专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 随着2025年收官，QDII（合格境内机构投资者）基金的年度业绩榜单正式揭晓。在全球经济格局变化与资产轮动加速的背景下，QDII基金作为投资者进行 全球化资产配置、分散风险的重要工具，其业绩表现呈现出显著的结构性分化。 一方面，汇添富香港优势精选以超112%的回报位居榜首，创金合信全球医药生物、易方达全球医药行业等基金涨超88%，受益于创新药、生物科技板块的 全球性上涨。另一方面，受原油价格波动、全球房地产周期下行以及部分区域市场调整影响，部分QDII基金在2025年表现较为疲软。 2025年度QDII红榜：汇添富香港优势精选涨超112% 创金合信全球医药生物、易方达全球成长精选涨超88% 2025年，受益于全球医药创新加速、半导体周期回升以及港股市场结构性行情，相关主题QDII基金表现突出。汇添富香港优势精选以超112%的回报位居榜 首，创金合信全球医药生物、易方达全球医药行业等基金涨超88%，受益于创新药、生物科技板块的全球性上涨。在全球避险情绪与货币政策预期调整背景 下，易方达黄金主题QDII亦取得接近7 ...

2025年共计10只QDII基金下跌超过10%，其中易方达基金管理有限公司旗下4只QDII基金领跌，分 别为易方达原油(QDII-LOF-FOF)C(人民币份额)、易方达原油(QDII-LOF-FOF)A(人民币份额)、易方达 原油(QDII-LOF-FOF)C(美元现汇份额)、易方达原油(QDII-LOF-FOF)A(美元现汇份额)，跌幅分别 13.59%、13.55%、11.71%、11.64%。 上述4只QDII基金目前由基金经理殷春涛管理。殷春涛2024年6月起在易方达基金管理有限公司任 职。2024年11月13日起担任易方达黄金主题证券投资基金(LOF)基金经理。2024年11月13日担任易方达 原油证券投资基金(QDII)基金经理。2024年11月13日担任易方达全球配置混合型证券投资基金(QDII)的 基金经理助理。 中国经济网北京1月9日讯 据同花顺数据显示，2025年，全市场650只（各类份额分开计算，下同） 有可比业绩的QDII基金中，仅有31只基金净值下跌。 | 排序 | 名称 | ×间复 权单位 | 累计 | 基金规 | | --- | --- | --- | --- | --- | ...

中国经济网北京1月7日讯（记者 何潇） 2025年12月份，全市场692只（各类份额分开计算，下同）有可比业绩的QDII基金中，有239只基金净值上涨， 占比34.5%，有453只基金净值下跌，其余8只基金净值平收。 华泰柏瑞旗下四只基金在2025年12月QDII基金涨幅榜中领涨，分别是华泰柏瑞中韩半导体ETF(QDII)、华泰柏瑞中韩半导体ETF发起式联接(QDII)A、华 泰柏瑞中韩半导体ETF发起式联接(QDII)I、华泰柏瑞中韩半导体ETF发起式联接(QDII)C，单月涨幅分别为8.97%、8.63%、8.63%、8.61%。 华泰柏瑞中韩半导体ETF(QDII)成立于2022年11月2日，截至2025年12月31日，其成立来收益率为153.83%，累计净值为2.5383元。截至去年三季度末， 华泰柏瑞中韩半导体ETF(QDII)规模为19.16亿元。 该基金在去年三季度紧密跟踪标的指数、跟踪偏离最小化的投资策略进行被动投资，报告期内较好地实现了基金的投资目标。截至去年三季度末，其前 十大重仓股为SamsungElectronics、SK hynix、中芯国际、寒武纪、海光信息、北方华创、澜起科技、兆 ...

Core Viewpoint - The performance of QDII funds in 2025 has been disappointing, with many funds failing to achieve positive returns, particularly those focused on energy, real estate, and Middle Eastern markets [2][3][4]. Group 1: QDII Fund Performance - A total of 43 QDII funds have underperformed the market this year, with the E Fund Oil (QDII-LOF-FOF) C (RMB) recording the lowest return at -14.03% [2][3]. - Other poorly performing funds include Southern Oil LOF (-11.65%), Huatai-PB Saudi ETF (-11.64%), and Saudi ETF (-11.39%), all reflecting significant declines due to international oil price trends and geopolitical issues in the Middle East [2][3][4]. Group 2: Industry and Market Analysis - The energy sector has faced severe adjustments in 2025, with lower-than-expected oil demand due to sluggish global economic recovery and accelerated energy transition, leading to a downward trend in Brent and WTI oil prices [3][8]. - The Saudi stock market has been negatively impacted by a slowdown in domestic economic transformation and foreign capital outflows, resulting in a weak MSCI Saudi Index and declining net asset values for related ETFs [3][8]. - Real estate-focused QDII funds have also struggled, with Penghua US Real Estate (QDII) RMB at -11.28% and Northern Global Income Real Estate (QDII) at -9.52%, primarily due to high financing costs and valuation pressures from the Federal Reserve's sustained high interest rates [3][8]. Group 3: Investment Strategy Recommendations - Investors are advised to avoid excessive concentration in single countries or industries when allocating QDII funds and to prioritize products with strong management research capabilities and robust risk control mechanisms [4][9]. - Implementing strategies such as dollar-cost averaging is recommended to smooth out volatility rather than making large, one-time investments [4][9].

近一年，QDII产品的业绩呈现明显分化。据统计，截至12月17日，排名首位的汇添富香港优势精选混 合A净值涨幅为111%，领先排名末位的产品124.6个百分点。受益于港股创新药整体涨幅较大，相关产 品在QDII基金业绩榜上排名居前。相较之下，沙特主题ETF和原油类产品近一年则普遍表现疲软，位列 排行榜尾端。 Choice数据显示，截至12月17日，QDII基金近一年净值平均上涨20.9%。其中，汇添富香港优势精选混 合A以111%的净值涨幅排名首位，紧随其后的是创金合信全球医药生物股票发起A、广发中证香港创新 药，净值涨幅分别为86.54%、74.14%。此外，易方达全球医药行业混合、南方港股医药行业混合发起 A、华夏恒生生物科技ETF等产品近一年净值涨幅均超过60%。 从QDII基金业绩排行榜来看，前十位主要是港股基金，其中不少产品重仓了港股医药板块。以汇添富 香港优势精选混合A为例，截至三季度末，基金前五大重仓股分别是映恩生物-B、科伦博泰生物-B、信 达生物、三生制药和康诺亚-B。而易方达全球医药行业混合前五大重仓股分别为复宏汉霖、信达生物、 科伦博泰生物-B、映恩生物-B和乐普生物-B。 （文章来源： ...

Summary of QDII Fund Performance in November Core Insights - In November, out of 687 comparable QDII funds, 31.1% (214 funds) saw an increase in net value, while 470 funds experienced a decline, and 3 funds remained unchanged [1] - The top-performing QDII fund was the Chuangjin Hexin Global Pharmaceutical Biotechnology Fund, which achieved a return of 14.29% [1] - The overall performance of QDII funds was mixed, with significant variations in returns across different sectors, particularly in biotechnology and healthcare [2][3] Group 1: Fund Performance - 14 QDII funds had returns exceeding 8% in November, with the Chuangjin Hexin Global Pharmaceutical Biotechnology Fund leading at 14.29% [1] - The largest fund by size among those with over 8% returns was the Harvest S&P Biotechnology Select Industry ETF, with a scale of 2.209 billion yuan and a return of 8.57% [2] - Other notable funds included the GF Global Healthcare Fund A (USD) and the Huatai-PB Nasdaq Biotechnology ETF, with returns of 8.22% and 8.21% respectively [2] Group 2: Fund Details - The Chuangjin Hexin Global Pharmaceutical Biotechnology Fund, established on November 17, 2023, reported a year-to-date return of 97.34% and a cumulative net value of 1.7974 yuan [1] - The Harvest S&P Biotechnology Select Industry ETF, established on December 26, 2023, had a year-to-date return of 29.47% and a cumulative net value of 1.2525 yuan [2] - The top ten holdings of the Chuangjin Hexin fund included companies like Cidar, Anapt, and Taysh, focusing on the innovative drug industry [1] Group 3: Sector Performance - Funds tracking the Hang Seng Internet Technology Index and the China Securities Korea Exchange Semiconductor Index performed poorly, contributing to the decline of several QDII funds [3] - The overall trend indicates a strong performance in the biotechnology sector, while technology-focused funds faced challenges [3]

Core Insights - The recent surge in cross-border ETFs, particularly Brazilian ETFs, has attracted significant investor interest, with two ETFs being fully subscribed within a day, raising a total of approximately 5.137 billion yuan [1][3]. Group 1: Market Performance - The Brazilian IBOVESPA index has shown a 10-year annualized return exceeding 12%, comparable to the S&P 500, and has increased by 24.98% year-to-date [5]. - The total scale of cross-border ETFs has approached 900 billion yuan, with a rapid growth from approximately 565.5 billion yuan at the end of Q2 to about 884 billion yuan at the end of Q3 this year [3]. Group 2: Investment Trends - The popularity of Brazilian ETFs is part of a broader trend, with previous ETFs like the Southern Fund's Saudi Arabia ETF also experiencing significant subscription success [3]. - Investors are increasingly looking to global markets for opportunities, as evidenced by the strong performance of the Brazilian stock market compared to the Chinese market over the past decade [7]. Group 3: Economic Factors - Brazil's high interest rates, currently at 15%, are among the highest globally, attracting foreign investment despite potential economic growth constraints [10][12]. - The Brazilian ETF market is projected to see a cumulative net inflow of approximately 6.25 billion reais (about 1.167 billion USD) by 2025, with fixed income ETFs contributing significantly to this inflow [9].

Group 1 - The average return rate of over 300 existing QDII funds in the public market for September 2025 is 5.92% [1][2] - The top-performing QDII funds in September include E Fund CSI Overseas Internet ETF with a return of 18.78%, and other funds related to internet technology [4][5] - The actively managed equity fund, Chuangjin Hexin Global Chip Industry A, achieved a return of 15.01%, with a year-to-date net value increase of 38.74% [5] Group 2 - Over 20 QDII funds reported negative returns in September, with Tianhong Vietnam Market A showing a decline of 3.81% [7] - The underperforming funds primarily include index funds such as Tianhong and GF Hang Seng Consumer ETFs [9]

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory serves as a professional consultant in the investment industry, similar to how doctors and lawyers provide specialized advice in their fields [6][7] - A free course is available to help individuals understand the various aspects of fund advisory, including course notes and mind maps for efficient learning [5] Group 2 - The article discusses the advantages of Hong Kong Stock Connect funds, which allow investors without overseas accounts to invest in international markets [8] - Before the establishment of Hong Kong Stock Connect, mainland investors typically used QDII funds to invest in Hong Kong stocks [9] - Currently, many index funds related to Hong Kong stocks, such as technology and dividend funds, utilize the Hong Kong Stock Connect channel for investment [9][10] Group 3 - There are drawbacks to Hong Kong Stock Connect funds, including a narrower investment range limited to eligible stocks and higher dividend taxes [11] - For instance, dividend tax rates can reach 20% or 28%, significantly impacting the effective yield of high-dividend funds [11] - In contrast, A-shares do not incur dividend taxes after long-term holding, necessitating a comparison of yields between Hong Kong and A-share dividend funds with adjustments for tax implications [12]

Group 1 - The article emphasizes that fund investment is a suitable method for lazy investors and discusses how to effectively implement it [2][3] - It highlights the importance of preparing before starting a fund investment and creating a solid investment plan [2] - The article introduces four different investment methods and encourages readers to determine which method suits them best [2] Group 2 - The article explains what QDII funds are, defining them as Qualified Domestic Institutional Investors that invest in overseas markets [4][5] - It outlines the advantages of QDII funds, including convenience in trading and low entry barriers, allowing investments starting from as low as hundreds or even tens of yuan [6] - The investment scope of QDII funds is broad, covering various asset classes such as stocks, bonds, commodities, and REITs [8] Group 3 - The article also discusses the limitations of QDII funds, such as potential purchase restrictions due to foreign exchange quotas [9] - It mentions that the redemption and subscription process for QDII funds typically takes longer, with a T+2 confirmation period compared to the T+1 for most A-share funds [10]