2025年，公募基金行业交出一份亮眼答卷，业绩排名前20的基金平均回报率高达141.87%，业绩第一名更是 以233.29%的回报，刷新了公募基金单年度收益率历史纪录。 与以往冠军基金经理频繁占据财经头条、基金公司高调营销造势的景象不同，2025年的业绩冠军却格外低调， 甚至无人知晓基金经理姓名，基金公司也更加克制，未开展铺天盖地的业绩宣传。 回溯主动权益基金近十年业绩榜单变迁，一条清晰的进化脉络浮出水面，相似之处在于，年度业绩领跑者大部 分依旧是聚焦单一赛道的基金产品；核心差异则在于，从2025年起，这些押注单一赛道的大部分绩优基金，将 被深深烙上"工具化产品"的标签。这一变化的背后，恰是中国主动权益基金行业告别粗放式规模增长，迈向精 细化、系统化运作的转型缩影。 2025年"牛基"画像：告别"明星依赖" 2025年，公募基金行业投研架构升级按下加速键，"平台式、一体化、多策略"的投研体系建设全面提速，基金 经理团队制管理模式也随之在行业内落地铺开。 这一变革的成效，在2025年度业绩头部阵营中得到直观体现。2025年主动权益基金业绩排名前20强的产品中， 无论是基金经理的团队构成、投资风格塑造，还是重仓行 ...

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at achieving high-quality development, with a focus on addressing core challenges and outlining a new blueprint for 2026 [1][3]. Group 1: Industry Development and Challenges - By the end of 2025, the total scale of the public fund industry reached nearly 37 trillion yuan, with ETF business surpassing 6 trillion yuan, indicating a robust growth trajectory [3]. - The industry is experiencing a transformation characterized by the implementation of key policies such as floating fee rate funds, sales expense management rules, and performance benchmark standardization [4][5]. - There are ongoing debates regarding the clarity of certain regulatory provisions, particularly in the area of fund sales behavior, which require further guidance from regulatory authorities [4][5]. Group 2: Product Innovation and Market Dynamics - The public fund industry faces challenges of product homogeneity and insufficient innovation, particularly evident in the ETF sector, where the number of products increased from approximately 1,000 to 1,381 in 2025 [6][7]. - Many fund companies are following trends rather than leveraging their research advantages, leading to a waste of resources and a decline in investor confidence [6][7]. - A significant number of ETFs launched since 2024 have experienced substantial capital outflows, highlighting the risks associated with lack of differentiation [6][7]. Group 3: Balancing Interests of Fund Companies and Investors - The misalignment of interests between fund companies and investors is a fundamental issue, with companies prioritizing short-term scale over long-term performance [8][9]. - The current market environment incentivizes aggressive strategies that may lead to high risks and potential losses for investors, creating a conflict where funds profit while investors do not [8][9]. - Achieving a balance between the interests of fund companies and investors requires innovative mechanisms and a shift in focus towards long-term value creation [9]. Group 4: Challenges for Small and Medium-sized Fund Companies - The public fund industry exhibits a "Matthew effect," where smaller firms struggle due to limited resources and talent retention, making it difficult to compete on scale [10][11]. - Small and medium-sized firms are encouraged to focus on niche markets and collaborate closely with distribution channels to create customized products [10][11]. - However, many of these firms face difficulties in executing differentiated strategies, often missing out on market opportunities [11][12]. Group 5: Trends Shaping the Future of the Industry - The industry is expected to shift from a "scale-oriented" approach to one that prioritizes "quality," emphasizing investor satisfaction and long-term returns [15][16]. - A new wave of industry consolidation is anticipated, with some firms leveraging mergers and acquisitions to enhance their market position [16][17]. - The rise of tool-based investment products is transforming the landscape, allowing for more granular asset allocation and a focus on specific market segments [18][19]. - AI is projected to play a crucial role in investment decision-making, evolving from a supportive tool to a central component of investment strategies [20][21]. - The sales approach in the fund industry is transitioning towards a "buy-side service" model, emphasizing long-term client relationships and value creation over short-term sales metrics [22][23].

Core Viewpoint - The Chinese public fund industry is transitioning from "rapid growth" to "high-quality development" after a significant self-revolution in 2025, marking a critical juncture for the industry [1][2]. Group 1: Shift in Growth Paradigm - The industry is moving from a "scale-first" approach to a "quality-first" mindset, focusing on "investor satisfaction" as the new growth paradigm [3]. - Under the guidance of the "Action Plan for Promoting High-Quality Development of Public Funds," the industry is optimizing fee structures and aligning interests between fund companies and investors, emphasizing long-term investment returns [3]. - The third phase of fee reform is solidifying, leading to a rational return of management fees, reducing investor costs, and fostering a service-driven and performance-driven model for fund companies [3]. Group 2: Industry Restructuring - A new wave of industry consolidation is anticipated, with some fund companies expected to grow stronger through mergers and resource integration, creating comprehensive financial entities [4]. - Smaller fund companies are finding success through differentiated competition, focusing on specialized areas such as quantitative strategies and public REITs, while those lacking distinct identities face survival challenges [4][5]. - The "Matthew Effect" will become more pronounced, with leading institutions leveraging brand and scale advantages, while smaller firms seek growth through niche positioning [4][5]. Group 3: Tooling and Granularity - The trend of "tooling" is leading to a new era of granular investment products, with fund companies developing increasingly detailed tools for asset allocation [6]. - Index products are evolving from broad categories to highly specialized offerings, providing low-cost entry points into specific sectors [6]. - Active equity funds are undergoing a "tooling transformation," with new regulations expected to enhance the clarity of investment styles and their associated alpha generation [7]. Group 4: AI in Investment Research - AI is transitioning from a supportive role to becoming a "second brain" in investment decision-making, enhancing cognitive capabilities and decision-making processes [8]. - The integration of AI into investment research is expected to evolve into a collaborative decision-making partnership, driving the industry towards a more industrialized model [9]. - AI will also enhance operational efficiency across governance, compliance, and risk management, while aiding in the design of more refined products [9]. Group 5: Sales Transformation - The fund sales sector is set to undergo a comprehensive restructuring, focusing on customer-centric approaches rather than scale-driven growth [10]. - Regulatory changes are prompting a shift in sales strategies, emphasizing long-term client relationships and real returns over initial sales figures [11]. - The sales ecosystem is expected to evolve towards a model that prioritizes sustained engagement and service quality, addressing the industry's historical issues of misalignment between fund performance and investor returns [11].

Core Insights - The article discusses the transformation of China's public fund industry from scale growth to value creation, highlighting the unique strategies of Yongying Fund in achieving significant growth despite a challenging market environment [1][15]. Group 1: Company Strategy - Yongying Fund has experienced a remarkable increase in its active equity product scale, reaching 93.464 billion yuan, with a year-to-date growth of 76.6 billion yuan, the highest in the market [1][3]. - The management team at Yongying Fund recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area since 2018 [3][4]. - During the market downturn from 2022 to 2023, Yongying Fund made counter-cyclical investments by expanding its equity research team and launching ten new funds focused on new productivity and traditional industry upgrades [4][5]. Group 2: Investment Philosophy - Yongying Fund emphasizes that every fund manager should also act as a product manager, focusing on customer value and product positioning [5][6]. - The company has established a unique "product meeting" mechanism to facilitate collaboration among various departments, enhancing decision-making efficiency [6][10]. - The fund's product lines are clearly defined, with experienced managers overseeing foundational products while younger talent manages niche offerings [6][7]. Group 3: Market Positioning - Yongying Fund's "Smart Selection" product series has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [8][9]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [9][10]. - The rapid growth of the "Smart Selection" products, with one fund reaching 11.521 billion yuan by the end of Q3, illustrates the success of this strategy [9][10]. Group 4: Long-term Vision - Yongying Fund aims to build a platform-type asset management company with diverse product lines to mitigate the volatility of individual asset classes [11][12]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [12][13]. - The firm's approach serves as a reference for the industry, demonstrating that mid-sized fund companies can thrive through differentiated strategies and a focus on core competencies [13][14].