证券时报基金研究院 余世鹏 业内人士认为，公募主动管理能力的回归，得益于市场行情与投研能力的共振，但高集中度持仓隐含的风险仍需 警惕——相较于证明自己，避免重蹈覆辙更为关键。可喜的是，在"去明星化"和体系化投研建设下，行业人才梯 队趋于稳定，以往"追高"的短期行为已得到缓解。 最高收益近220% 有望刷新历史纪录 为清晰呈现主动权益基金在上涨行情中的表现趋势，本文在分析中剔除了2005年、2018年、2022年等市场整体表 现较弱的年份，最终选取2000年后与上涨行情高度重合的九个年份作为观察对象，包括2006、2007、2009、 2014、2015年，以及2019至2021年和2025年（数据截至12月12日）。 数据显示，截至12月12日，永赢科技智选A在2025年里的收益率达到了218.40%，超出第二名的中航机遇领航A （166.65%）50多个百分点，不仅大概率锁定年度基金冠军，还成为2008年以来首次出现的年度收益在200%以上 的基金。2025年还有10多个交易日，该基金累计收益如果再增7.84%，将超越华夏大盘精选A曾在2007年创下的年 度收益（226.24%），成为公募史上收益最高的年度 ...

2025年尚未结束，截至12月12日，公募主动权益基金不仅跑出近60只"翻倍基"，还出现了2008年以来首只收益率在 200%以上"两倍基"。值得注意的是，如果该基金在2025年剩余交易日里，累计收益超过7.84%，将成为公募史上收益 率最高的年度"翻倍基"。 证券时报·券商中国记者对比了千禧年后的9个行情年份发现，无论是2019年前的普涨行情还是此后的结构行情，主动权 益基金持续大放异彩，特别2025年高仓位基金攻势越发凌猛，收益高度和翻倍基数量均在历史高位。 业内人士接受证券时报·券商中国记者采访时直言，时隔久日公募主动管理能力迎来回归，是市场结构行情与公募投研 能力共同进阶的结果。但这些基金同样有着显著的集中持仓特征。过往教训并未走远，和证明能力相比，避免重蹈覆 辙更为重要。和过往相比，公募如今的人才梯队已能保障投研能力稳定输出和传承，在"去明星化"背景下基金管理人 与投资者"追高"情况有所缓解。 最高收益近220%，有望刷新历史纪录 A股历次行情的持续时间不一，为观察主动权益基金表现的变化趋势，证券时报·券商中国记者选取2000年后与上涨行 情有较高重合度的9个年份为统计对象，分别为2006年、200 ...

Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns and the first fund since 2008 reaching over 200% returns [1][2][9] - The potential for the highest annual return in public fund history is noted, with a specific fund needing to exceed 7.84% in remaining trading days to surpass the previous record [1][5] Performance Analysis - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly ahead of the second-place fund [5] - Historical comparisons show that while 2025 has seen a resurgence in fund performance, previous years like 2006 and 2007 also had high returns, but no "two-fold funds" appeared in the years following 2019 [6][7] Market Trends - The article discusses the changing nature of the A-share market, with a shift from broad market rallies to more structured market conditions, leading to fewer high-performing funds in recent years [9][10] - The concentration of holdings in successful funds is emphasized, with many funds heavily invested in specific sectors like technology and high-end manufacturing, which have shown strong performance [10][13] Fund Management Insights - The return of active management capabilities is attributed to both market conditions and improved research capabilities within fund management teams [10][11] - The article notes that the current talent pool in fund management is more stable and capable of delivering consistent research output compared to previous years [14][15] Risks and Considerations - The article warns of the risks associated with high concentration in fund holdings, which can lead to significant performance declines during market corrections [13] - It also highlights the importance of avoiding past mistakes and maintaining a balanced approach to fund management, especially in light of the recent performance surge [12][15]

最高收益近220%，有望刷新历史纪录 2025年尚未结束，截至12月12日，公募主动权益基金不仅跑出近60只"翻倍基"，还出现了2008年以来首 只收益率在200%以上"两倍基"。值得注意的是，如果该基金在2025年剩余交易日里，累计收益超过 7.84%，将成为公募史上收益率最高的年度"翻倍基"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 券商中国记者对比了千禧年后的9个行情年份发现，无论是2019年前的普涨行情还是此后的结构行情， 主动权益基金持续大放异彩，特别2025年高仓位基金攻势越发凌猛，收益高度和翻倍基数量均在历史高 位。 业内人士接受券商中国记者采访时直言，时隔久日公募主动管理能力迎来回归，是市场结构行情与公募 投研能力共同进阶的结果。但这些基金同样有着显著的集中持仓特征。过往教训并未走远，和证明能力 相比，避免重蹈覆辙更为重要。和过往相比，公募如今的人才梯队已能保障投研能力稳定输出和传承， 在"去明星化"背景下基金管理人与投资者"追高"情况有所缓解。 A股历次行情的持续时间不一，为观察主动权益基金表现的变化趋势，券商中国记者选取2000年后与上 涨行情有较高重合度 ...

Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns, and the first fund since 2008 potentially exceeding 200% returns [1][7][5] - The resurgence of active management capabilities in public funds is attributed to both market conditions and improved research capabilities [2][8] Performance Metrics - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [5] - If this fund's cumulative return exceeds 7.84% in the remaining trading days of 2025, it will surpass the historical record of 226.24% set by Huaxia Large Cap Select A in 2007 [5] Historical Context - The article compares the performance of actively managed equity funds across nine significant market years since 2000, noting that 2025 has seen a high number of "doubling funds" [3][6] - The number of funds achieving over 100% returns in 2025 is the highest since 2007, indicating a strong recovery in active management performance [7][8] Market Dynamics - The article discusses the concentration of holdings in these funds, which poses risks despite their high returns, as they may face significant performance declines during market corrections [10][11] - The active equity funds' performance is closely linked to specific sectors such as technology, high-end manufacturing, and innovative pharmaceuticals, which have shown strong fundamentals and growth potential [8][9] Industry Evolution - The article notes a shift in the public fund industry towards a more systematic approach to research and investment, moving away from short-term behaviors and focusing on long-term investor interests [12] - The talent pool within fund management has improved, ensuring stable research output and continuity, which is crucial for maintaining performance [11][12]

Core Insights - The A-share market has reached a ten-year high, drawing attention to equity funds, with over 90% of the 1,053 equity funds showing positive returns over the past decade [1][5] Fund Performance - The top-performing fund over the past ten years is Huashang New Trend Preferred, with a total return of 456.21%, showcasing the fund manager's excellent stock selection and risk control abilities [2] - Dachen Gaoxin A ranks second with a return of 373.82% and is the only fund in the top 30 with a scale exceeding 100 billion, indicating strong long-term performance [2] - Yifangda Ruixiang I ranks third with a return of 370.95%, demonstrating significant short-term performance with an 89.41% return this year [2] - Other notable funds include Dongwu Mobile Internet A, Xin'ao New Energy Industry A, and others, all exceeding 315% returns over the past decade [2][3] Fund Types and Strategies - Flexible allocation funds dominate the top rankings, with six out of the top ten funds employing flexible asset allocation and industry rotation strategies [3] - Ordinary stock and mixed equity funds also performed well, with Dachen Gaoxin A and Xin'ao New Energy Industry A making it to the top ten [4] Fund Characteristics - The top-performing funds exhibit diversity in scale, with both large funds like Dachen Gaoxin A and smaller funds under 1 billion [4] - Most top funds were established in 2015, coinciding with a market low that allowed for significant growth potential [4] - The funds reflect current industry trends, focusing on sectors like new energy, technological innovation, and high-end manufacturing, aligning with China's economic transformation [4] Company Research and Investment Strategy - The performance of funds from companies like Fuguo Fund, Dachen Fund, and Huashan Fund indicates strong overall research and investment capabilities [5] - Long-term investment, selecting excellent fund managers, and understanding different strategy characteristics are crucial for achieving good investment returns [5] - The public fund industry is expected to continue leveraging its professional advantages to create stable long-term returns for investors as market reforms progress [5]

Core Viewpoint - The A-share market reached a nearly 10-year high on August 18, with the Shanghai Composite Index rising 0.85% to close at 3728.03 points, and the total market capitalization of A-shares exceeding 100 trillion yuan for the first time in history [1][2]. Market Performance - Multiple indices hit recent highs, including the North Star 50 and the Shenzhen Component Index, which surpassed their previous peaks from October 8 of the previous year [2]. - As of August 18, 1154 active equity funds that have been established for over 10 years were analyzed, with 280 funds (approximately 24%) achieving a net value increase of over 100% in the past decade [2][6]. Fund Performance - Three funds reported returns exceeding 400% over the past ten years: Huashang New Trend Preferred (471.24%), Jiao Yin Trend Priority A (432.28%), and Huashang Advantage Industry (430.82%) [2][5]. - Additionally, 11 funds returned over 300%, 49 funds over 200%, and 272 funds doubled their net value [1][2]. Fund Management Insights - The two top-performing funds, Huashang New Trend Preferred and Huashang Advantage Industry, were previously managed by renowned fund manager Zhou Haidong, indicating a legacy of strong performance [4]. - Jiao Yin Trend Priority A has been managed by five different fund managers since its inception, with the current manager, Yang Jinjing, achieving a return of 186.78% since May 2020 [5]. Performance Disparity - Despite the strong performance of many funds, there is a notable disparity, with 96 funds (about 10%) experiencing losses over the past decade, including three funds with losses exceeding 50% [6][9]. - The fund with the largest loss, Founder Fubon Innovation Power A, has seen a decline of 60% since its inception, reflecting the challenges faced by some funds in the market [9].

Core Insights - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, with penalties for underperformance exceeding 10% against benchmarks [1][10] - The new regulations highlight the significant performance disparity among fund managers, with 24 out of 111 managers managing over 10 billion yuan in assets facing potential salary cuts due to poor performance, while 38 managers are expected to benefit from the new rules [1] Fund Manager Performance - Among the 111 fund managers with over 10 billion yuan in assets, 45 underperformed the benchmark, with 24 of them lagging by more than 10% [1][2] - Notable underperformers include Zhao Yi from Quan Guo Fund, whose products have seen a return of -25.4%, significantly underperforming the benchmark by 25 percentage points [3][5] Zhao Yi's Career Trajectory - Zhao Yi gained prominence in 2020 with exceptional returns from his funds focused on the new energy sector, achieving over 130% returns [3][5] - After leaving his previous firm, he joined Quan Guo Fund in 2022, but his first product underperformed expectations, with a net value drop of 25.87% in 2023, compared to a 11.38% decline in the benchmark [5][10] Investment Strategy and Focus - Zhao Yi's current investment strategy focuses on sectors such as high-end manufacturing, renewable energy, and AI-related companies, with significant holdings in leading stocks like Ningde Times and Tencent [6][8] - The top ten holdings in his fund account for 66.64% of the net value, indicating a concentrated investment approach [8] Industry Implications - The new regulations are seen as a move to realign the industry with its core asset management principles, emphasizing the importance of long-term performance for fund managers [10] - The challenges faced by Zhao Yi reflect broader issues within the industry regarding maintaining excess returns amid market fluctuations and the pressures of transitioning to new strategies [10]