2025年的A股，是一场被科技浪潮裹挟的结构性牛市。上证综指18.41%、深证成指29.87%、创业板指49.57%、科创50上涨35.92%——四大指数用两位数甚 至接近50%的年度涨幅，为公募基金行业写下浓墨重彩的一页。 然而，牛市从来不是普惠的馈赠。Wind数据统计，截至12月31日的数据显示，全市场公募基金（只含主份额，下同）2025年平均收益率为19%，有95%的产 品实现正收益，98只产品净值翻倍。其中，主动权益类基金更是扬眉吐气，平均收益率达32%，永赢科技智选混合发起A以233.29%的年度回报一骑绝尘。 | 证券代码 | 证券简称 | 基金管理人 | | 否初始基投资类型(二级分类)基金经理(现任) | | 基金成立日 | | --- | --- | --- | --- | --- | --- | --- | | 022364. OF | 水嬴科技智洗A | 水扁车金 | 走 | 偏股混合型基金 | 任等 | 2024/10/30 | | 018956. OF | 中航机遇领航A | 中航星金 | 是 | 偏股混合型基金 | 韩浩 | 2023/8/10 | | 001753. OF | 红 ...

Core Viewpoint - The A-share market concluded 2025 with a structural bull market, with the Shanghai Composite Index rising by 18.41%, leading to significant performance improvements in active equity funds, where over 95% achieved positive returns, and 76 funds doubled their returns, marking a strong comeback of "double funds" after 17 years [3][4][7]. Group 1: Market Performance - The Shanghai Composite Index ended the year at 3968.84 points, recovering from fluctuations and achieving an 18.41% annual increase [4]. - Among 31 sectors, 29 experienced gains, with non-ferrous metals and communications leading at 94.73% and 84.75% respectively, while food and beverage and coal sectors saw declines exceeding 5% [4]. - The active equity fund performance saw over 95% of 4711 comparable funds achieving positive returns, a significant increase from 65% the previous year, marking the best performance in five years [4][9]. Group 2: Top Performing Funds - The top-performing fund, Yongying Technology Smart A, achieved a remarkable return of 233.29%, surpassing the second-place fund by over 64 percentage points and breaking the previous record set in 2007 [5][7]. - The second and third positions were held by Zhonghang Opportunity Navigation A with a return of 168.92% and Hongtu Innovation Emerging Industry A with 148.64%, respectively, showcasing intense competition among the top funds [8]. - A total of 76 active equity funds achieved returns exceeding 100%, the highest number in the last five years, with 39 fund companies represented [8]. Group 3: Investment Trends and Future Outlook - The leading funds predominantly invested in the artificial intelligence (AI) sector, indicating a high "science and technology content" as a key to success [3][11]. - Looking ahead, the AI industry is expected to see further valuation increases, transitioning from valuation-driven to a dual-driven model of fundamentals and structural reforms [11][12]. - Investment strategies for 2026 are anticipated to focus on AI, overseas expansion, and commodities, with a cautious outlook on potential market corrections [12][13].

超250个百分点业绩鸿沟！2025年基金业有人狂欢有人愁 2025年，A股市场以快速轮动与结构性牛市收官，上证指数全年上涨18.41%，催生了近五年最亮眼的主动权益类基金业绩，超95%产品实现正收 益，76只"翻倍基"横空出世。其中，永赢科技智选A以惊人的233.29%回报率登顶，不仅以超过60个百分点领跑，更刷新了公募主动权益基金年 度收益纪录，标志着"两倍基"时隔17年的强势回归。 整体而言，业绩领先的基金普遍高配人工智能产业链，凸显"含科量"成为制胜关键。站在新一年的起点，金鹰基金权益研究部宏观策略研究员 金达莱对第一财经记者表示，春季行情徐徐展开，年初或仍有配置窗口。 "跨年行情下，交投活跃度较高、但资金情绪偏谨慎，A股市场整体波动收窄。"金达莱认为，业绩兑现重要性提升，配置上将围绕核心科技+制 造主线。进入1月，预计上市公司的业绩景气度或将再度成为市场的核心关注点。 "冠军基"业绩刷新历史纪录 回顾2025年，A股市场全年延续快速轮动格局，科技、创新药、有色金属等板块轮番活跃，上证指数4000点失而复得又得而复失。截至12月31日 收盘，上证指数以"十一连阳"收官，最终定格在3968.84点，全年上 ...

Core Viewpoint - The article discusses the intense competition among funds for year-end rankings, highlighting that as of December 12, 67 funds have achieved over 100% returns this year, with a significant focus on technology sectors such as computing chips and optical modules [3][5]. Fund Performance Summary - As of December 12, 67 funds have surpassed 100% returns, with 57 being actively managed equity funds, marking the best performance in five years [5][9]. - The top-performing fund, Yongying Technology Smart A, has a return rate of 218%, leading the second-place fund by over 51 percentage points [5][6]. - The competition for rankings is fierce among mid-tier funds, with several funds showing returns above 140%, indicating a narrow margin for potential ranking changes in the remaining trading days [6][8]. Investment Trends - The leading funds have a high concentration of investments in AI-related stocks, particularly in computing chips and optical modules, which are seen as essential components in the technology sector [8][9]. - The performance of the computing and optical module indices has been significant, with year-to-date increases of 93.83% and 172.08%, respectively [8]. Market Outlook - Analysts suggest that the technology sector's strong performance may continue into the next year, but there will be significant internal differentiation within the sector [3][10]. - The focus for investors is shifting from thematic investments to performance verification, emphasizing the importance of tracking technological advancements and profitability [12][13]. - The market is expected to favor companies with solid fundamentals, particularly in AI, pharmaceuticals, and high-end manufacturing, as these sectors are likely to see sustainable growth [13].

Overall Market Dimension - As of the end of Q3 2025, the total non-cash scale of public funds reached 2503 billion CNY, with E Fund Management leading at 16478.94 billion CNY, followed by Huaxia Fund Management at 14035.41 billion CNY [4][24] - The top five fund companies by non-cash scale include E Fund, Huaxia, GF Fund, Fuguo Fund, and Southern Fund, with significant growth in their respective scales [4][24] Active Equity Funds - In Q3 2025, the top ten companies by active equity scale increment included Zhongou Fund and Yongying Fund, both exceeding 500 billion CNY in single-quarter growth, with E Fund also showing significant growth of over 475 billion CNY [10][11] - For the year-to-date, Yongying Fund and Zhongou Fund led the active equity scale increment with 766.49 billion CNY and 737.10 billion CNY respectively, while Fuguo Fund, E Fund, and GF Fund also showed substantial growth [11][12] Fixed Income Plus (固收+) - In Q3 2025, the leading companies in the Fixed Income Plus category were Jingshun Great Wall Fund, Fuguo Fund, and Huaxia Fund, with Jingshun Great Wall showing a significant growth of over 700 billion CNY [15][16] - For the year-to-date, Jingshun Great Wall Fund also led in scale increment with 1124.81 billion CNY, followed by Fuguo Fund and Zhongou Fund [16] Passive Index and Index Growth - In Q3 2025, E Fund Management had the largest increment in passive index and index growth funds, with an increase of 1891.23 billion CNY, followed by Huaxia Fund with over 1200 billion CNY [19][20] - Both E Fund and Huaxia Fund maintained a strong position in the passive index and index growth category, each exceeding 8000 billion CNY in scale [20]

由于部分基金此前已实现优厚回报(22只主动权益基金年内收益超100%，最高收益超过200%)，公募在 跨年布局上出现了明显分歧：浮盈明显的基金想保存收益平稳度过年关，前期回报不明显的基金则想再 冲一把。 11月至12月5日，不少翻倍基的净值波动已在放缓，但依然有基金在进取博弈，取得了逾10%的收益 率，年内收益突破20%。这些分歧背后，公募还要考虑比以往更为复杂的情况：年末市场流动性、风格 切换方向、海外扰动因素等。 "想把排名往上拉一拉" 根据Wind统计，截至12月5日年内回报超过100%的主动权益基金数量(均为偏股混合型基金)，达到22只 (以初始基金为统计口径，下同)。其中，永赢科技智选A回报率为202.13%，是唯一一只年内回报超过 200%的主动权益基金。紧跟其后的是中航机遇领航A，年内回报率为144.12%。恒越优势精选A、中欧 数字经济A、信澳业绩驱动A的年内回报率均在120%以上。 除科技主题产品外，22只翻倍基中还有聚焦北交所、港股、医药等领域。其中，中信建投北交所精选两 年定开A年回报率为101.96%，中银港股通医药A回报率为104.47%。此外，另有18只普通股票基金和49 只偏股混 ...

Core Insights - The expectation for a year-end rally is increasing, but public funds have different strategies for their year-end positioning, with some aiming to preserve gains while others seek to boost returns in the limited time left [2][4] Fund Performance - As of December 5, 22 actively managed equity funds have achieved over 100% returns this year, with 永赢科技智选A leading at 202.13%, followed by 中航机遇领航A at 144.12% [3] - Other high-performing funds include 恒越优选精选A, 中欧数字经济A, and 信澳业绩驱动A, all exceeding 120% returns [3] - Funds focusing on sectors like the Beijing Stock Exchange, Hong Kong stocks, and pharmaceuticals also performed well, with 中信建投北交所精选两年定开A at 101.96% and 中银港股通医药A at 104.47% [3] Year-End Strategies - The top-performing fund, 永赢科技智选A, outperformed the second by over 50 percentage points, but the competition among other high-return funds remains tight [4] - Fund managers are looking to improve rankings in the final trading days, with a focus on achieving significant year-end returns to satisfy both external and internal performance evaluations [5][6] Market Conditions - The difficulty of achieving additional year-end gains is acknowledged due to various market and liquidity factors, with a noted shift from growth to value investing [6][7] - Recent market activity has shown a decline in trading volume, indicating a transition to stock selection rather than broad market movements [6][7] Structural Changes - The market environment is more complex this year, influenced by external factors and a potential shift in risk appetite [7] - Key policy meetings in December may impact market behavior, with historical data suggesting price fluctuations around such events [7][8] - The focus for 2025 is expected to shift towards sectors like technology innovation, consumption upgrades, and high-end manufacturing, while traditional sectors lag behind [8]

临近年末，跨年行情预期升温。但公募在跨年布局上则各有各的"心思"：浮盈明显的基金想保存收益平 稳收尾，前期回报不明显的基金则想最后再冲一把。 不过，公募投研人士认为，在年底有限的时间里去博取收益难度会有所增加，市场内外干扰因素不少， 还要考虑岁末流动性等多方面因素。 年末博取收益难度增加 和上述观点类似，从11月至今的业绩情况来看，主动权益基金之间呈现出不少分歧。有的基金采取了进 取姿态，比如永赢高端装备智选A在11月至今的收益率达到14.56%，年内回报率为41.56%。华西优选价 值A年内回报22.37%，其中有10.14%的收益为11月以来的这段时间里实现的。平安资源精选A年内回报 约为13.39%，11月至今的回报率为9.94%。 相比之下，年内取得高收益的基金，11月以来净值波动率普遍不高。比如，年内回报超过200%的永赢 科技智选A，11月以来的收益率只有0.50%。年内收益率超过130%的中欧数字经济A，11月以来下跌 1.91%。富国创新科技A、易方达科融、华泰柏瑞质量成长A、中银港股通医药A等翻倍基，11月以来的 净值波动率基本在4%以内。 "这种现象不难理解的，此前取得丰厚回报的基金，其主 ...

Group 1 - The article discusses the rising expectations for the year-end market rally, with significant divergence among public funds regarding their strategies for year-end positioning [1][2] - As of December 5, 22 actively managed equity funds have achieved returns exceeding 100% this year, with the highest return being 202.13% from Yongying Technology Smart A [3][4] - The performance ranking shows a significant gap between the top fund and others, indicating a competitive environment among fund managers to improve their rankings before year-end [4][6] Group 2 - There is a notable split in strategies among funds, with some aiming to preserve gains while others seek to capitalize on the year-end rally, reflecting differing performance levels throughout the year [5][6] - The market environment is described as complex, influenced by factors such as year-end liquidity, style rotation, and external disturbances, which may affect the potential for a year-end rally [6][7] - Historical data indicates that the timing of the year-end rally can vary, with the current year being particularly complicated due to external factors and market sentiment [7][8] Group 3 - Key sectors such as artificial intelligence, semiconductor equipment, and high-end manufacturing are highlighted as areas of focus for future investment, while traditional sectors like real estate and consumer goods are recovering more slowly [8] - The article emphasizes the importance of monitoring structural shifts in the market, with potential opportunities arising from changes in investment focus and market dynamics [8]

Group 1 - The market has shown signs of recovery this year, with nearly 100 billion yuan in new fund issuance in November, totaling 966.16 billion yuan for the month and 136 new funds established, primarily in equity funds (stock and mixed) [1] - The private equity market reached a record high of 22.05 trillion yuan in October, but subjective strategies have struggled compared to quantitative strategies, marking the highest underperformance of subjective private equity against public equity since 2021 [2] - Active equity funds are experiencing intense competition for annual rankings, with 25 funds doubling their returns year-to-date by the end of November, led by the Yongying Technology Select Fund with a return of 191.71% [2][3] Group 2 - The top-performing funds include those managed by Zhang Wei, Wu Haining, Han Hao, and Feng Ludan, all exceeding 120% returns, occupying the top five positions in performance rankings [3] - The performance table lists the top funds, with the Yongying Technology Select A fund leading at 191.71% return and a total fund size of 11.52 billion yuan [5] - Market analysts predict that December may face unlocking pressures with an estimated 420 billion yuan in A-share unlocks, potentially leading to market fluctuations, while the overall market remains in a recovery phase with positive influences from policy and fundamental improvements [7]