◎记者 赵明超 距离年底不足一个月，基金年终排名又到关键阶段。从业绩表现看，九成以上主动权益类基金今年以来 实现正收益，其中有30只基金净值翻倍，领跑基金收益超过200%，夺得冠军几乎没有悬念，但前十中 其他排名尚无定论。 年度业绩排名前十的主动权益类基金一览 （截至12月5日） 周恒 制图 从最近三年业绩情况看，基金业绩分化严重，首尾相差接近300个百分点。从政策导向看，监管层正在 加大对基金中长期业绩的考核力度。对于基金经理而言，基金业绩不能停留在年终排名的一时荣光，能 否为投资者创造持续的真实回报，才是真正关键的必答题。 夺冠基金几无悬念 从今年以来的业绩表现看，主动权益类基金打了一场漂亮的"翻身仗"。Choice数据显示，截至12月5 日，主动权益类基金年内平均收益为27.38%，其中超九成基金实现正收益。在业绩居前的基金中，共 有104只基金今年以来收益超过80%，其中更有30只基金收益超过100%。 具体来看，冠军宝座已基本锁定。截至12月5日，永赢科技智选混合基金今年以来收益为202.13%，领 先目前第二名中航机遇领航混合基金近60个百分点，夺得2025年主动权益类基金业绩冠军几无悬念。 不过 ...

Core Insights - The top-performing fund in the first three quarters of the year achieved a remarkable return of approximately 194.49%, leading all funds in performance [3]. Fund Performance Summary - The fund managed by Ren Jie, the Yongying Technology Select Fund, has the highest year-to-date return of 194.49% [3]. - The top 20 funds have all recorded returns exceeding 110% since the beginning of the year [3]. - In the category of ordinary stock funds, the Huazhong Pharmaceutical Biotechnology Fund, managed by Sang Xiangyu, achieved a return of 103.31%, ranking first [3]. - Among bond funds, the South China Changyuan Convertible Bond Fund, managed by Liu Wenliang, led with a return of 44.21% year-to-date [3].

Core Insights - The A-share market has experienced a significant rally following a series of policy measures, with the Shanghai Composite Index reaching a nearly ten-year high [1][2][10] - Active equity funds have shown remarkable performance, with 99% achieving positive returns over the past year, and over 800 funds doubling their value [1][2][3] - The growth of stock ETFs and cross-border ETFs has been explosive, contributing to the overall market expansion [6][7] Fund Performance and Issuance - The Shanghai Composite Index rose to 3,336.5 points by September 30, 2024, with a record trading volume of 2.59 trillion yuan [2] - Over the past year, 7,621 active equity funds saw 7,606 funds (99.8%) report positive returns, with 857 funds achieving over 100% returns [2][3] - The total issuance of active equity funds reached 119.64 billion yuan, a 55.6% increase compared to the previous year [3] Sector Focus and Investment Strategy - High-performing funds are primarily focused on sectors such as AI computing and technology, with significant holdings in companies like Shenghong Technology and Changxin Bochuang [4][5] - Fund managers emphasize the importance of maintaining a disciplined investment approach based on industry research, which has been crucial for achieving excess returns [5] ETF Growth - The total scale of ETFs surpassed 3.5 trillion yuan by the end of Q3 2024, with stock ETFs contributing significantly to this growth [6][7] - As of September 24, 2024, seven stock ETFs exceeded 100 billion yuan in scale, with the Huatai-PB CSI 300 ETF leading at 417.95 billion yuan [7] Market Outlook - The combination of strong performance from active equity funds and ETFs is expected to attract more capital into the market, potentially transitioning A-shares from a localized bull market to a comprehensive bull market [8][10] - Analysts express cautious optimism about future market performance, citing stable domestic fundamentals and the positive impact of recent policies aimed at boosting demand and reducing competition [9]

Group 1 - The total shares of ETFs increased by nearly 17 billion, reaching 2.94 trillion shares, with a total scale growth of over 70 billion, marking a 1.34% increase to 5.32 trillion [1] - The most favored asset class is Hong Kong stocks, particularly technology and internet-themed ETFs, which saw new capital inflows exceeding 1 billion [1] - The financial sector had the largest increase in ETF shares, with 24 funds tracking it, while the largest thematic increase was in the CSI Wine Index, tracked by 1 fund [1] Group 2 - The Fuguo Hong Kong Stock Connect Internet ETF led the growth with nearly 6 billion, while several other products also saw increases of over 1 billion [2] - Analysts noted that the expectation of valuation recovery in Hong Kong stocks and the demand for diversified asset allocation are driving the expansion of related cross-border ETFs [2] - The technology sector's recovery in sentiment is attracting investors to high-growth assets through ETFs, prompting fund managers to adjust their positions in Hong Kong stocks [2] Group 3 - Investment opportunities and risks coexist, with AI technology in the early stages of commercialization but facing high valuation pressures [3] - Securities sector ETFs also saw significant inflows, with multiple funds increasing by tens of billions, driven by favorable capital market reform policies [3] - The current market sentiment in A-shares is improving, leading to a preference for low-valuation, high-elasticity financial assets [3]

Core Viewpoint - The performance of actively managed equity funds has significantly improved, with an average return of over 48% in the past year, and more than 270 funds have doubled their net value [1][2]. Group 1: Fund Performance - As of August 28, 2023, 4378 actively managed equity funds reported an average return of 48.13%, with 4354 funds achieving positive returns [2]. - A total of 586 funds generated returns exceeding 80%, and 274 funds saw their net value double, with some funds achieving returns over 200% [2]. - Notable high-performing funds include 中信建投北交所精选两年定开混合基金 with a return of 264.31%, 华夏北交所创新中小企业精选两年定开混合基金 at 241.75%, and 中欧数字经济混合基金 at 237.52% [2]. Group 2: Investment Strategies - Fund managers are focusing on structural opportunities, particularly in sectors like artificial intelligence, innovative pharmaceuticals, and new consumption [4]. - The AI industry is expected to continue its growth trajectory, with significant investment opportunities in AI applications, autonomous driving, and humanoid robots [4][5]. - Fund managers are adjusting their portfolios to include stable assets like banks and insurance while increasing exposure to technology assets such as robotics and AI computing [5]. Group 3: Market Outlook - The overall sentiment towards the equity market has become more positive, with expectations that the most severe systemic shocks have passed [4]. - There is an emphasis on monitoring macroeconomic events that could introduce volatility, while still identifying opportunities in sectors like AI, innovative pharmaceuticals, and non-ferrous metals [4][5].

Core Viewpoint - The capital market is transitioning from broad-based strategies to more focused, sector-specific investments, with public funds increasingly adopting a "narrowing" approach to investment strategies, emphasizing thematic and industry-specific holdings [1][4]. Group 1: Market Performance and Fund Strategies - The Shanghai Composite Index (SSE) has shown stability, moving from 3674.40 points on October 8, 2024, to 3696.77 points on August 15, 2025, while numerous thematic funds have achieved significant returns, with nine funds doubling their performance within the year [2]. - Notable funds such as the Great Wall Medical Industry Select Fund and Yongying Medical Innovation Fund have reported year-to-date performance increases exceeding 100%, indicating a strong trend of outperforming the broad index [2][3]. - The strategy of focusing on individual stocks rather than the overall market index has proven effective, with funds like the Nuon Select Value Fund achieving a net value increase of 102.35% during the same period [2][3]. Group 2: Investment Focus and Sector Trends - The investment focus is shifting towards specific sectors, with funds increasingly concentrating on high-growth areas such as innovative pharmaceuticals, AI, and new consumer trends, reflecting a broader market trend towards thematic investing [4][7]. - The Nuon Select Value Fund exemplifies this trend, with a significant portion of its holdings in innovative pharmaceutical stocks, particularly those listed in the Hong Kong market, which have seen a 67.24% increase since October 8, 2024 [6]. - Analysts emphasize that the selection of sectors is more critical than timing the market, with a focus on companies with stable cash flows and favorable industry trends being essential for investment success in 2025 [3][7]. Group 3: Future Market Outlook - Market analysts predict continued upward momentum in the stock market, driven by structural strategies and the ongoing demand for emerging technologies, particularly in AI and innovative pharmaceuticals [7][8]. - The market's current high trading volume and active participation suggest a positive outlook, although caution is advised regarding potential volatility and rapid sector rotations, especially in high-growth areas [8].

Group 1: Fund Manager Movements - Renowned fund manager Zhai Xiangdong announced his departure from China Merchants Fund on August 9 due to personal reasons, with speculation about his next move possibly being to a private equity fund [1] - Xue Zhen has been appointed as the new chairman of Dongwu Fund, succeeding Ma Zhenya, who transitioned to a senior supervisory role [1] Group 2: Public REITs Market - The public REITs market continues to thrive, with two new data center public REITs listed on August 8, both achieving a 30% limit-up on their first trading day, with total trading volume nearing 700 million yuan [1] - As of August 8, the CSI REITs total return index and the CSI REITs index have increased by 13.37% and 9.91% year-to-date, respectively, outperforming major indices like the CSI 300 [2] Group 3: Asset Management Developments - GF Securities Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [3] - The trend of fund managers publicly sharing their real-time trading performance is growing, with many achieving positive returns, signaling a shift towards more transparency and investor engagement [6] Group 4: Fund Performance and Restrictions - The China Europe Digital Economy Mixed Fund has announced a suspension of large subscriptions over 1 million yuan due to its impressive performance of over 150% in the past year, ranking 8th out of 4349 similar funds [4] - The total asset management scale of Huaxia Fund has surpassed 2.85 trillion yuan, with its public fund scale exceeding 2 trillion yuan for the first time, driven by growth in various fund types [8] Group 5: Market Trends and Insights - Convertible bond funds have shown remarkable performance, with over ten thematic funds achieving net value growth rates exceeding 15%, and the highest reaching nearly 25% [7] - The bond ETF market is expanding, with the recent launch of a bond ETF surpassing 10 billion yuan in scale, contributing to a total market size of nearly 520 billion yuan [10]

Group 1 - Star fund manager Zhai Xiangdong officially announced his resignation from China Merchants Fund on August 9 due to personal reasons, with speculation that he may join a private equity fund next [1] - Dongwu Fund appointed Xue Zhen as the new chairman, succeeding Ma Zhenya, who transitioned to a senior supervisory role [2] Group 2 - The first two public REITs focused on data centers were listed on August 8, both experiencing a 30% surge on their debut, with total trading volume nearing 700 million yuan [3] - The public REITs market has shown strong performance this year, with the CSI REITs total return index and CSI REITs index rising by 13.37% and 9.91% respectively, outperforming major indices [3] Group 3 - Guangfa Asset Management withdrew its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [4] - The trend of fund managers publicly sharing their real-time trading performance is growing, with many achieving positive returns, signaling a shift towards more transparent investment practices [5] Group 4 - The China Europe Digital Economy Mixed Fund announced a suspension of large subscriptions over 1 million yuan due to its impressive performance, ranking 8th out of 4349 in its category with over 150% returns in the past year [6] - The A-share market showed slight declines on August 8, with the Shanghai Composite Index down 0.12% and total trading volume at 173.65 billion yuan [7] Group 5 - Convertible bond funds have performed exceptionally well, with over ten thematic funds achieving net value growth rates exceeding 15%, and the highest reaching nearly 25% [10] - Huaxia Fund reported a significant increase in revenue and profit for the first half of 2025, with total assets under management surpassing 2.85 trillion yuan [11] Group 6 - North Trust Fund's general manager Liu Xiaoling announced her resignation amid internal conflicts, with Xuan Xuezhong appointed as the new general manager [12] - The bond ETF market welcomed a new product surpassing 10 billion yuan in scale, contributing to a total market size of nearly 520 billion yuan [13] Group 7 - The public REITs market continues to expand with new products being approved, including the CICC Vipshop Outlets REIT and the AVIC Jingneng Solar REIT [15][16] - The recent leadership changes in major fund companies, such as the appointment of Ye Cai as chairman of Invesco Great Wall Fund, reflect ongoing shifts in the industry [17] Group 8 - The Hong Kong stock market has seen strong performance this year, with the Hang Seng Index and Hang Seng Tech Index rising by 22.17% and 20.80% respectively, although recent volatility has raised concerns [18] - Quantitative private equity funds have shown remarkable performance, with several firms surpassing 10 billion yuan in scale, indicating a robust market for these investment strategies [19] Group 9 - The China Interbank Market Dealers Association issued self-regulatory penalties to three private equity firms for non-compliant practices related to non-market-based issuance [20]

Group 1 - Renowned fund manager Zhai Xiangdong officially announced his resignation from China Merchants Fund on August 9 due to personal reasons, with speculation about his next move possibly being in private equity [1] - Dongwu Fund appointed Xue Zhen as the new chairman, succeeding Ma Zhenya, who transitioned to a senior supervisory role [2] - The public REITs market remains robust, with two newly listed data center REITs achieving a 30% limit-up on their debut, reflecting strong investor interest [3] Group 2 - Guangfa Asset Management withdrew its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [4] - The trend of fund managers publicly sharing their real-time trading results is growing, with many achieving positive returns, which may encourage more rational long-term investment from investors [5] - The China Europe Digital Economy Mixed Fund announced a suspension of large subscriptions over 1 million yuan, reflecting its strong performance with over 150% returns in the past year [6][7] Group 3 - The A-share market showed slight declines, with the Shanghai Composite Index down 0.12% and the Shenzhen Component Index down 0.26%, amidst a mixed performance of individual stocks [7] - Convertible bond funds have performed exceptionally well, with over ten thematic funds achieving net value growth rates exceeding 15% this year [9][10] - Huaxia Fund reported a significant increase in revenue and net profit for the first half of 2025, with total assets under management surpassing 2.85 trillion yuan [11] Group 4 - North Trust Fund's general manager Liu Xiaoling announced her resignation amid internal conflicts, with a new general manager appointed to address ongoing challenges [12][13] - The bond ETF market welcomed a new product surpassing 10 billion yuan in scale, contributing to a total market size of nearly 520 billion yuan [14][15] - New public REITs products have been approved, indicating continued growth in this investment vehicle [16][17] Group 5 - The Hong Kong stock market has seen strong performance this year, with the Hang Seng Index and Hang Seng Tech Index rising 22.17% and 20.80% respectively, although recent volatility has raised concerns [19] - Quantitative private equity funds have shown impressive performance, with several firms surpassing 10 billion yuan in assets under management, indicating a positive outlook for future excess returns [20] - The China Interbank Market Dealers Association issued self-regulatory penalties to three private equity firms for non-compliance in market practices [21][22]

Core Viewpoint - The article highlights a significant inflow of funds into equity ETFs and active equity funds, indicating a market rebound and renewed investor interest in equity investments [2][3][10]. Fund Inflows - On August 6, over 70 billion yuan flowed into equity ETFs, marking a reversal in the trend of fund outflows seen earlier in August [2][3]. - Notable net subscriptions were recorded for several ETFs, including 12.05 billion yuan for the Southern CSI 1000 ETF and over 5 billion yuan for both the E Fund CSI A500 ETF and Southern CSI 500 ETF [3]. - Hong Kong-themed ETFs also attracted substantial investments, with a net subscription of 21 billion yuan on the same day [3]. Fund Purchase Restrictions - Several high-performing active equity funds have implemented purchase restrictions to ensure stable operations and protect existing investors' interests. For instance, the China Europe Digital Economy Mixed Fund suspended large purchases exceeding 1 million yuan starting August 6 [4][5]. - This trend of limiting large subscriptions has been observed across nearly 30 funds since July, including the Yongying Ruixin Mixed Fund and the GF Growth Leading Mixed Fund [4]. New Fund Issuance - The new fund issuance market has shown significant recovery, with seven active equity funds exceeding 1 billion yuan in issuance since July. The Dachen Insight Advantage Mixed Fund alone raised 24.61 billion yuan [6]. - "Fixed income plus" products are also seeing proportional allocations due to high demand, as evidenced by the Southern Stable Growth Bond Fund, which had its fundraising cut short after reaching the 50 billion yuan cap [6]. Investment Trends - The "fixed income plus" strategy is gaining traction, as investors seek to enhance yield while maintaining a controlled risk profile amid declining 10-year treasury yields [8]. - The report from Huatai Securities indicates that equity funds are becoming a key channel for reallocating household savings, with a notable increase in the number of stock and mixed fund applications since mid-July [10]. Market Outlook - The overall sentiment among institutions remains optimistic, with active equity fund positions rising to relative highs. As of August 1, the average stock position for ordinary equity funds was approximately 90.34%, up 1.05 percentage points from July 25 [10]. - The expectation of continued policy support and the upcoming disclosure of semi-annual earnings from listed companies are anticipated to enhance investment opportunities, particularly in technology, high-end manufacturing, and high-dividend sectors [11].