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 1月7日，回顾2025年，权益类基金无疑是市场主角，永赢科技智选A以233.29%的年内涨幅摘得主动权益基金的桂冠，国泰基金通信 ETF以126.13%区间净值涨幅位居股票ETF基金第一。南方昌元可转债A以48.7%回报夺得债券基金冠军。FOF基金在2025年表现如何？ 数据显示， 以近三年34.33%的回报夺的三年期FOF首位；由知名基金经理林国怀管理的两只兴证全球基金产品亦表现稳健。而华夏聚 丰稳健目标A（005957.OF） 近三年回报为-8.60%，是统计中表现最差的产品，银华尊和养老2030三年持有A、民生加银康泰养老目标 日期2040三年持有A、建信普泽养老目标日期2050五年持有A、工银养老目标日期2060五年持有A等产品近三年回报也均为负值或接近 零增长。 近三年FOF业绩红榜：国泰民安养老2040三年A回报超34% 兴全、易方达两只产品上榜 拉长时间看，近三年表现领先的FOF多为积极型养老产品。国泰民安养老2040三年A（007231.OF） 以近三年34.33%的回报位居榜首， 该基金自20 ...

2025年的A股，是一场被科技浪潮裹挟的结构性牛市。上证综指18.41%、深证成指29.87%、创业板指49.57%、科创50上涨35.92%——四大指数用两位数甚 至接近50%的年度涨幅，为公募基金行业写下浓墨重彩的一页。 然而，牛市从来不是普惠的馈赠。Wind数据统计，截至12月31日的数据显示，全市场公募基金（只含主份额，下同）2025年平均收益率为19%，有95%的产 品实现正收益，98只产品净值翻倍。其中，主动权益类基金更是扬眉吐气，平均收益率达32%，永赢科技智选混合发起A以233.29%的年度回报一骑绝尘。 | 证券代码 | 证券简称 | 基金管理人 | | 否初始基投资类型(二级分类)基金经理(现任) | | 基金成立日 | | --- | --- | --- | --- | --- | --- | --- | | 022364. OF | 水嬴科技智洗A | 水扁车金 | 走 | 偏股混合型基金 | 任等 | 2024/10/30 | | 018956. OF | 中航机遇领航A | 中航星金 | 是 | 偏股混合型基金 | 韩浩 | 2023/8/10 | | 001753. OF | 红 ...

Core Insights - The article discusses the differences between Target Date Funds (TDF) and Target Risk Funds (TRF) in the context of retirement planning, highlighting their unique characteristics and suitability for different types of investors [1][2]. Group 1: Target Date Funds (TDF) - TDFs are named after the expected retirement year of the investor, such as 2045 or 2050, and are designed to automatically adjust asset allocation as the retirement date approaches [2][5]. - The core advantage of TDFs is their "one-stop" solution, which includes a "glide path" mechanism that reduces equity exposure as the investor ages, helping to mitigate common behavioral finance pitfalls [6][5]. - TDFs are suitable for novice investors or those who do not have the time to manage their accounts, as they provide a lifecycle solution without the need for active asset allocation [2][6]. Group 2: Target Risk Funds (TRF) - TRFs are named based on risk levels, such as conservative, balanced, or aggressive, allowing investors to choose funds based on their risk-return preferences [2][7]. - The investment strategy of TRFs maintains a constant risk level, with specific equity allocations, such as 30% for conservative products, making them suitable for investors with a clear understanding of their risk tolerance [8][7]. - TRFs require a higher level of self-discipline from investors, as market emotions can lead to misjudgments in risk tolerance, making them more appropriate for those who regularly assess their financial situation [9][8].

Group 1 - The fund is named "Guoshou Anbao Selected Stable Pension Target One-Year Holding Period Mixed Fund of Funds (FOF)" and is categorized as a mixed fund of funds [26][27] - The fund is open for subscription from September 25, 2025, to October 24, 2025, with no upper limit on the initial fundraising scale [33][26] - The fund has a minimum holding period of one year for each share, during which investors cannot redeem their shares [10][27] Group 2 - The fund is managed by Guoshou Anbao Fund Management Co., Ltd., and the custodian is Guangfa Bank Co., Ltd. [2][3] - The fund aims to achieve long-term stable appreciation of assets while strictly controlling downside risks and maintaining asset liquidity [29][26] - The fund's investment strategy includes investing at least 80% of its assets in publicly offered funds approved or registered by the China Securities Regulatory Commission [9][10] Group 3 - The fund allows individual and institutional investors, including qualified foreign institutional investors, to participate [30][3] - The minimum subscription amount is set at 1 RMB, and there are no upper limits on the total subscription amount during the fundraising period [36][3] - The fund may implement measures to limit subscriptions if a single investor's cumulative subscription reaches or exceeds 50% of the total fund shares [4][3]

Group 1 - The core issue highlighted is the automatic termination of two initiated funds if their net asset value falls below 200 million yuan after three years, reflecting a design flaw in the fund structure [5] - The carbon neutrality fund has seen a reduction of over 90% in size since its inception, with a cumulative loss of 43.14%, trailing its performance benchmark by 10.24 percentage points [5] - The pension target fund has returned -0.15% since its establishment, lagging behind its benchmark by 5.3 percentage points, with its size now less than a quarter of its initial value [5] Group 2 - The recent fund liquidations are not isolated incidents, as six initiated funds from the company have been closed this year due to insufficient scale [6] - Currently, 12 out of 16 initiated funds under the company have a combined size below 200 million yuan, indicating a significant issue in product strategy and market performance [6] - Industry experts point out that the limitations of the initiated fund system are evident, emphasizing the need for sustained research support and market cultivation to avoid products becoming "mini funds" [6]

Quantitative Models and Construction Methods Model Name: 景顺长城保守养老目标一年持有 A - **Model Construction Idea**: The fund aims to achieve long-term stable growth of pension assets through diversified asset allocation and fund selection, focusing on risk control and volatility management[32][34] - **Model Construction Process**: - **Strategic and Tactical Asset Allocation**: The fund uses a two-layer asset allocation model to control portfolio risk and strive to exceed benchmark returns. Strategic allocation is based on risk budget, while tactical allocation dynamically adjusts asset proportions based on macroeconomic, technical, and market sentiment factors[35] - **Quantitative and Qualitative Fund Selection**: The fund combines quantitative and qualitative methods to select outstanding fund managers and fund varieties within each asset class. This involves continuous tracking and evaluation to form a fund pool and construct a fund-of-funds portfolio[36][38] - **Risk Control Strategy**: Daily tracking of portfolio performance, regular position analysis, and stress testing. Adjustments are made when there are deviations in sub-fund styles, manager changes, or better alternatives[39] - **Bond, Stock, and Hong Kong Stock Connect Investment Strategy**: For bond investments, the fund manager determines duration and asset allocation based on macroeconomic and interest rate forecasts. For stocks and Hong Kong Stock Connect stocks, the focus is on fundamental research and valuation assessment[39] - **Model Evaluation**: The fund has demonstrated effective risk control and stable net value, with a maximum drawdown of less than 1% during periods of market volatility[40][41] Model Backtest Results - **景顺长城保守养老目标一年持有 A**: - **Annualized Return**: 5.13%[41] - **Maximum Drawdown**: 0.88%[41] - **Net Value Volatility**: 1.70%[43] - **Sharpe Ratio**: 2.94[41] - **Calmar Ratio**: 5.81[41] - **Probability of Positive Return for 3-Month Holding Period**: 100%[44] - **Minimum Return for 3-Month Holding Period**: 0.43%[44] - **Maximum Return for 3-Month Holding Period**: 2.58%[44] - **Longest Duration Without New High**: 41 days[44] Quantitative Factors and Construction Methods Factor Name: 宏观经济指标 - **Factor Construction Idea**: Reflects the performance of macroeconomic factors such as monetary policy, fiscal policy, and industrial production[38] - **Factor Construction Process**: Selection of relevant indicators to form a comprehensive scoring model based on factor signals, which ranks assets and dynamically adjusts asset allocation proportions[35][38] Factor Name: 技术指标 - **Factor Construction Idea**: Reflects market factors such as capital flows, asset price volatility, and price trends[38] - **Factor Construction Process**: Similar to macroeconomic indicators, relevant technical indicators are selected to form a comprehensive scoring model based on factor signals[35][38] Factor Name: 市场情绪指标 - **Factor Construction Idea**: Reflects market sentiment through trading data and implied volatility[38] - **Factor Construction Process**: Selection of relevant sentiment indicators to form a comprehensive scoring model based on factor signals[35][38] Factor Backtest Results - **景顺长城保守养老目标一年持有 A**: - **Annualized Return**: 5.13%[41] - **Maximum Drawdown**: 0.88%[41] - **Net Value Volatility**: 1.70%[43] - **Sharpe Ratio**: 2.94[41] - **Calmar Ratio**: 5.81[41] - **Probability of Positive Return for 3-Month Holding Period**: 100%[44] - **Minimum Return for 3-Month Holding Period**: 0.43%[44] - **Maximum Return for 3-Month Holding Period**: 2.58%[44] - **Longest Duration Without New High**: 41 days[44]

Group 1 - The fund is a mixed-type fund of funds (FOF) with a target retirement date of 2045, aiming to gradually reduce equity asset allocation as the target date approaches while increasing non-equity assets [1][2] - The fund's investment strategy includes various asset allocation strategies, equity fund selection, bond fund selection, and risk control strategies to achieve long-term reasonable returns for investors [1][2] - The fund's performance benchmark is a combination of the CSI 300 Index and the China Bond Composite Index, with specific ratios changing over time as the target date approaches [1][2] Group 2 - As of the end of the reporting period, the fund's net asset value per share was 0.9894 yuan, with a net value growth rate of 1.42% during the reporting period, outperforming the benchmark's return of 1.26% [6][7] - The fund maintained a relatively stable allocation of equity assets, with an increase in dividend assets and QDII fund allocations, while controlling duration, credit, and liquidity risks in fixed-income investments [6][7] - The fund manager has a strong background, with the current fund manager having 14.5 years of experience in the industry [4][5] Group 3 - The total number of fund shares at the end of the reporting period was 10,197,708.42, with minimal changes in subscription and redemption during the period [9][10] - The fund has not held any bonds or asset-backed securities during the reporting period, focusing instead on equity investments [7][8] - The fund management strictly adheres to regulations and internal fair trading management systems, ensuring no unfair trading practices were detected during the reporting period [5][6]

Group 1 - 华夏均衡养老目标三年持有混合发起式（FOF） fund will enter liquidation on May 27, 2025, due to its net asset value falling below 200 million yuan as of May 26, 2025 [2][4] - The fund was established on May 24, 2022, with an initial size of approximately 13.39 million yuan, and has seen a decline of over 6% since inception, with a net value of 0.9341 yuan as of May 23, 2025 [4] - This marks the second pension target fund to be liquidated in May, following the liquidation of Guotou Ruijin's five-year holding period fund due to insufficient scale [4] Group 2 - Two new personal pension financial products have been added, bringing the total to 35, as reported by China Wealth Management Network [7] - The new products are issued by Bank of China Wealth Management and are both daily open fixed-income products [7] - Since the launch of the first batch of personal pension financial products in February 2023, a total of 33 products have been successfully issued by six wealth management companies [7] Group 3 - Recent changes in fund management include the appointment of Liu Shuxia as a co-manager for two funds, alongside Wang Ling, who is leaving her position for other work commitments [5][6] - Wang Ling's departure is effective May 24, 2025, but she will continue to serve on the FOF investment decision committee [6]

Group 1 - Multiple social security fund combinations have increased their holdings in various stocks during the fourth quarter of last year, with some stocks appearing in the top ten shareholders of multiple funds [1][2][3] - The National Social Security Fund Council has announced its commitment to long-term, value, and responsible investment strategies, expressing confidence in the development prospects of the Chinese capital market [1] - The recent annual reports of listed companies reveal that social security fund combinations have entered the top ten shareholders of several companies, such as Huagong Technology and Dajin Heavy Industry [1][2] Group 2 - The management fee rate for the Zhongyin Pension 2050 five-year holding mixed fund (FOF) has been reduced from 0.9% to 0.6%, and the custody fee rate has been lowered from 0.15% to 0.10% [10] - The fund, established in March 2022, has seen its scale decrease from approximately 21.71 million yuan at inception to 19.1762 million yuan by the end of 2024, with a net value of 0.8432 yuan as of April 9, 2025, reflecting a loss of over 15% since inception [11] - Several pension target funds managed by Industrial and Commercial Bank of China have recently changed fund managers, with the addition of Zhou Yin to manage multiple funds previously overseen solely by Jiang Hua'an [11]