来源：证券时报 2025年，公募基金行业交出一份"历史级"的答卷：业绩前20名的基金平均回报率高达141.87%；榜首产 品更以233.29%的惊人回报率，刷新行业单年度收益纪录。 与以往"冠军基金经理"频频刷屏、公司高调营销的景象截然不同，今年的业绩冠军却异常低调，公司宣 传也极为克制。这份静默背后，并非光芒黯淡，而是行业逻辑正在迭代。 回看近十年主动权益基金业绩榜单，一条进化脉络清晰可见：领跑者虽仍多集中于单一赛道，但从2025 年开始，这类绩优产品正被明确赋予"工具化"标签。这标志着中国主动权益基金行业，已告别过去"押 注式"的粗放增长，真正步入精细化、系统化运作的新阶段。 2025年绩优基金画像 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前20名的产品 中，无论是基金经理的团队构成、投资风格塑造，还是重仓行业的配置逻辑，均呈现出迥异于以往的鲜 明特征，构成了行业投研体系迭代升级的全新画像。 对比20 ...

业绩与规模双升 私募排排网最新数据显示，截至2025年11月底，全市场股票量化多头产品年内平均超额收益率达 17.25%，超九成产品实现正超额收益。百亿级私募蒙玺投资表示："2025年A股市场的成交量及流动性 相对去年大幅提升，为量化策略获取超额收益提供了丰富的基础土壤。" ● 本报记者 王辉 在活跃的成交量、鲜明的结构性行情以及科技成长主线加持下，2025年量化私募行业在多个维度迎来全 面回暖。人工智能（AI）技术的深度赋能，重塑了行业的研发与竞争格局。量化私募业内普遍预期， 2026年量化行业依然是"机遇与挑战并存"。 如果说市场贝塔是量化策略表现的外在条件，那么AI技术的深度融合则是驱动行业内在进化的核心引 擎。纵观各家私募量化机构观点，AI在量化投资中的应用，已从探索性的"可选项"，转变为关乎竞争力 的"必选项"。 蒙玺投资表示，AI"正从可选项变为必选项"。现阶段其应用已广泛渗透至数据清洗、因子挖掘、交易执 行优化等关键环节，极大提升了策略研究的效率与精细度。另一家百亿级私募世纪前沿自2020年就开始 系统布局AI，如今将AI视为"超级助手"。借助大语言模型，团队能够快速处理新闻、财报等海量文本信 ...

Core Viewpoint - The article discusses the differences in investment experiences between the Chinese A-share market and the US stock market, highlighting the challenges of timing the market in A-shares compared to the more stable performance of US stocks [3][4][6]. Group 1: Market Performance Comparison - Over the past 20 years, the annualized returns of the CSI 300 and the S&P 500 have been similar, around 8%-9% [3]. - Despite similar returns, investors feel that making money in the US stock market is easier due to its relatively stable performance [4][6]. - The A-share market experiences significant volatility, with most returns concentrated in short bursts, making it difficult for investors to profit without precise timing [9][10]. Group 2: Challenges of Market Timing - Market timing is inherently difficult due to unpredictable short-term fluctuations influenced by sudden events, emotions, and policies [19]. - Successful market timing requires a strong psychological disposition, as it involves buying during significant downturns and selling during peaks, which is challenging for most investors [21][28]. - Ordinary investors lack the advantages that institutional investors have in terms of information, research capabilities, and tools, making it harder for them to time the market effectively [28]. Group 3: Strategies for Investment - To navigate the difficulties of market timing, the article suggests focusing on investment strategies that yield stable and consistent returns over time, reducing the need for precise timing [30][32]. - A diversified approach across different assets and strategies can help ensure that some components of the portfolio remain effective regardless of market conditions, leading to smoother returns [39][47]. - The "Snowball Three-Point Method" is highlighted as a strategy that emphasizes asset diversification and the use of various fund strategies to mitigate risks and enhance long-term returns [47].

Group 1 - The national futures competition has shown a significant recovery in total profits, with a reported increase of 1.4 billion yuan on July 21 and 22 [1] - The surge in profits is driven by policy expectations, particularly in sectors like new energy, black metals, and building materials, leading to a rise in market implied volatility [1] - There is a strong positive correlation between the total profits of participants and the Wenhua Commodity Index, indicating that profits increase when commodity prices rise and decrease when they fall [1] Group 2 - Industry experts suggest that participants should avoid impulsive trading decisions and instead focus on a multi-dimensional assessment of their positions and capital allocation [2] - It is recommended that participants respect the objective facts of the initial market trends and adjust their accounts accordingly, reflecting on whether the underlying logic of long-term trends has changed [2] - Participants are advised to enhance position management and rhythm control, establishing floating stop-loss strategies to protect profit margins while being alert to further market opportunities [2]