资料图。本文来源：21世纪经济报道 记者 黎雨辰 上一轮牛市买的主动权益基金 为何还有四成未回 本？ 上证指数时隔十年再度站上4000点之际，一场关于主动权益基金长期业绩的"压力测试"结果浮 出水面。 Wind数据显示，尽管2025年以来超97%主动权益基金实现正收益，但将时间轴拉长至五年，自 上一轮A股"牛市"以来，全市场仍有1019只主动权益基金依然身处亏损之中，占比达38%，其中 不乏头部公募机构、知名基金经理旗下的产品。 回顾这一轮主动管理能力的"成绩单"，高位加仓、频繁换手与赛道依赖，成为侵蚀基金净值的 三大主因。面对A股的新一轮慢牛，如何为投资者在下一轮"长跑"中创造持续的超额收益，成为 摆在所有主动权益基金经理面前的核心命题。 近四成主动权益基金近五年仍亏损 11月10日，上证指数收报4018点，再次回到4000点上方，并于此后的两个交易日继续守住了 4000点关口。2025年以来（截至11月10日），上证指数、深证成指、创业板指分别涨19.42%、 27.6%和46.35%，作为市场重要风向标的沪深300指数亦录得18.23%的上涨。 大盘的慢牛旋律声中，绝大部分权益基金在年内都取得了可圈可点 ...

记者丨黎雨辰 编辑丨姜诗蔷 上证指数时隔十年再度站上4000点之际，一场关于主动权益基金长期业绩的"压力测试"结果浮 出水面。 Wind数据显示，尽管2025年以来超97%主动权益基金实现正收益，但将时间轴拉长至五年， 自上一轮A股"牛市"以来， 全市场仍有1019只主动权益基金依然身处亏损之中，占比达38% ，其中不乏头部公募机构、知名基金经理旗下的产品。 回顾这一轮主动管理能力的"成绩单"，高位加仓、频繁换手与赛道依赖，成为侵蚀基金净值的 三大主因。 面对A股的新一轮慢牛，如何为投资者在下一轮"长跑"中创造持续的超额收益，成 为摆在所有主动权益基金经理面前的核心命题。 近四成主动权益基金近五年仍亏损 11月10日，上证指数收报4018点，再次回到4000点上方，并于此后的两个交易日继续守住了 4000 点 关 口 。 2025 年 以 来 （ 截 至 11 月 10 日 ） ， 上 证 指 数 、 深 证 成 指 、 创 业 板 指 分 别 涨 19.42%、27.6%和46.35%，作为市场重要风向标的沪深300指数亦录得18.23%的上涨。 大盘的慢牛旋律声中，绝大部分权益基金在年内都取得了可圈可点的 ...

Core Insights - The article highlights the performance of active equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in a decade, revealing that over 97% of these funds achieved positive returns since 2025, yet 38% remain in losses over the past five years [1][2][3] - Key reasons for the underperformance of many active funds include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][6] Performance Overview - As of November 10, the Shanghai Composite Index closed at 4018 points, marking a significant recovery, with major indices like the Shenzhen Composite and ChiNext Index showing gains of 27.6% and 46.35% respectively since 2025 [2] - Despite a high percentage of active equity funds showing positive returns in 2023, the long-term performance reveals a stark contrast, with many investors experiencing losses since entering the market around the end of 2020 [2][3] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, while nearly 40% remain unprofitable, with some funds experiencing drawdowns exceeding 50% [3][4] - Notable underperformers include funds managed by well-known managers, indicating that even established names are not immune to market challenges [4] Causes of Underperformance - High-level accumulation during market peaks has been identified as a significant factor contributing to the long-term underperformance of active equity funds [5][6] - Frequent trading has also negatively impacted fund performance, with average turnover rates for underperforming funds significantly higher than the market average [7][8] Market Trends and Future Outlook - The article notes a shift in investor sentiment towards active management products, with a notable increase in the number of newly established funds and a doubling of issuance scale compared to the previous year [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of over-reliance on specific themes or sectors [12]