01、7只基金收益超140% 权益类基金终于又扬眉吐气了。 2025年，全市场4378只主动权益类基金的平均收益率超30%，其中近八成跑赢业绩比较基准，赚钱效应 全面扩散。 截至2025年12月31日，75只主动权益基金年内收益率突破100%，永赢科技智选A以233.29%的收益锁定 年度冠军，甚至刷新公募史上年度收益的纪录。此前的纪录由华夏基金前基金经理王亚伟管理的华夏大 盘精选基金保持，该基金在2007年创造了226.24%的收益。也就是说，永赢科技智选A打破了华夏大盘 精选保持了18年的纪录。 | 基金名称 | 2025年收益率(%) | 规模(亿) | 成立年限 基金经理 | | --- | --- | --- | --- | | 永赢科技智选A | 233.29 | 22.78 | 1.17 任桀 | | 中航机遇领航A | 168.92 | 18.81 | 2.40 韩浩 | | 红土创新新兴产业A | 148.64 | 5.32 | 10.28 露星吴 | | 恒越优势精选A | 147.85 | 2.46 | 4.76 吴海宁 | | 信澳业绩驱动A | 143.09 | 7.13 | 3.3 ...

Core Viewpoint - The A-share market has shown strong vitality, with the margin financing balance reaching a historical high of 2.29699 trillion yuan as of September 1, 2025, surpassing the previous peak of 2.27 trillion yuan in June 2015, indicating a significant increase in investor engagement and market activity [1][5][8]. Group 1: Market Performance - The A-share margin financing balance has remained above 2 trillion yuan for over 20 trading days since August 5, 2025, reflecting heightened trading activity [1][3]. - As of September 2, 2025, the margin financing balance was recorded at 2.288 trillion yuan, showing a slight decline but still maintaining a high level [1][2]. - The total trading volume of A-shares reached 3 trillion yuan on August 27, 2025, indicating strong market enthusiasm [3]. Group 2: Sector Focus - The technology sector, particularly semiconductors, electronics, and computers, has emerged as the leading area for margin financing, attracting significant inflows of leveraged funds [5][6]. - From August 1 to September 2, 2025, 43 stocks received net margin financing of over 1 billion yuan, with 10 stocks exceeding 2 billion yuan, highlighting the focus on high-growth technology companies [5][6]. Group 3: Structural Characteristics of Fund Flows - The inflow of funds is characterized by a structural divergence, with core technology sectors like semiconductors and electronics attracting significant leverage, while traditional cyclical sectors face cautious funding [6][7]. - The top ten industries with the highest net margin financing since August 1, 2025, are dominated by technology, reflecting investor confidence in high-growth potential [6][7]. Group 4: Market Sentiment and Future Outlook - Analysts suggest that the current high level of margin financing indicates a vibrant market, but caution that leveraged funds are sensitive to market fluctuations, which could lead to rapid declines if trends reverse [9]. - The market is expected to maintain a volatile upward trend, supported by ongoing policy measures and investor confidence in technology and domestic consumption sectors [8][9].

Core Viewpoint - Sichuan Shuangma reported a significant decline in 2024 revenue and net profit, primarily due to capital market fluctuations and decreased sales in the building materials sector [1][2] Financial Performance - In 2024, the company achieved revenue of 1.075 billion, down 11.87% year-on-year, and a net profit of 309 million, down 68.61% year-on-year [1] - For Q4 2024, total revenue and net profit were 330 million and 65 million respectively, reflecting year-on-year declines of 20.16% and 79.56% [1] - In Q1 2025, revenue reached 325 million, up 52.53% year-on-year, while net profit surged to 117 million, up 1236.09% year-on-year [1] Business Segments - Private equity business revenue in 2024 was 452 million, down 2.93% year-on-year, with expected performance fees of 1.023 billion if all investments exit at current fair values [2] - The biopharmaceutical segment generated revenue of 29 million in 2024, with Shenzhen Jianyuan included in the consolidated financials from November 6, 2024 [2] - The building materials segment faced weak market demand, resulting in revenue of 594 million in 2024, down 21.19% year-on-year [2] Profit Forecast and Valuation - The company is expected to see a recovery in private equity business driven by co-investment returns, with potential listings of invested companies anticipated in the near future [3] - Projected net profits for 2025-2027 are 650 million, 990 million, and 1.38 billion respectively, reflecting year-on-year growth rates of 111%, 52%, and 39% [3] - A price-to-earnings ratio of 28 is anticipated for 2025, maintaining a "buy" rating [3]