回顾过去十年，主要指数在12月的表现分化明显。从上涨次数占比和算数平均收益率来看，稳健型指数 更胜一筹。 表1：2015-2024年主要指数12月涨跌幅统计（%） | 指数名 | 上涨次 | 平均涨 | 标准差 | 近十年 | 近十年 | | --- | --- | --- | --- | --- | --- | | 称 | 数占比 | 幅(%) | (%) | 最大涨 | 最大跌 | | | | | | 幅 (%) | 幅 (%) | | 中债综 | 90% | 0.64 | 0.84 | 1.69 | -1.28 | | 合指数 | | | | (2024) | (2016) | | 恒生指 | 60% | 1.34 | 3.93 | 8.66 | -3.24 | | 数 | | | | (2022) | (2016) | | 沪深300 | 60% | 0.60 | 4.28 | 7 | -7.13 | | | | | | (2019) | (2016) | | 中证国 有企业 | 60% | 0.10 | 4.91 | 6.2 | -7.07 | | 红利 | | | | (2019) | (2016 ...

还真有一只基金连续5年负收益，并且负收益超-10%。 | 证券代码 | 证券简称 | 单年度回报 单年度回报 单年度回报 单年度回报 单年度回报 [交易日期] [交易日期 交易日期 [交易日期] 交易日期] 2025-9-30 2024-12-31 2023-12-31 2022-12-31 2021-12-31 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | [单位] %↑ | | [单位] % | [单位] % | [单位] % | [单位] % | | 009565.OF | 汇安消费龙头C -11.1713 | | -11.4825 | -22.4994 | -14.7444 | -11.0747 | | 009564.OF | 汇安消费龙头A -10.7748 | -14.3176 | -11.0316 | -22.1142 | | -10.6352 | 经过"924"行情以来，已经有很多翻倍基了 然后，突发奇想，有没有业绩差的基金呢？ 数据来自Wind，截至2025年11月20日 究竟什么样的投研实力能搞出这么烂的业绩呢？ 还不如 ...

公募机构密集提示跨境ETF高溢价风险 近期，多家公募机构提示旗下跨境ETF（交易型开放式指数基金）出现溢价风险，包括多只跟踪美国、 日本等境外指数的QDII（合格境内机构投资者）基金。在海外主要指数同步回调的背景下，多只跨境 ETF高溢价现象引发市场关注。"跨境ETF是投资者实现多元化资产配置的重要工具，为A股市场投资者 打开了参与全球市场的便捷通道。其价值在于帮助投资者分散风险，获取海外市场红利。"南开大学金 融学教授田利辉向记者表示，近期跨境ETF溢价现象值得警惕，这反映出市场情绪过热，投资者对海外 资产的追捧恐已超越理性估值。(智通财经) 5年期定存"退潮" 储户的长期存款何去何从？ 近期，多家中小银行调整存款产品结构，内蒙古土右旗蒙银村镇银行、昆都仑蒙银村镇银行等纷纷取消 5年期整存整取定期存款，部分民营银行的存款产品列表中也不再显示3年或5年期定存产品。尽管大多 数银行仍在售5年期定存，但长期定存的收益吸引力持续下降。 对标基金投资者适当性管理细则 多家公募调整旗下产品风险等级 公募基金的销售行为正在监管部门的推动下持续规范。中国证券投资基金业协会近期起草了《公开募集 证券投资基金投资者适当性管理细 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of public funds in 2023, with over 90% achieving net value growth year-to-date, and 39 products exceeding a 100% growth rate [1] - Among the top-performing funds, equity mixed funds have significantly outperformed ETFs and QDII funds, indicating a preference for active management strategies in a favorable A-share market [1][2] - The analysis indicates that active management funds have benefited from sector rotation and stock selection, with a notable number of funds achieving substantial returns through strategic adjustments [1] Group 2 - The technology-themed funds have shown exceptional performance, driven by supportive policies for technological innovation and industry upgrades, leading to a surge in returns [3] - QDII funds have also demonstrated strong performance, particularly in the global pharmaceutical and innovative drug sectors, with some funds achieving net value growth rates between 80% and 100% [3] - The future performance of QDII funds is expected to be influenced by overseas market trends, emphasizing the importance of monitoring global macroeconomic data for asset allocation decisions [3]

Core Insights - The year 2025 has been marked by significant market movements, with the Shanghai Composite Index reaching a nearly ten-year high, validating earlier bullish predictions [1] - Key themes for 2025 include the impact of Trump's new policies, domestic policy responses, and the challenges of asset allocation in a low-interest-rate environment [1] - The A-share market has seen a surge in investor participation, with nearly 250 million investors, indicating a robust market environment [2] Market Performance - A-shares and Hong Kong stocks have performed well, driven by sectors like AI and innovative pharmaceuticals, with the ChiNext Index outperforming gold [3] - Among 31 primary industries, 30 have reported positive returns, with a stark contrast between the leading materials sector and the declining food and beverage sector, showing an 80% difference [4] - Various fund types have achieved positive returns, with equity and mixed funds averaging 29.97% and 26.17% returns respectively [7] Fund Performance - Commodity funds have seen unprecedented gains, with returns nearing 40%, while QDII funds have also performed well with a 26.46% increase [8] - FOF funds have benefited from diversified asset allocation, achieving an average return of 15.84%, marking one of the best years historically [8] - Bond funds have lagged, with an average return of only 2.13%, although convertible bond funds have performed better, exceeding 20% returns [8] Investment Trends - The concept of "slow bull" has gained traction, with expectations for a sustainable market rally over the next two to three years, supported by technological innovation and policy backing [16] - Investors are increasingly favoring low-volatility products, with a focus on absolute returns and diversified strategies [14] - The market is characterized by alternating sentiments of fear and greed, with a need for disciplined investment approaches amidst volatility [12][19]

Core Insights - The issuance of new public funds is expected to continue its steady growth for two consecutive weeks in November, with 39 new funds launching this week, a slight increase of 5.41% from 37 last week [1] Group 1: Market Environment - The overall improvement in the A-share market has led to a significant rebound in the performance of equity funds, driving investor participation and increasing the issuance of new funds [2] - The asset management industry is undergoing a transformation towards net value and standardization, shifting residents' wealth management preferences from traditional savings to professional asset allocation, making public funds more appealing [2] - Ongoing reforms in public fund fee structures have effectively reduced investment costs, enhancing the trust between investors and fund managers, and expanding sales channels [2] Group 2: Fund Types - Equity funds dominate the new fund landscape, with 29 out of 39 new funds being equity products, accounting for over 70% of the total [2] - Among the equity funds, there are 22 stock funds, 6 equity-mixed funds, and 1 flexible allocation fund, indicating strong investor confidence in equity assets [2] Group 3: Fund Issuance Trends - The issuance of stock funds is particularly robust, with 22 products launching this week, more than half of all new funds, including 15 passive index funds and 7 enhanced index funds [3] - Mixed funds maintain a steady pace with 7 new products, primarily driven by 6 equity-mixed funds, while flexible allocation funds offer adaptability in asset allocation [3] - The issuance of Fund of Funds (FOF) remains high, with 5 new FOFs launched this week, reflecting a focus on stable returns, including 4 mixed bond funds and 1 bond fund [3] Group 4: Bond and REITs Funds - The issuance of bond funds remains stable with 4 new products, including 2 passive index bond funds and 2 mixed bond funds, catering to risk-averse investors [4] - Additionally, 1 new public REITs product has been introduced this week, expanding the variety of investment options available [4] Group 5: Issuing Institutions - The 39 new funds are launched by 30 different public fund institutions, with notable contributions from 9 institutions, each launching 2 products, while the remaining 21 institutions each issue 1 product [4]

Core Insights - The public fund issuance showed signs of recovery in the first week of November, with a total of 35 public products launched, marking a 29.63% increase from the previous week [1][2] - The average subscription days for the new funds decreased to 19 days, indicating enhanced market activity [1] Fund Issuance Overview - A total of 35 new public funds were issued, with equity funds (including stock and mixed funds) being the primary contributors, accounting for over 70% of the total issuance [2][3] - The breakdown of fund types shows that stock funds comprised 16 of the new issues, representing 45.71% of the total, with passive index funds leading at 13 issues (37.14%) [3][4] Fund Type Distribution - The issuance of mixed funds reached 10, making up 28.57% of the total, with the core being the equity-mixed funds [3] - Bond funds maintained a stable issuance with 4 mixed bond funds, accounting for 11.43% of the total [4] - FOF products also performed well, with 5 new issues, matching the highest weekly issuance for the year [4] Institutional Participation - The 35 new funds were launched by 25 different public fund institutions, with 18 institutions issuing one fund each and 7 institutions issuing two or more [4] - E Fund led the issuance with 4 new funds, primarily in passive index stock funds, followed by Huatai-PineBridge with 3 new funds [4]

Core Viewpoint - The A-share market has shown strong performance in 2023, driven by policy support, technological breakthroughs, and improved market sentiment, with the ChiNext Index leading with over 52% growth as of October 28 [3]. Group 1: Market Performance - As of October 28, the ChiNext Index has increased by over 52%, the Shenzhen Component Index by nearly 30%, and the Shanghai Composite Index by approximately 18.95% [3]. - The average return for equity mixed funds is 34.57%, while ordinary stock funds have an average return of 33.84% this year [3]. Group 2: Fund Manager Performance - The top-performing stock fund managers have been identified, with the threshold for the top 100 being a return of 66.79% [6]. - The leading fund manager is Ren Jie from Yongying Fund, with a return of 219.85% and a fund size of approximately 128.78 billion yuan, marking a significant increase of 1004.01% from the previous quarter [7]. - Han Hao from AVIC Fund ranks fifth, achieving a return of 126.48% with a fund size of about 155.89 billion yuan, reflecting a growth of 771.99% from the previous quarter [8]. Group 3: Investment Focus - Ren Jie has heavily invested in AI-related stocks, focusing on companies in the cloud computing and AI sectors, which have shown significant market validation from May to August [7]. - Han Hao emphasizes the long-term growth potential of AI computing, while also noting short-term volatility in the sector [8]. - The top 14 fund managers with over 10 billion yuan in assets under management have predominantly focused on AI, computing, or robotics [9]. Group 4: Additional Insights - Ouyang Liangqi from E Fund has a return of 98.07%, focusing on AI, computing, and semiconductor sectors, indicating a broadening demand across various industries [11]. - Liu Yuanhai from Dongwu Fund has achieved a return of 89.00%, capitalizing on the AI computing investment opportunities [12]. - Zhang Lu from Yongying Fund, with a fund size of 229.22 billion yuan, has a return of 72.99%, indicating strong performance among large fund managers [12].

Core Insights - The report highlights the performance and management scale of various fund managers in the third quarter of 2025, with a focus on those managing over 10 billion yuan [11][12][19]. Group 1: Fund Manager Performance - Zhang Kun from E Fund leads with a management scale of 565.44 billion yuan, showing a 2.72% increase from the previous quarter [2]. - Xie Zhiyu from Xingzheng Global has a significant increase of 15.51%, bringing his management scale to 453.57 billion yuan [2]. - 34 fund managers entered the "billion club" in the third quarter, with notable increases in their management scales [12][19]. Group 2: Management Scale Changes - 93 fund managers, accounting for 85.32%, experienced growth in their management scales due to a strong market performance in the third quarter [11]. - Among the fund managers, 31 manage over 200 billion yuan, while only three exceed 400 billion yuan [11]. - The report indicates that 11 fund managers saw their scales double in the third quarter, with notable performances from Ren Jie and Lu Yang [18]. Group 3: Investment Focus - The report emphasizes that many fund managers are heavily invested in AI computing stocks, with top holdings including Xin Yiseng and Zhongji Xuchuang, which saw significant price increases [18][19]. - The AI infrastructure sector is highlighted as a long-term growth area, with fund managers adjusting their portfolios to include more AI-related investments [25].

Core Insights - As of October 28, 2025, the third-quarter reports for public funds have been released, revealing a total of 109 fund managers managing over 10 billion yuan in active equity funds [3][6]. - The article highlights the performance and management scale changes of these fund managers, particularly focusing on the impact of the strong market performance in the third quarter [6][12]. Fund Manager Performance - Among the 109 fund managers, 41 have over 10 years of experience, with notable names including Zhu Shaoxing and Zhou Weiwen [6]. - The number of fund managers with management scales exceeding 200 billion yuan is 31, while only three managers exceed 400 billion yuan [6]. - A total of 93 fund managers, accounting for 85.32%, saw an increase in their management scale due to the strong market conditions in the third quarter [6]. New Entrants and Growth - 34 fund managers entered the "100 billion club" in the third quarter, with some being newly appointed [7]. - Notably, 11 fund managers saw their management scale double in the third quarter, with the highest growth observed in managers from various firms [10][11]. Investment Focus - The article emphasizes that popular AI computing stocks, such as Xin Yiseng and Zhong Ji Xu Chuang, were held by at least 10 fund managers, reflecting a trend towards AI infrastructure investments [11]. - The performance of these AI stocks was significant, with increases of over 187.96% for Xin Yiseng and 218.27% for Industrial Fulian during the quarter [11]. Top Performing Fund Managers - The top-performing fund manager, Ren Jie from Yongying Fund, achieved a remarkable 217.01% return this year, with a management scale increase of over 10 times [16]. - Liu Jianwei from E Fund ranked third with a 105.11% return, also experiencing substantial growth in management scale [17]. - The article lists the top 20 fund managers based on their year-to-date performance, with a minimum return threshold of 65.41% to make the list [12][14].