文 | 银行螺丝钉 （转载请注明出处） 最近，基金2025年的4季报陆续更新了，也跟大家分享一下更新后的主动基金经理池信息汇总 图。 方便大家一目了然地查询。 包括基金池中，基金的风格、股票比例、从业时间、 行业偏好、 换手率、重仓股估值、持股 集中度、基金规模等情况。 文章主要包括两个部分： （1）信息汇总长图； （2）基金定期报告如季报该怎么看。 | 信息汇总 | | | y:银行螺丝钉 | | --- | --- | --- | --- | | 深度 | 姜诚 | 006567.OF | 中泰星元价值优选A | | 价值 | 徐彦 | 008269.OF | 大成睿享A | | | 周云 | 000480.OF | 东方红新动力A | | | 何帅) | 519697.OF | 交银优势行业 | | | 遭丽 | 005267.OF | 嘉实价值精选 | | | 张坤 | 005827.OF | 易方达蓝筹精选 | | | 傅鹏博 | 007119.OF | 睿远成长价值A | | | 傳友兴 | 270002.OF | 广发稳健增长A | | 成长 | 罗佳明 | 002685.OF | 中欧丰泓沪港 ...

基金 2026 年 1 月 28 日 【平安证券】基金季度报告*主动债券型基金 2025 年三季报：降杠杆减久期，二级债基权益端增持科 技和新能源板块*20251105 证券分析师 | 郭子睿 | 投资咨询资格编号 | | --- | --- | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 任书康 | 投资咨询资格编号 | | | S1060525050001 | | | RENSHUKANG722@pingan.com.cn | | 陈瑶 | 投资咨询资格编号 | | | S1060524120003 | | | CHENYAO370@pingan.com.cn | 研究助理 胡心怡 一般证券从业资格编号 S1060124030069 HUXINYI184@pingan.com.cn 高越 一般证券从业资格编号 S1060124070014 GAOYUE384@pingan.com.cn 主动债券型基金 2025 年四季报 二级债基规模增幅较大，权益端增持非银金融和通信 相关研究报告 【平安证券】基金季度报告*主动债券型基金 2024 年四季 ...

Core Insights - The public fund industry is experiencing a normalization of fund liquidations, with over 280 funds entering liquidation by December 29, 2025, which is comparable to the 293 funds liquidated in 2024, indicating a trend of survival of the fittest in the industry [12][10][20] Fund Liquidation Overview - Among the 281 liquidated funds, mixed funds lead with 127 funds, accounting for over 45%, followed by bond funds (53) and equity funds (51) [3][14] - The distribution of liquidated funds shows significant differentiation among institutions, with Bosera Fund having the highest number of liquidations at 16, followed by several others with 9 and 8 liquidations [3][14] Fund Age and Performance - The liquidated funds include both long-standing funds over ten years old and newly established funds under one year, highlighting a diverse age range [4][15] - Notably, some funds, despite achieving positive returns, were still liquidated due to insufficient asset size, such as Huabao Yuanxi A, which had a return of 11.35% but was terminated due to net asset value falling below 50 million [6][16] Reasons for Liquidation - A significant majority of the liquidated funds, 235 out of 281, were forced to liquidate due to triggering contract termination clauses, primarily because their size remained below 50 million [7][17] - Even high-performing funds like Southern Carbon Neutral A, which had a return of 71.03%, faced liquidation due to not meeting asset size requirements, indicating a trend where investors redeem funds after achieving returns, leading to rapid size decline [8][18] Industry Implications - The trend of fund liquidations reflects a shift in the industry from a focus on initial launches to an emphasis on sustained performance, with investors encouraged to select funds with moderate sizes and avoid those with high institutional ownership [10][20] - The reduction in the "shell" value of funds, due to lower approval and issuance thresholds, has led to a market environment where underperforming funds are not maintained, resulting in a natural selection process within the industry [10][20]

Core Insights - As of October 31, 2025, the total net asset value of public funds in China reached a record high of 36.96 trillion yuan, reflecting a month-on-month increase of 0.59% from 36.74 trillion yuan at the end of September 2025 [1] Fund Management Institutions - There are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] Fund Categories Overview - The total number of funds is 13,381, with a total share of 313.80 billion and a net value of 369.60 billion yuan as of October 31, 2025 [3] - The number of closed-end funds stands at 1,329, with a net value of 36,855.15 billion yuan [3] - The number of open-end funds is 12,052, with a net value of 332,743.67 billion yuan [3] Specific Fund Types - Stock funds reached a net value of 5.93 trillion yuan, while mixed funds and bond funds had net values of 4.26 trillion yuan and 7.1 trillion yuan, respectively, showing slight month-on-month declines [3] - QDII funds and money market funds achieved net values of 9.39 trillion yuan and 15.05 trillion yuan, with month-on-month growth rates of 3.12% and 2.63% respectively [3]

Core Viewpoint - The article provides an overview of the updated active fund manager pool information for the third quarter of 2025, highlighting various metrics such as investment style, stock allocation, industry preferences, turnover rates, and fund sizes. Group 1: Fund Manager Information - The article includes a detailed summary of fund managers categorized by their investment styles, such as value and growth, along with their respective fund names and codes [4][5][6]. - Key metrics for each fund manager include their experience, stock allocation percentages, and the concentration of holdings [11][12][21][22]. Group 2: Fund Characteristics - The article discusses the importance of analyzing fund characteristics such as investment style, industry preference, and stock concentration when evaluating fund performance [34][36][48][53]. - It emphasizes that different investment styles exhibit varying performance over time, with value and growth styles alternating in strength [36][48]. Group 3: Fund Performance Metrics - The article outlines critical performance metrics such as stock allocation, turnover rates, and fund sizes, which are essential for assessing fund managers' effectiveness [43][59][61]. - It notes that a higher stock allocation typically leads to greater volatility in fund performance [45]. Group 4: Fund Manager Insights - The article highlights the significance of fund managers' insights in their reports, which include reflections on past performance and future market outlooks [62][63]. - It points out that the depth and detail of these insights can vary significantly among fund managers, impacting investor understanding [63].

Group 1 - The core concept of index funds is to replicate the performance of a specific index, such as the CSI 300 Index, which means the fund should rise and fall in line with the index [1][2] - Different index funds can have significant differences in performance due to tracking errors, management fees, and fund size, which can affect overall returns [2][3] - Key selection criteria for index funds include checking the tracking index, ensuring a low tracking error (preferably less than 0.3% over the past year), keeping management and custody fees below 0.5%, and selecting funds with a size greater than 500 million to avoid liquidation risks [2][3] Group 2 - High management fees can erode profits over time, with a 1.5% fee compared to a 0.5% fee resulting in double the cost, impacting long-term returns [2] - Funds with small sizes (below 200 million) are at risk of being liquidated, which can delay access to invested capital [2][3] - Investors should choose funds that align with their investment goals, such as large-cap stocks through the CSI 300 Index or growth stocks through the CSI 500 Index, avoiding mismatches between fund names and tracking indices [2][3]

Core Insights - The size of a fund, often overlooked, significantly impacts investment decisions and reflects market recognition of the fund [4][8] - Fund size is strictly regulated in China, with specific thresholds for initial fundraising and ongoing maintenance to avoid forced liquidation [4] Fund Size Implications - A larger fund size provides stability and risk resistance, akin to a large ocean liner that can weather market fluctuations without severe impacts [4] - Large funds can leverage resources such as experienced fund managers and robust research teams, enhancing their operational capabilities [4] - Conversely, large funds may lack flexibility, making it difficult to adjust portfolios quickly in response to market changes [5] Small Fund Dynamics - Smaller funds are more agile, allowing for rapid adjustments to investment strategies and the ability to capitalize on short-term market opportunities [5] - However, smaller funds have weaker risk resistance, making them more susceptible to market volatility [5] Choosing the Right Fund Size - Investors should avoid funds with sizes close to 50 million yuan, as they face stability issues and liquidation risks [6] - For money market funds, larger sizes are preferable to ensure liquidity and manage redemption effectively [6] - In bond funds, sizes below 1 billion yuan may struggle to secure competitive trading conditions, while excessively large funds may be forced into lower-yield investments [6] - Equity funds with sizes between 200 million and 1 billion yuan tend to show the best long-term performance, balancing flexibility and risk [7] Conclusion - Fund size is a critical factor influencing stability, flexibility, and potential returns, making it essential for investors to consider when selecting funds [8]

Core Insights - The total net asset value of public funds in China reached a new high of 36.25 trillion yuan as of August 31, 2025, an increase of 1.177 trillion yuan from the previous high in July 2025 [1] Fund Categories Summary - The number of public fund management institutions in China stands at 164, including 149 fund management companies and 15 asset management institutions with public qualifications [1] - Equity funds saw a significant increase in both share and scale, with a growth of 628.069 billion yuan [2] - Mixed funds continued the trend from July, experiencing a reduction in shares but achieving a scale increase of over 332.7 billion yuan due to net value growth [3] - Bond funds experienced a rare dual decline in both shares and scale [3] Fund Data Overview - As of August 31, 2025, the following data was reported: - Closed-end funds: 1,330 funds, 3,381.206 million shares, 372.472 billion yuan net value; slight decrease in fund numbers and net value from July [4] - Open-end funds: 11,798 funds, 27,785.169 million shares, 325.280 billion yuan net value; increase in both shares and net value from July [4] - Equity funds: 3,156 funds, 3,517.179 million shares, 555.0625 billion yuan net value; increase in shares and net value from July [4] - Mixed funds: 5,219 funds, 2,955.120 million shares, 416.0203 billion yuan net value; slight decrease in shares but increase in net value from July [4] - Bond funds: 2,736 funds, 5,855.683 million shares, 721.0978 billion yuan net value; slight decrease in shares and net value from July [4] - Money market funds: 367 funds, 14,807.778 million shares, 148.08954 billion yuan net value; increase in shares and net value from July [4] - QDII funds: 320 funds, 649.408 million shares, 79.7317 billion yuan net value; increase in shares and net value from July [4]

Core Insights - A total of 817 active equity funds are currently in a "submerged" state with net asset values below 1 yuan as of August 29, 2023, with 726 of these funds established between 2020 and 2022, accounting for over 88% [1][4] - The latest 2025 semi-annual report indicates a significant reduction in both the scale and number of investors in these high-positioned funds, with 648 equity funds experiencing a decline of over 1 trillion yuan in total scale and a drop in investor accounts from 51.12 million to 24.05 million, a decrease of over 50% [1][4] Fund Performance - Among the 94 ordinary stock funds with net asset values below 1 yuan, 78 were established during the market peak from 2020 to 2022, representing 82.98% [2] - Notable funds include "Open Vision," which was launched in July 2020 with a fundraising scale of nearly 17 billion yuan, currently showing a cumulative loss of 22.48% since inception despite a 20.11% return this year [2] - The "Growth Pioneer" fund, established in June 2020 with over 32 billion yuan, has a cumulative loss of 16.31% since inception, despite a 28% return this year [3] Scale and Investor Reduction - The total scale of the 78 stock funds with net values below 1 yuan has decreased from 202.72 billion yuan to 59.23 billion yuan, a reduction of over 70% [4] - The 648 high-positioned equity funds have seen their total scale shrink from 1,620.99 billion yuan to 540.94 billion yuan, a decline of over 1 trillion yuan, or more than 66% [4] - The number of investors in these funds has also significantly decreased, with the 78 stock funds reporting a drop from 5.20 million to 2.56 million accounts, a reduction of over 50% [4][5] Investor Confidence - Despite a new market rally in 2025, investor confidence in actively managed equity funds remains low, with many funds still below the 1 yuan threshold [7] - The industry is undergoing a transformation, moving away from extreme thematic investments and focusing on improving research mechanisms and investor experiences [7]

Core Insights - As of July 31, 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 35.08 trillion yuan [1][2] Fund Size and Growth - The latest scale of various fund types has increased month-on-month, except for bond funds. The sizes of stock funds, mixed funds, money market funds, and QDII funds as of the end of July are 4.92 trillion yuan, 3.83 trillion yuan, 14.61 trillion yuan, and 730.44 billion yuan, reflecting month-on-month growth rates of 4.07%, 3.76%, 2.68%, and 6.77% respectively [1][2] - In contrast, the size of bond funds has decreased by 0.66%, with a current value of 7.24 trillion yuan [1][2] Fund Categories Overview - The total number of funds is 13,014, with a total net value of 350.76 billion yuan, showing an increase from the previous month [2] - The breakdown of fund categories includes: - Closed-end funds: 1,333 funds with a net value of 37,434.01 billion yuan - Open-end funds: 11,681 funds with a net value of 313,321.86 billion yuan - Stock funds: 3,074 funds with a net value of 49,225.56 billion yuan - Mixed funds: 5,203 funds with a net value of 38,274.99 billion yuan - Bond funds: 2,714 funds with a net value of 72,394.83 billion yuan - Money market funds: 369 funds with a net value of 146,126.05 billion yuan - QDII funds: 321 funds with a net value of 7,300.44 billion yuan [2]