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 ...

证券时报记者 余世鹏 截至12月28日，公募主动权益基金年内最高收益率达到236.88%，不仅锁定了年度冠军位置，还可能刷新业绩纪 录，成为公募史上年度收益最高的翻倍基。 接受证券时报记者采访的基金业内人士表示，2025年主动权益基金终于扬眉吐气了，但同时也要看到，不少翻倍 基持仓集中度很高，和结构性行情深度绑定。从公募基金历史上看，基金产品一直是"流星"多而"恒星"少，需用平 常心看待这类现象。主动权益基金需要有更多数量业绩良好且能持续的产品，如此才能惠及更多持有人，让公募 基金行业持续焕发生机。 年度收益或打破历史纪录 根据Wind统计，以普通股票基金、偏股混合基金、平衡混合基金和灵活配置基金的初始份额为对象，剔除2025年 内成立的次新基金后，纳入统计的主动权益基金一共有4378只。 从相对收益的角度看，主动权益基金年内平均收益率超过了30%，有3455只基金年内收益率超过了业绩比较基 准，在4378只基金中占比接近80%。其中，有31只基金的超额收益率超过100个百分点，涨幅最大的永赢科技智选 A超额收益率达到195.64个百分点，中航机遇领航A等6只基金的超额收益率超过130个百分点。 "2025年 ...

权益基金"满血复活"大数据 2025年，A股市场走出了一轮以科技为核心的牛市行情，公募基金迎来近年来最显著的赚钱效应。 Wind数据显示，全市场有数据统计的13530只公募基金（仅计算主代码，下同）中，今年以来（截至12月22日，下同）回报率为正的有12642 只，占比达93.44%。负收益产品仅869只，占比6.42%。另有少量基金零收益。 与前三年市场低迷、基金大面积亏损的情况不同，2025年主动权益类基金（含普通股票型、偏股混合型、平衡混合型、灵活配置型）实现"满 血复活"。 当市场还在争论主动与被动投资孰优孰劣时，2025年的公募基金排名战给出了双重答案。 截至12月22日，永赢科技智选以超过231%的年度回报暂时登顶主动基金榜首，国泰通信设备ETF则以125.7%的涨幅领跑被动基金阵营。 在这场"双轨竞速"中，主动权益基金与被动指数基金虽均实现显著收益，但胜出逻辑截然不同：主动基金依靠精准的行业聚焦与高集中度选股 实现超额收益，被动基金则依托通信、人工智能等高景气主题指数的爆发性增长获得领先。 两条截然不同的制胜路径，正在重塑中国资产管理行业的竞争格局。 统计显示，全市场4700只主动权益类基金年内 ...

21世纪经济报道特约记者 庞华玮 当市场还在争论主动与被动投资孰优孰劣时，2025年的公募基金排名 战给出了双重答案。 被动指数基金同样表现亮眼，全市场2362只被动指数基金，平均回报率23.68%。其中，2159只实现正 收益，占比91.41%，其中11只收益超100%。 来自格上基金的数据同样印证了这一趋势：代表主动权益基金的偏股混合型基金指数上涨32.28%，收 益中位数为26.66%；股票指数型基金指数上涨27.23%，收益中位数为20.61%。 截至12月22日，永赢科技智选以超过231%的年度回报暂时登顶主动基金榜首，国泰通信设备ETF则以 125.7%的涨幅领跑被动基金阵营。 在这场"双轨竞速"中，主动权益基金与被动指数基金虽均实现显著收益，但胜出逻辑截然不同：主动基 金依靠精准的行业聚焦与高集中度选股实现超额收益，被动基金则依托通信、人工智能等高景气主题指 数的爆发性增长获得领先。 两条截然不同的制胜路径，正在重塑中国资产管理行业的竞争格局。 权益基金"满血复活"大数据 2025年，A股市场走出了一轮以科技为核心的牛市行情，公募基金迎来近年来最显著的赚钱效应。 数据显示，全市场有数据统计的13 ...

2025年临近收官，公募基金权益领域年度业绩格局逐步清晰。在市场震荡与结构性分化中，信达澳亚基 金以长期主义视角持续打磨投资能力，旗下多款权益产品在不同周期维度展现稳健成长性与抗风险韧 性，进一步印证了公司在权益投资领域的综合实力。 截至11月底，信达澳亚旗下权益产品涵盖股票型、混合型，覆盖新能源、转型创新、景气成长等多个核 心赛道，不同产品基于差异化策略在对应周期内表现突出，可适配不同投资者的风险偏好与持有需求。 在股票型产品阵营中，朱然管理的信澳转型创新股票A（001105，R4-中高风险）侧重捕捉经济转型机 遇，国泰海通证券数据显示，截至11月28日，其近一年收益率在同类主动股票开放型产品中排名前 8%（73/918），位于行业前列。混合型产品则更注重收益与稳健的平衡，覆盖不同风险需求的投资 者。刘小明管理信澳业绩驱动A（016370，R3-中风险）近一年收益率达139.57%，在3902只同类强股混 合型产品中稳居第4，该产品采用"自下而上"的策略，通过对上市公司基本面的深入研究，选取具有竞 争优势且估值具有吸引力的股票构建组合；若投资者更看重中长期平衡，信澳景气优选混合A （013721，R3-中风 ...

Core Insights - The year-end ranking battle among funds has intensified, with 67 funds achieving over 100% returns year-to-date as of December 12, 2023, including 57 active equity funds [2][3] - The leading fund, Yongying Technology Smart A, has a return rate of 218%, significantly ahead of the second-place fund by over 51 percentage points, making its victory nearly certain [4] - The performance of top funds is heavily influenced by investments in sectors like computing chips and optical modules, which are considered standard in their portfolios [2][4] Fund Performance - The top-performing fund, Yongying Technology Smart A, has a cumulative return of 218%, while the second-place fund, Zhonghang Opportunity Leading A, has a return of 166.65% [4] - The competition for rankings among mid-tier funds is fierce, with several funds like Hongtu Innovation Emerging Industry A and Xin'ao Performance Driven A achieving returns above 147% [4] - The top ten funds have a performance threshold set at 136.83%, indicating a narrow margin for ranking changes in the remaining trading days [4] Market Trends - The strong performance of active equity funds this year is attributed to a combination of technology, demand, and capital, with over 95% of active equity funds achieving positive returns [6] - The computing and optical module indices have seen significant increases, with year-to-date gains of 93.83% and 172.08%, respectively [5] - The focus on technology investments is expected to continue, with a shift towards performance verification rather than speculative themes [8][9] Future Outlook - Analysts suggest that the technology sector, particularly the optical communication industry, will remain a key component of investment strategies in the coming year, driven by explosive demand and supportive macro policies [2][8] - There is a consensus that the market will transition from speculative investments to a focus on the quality of earnings growth and sustainable business models [9] - Key areas for investment include AI applications, domestic replacements, and companies with strong technological barriers and commercialization capabilities [9]

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].

前十"门槛"达136.83% 年内仅剩十余个交易日，基金年终排名战的硝烟已进入最浓烈时刻！ Wind数据显示，截至12月12日，已有67只基金年内收益率突破100%，其中57只主动权益基金跻身"翻倍 俱乐部"。头部阵营中，永赢科技智选A以218%的收益率遥遥领跑，冠军宝座基本锁定。 永赢科技智选A的身后战况激烈，第三名之后的排位战更是悬念拉满，相邻名次差距甚小，终局随时可 能改写。不过，这些"尖子生"的制胜密码高度趋同，算力芯片、光模块（CPO）等标的近乎"标配"。在 当前市场震荡背景下，年内领涨的科技主线能否延续？ "光通信产业链的核心驱动力是来自下游需求的爆炸性增长，以及宏观政策与市场环境形成的有力共 振。"招商基金资深策略分析师汪洋说，今年的强势表现是技术、需求、资金共同作用的结果。明年该 板块仍将是科技投资图谱中的重要组成部分，但其内部或将显著分化。 观察这些业绩领先的基金持仓，一个显著特征是：投资组合"含科量"较高，大多重仓了人工智能相关概 念股，仅在具体席位排名与持仓比重上有所不同。尤其是算力芯片、光模块等AI产业链龙头公司，成 为这些基金的领跑"密码"。 第一财经根据三季报统计，目前主动权益基金 ...

Core Insights - The annual performance landscape of public equity funds is becoming clearer as 2025 approaches, with Xinda Australia Fund demonstrating robust growth and risk resilience through a long-term investment perspective [1] - Xinda Australia Fund has achieved a cumulative return of 312.38% over the past ten years, ranking first in the industry, and has received a five-star rating for its stock investment capabilities over the same period [1] Product Performance - Xinda Australia Fund's equity products cover various sectors including new energy, transformation innovation, and growth, catering to different investor risk preferences and holding needs [2] - The Xinda Australia New Energy Industry A fund has a ten-year return of 348.99%, ranking 3rd among 127 similar actively managed stock open-end products [1][2] - The Xinda Australia Transformation Innovation Stock A fund ranks in the top 8% of similar products with a one-year return, while the Xinda Australia Performance Driven A fund has a one-year return of 139.57%, ranking 4th among 3902 similar strong stock mixed products [2] Investment Philosophy - The company adheres to a "professional research-driven" philosophy, achieving performance breakthroughs in the active equity sector, reflecting its grasp of market trends and the stability of its research and investment system [2] - Xinda Australia Fund aims to continue enhancing research and optimizing management to create sustainable long-term investment returns for investors [2]