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 2025年以来，A股市场整体呈现上行态势，带动主动权益类基金业绩普遍回暖。截至去年12月31日，从 全市场维度观察，尽管多数主动权益类基金录得正收益，但仍有一定数量的产品表现疲弱。 据统计，近一年有业绩记录的4711只主动权益类基金中，正收益产品达4494只，负收益为217只；若将 周期拉长至近三年，在有业绩的3792只基金中，收益为负的数量增至924只，正收益为2868只。 值得注意的是，全市场跌幅排名前三十的主动权益类基金，其年内回报率均低于-9.75%，其中多只产品 亏损超过15%，华富医疗创新A更以-27.13%的回报位居跌幅榜首，浦银安盛医疗创新A、鑫元消费甄选 A紧随其后。 | 序号 | 证券代码 | 证券简称 | 2025年回报 | 基金规模 | 基金经理 | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (KZ) | | | | 1 | 025017.OF | 华富医疗创新A | -27.13 | 0.60 | ...

值得注意的是，在年度回报表现最弱的区间内，全市场跌幅排名前三十的主动权益类基金，其年内回报 率均低于-9.75%，其中多只产品亏损超过15%，华富医疗创新A更以-27.13%的回报位居跌幅榜首，浦银 安盛医疗创新A、鑫元消费融通A紧随其后。 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 2025年以来，A股市场整体呈现上行态势，带动主动权益类基金业绩普遍回暖。截至去年12月31日，从 全市场维度观察，尽管多数主动权益类基金录得正收益，但仍有一定数量的产品表现疲弱。 据统计，近一年有业绩记录的4711只主动权益类基金中，正收益产品达4494只，负收益为217只；若将 周期拉长至近三年，在有业绩的3792只基金中，收益为负的数量增至924只，正收益为2868只。 值得关注的是，在年内跌幅前三十的榜单中，广发基金旗下共有6只产品入围，且均由基金经理王明旭 执掌。 | 序号 | 证券代码 | 证券简称 | 2025年回报 | 基金规模 | 基金经理 | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | | | ...

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 2025年以来，A股市场整体呈现上行态势，带动主动权益类基金业绩普遍回暖。截至去年12月31日，从 全市场维度观察，尽管多数主动权益类基金录得正收益，但仍有一定数量的产品表现疲弱。 据统计，近一年有业绩记录的4711只主动权益类基金中，正收益产品达4494只，负收益为217只；若将 周期拉长至近三年，在有业绩的3792只基金中，收益为负的数量增至924只，正收益为2868只。 值得注意的是，在年度回报表现最弱的区间内，全市场跌幅排名前三十的主动权益类基金，其年内回报 率均低于-9.75%，其中多只产品亏损超过15%，华富医疗创新A更以-27.13%的回报位居跌幅榜首，浦银 安盛医疗创新A、鑫元消费融通A紧随其后。 | 序号 | 证券代码 | 证券简称 | 2025年回报 | 基金规模 | 基金经理 | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (KZ) | | | | 1 | 025017.OF | 华富医疗创新A | - ...

Core Insights - The article discusses the challenge of achieving both performance and scale growth for large-cap active equity funds in the context of a rising equity market over the past year [1] Group 1: Performance of Large-Cap Active Equity Funds - As of the third quarter, there are 33 active equity funds with assets exceeding 10 billion yuan, with E Fund Blue Chip Select leading at 36.413 billion yuan [2] - Most of these funds have achieved positive returns over the past year, with notable performances such as Yongying Technology Smart Mixed Fund returning approximately 270% [2] - Other funds like China Europe Digital Economy Mixed Fund and Yongying Advanced Manufacturing Smart Mixed Fund also reported returns of 181.08% and 136.49% respectively [2] Group 2: Scale Changes and Market Dynamics - Despite strong performance, over half of the large-cap active equity funds have experienced a decline in scale, with 10 funds seeing reductions of over 20% [4] - The difficulty in adjusting positions for larger funds and the growing preference for ETFs among investors have contributed to this trend [4] - A fund manager noted that sustained long-term performance is crucial for retaining investors [4] Group 3: Future Strategies and Market Outlook - Fund managers are focusing on sectors like domestic consumption, technology, and high-end manufacturing for the fourth quarter [5][6] - E Fund Blue Chip Select's manager emphasizes the importance of free cash flow and intrinsic value accumulation in driving market capitalization growth [5] - The manager of Xinchuan He Run Fund highlights the positive interaction between fundamentals and liquidity, suggesting a potential market trend reversal [6]

Core Insights - The announcement of the retirement of He Yanping, the former General Manager of Western Gain Fund, and the appointment of He Fang as the acting General Manager highlights a significant leadership change within the company [2] - Under He Yanping's management from November 2015 to September 2025, the fund's management scale increased dramatically from 9.3 billion to 116.6 billion, marking a growth of over 100 billion [2] - The current product structure of Western Gain Fund is heavily weighted towards bond and money market funds, which together account for the majority of the management scale, while equity and mixed funds remain relatively small [2] Company Overview - He Yanping's career prior to joining Western Gain Fund included roles at various securities and fund companies, indicating a strong background in the financial industry [2] - The largest actively managed equity fund at Western Gain Fund, the Western Gain CSI 500 Index Enhanced Fund, has a size of only 1.79 billion, suggesting that the company has a limited presence in the active equity fund market [3] - The company currently manages only two ETF products with a combined size of 0.868 billion, indicating a need for diversification in its product offerings [3]

Group 1 - Multiple actively managed equity funds announced purchase limits on September 6, with adjustments effective from September 8, including limits of 500,000, 100,000, and 50,000 yuan for various funds [1][2] - As of September 5, 98.24% of 7,792 actively managed equity funds reported positive returns year-to-date, with the A-share indices rising by 13.75%, 20.89%, and 38.13% respectively [3] - The recent surge in the market has led to concentrated purchase limits, with fund managers aiming to maintain investment styles and protect existing investors' interests [2][3] Group 2 - The "champion fund" of the year, Yongying Technology Select Mixed Fund, reduced its large purchase limit to 10,000 yuan on September 5, after previously adjusting it to 1 million yuan on August 27 [3] - Fund managers are implementing purchase limits to prevent rapid growth in fund size and encourage rational investment behavior among investors [3]

Group 1 - The total profit of public funds reached 636.17 billion yuan in the first half of 2025, indicating a significant increase in fund performance compared to the previous year [1][2] - The number of public fund managers reporting profits is high, with 155 out of 162 showing positive results, led by E Fund with a profit of 58.40 billion yuan [2] - The total management scale of public funds reached 34.39 trillion yuan by the end of June 2025, surpassing 35 trillion yuan by the end of July, reflecting a growing market [3] Group 2 - The top three sectors by market value held by public funds are Electronics (16.41%), Pharmaceuticals (9.79%), and Power Equipment (8.23%) [3] - The issuance of active equity funds has increased significantly, with a total issuance of 85.96 billion yuan in 2025, up nearly 60% from the previous year [3] - The trend of "daylight funds" has emerged, indicating strong demand and market activity, as seen with the rapid fundraising of the招商均衡优选混合 fund [3][4]

Summary of Key Points Core Viewpoint - The latest FOF (Fund of Funds) report reveals a strong preference for bond funds, with significant interest in various ETF, actively managed equity funds, and QDII funds as the capital market shows signs of recovery [1][3]. Group 1: FOF Holdings and Performance - In Q2, bond funds remained the primary focus for FOF, with the highest market value held in Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top 30 actively managed equity funds held by FOF saw 21 funds yielding over 20% returns, while two QDII funds exceeded 100% returns [1][19]. - The top three funds with the most significant increase in holdings were all bond funds, with Bo Shi Credit Preferred E seeing an increase of over 800 million shares [6][7]. Group 2: ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the previous year [10]. - The top five ETFs by market value held by FOF include Hai Fu Tong Zhong Zheng Short Bond ETF and Bo Shi Zhong Dai 0-3 Year National Development Bank ETF [10][12]. - The best-performing ETFs focused on the technology sector, with returns ranging from 35.98% to 49.30% [11]. Group 3: QDII Fund Insights - The highest market value QDII fund held by FOF was Hua Xia Hang Seng ETF, with over 800 million yuan in holdings [19][20]. - Two QDII funds, Hui Tian Fu Hong Kong Advantage Selected A and Guang Fa Zhong Zheng Hong Kong Innovative Medicine ETF, reported returns exceeding 100% [19][20]. Group 4: Market Outlook - FOF managers express optimism for the market's continuation, emphasizing the need for cautious investment strategies amid rapid industry rotations [23]. - The anticipated economic stabilization and potential overseas capital inflows are expected to benefit the Chinese capital market [23].

Core Viewpoint - The article highlights the investment preferences of Fund of Funds (FOF) in the second quarter of 2023, indicating a strong preference for bond funds, while also noting significant interest in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2]. Summary by Sections FOF Investment Preferences - In the second quarter, bond funds remained the primary focus for FOFs, with the highest market value held in the Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top three bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, with a year-to-date increase of 1.03% - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, with a year-to-date increase of 0.47% - Bo Shi Credit Preferred E: 1.016 billion yuan, with a year-to-date increase of 1.07% [4][5]. Active Equity Funds - The article notes that among the top 30 actively managed equity funds held by FOFs, 21 funds achieved returns exceeding 20% in the year-to-date period [1][15]. - The highest market value for an actively managed equity fund held by FOFs is the Yi Fang Da Ke Rong, valued at 384 million yuan, despite a reduction of over 380,000 shares [15][17]. QDII Funds - QDII funds have also gained traction, with the highest market value held in the Hua Xia Hang Seng ETF, totaling over 800 million yuan [20][21]. - Notably, two QDII funds, the Hui Tian Fu Hong Kong Advantage Selected A and the Guang Fa Zhong Zheng Hong Kong Innovation Drug ETF, reported returns exceeding 100% [20][21]. ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of the previous year [10]. - The top five ETFs held by FOFs in terms of market value include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan - Hua An Gold ETF: 1.004 billion yuan, with a year-to-date increase of 26.60% - Hua Xia Hang Seng ETF: 835 million yuan, with a year-to-date increase of 23.56% [10][12]. Market Outlook - FOF managers express optimism about the market's future, emphasizing the need for cautious investment strategies amid rapid industry rotations [24]. - The article suggests that the market's liquidity is relatively abundant, which may lead to faster value discovery compared to previous years [24].

Core Viewpoint - The latest FOF (Fund of Funds) report reveals a strong preference for bond funds among FOF managers, with significant interest also in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2][8]. Summary by Category FOF Holdings Overview - In Q2, bond funds remained the primary focus for FOFs, with the highest market value held in Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [2][3]. - The top 30 actively managed equity funds held by FOFs saw 21 funds yielding over 20% returns, while two QDII funds achieved returns exceeding 100% [1][12]. Top Bond Funds Held by FOFs - The top bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, 1.03% YTD return [3][9]. - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, 0.47% YTD return [3][9]. - Bo Shi Credit Preferred E: 1.016 billion yuan, 1.07% YTD return [3][5]. Changes in Holdings - The most increased holdings in Q2 were primarily in bond funds, with Bo Shi Credit Preferred E seeing an increase of over 800 million shares [4][5]. - Other notable increases included South Fund Income Treasure B and Bo Shi Fu Rui Pure Bond A, both exceeding 400 million shares [4][5]. Performance of ETFs - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of last year [8]. - The top five ETFs by market value held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF and Bo Shi Zhong Dai 0-3 Year National Development Bank ETF, with significant interest in tech-focused ETFs showing strong performance [8][9]. Active Equity Funds - The highest valued actively managed equity fund held by FOFs was Yi Fang Da Ke Rong, with a market value of 384 million yuan, despite a reduction of over 380,000 shares [11][12]. - The top 30 actively managed equity funds had a positive performance, with two funds exceeding 80% returns [12][13]. QDII Funds Performance - The highest valued QDII fund held by FOFs was Hua Xia Hang Seng ETF, with a market value exceeding 800 million yuan [16]. - Two QDII funds, Huatai Fuhua Hong Kong Advantage Selection A and Guangfa Zhong Zheng Hong Kong Innovative Medicine ETF, achieved returns over 100% [16]. Market Outlook - FOF managers express optimism for future market performance, emphasizing the need for cautious investment strategies amid rapid industry rotations [17][18]. - The anticipated economic stabilization and potential dual easing of fiscal and monetary policies in developed economies could favor the Chinese capital market [17].