毫无悬念，破纪录了！ 公募基金年度收益率出炉，永赢科技智选以233.29%的总回报摘得2025年公募基金冠军， 这不仅是公募基金行业再次出现年度收益翻倍 的"两倍基"，更是以7个百分点的优势，一举打破了由王亚伟保持了18年之久的冠军收益率纪录。 此前，王亚伟在2007年凭借华夏大盘精选创下226.24%的年度收益率，成为"公募一哥"。如今，新纪录保持者换人。 回顾2025年，A股各大主要指数全线飘红，沪指涨幅18.41%，一度突破4000点大关，创下近十年新高；创业板指以近50%的年度涨幅强 势领跑。与此同时，A股总市值再创新高，跃升至近109万亿元。市场热点轮番活跃，呈现"百花齐放"的景象。上半年，机器人、创新药、 港股券商领涨，带动人气；三季度，CPO、半导体等硬科技板块与锂电、储能等新能源板块接力上涨，卫星导航、商业航天等赛道则在四季 度"独领风骚"。 权益基金也抓住了这一波行情，除了永赢科技智选、中航机遇领航第一与第二名无人撼动之外，前三至前十排名的直到最后一刻才揭晓最 终，红土创新新兴产业以148.64%跻身前三。与此同时，"翻倍"几乎成为基金进入百强的门槛，2025年全市场有90只基金收益率超 1 ...

智通财经1月1日讯（记者 闫军）毫无悬念，破纪录了！ 公募基金年度收益率出炉，永赢科技智选以233.29%的总回报摘得2025年公募基金冠军，这不仅是公募 基金行业再次出现年度收益翻倍的"两倍基"，更是以7个百分点的优势，一举打破了由王亚伟保持了18 年之久的冠军收益率纪录。 此前，王亚伟在2007年凭借华夏大盘精选创下226.24%的年度收益率，成为"公募一哥"。如今，新纪录 保持者换人。 回顾2025年，A股各大主要指数全线飘红，沪指涨幅18.41%，一度突破4000点大关，创下近十年新高； 创业板指以近50%的年度涨幅强势领跑。与此同时，A股总市值再创新高，跃升至近109万亿元。市场 热点轮番活跃，呈现"百花齐放"的景象。上半年，机器人、创新药、港股券商领涨，带动人气；三季 度，CPO、半导体等硬科技板块与锂电、储能等新能源板块接力上涨，卫星导航、商业航天等赛道则在 四季度"独领风骚"。 权益基金也抓住了这一波行情，除了永赢科技智选、中航机遇领航第一与第二名无人撼动之外，前三至 前十排名的直到最后一刻才揭晓最终，红土创新新兴产业以148.64%跻身前三。与此同时，"翻倍"几乎 成为基金进入百强的门槛，2 ...

以下文章来源于创业板观察 ，作者闫军 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 2025年公募基金冠军基已无悬念。 截至12月29日，任桀管理的永赢科技智选最新回报率为240.56%，领先第二名中航机遇领航63个百分 点，冠军优势明显。 另一个更大的悬念是，永赢科技智选有没有可能打破王亚伟在2007年创造的年度收益率纪录。2007年，王亚伟管理的华夏大盘精选以 226.24%收益率，成为国内公募基金年度收益率的神话。 此后18年间，"公募一哥"的地位无人能挑战成功，不仅没人能打破该纪录，更再无"两倍基"出现。 截至12月29日，年内翻倍基已经多达91只，收益率翻倍才是进入百强的门槛，可见今年基金收益率排名竞争多么激烈。 不过，2025年度冠军基金已经没有悬念了，任桀管理的永赢科技智选以240.56%已经坐稳了冠军宝座，遥遥领先全市场万余只基金。 A股市场时隔18年，再次出现"两倍基"，在进入12月中旬以来，市场已经开始期待永赢科技智选能够超越王亚伟创造的226.24%的历史纪 录。 从当前来看，永赢科技智选年内回报率超华夏 ...

十强基金聚焦A股核心机遇 在2025年的市场环境下，全市场业绩领先的一批基金，用优异的回报率展现了专注的力量。Wind数据显示， 排名年内业绩前20强的A股基金，几乎清一色地对港股保持了较低的配置比例。业内人士认为，这一策略并非 偶然，而是基金经理基于对不同市场定价效率和自身比较优势的理性权衡。 在2025年南下港股投资浪潮涌动的背景下，一批坚守A股核心科技资产的基金经理，凭借对能力圈的深度 耕耘，交出了亮眼的业绩答卷。 Wind数据显示，排名年内全市场业绩前20强的A股基金产品收益率介于125%至236%之间。引人注目的是，这 些业绩领跑者普遍并未跟随市场热点大举南下，而是选择将核心精力聚焦于A股市场，其港股配置比例大多低 于10%或保持零持仓，从而确保了A股核心资产的高仓位集中度。 业内人士认为，这一现象反映出，对多数基金经理而言，在跨市场经验尚需积累的阶段，立足自身所长、深耕 熟悉的领域，往往是实现业绩突破的稳健路径。港股作为离岸市场，其定价审美逻辑与A股存在差异，对A股 基金经理而言，可能更像是一道需要认真对待的"附加题"，而非人人皆可得分的"基础题"。 以年内收益率一度跃升至133%的广发成长领航为 ...

在2025年南下港股投资浪潮涌动的背景下，一批坚守A股核心科技资产的基金经理，凭借对能力圈的深 度耕耘，交出了亮眼的业绩答卷。 Wind数据显示，排名年内全市场业绩前20强的A股基金产品收益率介于125%至236%之间。引人注目的 是，这些业绩领跑者普遍并未跟随市场热点大举南下，而是选择将核心精力聚焦于A股市场，其港股配 置比例大多低于10%或保持零持仓，从而确保了A股核心资产的高仓位集中度。 "由于A股市场对本土热门赛道的定价反应更为直接和充分，保持A股核心资产的高仓位，往往能更好地 捕捉市场机遇。"深圳一位基金经理认为，今年产品业绩的核心驱动力来自重仓A股的AI芯片和半导体 赛道，这是获利的根本来源。在资源有限的情况下，分散精力去配置尚不熟悉的市场，可能会稀释整体 的投资回报。因此，坚守A股，深耕本土优势赛道，是今年这些基金业绩稳健增长的关键所在。 理解市场逻辑差异是关键 业绩居前的A股基金普遍低配港股的现象，也从侧面反映出不同市场特性下，投资策略与市场环境的适 配性对业绩的重要影响。 多位公募基金人士坦言，A股市场个人投资者占比较高，市场情绪对股价的影响较为明显，对高成长性 的赛道往往愿意给予较高的估值 ...

当日历翻到12月，就意味着这一年留给基金经理"答卷"的时间不多了。 对公募基金来说，2025是收获之年。 从上半年的创新药，到下半年的科技，赚钱效应几乎贯穿全年，而批量涌现的"翻倍基"，是这轮牛市的生动注脚。据Wind统计，截至12月8日，年内有55只 基金实现收益翻倍。 透过三季报披露的持仓，可以窥见这些"翻倍基"的领跑秘诀：几乎都是乘AI之东风，只有个别靠创新药打完全场。 上半年创新药一枝独秀，相关主题基金强势霸屏，前十占据七席。下半年科技开启单边行情，演绎出"得AI者得天下"的格局。当前排名前十的名单中，只有 1只医药主题基金，也是年内唯一的医药"翻倍基"。 2025也是主动权益翻身之年。 因跑不赢指数，主动权益在前两年饱受诟病。随着牛市的回归，主动权益凭借超额弹性，重新夺回业绩主场。55只"翻倍基"中，只有6只是指数基金，且榜 单前24都是主动权益产品。 得AI者得天下 尽管距离年度揭榜还有十余个交易日，这场排位赛的走向已初见端倪。 韩浩管理的中航机遇领航，以161.09 %的年内收益暂列第二，重仓的方向同样是算力。这只基金虽然和第一名相去甚远，但比第三名领先16.46%，有望成为 今年的"亚军基"。 ...

Core Viewpoint - The article discusses recent executive changes at AVIC Fund, highlighting the resignation of former Deputy General Manager Deng Haiqing and the appointment of Han Hao as the new Deputy General Manager, emphasizing the implications of these changes on the company's management and investment strategies [1][2][5]. Group 1: Executive Changes - Deng Haiqing resigned from his position as Deputy General Manager on November 13 due to personal reasons, with no indication of a transfer to another role within the company [2][5]. - Han Hao has been appointed as the new Deputy General Manager, effective November 19, 2025, and is noted for his significant management experience, overseeing a total of 15.589 billion yuan in assets [2][3]. Group 2: Fund Performance and Strategy - Han Hao's management includes four funds, with the "AVIC Opportunity Navigation" fund achieving a remarkable annual growth of 116.42%, largely due to its heavy investment in the AI sector [3][4]. - Despite the high performance of the AI sector, Han Hao cautioned that the volatility may increase in the fourth quarter, suggesting a potential slowdown in the sector's response to positive catalysts [4]. Group 3: Company Overview and Challenges - AVIC Fund, established in 2016, has seen its public fund scale increase, managing over 60 billion yuan across 30 funds, with equity funds nearing 20 billion yuan [7]. - The company has experienced frequent management changes, including the recent announcement of a 10% stake sale by its largest shareholder, AVIC Securities, which has not yet resulted in a transaction [7][9].

Group 1: Market Trends - The Hong Kong IPO market has seen a significant increase in financing, with a total of HKD 250.5 billion raised as of November 19, 2025, representing a 172.44% increase compared to the previous year [1] - The "fixed income +" funds have performed exceptionally well this year, with returns reaching up to 45%, and the industry expects a return of 2%-5.5% for next year [4] - The FOF (Fund of Funds) market has rebounded significantly, with 69 new FOFs established this year, raising a total of CNY 69.236 billion, the highest in three years [7] Group 2: Pension and Financial Products - The personal pension system has achieved notable success in its three years of implementation, with 72.79 million accounts opened and over 1,245 products available, covering savings, insurance, funds, and wealth management [3] - Banks are increasingly focusing on the pension finance sector as a new growth area, especially in light of declining demand for traditional real estate and infrastructure loans [2] Group 3: Fund Management and Performance - The ETF market has reached a new high, with total market size at CNY 5.7 trillion and bond ETFs surpassing CNY 710 billion [5] - The public fund industry has seen significant changes in management, with 153 companies undergoing executive changes this year, indicating a dynamic shift in leadership [8]

Core Viewpoint - The recent data from the third quarter has raised alarms regarding the survival of several initiated funds, highlighting a trend of accelerated exits from the market due to persistent scale challenges [1][2]. Group 1: Fund Performance and Challenges - Many initiated funds are facing imminent liquidation, with some funds, like a certain enhanced index fund, at risk of termination if their scale remains below 200 million yuan by November 2025 [2]. - As of the end of the third quarter, several initiated funds established in 2022 are struggling with scales only in the millions, indicating a high risk of liquidation without new capital inflow [2]. - Some funds have managed to survive the "three-year test" by temporarily boosting their scales through short-term inflows, but this is not a sustainable solution [3]. Group 2: Successful Funds - A few initiated funds have emerged as "star products," achieving significant growth and avoiding liquidation risks, such as the Yongying Technology Smart Selection fund, which has seen a 246.27% increase since its inception [4]. - The success of these funds is attributed to their establishment during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves [5]. Group 3: Market Dynamics and Trends - The initiated funds are experiencing a rapid exit trend, with nearly 20 new active equity initiated funds announced since October, despite the overall pessimism regarding their market performance [7]. - The competition within the fund industry is intensifying, leading to a concentration of resources towards high-performing funds, while underperforming funds face the risk of being eliminated [8]. - The operational costs associated with smaller fund sizes can erode returns, making it difficult for these funds to attract new investments and grow their scales [7].

Core Viewpoint - The article highlights the increasing risk of fund liquidation for many initiated funds due to persistent scale challenges, despite some funds managing to attract additional investments and avoid closure [2][3][8]. Group 1: Fund Performance and Challenges - Several initiated funds are facing imminent liquidation, with a notable example being a fund that will terminate if its scale remains below 200 million yuan by November 2025 [3]. - As of the end of Q3, some funds, including certain pension FOFs, have scales of only a few million yuan, indicating a high risk of liquidation if no new investments are made [3]. - The phenomenon of "self-rescue" is observed in some funds, where temporary inflows allowed them to surpass the 200 million yuan threshold, thus avoiding liquidation [4]. Group 2: Successful Funds - Some initiated funds have become "star products," significantly increasing their scale and avoiding survival crises. For instance, the Yongying Technology Select fund has achieved a return of 246.27% and a scale of 11.52 billion yuan [5]. - Other funds, such as Yongying Advanced Manufacturing Select, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract substantial investments [5]. Group 3: Market Dynamics and Fund Establishment - The timing of fund establishment plays a crucial role in performance, with many initiated funds launched during market downturns, allowing them to acquire undervalued assets that can appreciate when market sentiment improves [6]. - The lower establishment threshold for initiated funds enables quicker launches during market lows, with over 300 initiated products established in 2022 alone [6]. Group 4: Industry Competition and Fund Liquidation - The accelerated pace of initiated fund liquidations reflects intense competition within the fund industry, with resources concentrating on high-quality funds [8]. - The ongoing coexistence of fund liquidations and new fund launches indicates a challenging environment where only funds with strong performance and competitive advantages are likely to survive [8].