equity investment, with a focus on fundamental research and long-termism, leading to significant returns for investors, particularly highlighted by the performance of Huatai-PineBridge Fund [1] Performance Summary - In 2025, Huatai-PineBridge's Hong Kong Advantage Selection A and Core Technology One-Year Holding A achieved annual returns of 112.70% and 102.40% respectively, significantly outperforming their benchmarks of 27.63% and 27.87% [1] - A total of 25 active equity funds from Huatai-PineBridge recorded annual gains exceeding 50%, with several funds ranking among the top in their categories [1] Long-Term Performance - Over the past three years (2023-2025), Huatai-PineBridge's Health Living One-Year Holding A ranked first among 67 funds, while the North Exchange Innovation Selection Two-Year Open A ranked second among 10 funds [3] - In the five-year period (2021-2025), the Global Mobile Internet Flexible Allocation Mixed A ranked third among 33 funds, demonstrating consistent performance [3] - Over the past seven years (2019-2025), the Global Consumer Industry Mixed A ranked first among 26 funds, indicating strong long-term results [3] Investment Philosophy - Huatai-PineBridge emphasizes a clear investment philosophy focused on in-depth fundamental analysis to select high-quality securities, aiming for sustainable long-term growth rather than short-term price fluctuations [5][6] - The firm recognizes that only high-quality securities can generate replicable long-term returns while effectively managing risks [6] Research and Development System - The company has established a unique vertical integrated research and development system, enabling efficient collaboration across various investment styles and sectors [7] - This system aligns with regulatory guidance to enhance the capabilities of investment teams and improve overall performance [7] Investment Management Innovation - Huatai-PineBridge has implemented a rules-based investment management approach to ensure stable investment styles and controllable risks [8][9] - The firm has created a closed-loop quality assurance system that aligns fund managers' capabilities with product positioning and client needs [9] Talent Development - The company focuses on building a strong team by selecting and nurturing talent from recent graduates while also attracting experienced professionals [10] - Huatai-PineBridge emphasizes a culture of integrity, passion, teamwork, and long-term thinking, fostering a cohesive and effective team environment [10] Future Outlook - The performance in 2025 reflects Huatai-PineBridge's commitment to high-quality development and its belief in the value of active investment capabilities [11] - The firm aims to continue enhancing its research platform, optimizing team structures, and improving service efficiency to contribute to the financial sector's growth [11]

Core Viewpoint - The A-share market is expected to experience moderate growth in 2026, supported by stable macroeconomic fundamentals and improving corporate earnings [1][2]. Group 1: Market Performance and Expectations - In 2025, the A-share market showed a steady upward trend, with the CSI 300 index rising over 17% and public equity funds averaging a 30% increase [1]. - For 2026, corporate earnings are projected to grow by 10-15%, indicating a recovery from previous performance challenges [1]. - The current valuation of the CSI 300 is around 14 times earnings, which is considered reasonable, although there is significant structural differentiation within the market [1]. Group 2: Liquidity Environment - The liquidity environment for 2026 is expected to remain relatively loose, with the central economic work conference advocating for more proactive fiscal policies and moderately loose monetary policies [2]. - The Federal Reserve's potential for a rate cut in 2026, along with the need for lower interest rates to support the "Great Beautiful" plan, suggests a continued loose liquidity scenario [2]. Group 3: Asset Allocation and Investment Opportunities - Domestic residents' asset allocation is likely to favor equity assets represented by the A-share market, as current interest rates remain low, making equities attractive [3]. - The regulatory efforts to promote high-quality development in the A-share market are yielding positive results, enhancing the investment experience for investors [3]. - Overall, with stable macro fundamentals, loose liquidity, improving corporate earnings, and support from domestic and foreign capital, the A-share market is expected to see moderate growth in 2026, presenting structural investment opportunities [3].

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].