业内人士认为，赛道基金走红，主要原因是其优异的业绩表现。多只有色金属赛道ETF今年涨幅超 30%，部分黄金股ETF更是涨超50%，远超市场平均水平。高收益诱惑下，投资者越涨越买，越买越推 升上涨，形成了资金抱团的循环。 少有常胜赛道 近期，赛道型基金进入聚光灯下。有色金属、AI等赛道型基金净值一路飙升，点燃投资者热情，大量 资金争相涌入。无论是主动还是被动产品，赛道型基金的吸金势头均更胜一筹。 赛道型基金的业绩锐度难免让人心动，但热闹之下，暗流涌动的风险也不容忽视。业内人士提示，应警 惕赛道型基金的"双刃剑"效应。 赛道型产品强劲吸金 区别于撒网式选股的全市场基金，赛道型基金剑指单一行业或主题。而在近期赛道型基金强势行情催化 下，有大量投资者蜂拥而至。 主动权益基金里，赛道型选手们上演大翻盘。2025年四季报显示，不少此前规模不足1亿元的小微基 金，靠着精准卡位高景气赛道，实现规模数十倍的暴增。 例如，某聚焦半导体产业的基金产品，首募不到1亿元，短短一个季度，其规模飙升至超90亿元，增长 超90倍。一家基金公司旗下的医药生物主题基金同样规模大增，从2025年三季度末的0.39亿元增至2025 年四季度末的8亿 ...

区别于撒网式选股的全市场基金，赛道型基金剑指单一行业或主题。而在近期赛道型基金强势行情催化 下，有大量投资者蜂拥而至。 主动权益基金里，赛道型选手们上演大翻盘。2025年四季报显示，不少此前规模不足1亿元的小微基 金，靠着精准卡位高景气赛道，实现规模数十倍的暴增。 例如，某聚焦半导体产业的基金产品，首募不到1亿元，短短一个季度，其规模飙升至超90亿元，增长 超90倍。一家基金公司旗下的医药生物主题基金同样规模大增，从2025年三季度末的0.39亿元增至2025 年四季度末的8亿元。 行业ETF作为被动投资的赛道型产品，更是强劲吸金。数据显示，2026年开年以来，多只沪深300ETF 宽基产品被抛售超千亿元，而有色金属、化工、电网设备等赛道ETF却逆势揽金超百亿元。在资金净流 入额居前60名的ETF里，赛道型产品占比超九成。 业内人士认为，赛道基金走红，主要原因是其优异的业绩表现。多只有色金属赛道ETF今年涨幅超 30%，部分黄金股ETF更是涨超50%，远超市场平均水平。高收益诱惑下，投资者越涨越买，越买越推 升上涨，形成了资金抱团的循环。 赛道型基金的业绩锐度难免让人心动，但热闹之下，暗流涌动的风险也不容忽视 ...

● 本报记者 张韵 当人工智能、半导体、有色金属等主题产品净值持续飙升，当行业ETF大举吸金逐渐成为常态，当基金 涌入热门产业，赛道型基金已然走上舞台C位。 近期，赛道型产品掀起投资热潮。在业内人士看来，赛道型产品的狂欢背后，既有产业投资新机遇的推 动，也潜藏着一些易被忽视的风险。在产业发展蓬勃向上之际，赛道型基金进攻性较强。但是，"很难 有哪个赛道可以始终保持高景气"，当一个产业跨越高峰后，赛道型基金投资可能陷入尴尬境地。这类 产品的布局不应一哄而上，投资者在其中也应多保留几分理性。 赛道型基金强势吸金 其中，小微产品的突围尤其显著。一批此前规模不足1亿元的小微产品，通过聚焦单一高景气赛道实现 规模的几何级增长。 例如，某聚焦半导体产业的基金于2025年9月成立，首募规模约9052万元。仅一个多季度，规模便飙升 至超过90亿元。一家基金公司旗下聚焦医药生物产业的基金产品在2025年三季度末规模仅约0.39亿元， 到了2025年四季度末，规模已骤增至超过8亿元。 行业ETF作为被动投资里的赛道型工具，吸金能力更为强劲。资金"弃宽基、抱赛道"的倾向较为明显。 Wind数据显示，截至1月28日，2026开年以来， ...

Group 1 - The core point of the article is the promotion of Han Hao to Vice President of China Aviation Fund, highlighting the rise of "billion-level" fund managers in the context of booming sectors like AI computing power and solid-state batteries [1][2][8] - Han Hao's management of four funds covers sectors such as AI computing power, low-altitude economy, solid-state batteries, and large aircraft, with his flagship fund, China Aviation Opportunity Leading Mixed Fund, growing from 681 million yuan at the end of last year to 13.231 billion yuan by the end of Q3 this year, representing an increase of over 18 times [2][5] - The recent management changes at China Aviation Fund include the departure of former Vice President Deng Haiqing, who is expected to join another fund company [2][3] Group 2 - Han Hao, born in the 1980s, has a diverse background in securities and investment, having held various positions in companies like China Minmetals Securities and Jin Yuan Securities before joining China Aviation Fund in 2016 [4][3] - The fund management landscape has seen a significant increase in the number of fund managers with over 10 billion yuan in assets, with 109 active equity fund managers reaching this milestone by the end of Q3, marking a 51.5% increase from the previous quarter [9] - The recent surge in technology stocks has led to the emergence of multiple "billion-level" fund managers, with notable performances from funds heavily invested in AI computing power, achieving net value growth of over 200% and 100% in the past year [9][11] Group 3 - China Aviation Fund is actively developing sector-focused funds, with additional funds covering areas such as humanoid robots, innovative drugs, edge chips, smart driving, and rare earths and strategic metals [6] - The industry is reflecting on the implications of new regulations regarding the concentration of investments in specific sectors, as many funds have achieved outstanding performance by focusing on one or two industries [9][10] - The extreme investment styles adopted by some smaller fund companies may need to evolve in response to regulatory changes, prompting a need for differentiated development strategies [11]

Group 1 - The core viewpoint of the article highlights the promotion of Han Hao, a fund manager known for managing "hundred billion-level" funds, to the position of deputy general manager at AVIC Fund, reflecting the rise of fund managers in the AI computing and solid-state battery sectors [2][4]. - Han Hao's management of four funds spans various sectors including AI computing, low-altitude economy, solid-state batteries, and large aircraft, with his flagship fund, AVIC Opportunity Leading Mixed Fund, growing from 681 million yuan at the end of last year to 13.231 billion yuan by the end of Q3 this year, marking an increase of over 18 times [2][6]. - The article notes a significant increase in the number of fund managers with over 10 billion yuan in assets under management, with 109 managers reaching this milestone by the end of Q3, a 51.5% increase from the previous quarter [8]. Group 2 - The recent surge in technology stocks has led to outstanding performance among funds heavily invested in AI computing and other niche sectors, resulting in multiple fund managers achieving "hundred billion-level" status [8]. - The article discusses the implications of new regulations from the Fund Industry Association, which emphasize the need for fund managers to establish internal management systems to avoid excessive concentration in single sectors, prompting a reflection on the future of niche sector funds [8][9]. - Concerns are raised about the sustainability of funds that have relied on concentrated investments in one or two industries for short-term performance, highlighting the need for fund managers to develop broader market selection capabilities [9][10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development of public funds, which includes a performance-based compensation mechanism for fund managers linked to long-term performance [1] Group 1: Regulatory Changes - The new action plan specifies that if a fund manager's product underperforms its benchmark by more than 10 percentage points over three years, their performance compensation will be significantly reduced [1] - Conversely, if the performance exceeds the benchmark, the compensation may be increased [1] Group 2: Fund Performance Analysis - The Guangfa Xingcheng Mixed A fund has shown long-term poor performance, with a cumulative return over the past three years that is 51.12% lower than its benchmark [2] - As of May 20, 2025, the fund's total assets have decreased from a peak of 4.863 billion to 1.262 billion [5] - The fund manager, Zheng Chengran, has a return of -59.05% during his tenure, which has lasted over four years [4] Group 3: Investment Strategy and Holdings - The fund has heavily invested in the photovoltaic industry, with top holdings including leading companies such as Sungrow Power Supply (8.38%) and Hengtong Optic-Electric (8.02%) [6][9] - Despite attempts to diversify into other sectors like agriculture and pharmaceuticals, the fund's performance has continued to decline, indicating a lack of effective strategy [10][12] Group 4: Market Dynamics and Future Outlook - The fund's strategy has been characterized by frequent shifts without a clear guiding logic, leading to a fragmented approach that has not mitigated losses in the renewable energy sector [12][13] - Zheng Chengran expressed optimism about potential recovery in the renewable energy sector and the pharmaceutical industry, citing recent market stability and sector rotation [14]