2025年公募基金业绩争夺战尘埃落定，1只基金涨幅超过2倍，另有89只基金业绩翻倍，更是有超过1100只 基金年度业绩涨幅超过50%，这些基金业绩大幅跑赢指数，也跑赢了不少投资者的股票账户收益。 当前，公募基金市场呈现主动权益基金和ETF等被动产品共同扩容的态势，海量产品让投资者陷入选基难的困 境。但更深层的变化在于，公募产品正逐步褪去基金经理投资理念载体的属性，转向工具化的功能定位，这意 味着基金投资者的选基逻辑也必须从"单押一只绩优基金"转向"精准匹配需求的组合配置"。 过去，部分基民习惯重仓一两只基金，将全部身家押注在单一基金经理身上。但公募基金行业正发生根本变 革，基金公司不再强求基金经理拓展全能能力圈进行全市场选股，反而鼓励其深耕擅长领域，通过资产端与客 户需求端的协同，成为投资者资产配置体系中的一部分。 从近年市场展现出的投资机会来看，要求基金经理在短短数年间既要精准挖掘核心资产、白马股，又要紧跟新 能源、人工智能等各类成长赛道的机会，本身就是不切实际的理想主义；即便公募行业出现了这类稀缺人才， 其离职后也可能导致产品全市场选股策略难以为继，投资者利益难以长期保障。 对基金公司而言，与其培养全能型 ...

对基金公司而言，与其培养全能型基金经理，不如打造细分领域的专业选手，根据基金经理自身能力， 按投资风格划分为价值派、成长派，或者进一步细化为深度价值、均衡价值、质量价值、成长价值、趋 势投资以及各类细分成长赛道等多元策略，既能提升投研效率，也能为投资者提供更精准的配置工具。 这一趋势，直接决定了基民单押基金经理的模式已难以为继。 面对这一变化，不少专业理财顾问给出的核心思路是"攻守兼备、均衡配置"：以核心主线布局打底，搭 配卫星赛道机会捕捉，避免单一基金或风格的集中风险，既不踏空市场行情，也能对冲波动影响。 2025年公募基金业绩争夺战尘埃落定，1只基金涨幅超过2倍，另有89只基金业绩翻倍，而年度业绩涨幅 超过50%的基金更是超过了1100只。这些基金业绩大幅跑赢指数，也跑赢了不少投资者的股票账户收 益。 不少基民为错失这些业绩优异的产品耿耿于怀。然而，在公募行业加速迈向投研一体化、平台化的浪潮 中，公募基金产品定位角色发生的变化，要求基民自身买基认知也需要同步更新。 公募基金正全面进入工具化时代，一些旧有配置思路也应为适应市场而发生变化。 当前，公募基金市场呈现主动权益基金和ETF等被动产品共同扩容的时代， ...

证券时报基金研究院 吴琦 2025年公募基金业绩争夺战尘埃落定，1只基金涨幅超过2倍，另有89只基金业绩翻倍，而年度业绩涨幅 超过50%的基金更是超过了1100只。这些基金业绩大幅跑赢指数，也跑赢了不少投资者的股票账户收 益。 不少基民为错失这些业绩优异的产品耿耿于怀。然而，在公募行业加速迈向投研一体化、平台化的浪潮 中，公募基金产品定位角色发生的变化，要求基民自身买基认知也需要同步更新。 面对这一变化，不少专业理财顾问给出的核心思路是"攻守兼备、均衡配置"：以核心主线布局打底，搭 配卫星赛道机会捕捉，避免单一基金或风格的集中风险，既不踏空市场行情，也能对冲波动影响。 市场变化催生服务升级，多家机构已嗅到行业商机并布局落地：雪球力推三分法资产配置，盈米基金较 早就打造了"且慢四笔钱"投顾体系，招商银行构建TREE资产配置服务框架，这些服务本质上都是在引 导投资者从"选产品"转向"做配置"。 一位公募基金总经理曾打过一个形象的比喻，现在的基金公司就如同资深大厨：既能根据投资者自身需 求提供菜品丰富的"菜单"，也能推出现成的"套餐"，为缺乏配置能力的投资者提供一站式解决方案。 对基民而言，唯有摒弃追牛基、迷信明星 ...

Core Viewpoint - The public FOF industry is accelerating towards a 2.0 era characterized by diversified, globalized, and tool-based asset allocation, with Penghua Fund leading the way through innovative strategies and product offerings [1][4]. Group 1: Industry Trends - The proportion of commodity funds in public FOFs increased from 20.16% to 49.40% from 2020 to 2024, while QDII equity funds rose from 25.81% to 65.93%, and QDII bond funds jumped from 4.03% to 32.06% [2]. - By the end of 2024, 8.27% of FOFs had allocated to REITs, indicating a growing interest in real estate assets [2]. - Passive funds are gaining importance, with stock index and bond index fund holdings increasing from 70.97% and 35.48% to 86.69% and 60.69%, respectively, and 90.73% of FOFs holding ETFs, significantly above the market average of 11.93% [2]. Group 2: Company Strategies - Penghua Fund emphasizes a customer-centric product design philosophy, creating a multi-tiered FOF product line that includes target date funds (TDF), target risk funds (TRF), and actively managed funds to meet diverse investor needs [3]. - The TDF products utilize a "glide path" strategy to gradually reduce equity exposure as the target date approaches, aligning with the changing risk tolerance of investors over their life cycles [3]. - Penghua is also exploring customized FOF/MOM services for high-net-worth and institutional clients, offering tailored solutions across various risk levels [3]. Group 3: Investment Philosophy - The investment philosophy of Penghua Fund combines a focus on domestic market opportunities with a global perspective, aiming to enhance portfolio diversity and stability [4]. - The research team prioritizes fundamental analysis of the A-share market while dynamically adjusting asset allocation based on macroeconomic cycles and industry trends [4]. - Penghua has developed a systematic FOF management framework that includes strategic and tactical asset allocation, risk management, and fund manager selection to support its diversified and global investment practices [4]. Group 4: Risk Management - Penghua Fund has established a comprehensive risk management system that integrates risk constraints during product design and employs quantitative models for real-time monitoring [5]. - The fund manager selection process utilizes a multi-factor fund database to ensure selected managers have sustainable alpha generation capabilities [5]. - The proprietary "Dynamic Beta Adjustment System" enhances tactical allocation efficiency and adaptability in extreme market conditions by quantifying risk exposure of passive tools like ETFs [5].