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 2025年以来，权益市场整体上行，带动百亿级主动权益类基金普遍实现业绩增长，但内部业绩分化显 著。截至去年12月31日，全市场共有34只规模超过百亿的主动权益类基金，仅2只基金全年收益为负， 32只基金收益为正。 | 数据来源：Wind 截止 | | --- | 至20251231 从规模看，易方达蓝筹精选以364.13亿元位居榜首，中欧医疗健康A以329.53亿元紧随其后。兴全合润 A、富国天惠精选成长A、睿远成长价值A、永赢先进制造智选A规模均超过200亿元，其余产品规模多 集中于100亿元至190亿元区间，例如泉果旭源三年持有A、兴全合宜A、诺安成长A等规模均超过180亿 元。 从2025年回报表现来看，科技成长主题基金领跑市场。 永赢基金旗下任桀管理的永赢科技智选A以233.29%的年内涨幅摘得桂冠，最新规模达115.21亿元；中 航基金韩浩管理的中航机遇领航A以168.92%的涨幅位居第二，最新规模为132.31亿元；中欧基金冯炉 丹管理的中欧数字经济A则以143.07%的涨幅位列第三。 另一方面，部 ...

Core Viewpoint - The recent draft guidelines from the China Securities Regulatory Commission (CSRC) propose a performance evaluation mechanism for fund managers, emphasizing a tiered adjustment of performance compensation based on the past three years' performance against benchmarks and fund profitability [1][2]. Performance Evaluation Mechanism - Fund managers' performance compensation can be adjusted in four scenarios: a decrease of no less than 30% if performance is more than 10% below the benchmark with negative profitability, a decrease if performance is more than 10% below the benchmark with positive profitability, no increase if performance is less than 10% below the benchmark with negative profitability, and a reasonable increase if performance significantly exceeds the benchmark with positive profitability [1][2]. Current Fund Performance - Among 20 actively managed billion-level equity funds, 8 funds outperformed their benchmarks by over 10%, while 6 funds underperformed by over 10% as of December 9 [2]. Notable Fund Performances - The top-performing fund, Galaxy Innovation Growth A, managed by Zheng Weishan, achieved an excess return of 49.38% over three years, with a total return of 243% and an annualized return of 20.58% since its management began in May 2019 [4][5]. - Other notable funds include Dachen High Growth A, managed by Liu Xu, with a total return of 417.29% and an annualized return of 17.16% over 10 years, and Xingquan Business Model Preferred A, managed by Qiao Qian, with a total return of 203.42% and an annualized return of 16.11% over 7 years [5][7][8]. Investment Strategies - Zheng Weishan's strategy focuses on heavily investing in technology stocks, maintaining a high concentration in top holdings, while Liu Xu adopts a diversified approach across various sectors, balancing between well-known blue-chip stocks and smaller companies [5][7][9]. - Qiao Qian employs a flexible trading strategy with shorter holding periods and a diversified sector allocation, aiming to balance long-term investment judgments with short-term market fluctuations [9][10]. Implications of New Guidelines - The proposed guidelines aim to address the issue of fund managers' compensation being disconnected from performance, encouraging a stronger link between fund performance and manager remuneration [1][2][10].

Core Conclusions - The public fund market in 2025 saw an increase in both scale and share, with significant changes in structure, as fixed income and active equity funds experienced net redemptions, while fixed income+ and index equity funds were net subscribed [1][3] - Global equity markets strengthened, with domestic stocks outperforming bonds, leading to overall gains in funds, particularly in active funds outperforming passive products, with notable performance in technology and cyclical theme funds [1][2] - For 2026, it is expected that equities will continue to have upward potential, with a recommendation to maintain a balanced allocation between growth and reversal strategies, while flexibly seizing short-term opportunities [1][4] Market Development: Total Growth and Structural Changes - The total scale of public funds surpassed 35 trillion yuan, with stock funds growing by over 1 trillion yuan, indicating a robust market expansion [13] - The number of public funds increased to 13,300, with significant growth in stock and REITs funds, while money market and alternative investment funds saw a decline [13][25] - Active equity funds grew by 21%, with a notable recovery in new fund launches, particularly in technology theme funds, which saw a growth rate exceeding 50% [1][2][29] Performance Analysis: Strong Equity and Weak Bonds - The performance of various asset classes showed that equities outperformed bonds, with gold reaching new highs and equity assets experiencing a broad rally [2][9] - Active funds outperformed passive funds, with specific themes such as TMT, cyclical, and advanced manufacturing showing strong results [9][2] - Fixed income+ funds demonstrated superior performance, particularly those with high allocations to fixed income and convertible bonds [9][20] Investment Strategies: Balanced Allocation and Trend Following - The report suggests a balanced allocation strategy for equity funds, emphasizing the importance of flexibility in capturing phase-specific market opportunities [4][3] - For fixed income funds, the emergence of the fixed income+ era is highlighted, with a focus on asset and strategy characteristics based on risk preferences [5][39] - The report advocates for a global multi-asset allocation approach, emphasizing the value of overseas and commodity funds, with recommendations to follow QDII quotas and focus on mutual recognition funds and southbound ETFs [6][32]

Core Viewpoint - The new guidelines for fund manager compensation will significantly tie salaries to performance, marking a shift towards a performance-driven culture in the public fund industry [2][6]. Summary by Relevant Sections Performance-Based Compensation - The new regulations require fund managers' performance pay to be closely linked to three-year performance metrics, with mandatory salary reductions of at least 30% for products that underperform their benchmarks by over 10% and incur losses [2][6]. - This change indicates a decline in the reliance on the "star fund manager" phenomenon, emphasizing that performance will now be the primary measure of success in the industry [2][6]. Impact on Fund Managers - A number of prominent fund managers, particularly those managing actively managed equity funds exceeding 20 billion, are at risk of salary reductions due to poor performance over the past three years [2][7]. - Specific funds that have crossed the performance threshold include: - E Fund Blue Chip Selection: underperformed by 28.6% with a cumulative loss of 6.2% [3][10]. - E Fund Quality Selection: underperformed by 28.9% with a cumulative loss of 7.5% [3][10]. - Other funds managed by Liu Yanchun and Liu Gesong also show significant underperformance [5][10]. Cultural Shift in the Industry - The new guidelines represent not just a salary adjustment but a cultural transformation within the industry, encouraging absolute return strategies and a focus on risk management and positive returns rather than merely relative rankings or asset growth [5][11]. - The emphasis will shift towards a more rational evaluation of fund managers' past performances, moving away from blind admiration for top performers to a focus on their long-term profitability [6][11]. - The era of high salaries disconnected from performance is coming to an end, prompting both fund managers and investors to reassess the meaning of "performance" in terms of actual returns [6][11].

Core Viewpoint - The article discusses the recent recovery of public funds in China, highlighting the significant increase in fund performance and the shift of investor sentiment towards equity markets as a result of favorable market conditions [4][5][6]. Fund Performance - As of July, the net asset value of public funds reached 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [5]. - This year, 98% of funds have made profits, with only 137 out of 7,451 stock funds reporting losses, which is less than 2% [6]. - A total of 2,582 funds have achieved returns exceeding 30%, accounting for 35% of the total [6]. Sector Analysis - The coal and energy sectors have recorded losses this year, while sectors such as innovative pharmaceuticals, telecommunications, non-ferrous metals, and information technology have significantly outperformed the market, with returns exceeding 40% [7]. - The best-performing funds this year are primarily focused on the pharmaceutical sector, with several funds achieving returns over 100% [7]. Historical Context - The article notes that many investors who entered the market during the 2020-2021 fund boom are now seeing their investments recover after a challenging period from 2022 to mid-2024, where many funds experienced losses [8][9]. - The previous fund boom saw over 5 trillion yuan in new fund issuance, but the market faced turbulence starting in 2022, leading to significant losses in the following years [8][9]. Star Fund Managers - Star fund managers like Zhang Kun and Guo Lan have seen their funds struggle in the current market, particularly in the pharmaceutical sector, which has faced downturns [10][11]. - Despite recent recoveries, some funds managed by these star managers still show significant losses over the past three years [11][12]. Investor Behavior - Many investors are now questioning whether to cash out after recovering their investments, leading to a paradox where fund companies may earn more management fees when funds are losing money [17]. - The trend of "money moving" from bank deposits to public funds is beginning, driven by declining deposit rates and a recovering stock market [18][20]. Market Outlook - Analysts predict that the issuance of new funds will increase in the second half of the year, potentially enhancing market activity [19]. - The current market is characterized by structural trends rather than broad policy-driven rallies, with a shift in investor focus towards high-risk, high-reward sectors like technology and artificial intelligence [20].

Core Insights - The A-share market has shown significant growth since the implementation of the "9·24" policy, with the Shenzhen Component Index rising by 61.70% and the Shanghai Composite Index increasing by 38.97% from September 24, 2024, to September 19, 2025, marking a historic total market capitalization exceeding 100 trillion yuan [1] Investment Environment - The "9·24" policy has positively impacted over 200 million investors, enhancing their sense of gain and happiness [1] - The policy has led to a surge in new funds entering the market, with securities firms experiencing a wave of new account openings [4] Investor Behavior - An investor's experience illustrates the typical journey of ordinary investors under the new policy, highlighting a shift from initial losses to eventual gains [2][6] - The investor's cautious approach has evolved from blindly following popular fund managers to a more analytical strategy, focusing on policy dynamics and industry news [6] Market Trends - The A-share market experienced a significant rebound after the "9·24" policy, with a notable increase in technology sector stocks, particularly in semiconductor and healthcare themes [6][7] - The investor's portfolio saw substantial gains, with over 40% profit from a technology ETF, indicating a broader trend of recovery and growth in the market [7] Personal Impact - The investor's financial success has led to changes in daily life, including increased communication with family about market performance, reflecting the emotional connection to investment outcomes [7] - Plans for future investments and family activities demonstrate the practical implications of market gains on personal life [7]

Core Viewpoint - The article discusses the recent trend of residents shifting their savings from bank deposits to the stock market and mutual funds, driven by a recovering market and declining deposit interest rates. The public fund industry has seen significant growth, with the total net asset value reaching 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [6][9][20]. Group 1: Market Performance - The Shanghai Composite Index has surpassed 3,800 points, marking a ten-year high, while the Hang Seng Index has crossed 26,000 points with a year-to-date increase of nearly 33% [6][9]. - As of September 15, 2023, the public fund scale was 33.92 trillion yuan, a decrease of 1.16 trillion yuan from the end of July [19]. - In 2023, 98% of mutual funds have reported profits, with 2,582 funds yielding over 30% returns, and 39 funds exceeding 100% returns [9][10]. Group 2: Fund Manager Performance - Star fund managers like Zhang Kun and Ge Lan have seen significant changes in their fund management scales, with Zhang's scale dropping from 1,019.35 billion yuan to 550.47 billion yuan [16]. - Ge Lan's fund, which focused on the pharmaceutical sector, experienced a cumulative decline of over 65% from July 2021 to September 2024, but has recently rebounded by 52.37% in the past year [14][16]. - The article highlights a shift in investor sentiment, with many choosing to exit funds once they break even, reflecting a "holding paradox" in the mutual fund industry [19]. Group 3: Investment Trends - The article notes that the current market is characterized by a "slow bull" phase, with many investors returning to their accounts to find that their funds have recovered or gained value [8][10]. - The trend of residents moving their savings into the stock market and mutual funds is expected to continue, especially as deposit rates decline and the capital market strengthens [20][22]. - Analysts predict that the issuance of new funds will increase in the second half of the year, enhancing market activity [21].

Core Insights - The A-share market has shown a strong recovery, with over a thousand active equity funds reaching new net asset value (NAV) highs as of August 15, 2023, indicating a significant market rebound [1][3] - The number of "billion-dollar club" funds has drastically decreased, with over three-quarters disappearing in four years, highlighting a stark differentiation in fund performance [1][4] - The average return of the 24 billion-dollar active equity funds over the past year reached 41.95%, with some funds achieving returns exceeding 100% [3][4] Fund Performance - As of August 15, 2023, 1,164 active equity funds have refreshed their historical NAVs, representing over 25% of the total, showcasing a notable market profit effect [3] - The top-performing funds are closely aligned with market themes, managed by well-known fund managers, with some funds like Yongying Advanced Manufacturing Select A achieving a return of 169.33% [4][5] - The total number of billion-dollar active equity funds has decreased from 98 in Q2 2021 to only 18 currently, with the scale ceiling dropping from 898.89 billion to 349.43 billion [4][5] Market Trends - The current A-share market is characterized as a "slow bull" market, driven by the return of overseas capital and a positive cycle of improved corporate earnings [6][7] - The market's recent surge is attributed to a combination of macroeconomic fundamentals, regulatory approaches, and investor confidence, with a notable increase in retail investor participation [7][8] - Analysts suggest a potential shift in investment strategies, recommending a tilt from dividend sectors to technology growth sectors, particularly in high-value export-related areas [8]

Core Viewpoint - The performance of "billion-level" active equity funds has rebounded significantly in 2025, with many funds achieving positive returns due to early investments in popular sectors such as healthcare and technology [1][2][6]. Fund Performance Summary - As of mid-2025, there are 22 "billion-level" active equity funds, with most achieving positive returns by August 15. Notably, Penghua Carbon Neutral Theme A and Yongying Advanced Manufacturing Select A have year-to-date returns of 73.46% and 65.27%, respectively [2][4]. - Other funds like ICBC Frontier Medical A and Ruiyuan Growth Value A have also performed well, with returns exceeding 30% [2][4]. - The funds managed by Zhao Bei (ICBC Frontier Medical A) and Ge Lan (China Europe Medical Health A) have heavily invested in the innovative drug sector, contributing to their strong performance [2][6]. Market Outlook - The market is expected to enter a more resilient and sustainable "slow bull" phase, driven by policy support, liquidity easing, and ongoing industrial upgrades [1][9]. - Multiple institutions are optimistic about the market's mid- to long-term upward trajectory, citing a positive feedback loop in capital flow and improved supply-demand dynamics [7][9]. - The current market sentiment is high, with significant capital inflows from various investor types, including retail and institutional investors [7][9]. Sector Insights - The innovative drug sector is experiencing rapid development, with domestic companies increasingly aligning with global standards and gaining recognition from multinational pharmaceutical firms [6]. - The technology sector, particularly in AI and advanced manufacturing, is expected to drive the revaluation of Chinese assets, supported by structural reforms in traditional industries [9].

Core Viewpoint - The market has shown signs of recovery, with the Shanghai Composite Index reaching 3600 points, leading to an expansion in the number of non-cash funds exceeding 10 billion yuan, with 226 such funds as of the end of Q2, representing approximately 0.98% of the total, an increase of 34 funds from Q1 [1][2]. Group 1: Fund Performance and Trends - As of the end of Q2, there are 20 active equity funds with over 10 billion yuan in assets, maintaining the same number as the end of Q1 [2]. - The total share of active equity funds in the market is 31.2 trillion shares, a decrease of 129.7 billion shares, or about 4%, compared to the end of last year [1]. - The average return of 8,302 active equity funds as of August 1 is 14.31%, outperforming the CSI 300 Index [1]. Group 2: Notable Fund Managers and Their Strategies - Zhang Lu from Yongying Fund has managed the "Yongying Advanced Manufacturing Smart Selection C" fund, which has seen a year-to-date return of 57.65% as of August 1, significantly higher than its benchmark [5][7]. - The fund's assets surged from 1.548 billion yuan at the end of 2024 to 10.869 billion yuan by the end of Q2 2023, indicating strong investor interest [5]. - The top five holdings of this fund are all related to the humanoid robot industry, reflecting a strategic focus on this emerging sector [5][6]. Group 3: Performance of Healthcare Funds - The "China Europe Medical Health A" and "China Europe Medical Health C" funds managed by Guo Lan have shown significant recovery, with year-to-date returns of 25.55% and 24.95%, respectively [8]. - The largest holding in these funds is WuXi AppTec, which constitutes 10.39% of the fund's net value, indicating a strong commitment to the healthcare sector [8][9]. Group 4: Insights from Fund Managers - Zhang Lu emphasizes the importance of production ramp-up in core robotics companies and government support for the robotics industry as key focus areas for Q3 [7]. - Guo Lan highlights the potential for domestic companies in the innovative drug sector to gain global recognition and the structural opportunities in the consumer healthcare sector due to rising health awareness [10]. - Xie Zhiyu from Xingsheng Global Fund points out that sectors like innovative drugs, smart driving, and new consumption are more suitable for value investors due to their solid performance backing [15].