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。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。 主力净流入行业板块前五：大金融，券商，军工，光伏，有色金属； 主力净流入概念板块前五：国企改革，人工智能，央企改革，无人驾驶，一带一路； 主力净流入个股前十：东方财富、利欧股份、京东方Ａ、同花顺、TCL科技、指南针、胜宏科技、道氏技术、国泰海通、中信证券 近期锂电隔膜行业掀起并购热潮，恩捷股份拟收购中科华联，启动产业一体化整合；佛塑科技收购金力股份事项通过深交所审核，资本市场"隔膜江湖"将迎 新一轮扩容。在行业加速整合的背后，多家隔膜厂商启动涨价，行业景气度持续升温。当前下游市场需求持续增长，而隔膜行业扩产动力不足，未来供需面 有望逐步改善，并带动产品价格回升、企业盈利修复。在"反内卷"背景下，隔 ...

截至12月26日，公募主动权益基金年内最高收益达到236.88%，不仅锁定年度冠军位置，还刷新纪录， 成为公募史上收益最高的年度翻倍基。包括该基金在内，年内收益超100%的翻倍基已达72只。整体上 看，近八成主动基金跑赢比较基准，但收益率中位数在29.03%位置，小于平均值32.71%。受访人士表 示，2025年主动权益基金扬眉吐气，公募主动管理能力不负"资管皇冠明珠"美誉。但也要看到，这类基 金高集中度持仓明显，和结构行情深度绑定。公募基金20多年发展，基金投资"恒星"稀少"流星"喧嚣， 需用平常心看待这类现象。主动权益基金持续焕发生机，需有数量更多、占比更高、业绩良好且持续的 基金，才能惠及更多持有人。 ...

Group 1: Regulatory Impact - The introduction of a performance comparison evaluation system in the "Action Plan for Promoting the High-Quality Development of Public Funds" will significantly influence investment behavior in public funds, especially actively managed equity funds[1] - The new regulations link management fees to fund performance relative to benchmarks, enhancing accountability for fund managers[12] Group 2: Benchmark Composition - The existing performance benchmarks for actively managed equity funds are primarily concentrated in the CSI 300, CSI 800, government bonds, and Hong Kong stock indices, with the top 15 benchmarks accounting for 83.7% of the total weight[2][14] - The overall benchmark weight distribution includes A-share broad-based indices at 48.5%, bonds at 22.9%, industry and thematic indices at 16.2%, Hong Kong stocks at 8.5%, deposit rates at 3.5%, and fixed income at 0.4%[19] Group 3: Asset Allocation Discrepancies - As of Q1 2025, the bond allocation in actively managed equity funds is only 4.5%, significantly below the benchmark weight of 22.9%, indicating an underweight of approximately 638.9 billion yuan[3][21] - Conversely, the equity allocation stands at 84.2%, exceeding the benchmark weight of 73.2%, resulting in an overweight of about 382 billion yuan[3][21] Group 4: Sector Allocation Insights - The electronic sector shows the highest overweight at 18.8%, surpassing the CSI 300 and CSI 800 weights by 8.5 and 7.9 percentage points, respectively[5][26] - The banking sector is notably underweight at 3.8%, falling short of the CSI 300 and CSI 800 weights by 9.7 and 6.7 percentage points, respectively[5][27] Group 5: Future Changes in Benchmarks - A significant number of funds (87) have adjusted their performance benchmarks between early 2024 and May 2025, indicating a trend towards aligning benchmarks with existing investment strategies[33]