小结： 2025年公募翻倍基金核心赛道收益特征清单 1. 高景气贯穿全年，贝塔收益确定性强 科技、有色金属、商业航天为三大核心主线，全年行情无明显断层，为基金布局提供稳定的收益基础，是80只翻倍基金的 共通持仓方向。 2025年度公募基金收益率排行榜揭晓，主动权益基金凭借亮眼表现成为市场绝对焦点。根据choice数据整理，全年翻倍基 金数量达到80只，批量牛基的涌现，本质是A股结构性行情红利、核心赛道爆发与基金管理人专业能力深度共振的结果。 回顾过去的一年，A股市场为权益投资提供了优良土壤，主要股指全年录得亮眼涨幅：沪指收涨18.41%，创10年新高并实 现11连阳；深成指累计上涨29.87%，创业板指涨幅更是高达49.57%，成长风格资产迎来强势上涨周期。更关键的是，市场 呈现出清晰的结构性主线，科技、有色金属及商业航天等板块贯穿全年行情，其中AI产业链作为核心主轴，从算力基础设 施到应用端持续爆发，光模块、PCB、服务器等细分领域龙头股涨幅显著，为基金净值增长提供了强劲动力。这种高景气 赛道的集中爆发，形成了明确的贝塔收益基础，成为翻倍基金批量涌现的核心沃土。 | | | 125年主动权益基金收益TOP: ...

基金费率改革持续推进，上百亿成本下降带来的深层影响，开始逐步呈现。 根据Wind统计，包括上述两只基金在内，下半年以来已有20多只权益指数基金下调管理费率。截至12月5日， 指数权益基金整体管理费率为0.518%，2025年上半年末和2024年末的平均水平分别为0.522%、0.535%；托管 费率分别为0.103%、0.105%、0.109%。 虽然费率改革始于2023年，但被动指数基金普遍性的费率下调，发生于2024年和2025年。券商中国记者发现， 随着指数基金蓬勃发展，费率下调对基金投资者行为的影响，已从最初的成本下降拓展到了资金流向等方面。 券商中国记者从一家第三方基金研究机构获取的统计数据显示，过去十年间投资者实际支付的主动和被动型基 金费率，总体均呈下降趋势。其中，主动偏股与主动混合基金的费率在2023年开始明显下降，2024年至今的降 费主要是由被动型基金主导。2024年基金资产的加权平均费率为0.76%，较2023年下降了19个百分点。其中， 被动偏股基金费率下降幅度高达29个百分点。 不仅如此，费率下调已开始影响到基金投资者申购行为。前述基金研究机构发现，过往三年里，特别是部分 ETF的资 ...

Group 1 - The market is currently experiencing a slight decline, influenced by the December meeting and restrictions on fund dividends, leading to fluctuations in interest rates [5] - The central bank conducted a 793 billion yuan reverse repurchase operation, with 2,133 billion yuan maturing today, resulting in a net withdrawal of 1,340 billion yuan [3] - The interbank funding market shows a balanced and slightly loose condition, with the DR001 around 1.30% and DR007 around 1.44% [3] Group 2 - The yield on long-term bonds is rising, while short-term bonds remain stable, indicating a divergence in market sentiment [6] - The central bank's announcement of a 500 billion yuan bond purchase in November was smaller than expected, contributing to a stable sentiment in the bond market [5] - The 10-year government bond yield fluctuated slightly, opening at 1.8325% and reaching a high of 1.8425% before settling at 1.8375% [5][9]

Core Viewpoint - The A-share market has shown significant gains since the "9.24" rally, with 34 core indices achieving an average increase of over 50%, and four indices exceeding 100% growth as of November 21 [1][4]. Index Performance - The top-performing indices since the "9.24" rally include: - 北证50: 129.66% - 科创200: 109.57% - 创业板50: 105.20% - 科创创业20: 104.91% - 科创50: 99.96% - 科创100: 95.53% - 创业板指: 90.79% [2][3][4]. Fund Growth - Over 1,800 index funds have been established, with more than 35% of current funds launched since the second half of 2024 [1][8]. - The stock ETF market has seen significant growth, with nearly 60% of the total issuance in the last five years [1][8]. Fund Distribution - Among the 34 core indices, 32 have attracted public fund investments, with the 沪深300 index having the highest number of funds at 319 [5][6]. - The 中证A500 index has seen 279 funds since its launch in September 2024, while some older indices like 中小100 have fewer than 10 funds [5][6]. Performance Disparity - The performance of index funds varies significantly, with the 中证A500 index having around 80 fund companies involved, while some indices have very few funds despite being established for a long time [6][7]. - The largest沪深300 ETF has exceeded 4,000 billion in size, while many others remain below 100 billion [6][7]. Industry Evolution - The index fund industry has shifted from focusing on individual products to building comprehensive capabilities, with a growing emphasis on cost efficiency and tracking accuracy [8][9]. - The total ETF market has surpassed 5.6 trillion, with significant contributions from major fund management companies [8][9].

11月21日，A股出现调整，但从去年"9·24"行情启动以来的一年多的时间来看，权益资产依然取得了显 著收益。截至11月21日，A股34只核心指数从去年"9·24"行情以来均实现上涨，平均涨幅超过50%，其 中有4只指数涨幅超100%。 从证券时报记者梳理来看，核心指数的上涨给1800多只指数基金带来了贝塔收益，指数基金则在行情共 振中加速发展。2024年下半年至今成立的指数基金数量，在当前存续的指数基金数量中占比超过35%。 从近5年情况看，这期间发行的股票ETF规模，在股票ETF发行总规模中占比接近60%。但由于资源禀赋 和跟踪误差等原因，不同公司的产品规模和业绩，存在显著的分化。 布局基金超1800只 根据统计，自去年"9·24"行情以来，34只A股核心指数均取得了两位数的涨幅，北证50指数涨幅最大， 接近130%。科创200指数、创业板50指数、科创创业50指数等涨幅均超100%，分别为109.57%、 105.20%、104.91%。另有3只指数涨幅超90%，分别为科创50指数（99.96%）、科创100指数 （95.53%）、创业板指（90.79%）。 截至11月21日，34只核心指数中有32只获 ...

Core Viewpoint - The active equity funds are regaining popularity in the fourth quarter, outperforming passive index products due to their flexibility in capturing sector opportunities and generating alpha returns [1][2][4]. Group 1: Performance of Active Equity Funds - Since the beginning of the fourth quarter, active equity funds have shown significant performance, with some funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - As of November 18, several active funds reported returns exceeding 13%, with specific funds like 德邦乐享生活A and 银河核心优势A also performing well [2]. - The 泰信发展主题 fund had a strong focus on sectors such as lithium mining and solid-state batteries, with its major holdings seeing stock prices double in the fourth quarter [2]. Group 2: New Product Launches - There has been a surge in new product registrations for active equity funds, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Notable fund managers like 睿远基金 and 泉果基金 have launched new public offerings, indicating a shift towards active management strategies [3]. Group 3: Strategic Positioning of Funds - The industry is witnessing a strategic shift where fund managers are balancing their offerings between active and passive products, with a focus on capturing opportunities aligned with national strategies [4][6]. - 平安基金 has categorized its active equity products into four series to enhance product positioning and ensure stable investment strategies [5]. - The emphasis is on identifying sector opportunities that align with national policies, particularly in technology and advanced manufacturing [5]. Group 4: Market Dynamics and Future Outlook - The rise of passive investment has created a competitive environment, prompting active funds to redefine their strategies to focus on stock selection for generating excess returns [6][7]. - Fund managers are adapting their strategies based on market conditions, with some focusing on beta exposure to capture industry trends, while others emphasize deep fundamental analysis for alpha generation [7]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [7].

Core Viewpoint - The active equity funds are regaining popularity in the current market environment, outperforming passive index products, particularly in the fourth quarter of the year [1][2]. Active Equity Fund Performance - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - The 泰信发展主题 fund has heavily invested in sectors such as lithium mining and solid-state batteries, with key holdings like 天华新能 and 盛新锂能 seeing stock prices double [2]. Fund Reporting Trends - There has been a surge in new active equity fund registrations, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Major fund companies like 平安基金 and 广发基金 have reported multiple new stock and mixed funds in the fourth quarter [2]. Strategic Positioning of Funds - Fund companies are refining their product lines to ensure stability in investment strategies, categorizing active equity products into four series: full market stock selection, thematic tracks, index enhancement, and absolute return [4]. - The focus is on capturing opportunities aligned with national strategies, particularly in technology and advanced manufacturing sectors [4]. Market Dynamics and Investment Strategies - The market is experiencing a structural shift, with active funds able to adapt more flexibly to changing market conditions compared to passive products [4][5]. - Fund managers are encouraged to balance between beta (market trend) and alpha (excess returns) strategies, depending on their investment style and market conditions [5][6]. Future Outlook - The regulatory environment is expected to favor active equity products that can consistently generate excess returns, as indicated by recent guidelines [5]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [6].

Core Viewpoint - The recent market environment characterized by high volatility has provided a platform for flexible active equity funds to outperform passive index products, indicating a resurgence in the popularity of active equity funds [1][2][4]. Group 1: Performance of Active Equity Funds - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with some funds achieving returns exceeding 30%, such as the Taixin Development Theme Fund and Taixin Modern Service Fund [2]. - The Taixin Development Theme Fund has heavily invested in sectors like lithium mining and solid-state batteries, with stocks such as Tianhua Xinneng and Shengxin Lithium Energy doubling in price since the fourth quarter began [2]. Group 2: New Fund Submissions - There has been a surge in new submissions for active equity funds, with 54 new stock and mixed funds reported in November, surpassing the number of index funds for the first time this year [3]. - Major fund companies like Ping An Fund and GF Fund have submitted multiple new active products covering various themes, including emerging equipment, technology, and healthcare [3]. Group 3: Flexibility and Strategic Advantages - Active equity funds are regaining traction due to their ability to adapt to market changes and exploit alpha opportunities, as evidenced by their recent performance against passive funds [4]. - The current structural market conditions, characterized by rapid sector rotation, favor active management strategies that allow for timely adjustments in sector weightings [4][6]. Group 4: Future of Active and Passive Investment - The growth of passive investment has created a more competitive landscape, necessitating active funds to refine their strategies to maintain relevance and achieve excess returns [5]. - The market is expected to see a continued evolution where successful active funds focus on stock selection to generate alpha, while passive funds will enhance their offerings to meet diverse investor needs [5][6].

Core Insights - The healthcare sector's decline presents stock-picking opportunities, but an overall rebound is unlikely [1] - Year-to-date, the healthcare sector (XLV) has underperformed the S&P 500 by 8 percentage points and is on track to underperform for the third consecutive year [1] - Despite low valuations indicating potential upside, robust economic growth, the AI boom, and policy uncertainties may limit overall sector performance [1] - Alpha opportunities are seen as greater than beta returns, with increasing return rate disparities and active M&A activity in the healthcare sector driving stock selection [1] - Goldman Sachs expects M&A activity to continue growing into next year, with nearly half of its M&A concept stock portfolio consisting of healthcare companies [1] Stock Selection - Goldman Sachs has identified specific healthcare stocks from the Russell 1000 index that have recently seen upward revisions in 2026 EPS forecasts and are currently valued below historical levels [2] - Selected stocks include: Jazz Pharmaceuticals (JAZZ.US), Insulet (PODD.US), Sotera Health (SHC.US), Incyte (INCY.US), Regeneron Pharmaceuticals (REGN.US), Biomarin Pharmaceutical (BMRN.US), Universal Health Services (UHS.US), Doximity (DOCS.US), Endocrine Biosciences (NBIX.US), Vertex Pharmaceuticals (VRTX.US), Illumina (ILMN.US), West Pharmaceutical Services (WST.US), DaVita (DVA.US), Edwards Lifesciences (EW.US), Eli Lilly (LLY.US), Zimmer Biomet Holdings (ZBH.US), Penumbra (PEN.US), Nevro (NVST.US), Medtronic (MDT.US), Veeva Systems (VEEV.US), Masimo (MASI.US), Pfizer (PFE.US), Thermo Fisher Scientific (TMO.US), ResMed (RMD.US), Bio-Rad Laboratories (BIO.US), Certara (CERT.US), Align Technology (ALGN.US), Charles River Laboratories International (CRL.US), and Hologic (HOLX.US) [2]

Core Viewpoint - The A-share market has experienced a significant rebound since the "924" rally began in 2024, driven by economic recovery, supportive policies, and increased capital inflows, with notable performance from various fund products, particularly those managed by Guotou Ruijin Fund [2][3] Group 1: Active Equity Funds - Active equity funds are the core area for measuring the research and investment capabilities of fund companies, with Guotou Ruijin Fund's products showing over 30% returns in the past year, primarily driven by active equity funds [3][6] - Industry-themed funds have outperformed significantly, with Guotou Ruijin Ruiyi Reform A achieving a return of 72.58%, surpassing its benchmark by 62.81% [3][5] - Other notable performers include Guotou Ruijin Industrial Upgrade Two-Year Holding A with a return of 69.17% and Guotou Ruijin Advanced Manufacturing with a return of 50.64%, both also outperforming their benchmarks [3][5] Group 2: Quantitative Products - Active quantitative products aim for sustained excess returns through systematic investment, with Guotou Ruijin Specialized and New Quantitative Stock Selection A achieving a return of 69.46%, outperforming its benchmark by 41.31% [4][6] Group 3: Index Products - Guotou Ruijin Fund has developed a robust index product system to capture beta returns efficiently, with Guotou Ruijin CSI 500 Quantitative Enhancement A returning 29.62% over the past year, outperforming its benchmark [7][9] - The Guotou Ruijin CSI Upstream A also performed well, achieving a return of 25.90% [7][9] Group 4: Diversified Asset Allocation - The company has made significant strides in QDII, commodities, and FOF sectors, with Guotou Ruijin China Value Discovery QDII returning 22.34% and Guotou Ruijin Silver Futures A returning 33.60% [10][11] - Guotou Ruijin Balanced Pension Target Three-Year Holding A achieved a return of 20.98%, contributing to long-term pension investments [11][12] Group 5: Research and Team Development - Guotou Ruijin Fund emphasizes building a professional value creation capability, enhancing its research and investment integration, and fostering a diverse research team through mentorship [13] - The company aims to balance active and passive strategies, as well as domestic and cross-border investments, to effectively respond to investor demands [13]