来源：市场资讯 （来源：创业板观察） 2025年这一轮行情反复之中，百亿主动权益基金经理的版图已经悄然换了一拨人。Wind数据显示，按照产品合计管 理规模（含共管）统计，截至2025年末，百亿主动权益基金经理数量增至109位，比2024年末的71位明显增多。 （注：本次统计仅纳入各基金经理管理的主动权益类产品，如同时管理其他非主动权益基金，其对应规模未计入， 下同） 从名单结构看，呈现出两大特点，一方面，老牌顶流仍占据榜首，但规模回撤已经成为不少明星管理人的共同特 征；另一方面，一批此前规模尚在百亿线下基金经理，在一年时间里迅速站上百亿乃至数百亿台阶，成为新一轮资 金追逐的焦点。 "这两年百亿经理这块已经不是简单的马太效应了。"有公募权益投资总监直言，旧有的头部格局并未被彻底打破， 但增量资金的分配方式正在变化，既有对老牌经理的减持，也有对新面孔的加仓，榜单背后折射的是投资风格轮 动、渠道偏好和持有人结构的多重调整。 如果把时间轴对比到2024年末，可以清晰看到一个此消彼长的轨迹：部分在前两年叱咤风云的明星管理人，规模出 现不同程度收缩；与此同时，围绕中欧、永赢、富国、广发等公司的多位新晋百亿经理迅速补位，行 ...

以下文章来源于创业板观察 ，作者吴雨其 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 2025年这一轮行情反复之中，百亿主动权益基金经理的版图已经悄然换了一拨人。 Wind数据显示，按照产品合计管理规模（含共管）统 计，截至2025年末，百亿主动权益基金经理数量增至109位，比2024年末的71位明显增多。 （注：本次统计仅纳入各基金经理管理的主 动权益类产品，如同时管理其他非主动权益基金，其对应规模未计入，下同。） 从名单结构看，呈现出两大特点， 一方面，老牌顶流仍占据榜首，但规模回撤已经成为不少明星管理人的共同特征；另一方面，一批此前 规模尚在百亿线下基金经理，在一年时间里迅速站上百亿乃至数百亿台阶，成为新一轮资金追逐的焦点。 "这两年百亿经理这块已经不是简单的马太效应了。"有公募权益投资总监直言，旧有的头部格局并未被彻底打破，但增量资金的分配方式正 在变化，既有对老牌经理的减持，也有对新面孔的加仓，榜单背后折射的是投资风格轮动、渠道偏好和持有人结构的多重调整。 如果把时间轴对比到2024年末，可以清晰看到一个此消彼长的轨 ...

Core Viewpoint - The article provides an overview of the updated active fund manager pool information for the 2025 semi-annual report, highlighting various metrics such as investment style, stock ratio, industry preference, turnover rate, valuation of heavy holdings, concentration of holdings, and fund size [1][3][36]. Summary by Sections Fund Manager Information - The article lists various fund managers along with their respective funds, categorized by investment style such as value and growth [4][6][16][17]. Key Metrics - The article emphasizes the importance of several key metrics when analyzing fund performance, including: - **Investment Style**: Different funds exhibit varying performance based on their investment styles, with value and growth styles showing distinct phases of strength [38][41]. - **Stock Ratio**: Active funds typically maintain a stock ratio around 90%, with higher ratios indicating greater volatility [45][46]. - **Industry Preference**: Fund managers often focus on specific industries where they have expertise, which can influence their investment decisions [50][52]. - **Holding Concentration**: The concentration of the top ten holdings can indicate potential volatility, with higher concentrations leading to greater fluctuations [55][56]. - **Heavy Holdings Valuation**: The valuation of top holdings is assessed to gauge the fund's overall performance, with growth style funds generally having higher valuations [61]. - **Turnover Rate**: A turnover rate below 200% is considered low for active funds, indicating stability in the fund's portfolio [62][63]. - **Fund Size**: The size of the fund can impact its ability to generate excess returns, with larger funds facing more challenges [65][66]. Fund Manager Insights - The article discusses the significance of fund managers' insights in their reports, which include reflections on past performance and future market outlooks, with the latter being particularly important for investors [68][70].

Group 1 - The core conclusion of the report indicates that the recent investment style is characterized by three main features: new, small, and fast. The strongest industry trends since September last year are AI and new consumption, which align with new industrial logic [2][6][7] - The first feature, "new," highlights that the strongest industries during 2013-2015 were TMT (Technology, Media, and Telecommunications) driven by the growth of mobile internet, similar to the current AI trend. New consumption sectors such as dining, tourism, light industry, and textiles outperformed traditional sectors like food and home appliances [3][6][7] - The second feature, "small," notes that small-cap stocks are currently active, especially during market fluctuations, mirroring the performance of small-cap stocks during 2013-2015 [11][15] - The third feature, "fast," refers to the rapid rotation of market trends, with AI and robotics showing strong excess returns in Q4 of last year and Q1 of this year, but weaker performance recently. This mirrors the volatility seen in TMT during 2013-2015 [12][15] Group 2 - The report identifies the underlying reasons for the current investment style as a weak economy with a strong market, a decline in old funds (active public funds), and a rise in new funds (financing balance, speculative quantitative funds). Additionally, continuous policy support is noted, with a slow IPO pace [15][19] - The report suggests that despite a weak economic backdrop, there are structural opportunities in the stock market, similar to the conditions observed during 2013-2015 when economic growth was also weak [15][19] - The report anticipates that the market may experience a slight pullback from late May to July, with pressures including slow economic recovery and reduced trading enthusiasm among retail investors. However, a return to a bullish market is possible in Q3 if any of the factors related to earnings, policy, or retail funds turn optimistic [21][23]

Core Viewpoint - The article provides an overview of the updated active fund manager pool information for Q1 2025, including various metrics such as investment style, stock ratio, industry preference, turnover rate, valuation of heavy holdings, concentration of holdings, and fund size [1][2][30]. Active Fund Manager Pool - The article lists various fund managers along with their respective funds, highlighting their investment styles such as growth, value, and balanced strategies [1][3][10]. Investment Style - Investment styles are categorized into growth and value, with historical performance trends indicating periods of dominance for each style. The article emphasizes the importance of selecting fund managers with a consistent investment style [33][34]. Fund Manager Tenure - The article discusses the significance of fund manager tenure, suggesting that experienced managers who have navigated through market cycles are more likely to deliver reliable performance [36][37]. Stock Ratio - The stock ratio, or the proportion of stocks held in a fund, is highlighted as a critical metric. Active funds typically maintain a stock ratio around 85% to 90%, with higher ratios indicating greater volatility [39]. Industry Preference - Fund managers often focus on specific industries where they have expertise. The article suggests analyzing the top three industries that a fund manager invests in for better risk diversification [41][42]. Holding Concentration - The concentration of holdings, defined as the percentage of the fund's net assets represented by the top ten holdings, is discussed. Higher concentration typically leads to greater volatility [43]. Heavy Holdings Valuation - The article notes that the valuation of heavy holdings can be estimated from the fund's periodic reports, although it may not be entirely accurate due to infrequent updates [44]. Turnover Rate - The turnover rate, indicating how frequently a fund manager buys and sells stocks, is mentioned as a key metric. A turnover rate below 200% is considered low for active funds [46]. Fund Size - The size of the fund is discussed, with larger funds potentially facing challenges in generating excess returns due to increased management difficulty and limitations on investment choices [49]. Fund Manager Insights - The article emphasizes the importance of fund manager insights, which include reflections on past performance and future market outlooks. These insights can vary significantly among managers [51].