近期，A股市场迎来了一波显著的上涨行情，让众多投资者喜笑颜开。无论是直接投资A股还是选择基金作为投资工具，不少投资者都 在这波行情中斩获颇丰。特别是基金投资，被许多投资者视为"躺赢"的选择。据统计，若持有微盘或北证的公募基金，收益率轻松达到 50%并非难事；而科创50和创业板50等指数基金，也能带来约30%的回报；即便是相对稳健的上证指数和沪深300指数基金，也能实现 15%左右的收益。 然而，在主动权益基金领域，也存在一些表现不佳的基金。金石杂谈筛选出了表现最差的八只基金，它们分别是民生加银优选、天冶量 化核心精选、鑫元消费甄选、中信建投智享生活等。这些基金的跌幅从4.2%到近9%不等。其中，民生加银优选的基金经理为刘俊，他 自2025年4月开始担任基金经理，重仓了包括锂电龙头和消费股在内的多只股票。然而，由于这些重仓股自五六月开始持续调整，导致 基金净值下跌。 天冶量化核心精选的基金经理李申，自2015年10月加入天治基金以来，历任多个职位，但业绩惨淡。该基金三年亏损40%，五年亏损 55%，规模已逼近清盘边缘。鑫元消费甄选的基金经理姚启璠，虽然7月份才开始管理该基金，但前两任基金经理均因亏损近30%而选 ...

Group 1 - Han Shuo Technology (301275.SZ) reported its semi-annual results for 2025, with 201 institutional investors holding a total of 253 million shares, representing 59.97% of the total share capital [1] - The top ten institutional investors collectively hold 59.42% of the shares, with a slight increase of 0.11 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, accounting for a 0.16% increase, while three funds saw a slight decrease in holdings [2] - A total of 103 new public funds were disclosed this period, including notable funds such as Fu Guo Innovation Trend Stock and Huisheng Huimin Mixed A [2] - Eighteen public funds were not disclosed this period, including major funds like Guotai Guozheng Food and Beverage Industry Index A and Tianhong CSI A500 ETF [2]

Group 1 - Tonghua Golden Horse (000766.SZ) released its semi-annual report for 2025 on August 21, 2025, showing that as of August 20, 2025, 21 institutional investors disclosed holding a total of 103 million shares, accounting for 10.68% of the total share capital [1] - The top ten institutional investors include Shanghai Mukai Trading Co., Ltd., Tonghua Yongxin Investment Co., Ltd., and several ETFs, with their combined holding ratio increasing by 2.78 percentage points compared to the previous quarter, reaching 10.59% [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, namely the Southern CSI 1000 ETF, with an increase ratio of 0.18% [2] - Two public funds, including Innovation Medicine and Guolian An CSI Medicine 100A, reported a decrease in holdings, with a reduction ratio of 0.32% [2] - A total of 15 new public funds were disclosed this period, including several ETFs focused on the CSI 1000 and innovative medicine sectors [2] - One foreign institution, Hong Kong Central Clearing Limited, was newly disclosed this period [2]

Group 1 - Naxin Micro (688052.SH) reported its semi-annual results for 2025, with 102 institutional investors holding a total of 41.27 million shares, representing 28.96% of the total share capital as of August 18, 2025 [1] - The top ten institutional investors collectively hold 18.39% of the shares, a decrease of 2.45 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine funds increased their holdings, accounting for 1.15% of the total, while 18 funds decreased their holdings, representing a reduction of 0.78% [2] - A total of 67 new public funds were disclosed this period, while 23 funds were not disclosed compared to the previous quarter [2] - Among social security funds, only one fund, the National Social Security Fund 406 Combination, increased its holdings, accounting for 0.44% [2]

Group 1 - Jiuzhou Group (300040.SZ) released its 2024 annual report on April 24, 2025, with 17 institutional investors disclosing holdings of 16.7814 million A-shares, accounting for 2.78% of the total share capital [1] - The top ten institutional investors include Shanghai Muxin Private Fund Management Co., Ltd., Harbin Jiuzhou Group Co., Ltd. repurchase special securities account, MORGAN STANLEY & CO. INTERNATIONAL PLC., Goldman Sachs International, BARCLAYS BANK PLC, and several ETFs, with a combined holding ratio of 2.78%, which decreased by 1.33 percentage points compared to the previous quarter [1] - In the public fund sector, 12 new public funds were disclosed this period compared to the previous quarter, including South China CSI 2000 ETF, Ping An CSI 2000 Enhanced Strategy ETF, and others [1] Group 2 - In terms of foreign investment, three new foreign institutions were disclosed this period, including MORGAN STANLEY & CO. INTERNATIONAL PLC., Goldman Sachs International, and BARCLAYS BANK PLC, while UBS AG was not disclosed this period [2]