其中，133只"翻倍基"来自中小型公募（以二季度末资产管理规模排名30名之后为界定标准），占比达 54.3%。近一年收益率排名前15位的基金中，中小公募产品占8席：中信建投（601066）北交所精选两 年定开A以240.22%的区间单位净值增长率位居榜首；德邦鑫星价值A以221.47%的涨幅位列第四；信澳 业绩驱动A、中航机遇领航A近一年单位净值增长率分别为198.45%、197.94%；华富科技动能A、汇安 成长优选A、红土创新新兴产业、长盛城镇化主题A等4只产品的区间涨幅均超过160%。 | 证券简称 | 中原地 | 基金规模 | 基金管理人 | | --- | --- | --- | --- | | | 增长率(%) | 合计(亿元) | | | 中信建投北交所精选两年定开A | 240.22 | 2.86 | 中信建投基金 | | 德邦鑫星价值A | 221.47 | 9.33 | 德邦基金 | | 永赢先进制造智选A | 205.63 | 138.45 | 永赢基金 | | 信澳业绩驱动A | 198.45 | 3.44 | 信达澳亚基金 | | 中航机遇领航A | 197.94 | 10.61 | ...

【导读】市场风格与竞争格局共振 中小公募业绩突出 中国基金报记者 张燕北 A 股 "9·24" 行情一周年，主动权益基金业绩显著回暖。中小公募旗下产品强势 " 逆袭 " ， 在业绩涨幅榜上占据较多席位，一改以往大中型公募产品统治的格局。受访业内人士分析， 这一现象是市场行情演绎与行业竞争格局共同作用的结果。中小基金公司的赛道化、高锐度 布局成为 " 弯道超车 " 的可行路径。但立足长期价值创造才是行业发展的根本方向。 近一年 " 翻倍基 " 超 240 只 中小公募旗下产品占比过半 去年 9 月 24 日以来， A 股主要指数大幅上行，主动权益基金业绩大幅回暖。 Wind 数据显 示，截至 9 月 26 日，近一年主动权益基金平均单位净值增长率达 40.77%，245 只基金 （仅统计主代码）净值翻倍。 其中， 133 只 " 翻倍基 " 来自中小型公募（以二季度末资产管理规模排名 30 名之后为界 定标准），占比达 54.3% 。近一年收益率排名前 15 位的基金中，中小公募产品占 8 席： 中信建投北交所精选两年定开 A 以 240.22% 的区间单位净值增长率位居榜首；德邦鑫星价 值 A 以 221.4 ...

Market Recovery - The A-share market has shown significant recovery, with the Shanghai Composite Index rising from 2700 points to over 3800 points, and the total market capitalization surpassing 100 trillion yuan [1][3] - Over 1500 stocks have doubled in price since last year, indicating a broad-based recovery across various sectors [1][4] Investor Behavior - Investor sentiment has shifted from a cautious "cash out upon breakeven" mentality to a more optimistic approach, with many now considering new investment opportunities [10][12] - New A-share accounts opened in August increased by 165% year-on-year, reflecting growing investor interest [1][12] Fund Performance - The performance of public funds has improved significantly, with over 99% of funds showing positive cumulative returns since last September, and 697 funds achieving over 100% returns [4][6] - The number of funds with unit net values below 1 yuan has decreased from 3959 to 1224, indicating a recovery in fund values [6] Long-term Capital Inflow - Long-term capital, including insurance and pension funds, has been steadily entering the A-share market, with a total market value of approximately 21.4 trillion yuan, a 32% increase since the end of the 13th Five-Year Plan [7][8] - The ETF market has also seen substantial growth, reaching a total scale of 5.31 trillion yuan, up 42.31% from the end of last year [7] Policy Support - Regulatory policies aimed at encouraging long-term capital inflow have been implemented, which are expected to further enhance market stability and growth [8][9] - Recent reforms in public fund fee structures are projected to save investors over 500 billion yuan annually, promoting a more favorable investment environment [9]

Core Insights - The A-share market has shown strong performance over the past year, with public fund industry returns significantly increasing, leading to impressive results from Xinda Aoya's actively managed funds [1][2][3] Fund Performance - Xinda Aoya has 44 products with over 30% returns in the past year, including 35 products with gains exceeding 50%, and 32 products with gains over 70%, with 17 products achieving over 100% returns [1][2] - Notable funds include: - Xinda Performance Driven A: 237.62% - Xinda Advantage Industry A: 149.94% - Xinda Prosperity Selection A: 141.03% [1][2] Investment Strategy - The company focuses on core sectors such as technology, pharmaceuticals, new energy, consumption, and manufacturing, employing a research team that integrates macro research, industry analysis, and stock selection [2][3] - Xinda Aoya's diversified product matrix caters to different risk preferences and investment goals, with specific funds targeting high-growth opportunities and economic cycle trends [3] Risk Management - The company incorporates risk management into its product design, establishing a multi-dimensional risk control system covering credit, market, and liquidity risks [3] - This balanced approach allows the company to capture opportunities while effectively mitigating risks in volatile markets [3] Long-term Performance - According to Guotai Junan Securities, Xinda Aoya's equity and fixed income products achieved returns of 17.86% and 24.46% over five years, ranking 47th and 8th among 137 fund companies, respectively [3] - Over seven years, the returns for equity and fixed income products were 149.24% and 39.28%, placing them 2nd and 9th among 115 fund companies [3]

Core Viewpoint - The A-share market has shown significant strength in the first eight months of the year, leading to a strong performance of public equity funds, with many funds achieving over 100% returns [2][6][13]. Group 1: Market Performance - The main indices have experienced substantial gains, with the North Exchange 50 index rising by 51.49%, and several other indices, including the Sci-Tech Innovation 50 and the ChiNext index, increasing by over 30% [2][4]. - In August, the Shanghai Composite Index broke through the 3,800-point mark, reaching a 10-year high, with the Sci-Tech series indices showing strong performance, with increases of 32.25% and 28.00% respectively [4]. Group 2: Fund Performance - The average net value growth rate of active equity funds in the first eight months reached 23.83%, with the best-performing fund achieving a growth rate exceeding 175% [6][10][11]. - A total of 603 active equity funds have recorded a net value growth rate exceeding 50%, with 21 funds surpassing 100% [13][20]. - The average net value growth rates for ordinary stock funds and mixed equity funds were 28.38% and 28.79% respectively, indicating strong recovery in net values [9]. Group 3: Sector Opportunities - Structural opportunities have emerged in sectors such as the North Exchange, innovative pharmaceuticals, humanoid robots, AI, and semiconductors, contributing to the strong performance of funds managed by adept fund managers [12][20]. - The innovative pharmaceutical sector has been a standout performer, with the Hong Kong Stock Connect innovative pharmaceutical index showing a cumulative annual increase of 108.24% [24]. Group 4: Future Outlook - If the current market trends continue, 2025 is expected to be a breakout year for active equity fund performance [21]. - The market is experiencing a rebalancing of underlying funds, with indications of capital flowing from dollar assets to non-dollar assets, and from the bond market to the equity market [26].

Core Viewpoint - The A-share market has shown strong performance, significantly boosting fund performance, with many products from Xinda Australia Fund achieving remarkable returns over the past year [1][3]. Group 1: Fund Performance - As of August 20, 2025, 41 products from Xinda Australia Fund have returned over 30% in the past year, with 34 products exceeding 50% and 25 products surpassing 70% [1]. - Six funds have doubled in value, showcasing the fund's strong performance [1]. - The top-performing funds are primarily active products, indicating the effectiveness of the company's "equity + diversified strategy" approach [1][4]. Group 2: Active Equity Funds - Active equity funds are the main drivers of performance growth, demonstrating the company's investment strength in this area [3]. - Specific funds such as Xinda Performance Driven A and Xinda Star Yi A have achieved returns of 149.64% and 118.55%, respectively, over the past year [3]. - The company has successfully captured opportunities in high-growth sectors like new energy and technology through in-depth research [3][4]. Group 3: Research and Investment Strategy - The comprehensive explosion of active equity products reflects the company's diversified research and investment system, covering key sectors such as manufacturing, technology, and consumption [4]. - The company employs a multi-style management system that includes "value, balance, and growth" strategies, continuously generating alpha returns for investors [4]. Group 4: Quantitative and Pension Strategies - The company utilizes a dual-engine approach of "HI + AI" to develop a range of quantitative products, enhancing investment efficiency and transparency [6]. - The Xinda Pension Target Date 2055 fund has achieved a return of 31.04% over the past year, focusing on dynamic asset allocation for long-term retirement planning [6][19]. Group 5: Future Outlook - Xinda Australia Fund aims to continue prioritizing the interests of its investors, focusing on long-term value investment and optimizing its research system to create sustainable returns [7].

Core Viewpoint - The A-share market has shown strong performance, with major indices experiencing significant increases, which has positively impacted fund performance. As of August 20, 2025, multiple products under Xinda Australia Fund have reported outstanding returns, with 41 products achieving over 30% returns in the past year, showcasing the company's robust investment capabilities [1][4]. Group 1: Fund Performance - As of August 20, 2025, 41 products from Xinda Australia Fund have achieved returns exceeding 30% in the past year, with 34 products rising over 50% and 25 products increasing over 70%. Notably, 6 products have doubled in value [1]. - The top-performing funds include Xinda Performance Driven A with a return of 149.64%, Xinda Star Yi A at 118.55%, and Xinda Bojian Growth One-Year Open A at 117.29% [2][4]. Group 2: Investment Strategy - The strong performance of Xinda Australia Fund's products is primarily driven by actively managed equity funds, which have become the core engine of performance growth, demonstrating the company's investment strength in active equity [4]. - The company employs a diversified research matrix covering key sectors such as manufacturing, technology, consumption, and new energy, optimizing its investment research team to enhance its investment capabilities [5]. Group 3: Quantitative and Pension Strategies - Xinda Australia Fund's active equity is considered the "alpha engine," with quantitative investments capturing market beta effectively. The company utilizes a "HI+AI" dual-engine approach to develop a range of quantitative products [7]. - In the pension finance sector, the company focuses on "target date strategies" to assist investors in achieving comprehensive retirement planning, with a notable return of 31.04% for the Xinda Yiyuan Pension Target 2055 Five-Year Holding A product [7]. Group 4: Future Outlook - Looking ahead, Xinda Australia Fund aims to continue prioritizing the interests of its investors, deepening its commitment to long-term value investment, optimizing its research system, and expanding its product line to create sustainable returns for investors [8].

Core Viewpoint - The report highlights the strong performance and growth potential of Xinda Australia Fund, with record public management scale and impressive returns on equity products, positioning the company favorably in the market [1][2]. Group 1: Financial Performance - As of December 31, 2024, Xinda Australia Fund achieved a total asset of 830.75 million, marking a historical high in public management scale [1]. - The fund reported an operating income of 644.09 million and a net profit of 100.67 million for the year 2024 [2]. - The fund's equity products have shown a remarkable return of 119.76% over the past seven years, ranking first among public institutions [1]. Group 2: Product Performance - Notable products such as Xinda Performance Driven A, Xinda Advantage Industry A, and Xinda Prosperity Preferred A achieved net value growth rates of 28.34%, 26.30%, and 24.33% respectively in 2024, significantly outperforming their benchmarks [1]. - The company is focusing on expanding its "fixed income" and "fixed income plus" product lines to create a new growth pillar alongside its equity business [2]. Group 3: Strategic Initiatives - Xinda Australia Fund is actively responding to regulatory calls to benefit investors by reducing management and custody fees, enhancing the investment experience despite short-term profit pressures [1]. - The company is investing in research and development capabilities, product innovation, and system upgrades to optimize its business structure for future growth [2].