整体来看，在这波牛市行情中，百亿级明星基金经理的表现参 差不齐。其中，有部分明星基金经理成功抓住了市场热点，取 得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明 星基金经理的业绩表现不尽如人意，甚至跑输了大盘。 作者：洪小棠 封图：图虫创意 今年以来，A 股市场走出了震荡上行的牛市行情。截至8月13日，上证指数年内涨幅9.90%，深证 成指年内上涨10.91%，创业板指同期涨幅16.57%。同期，万德偏股混合型基金指数今年以来的收 益率为19.67%，近一年该指数更是创造了38%的收益率。 在这波 牛 市行情中，明星基金经理们的表现如何？是否能做出超越市场的超额收益？ Wind数据显示， 截至二季度末，共近20位主动权益类明星基金经理在管规模超过200亿元。 这些 明星基金经理的投资风格各异，涵盖了成长、价值、均衡、主题等多种风格，他们的投资决策不仅 影响着市场的走势，也牵动着无数投资者的心。 整体来看，在这波牛市行情中，百亿级明星基金经理的表现参差不齐。其中，有部分明星基金经理 成功抓住了市场热点，取得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明星基金经理 的业绩表现不尽如人意，甚至跑输了大盘 ...

Core Insights - The public fund industry in China has shown significant performance in the first half of 2025, with a total of 3,533 dividend distributions amounting to 127.51 billion yuan, representing a year-on-year growth of 37.53% [2][3] - Bond funds accounted for over 85% of the total dividend amount, while QDII funds saw a staggering year-on-year increase of 1,163.94% in dividend payouts [2][3] - Despite the impressive dividend growth, the industry has experienced a high turnover of fund managers, with 662 departures in the first half of the year, the highest in nearly a decade [6][7] Dividend Distribution Summary - Bond funds: 2,856 distributions, 94.98 billion yuan, up 19.79% year-on-year [3] - Equity funds: 362 distributions, 22.53 billion yuan, up 229.62% year-on-year [3] - REITs: 69 distributions, 4.55 billion yuan, up 19.17% year-on-year [3] - Mixed funds: 208 distributions, 4.60 billion yuan, up 76.94% year-on-year [3] - QDII funds: 27 distributions, 0.79 billion yuan, up 1,163.94% year-on-year [3] Market Trends - The increase in dividends is believed to enhance market confidence and meet investors' demand for stable cash flow, leading to optimistic expectations for the second half of the year [5] - The high turnover of fund managers raises questions about the underlying changes in the public fund market, particularly as many well-known managers have left their positions [6][8] - The shift from a "star manager" driven market to a more team-oriented approach reflects a broader change in the industry, emphasizing the importance of collective research capabilities over individual performance [17][18] Fund Performance - Approximately 87% of public funds achieved positive returns in the first half of 2025, with the best-performing fund, Huatai-PB Hong Kong Advantage Selection A, seeing a net value increase of 86.48% [20] - The top 50 funds by growth were predominantly focused on innovative pharmaceuticals and themes related to the Beijing Stock Exchange [20][22] Fund Issuance Trends - A total of 680 new funds were launched in the first half of 2025, marking a 7.94% increase year-on-year and a 32.55% increase from the previous half [23] - Equity funds led the issuance with 390 new products, accounting for 57.35% of the total, with passive index funds dominating this category [23][24] - FOF funds also saw significant growth, with an 82.35% year-on-year increase in issuance, highlighting a growing interest in diversified investment strategies [24]