强化产品进攻性、走赛道化布局路线，已成为基金保障合同存续、实现规模扩容的关键路径。 在赛道化策略验证业绩与规模双赢后，同类产品的逆袭经验已在行业内成为教科书，吸引不少小微基金主动摒 弃均衡打法，聚焦单一高景气赛道提升净值弹性，开启业绩突围与规模跃升双主线，刚刚披露完毕的公募四季 报显示，一批小微基金在较短时间内从千万元规模飙升到10亿元甚至100亿元，数百倍的规模崛起背后正是产 品风格的进攻性特征。 小微基金舍均衡做减法重进攻 公募正推动小微产品的基金经理做减法、深耕紧盯一两个赛道，而不是广泛涉足多个行业。 随着基金赛道化布局的业绩红利持续释放，正推动更多产品主动调整持仓逻辑，在见证产品赛道化喜迎业绩与 规模双赢局面后，越来越多的小微产品放弃均衡打法，转而布局行业打法提升产品风格的高弹性。例如，根据 最新披露的2025年四季报持仓，融通明锐混合基金就在去年末大幅增加净值风格的进攻性，该产品此前以个股 精选为主，重仓股曾涵盖各类行业，整体收益弹性表现平淡。2025年12月末起，该基金启动全面风格调整，前 十大重仓股全数聚焦AI+应用产业链，顺利完成从个股策略到赛道化策略的切换，产品进攻性显著提升，2026 年开 ...

对比来看，2025年末从均衡打法转向赛道聚焦的基金当中，有相当大比例为"迷你"产品。 强化产品进攻性、走赛道化布局路线，已成为基金保障合同存续和实现规模扩容的关键路径。在对业绩 与规模取得双赢验证后，同类产品的赛道化策略已成为业内教科书式案例，吸引着不少小微基金主动摒 弃均衡打法，聚焦单一高景气赛道以提升净值弹性，从而开启业绩突围与规模跃升双主线。 刚刚披露完毕的公募基金四季报显示，一批小微基金的规模在较短时间内从千万元升破10亿元甚至100 亿元，上百倍的规模扩张背后正是产品进攻特征的极致演绎。 小微基金打破均衡发力赛道化 目前，不少小微产品的基金经理正努力做减法，确保深耕一两个赛道，而不再是广泛涉足多个行业。 基金赛道化布局的业绩红利持续释放，正推动更多产品主动调整持仓逻辑。在见证赛道化打法取得业绩 与规模的双赢局面后，越来越多的小微产品开始放弃均衡打法，转而重点布局某一行业来提升产品净值 的高弹性。比如，根据最新披露的2025年四季报持仓信息，融通明锐混合基金在去年末大幅提升产品净 值的进攻性，该产品此前以个股精选为主，重仓股曾涵盖各类行业，包括德昌电机控股、泡泡玛特、新 易盛、移远通信等标的，不过整体 ...

Core Viewpoint - The public fund industry in China is undergoing a transformation from a focus on scale expansion to a more refined approach emphasizing quality and performance, marking a shift towards "muscle growth" rather than just "fat growth" [1][2][4] Group 1: Industry Trends - Fund companies are increasingly rational about scale growth, opting to "slim down" their product offerings instead of aggressively marketing during peak performance periods [1][2] - A notable trend is the implementation of purchase limits on high-performing funds, indicating a shift in strategy from open solicitation to selective engagement [2][4] - The industry is moving away from a "mixed bag" of products towards a strategy that prioritizes high-quality offerings, akin to a "boutique supermarket" [4][5] Group 2: Fund Management Practices - Many fund companies are showing unprecedented openness towards the liquidation of underperforming products, reflecting a new mindset in the industry [3][5] - The decision to close funds that do not align with a manager's core competencies is becoming more common, demonstrating a focus on optimizing resource allocation [3][5] - The shift from a scale-centric approach to one that values performance is evident in the proactive measures taken by fund managers [3][6] Group 3: Regulatory Influence - Recent regulatory policies aim to shift the industry focus from "scale" to "returns," emphasizing the need for a performance-based fee structure [6][7] - The introduction of performance-linked management fees and a new evaluation system for fund managers is designed to align their interests with those of investors [6][7] - The regulatory framework is pushing for a redefinition of success in the industry, moving away from mere asset accumulation to sustainable performance [6][7] Group 4: Long-term Strategy - The industry is recognizing the importance of building long-term trust with investors, which requires a focus on sustainable performance rather than short-term gains [9][10] - There is a consensus that strong research capabilities and differentiated product offerings are essential for maintaining competitive advantage in the evolving market [10] - The transformation from a "scale is king" mentality to one that prioritizes "performance is king" is reshaping the competitive landscape of the public fund industry [10]

Core Insights - Index funds have significantly outperformed active equity funds in 2023, with many achieving year-to-date returns exceeding 90%, even approaching 100% [1][2] - The performance gap is particularly notable among large public funds, where index funds have outperformed their actively managed counterparts, highlighting the limitations of active fund managers in extreme market conditions [1][3] Performance Comparison - Several index products, such as the GF Hong Kong Innovation Drug ETF and the Huatai-PineBridge National Innovation Drug ETF, have achieved returns of over 90% and 95% as of August 1, 2023, outperforming 90% of active equity products [3][4] - For instance, the GF Hong Kong Innovation Drug ETF has a return of 95%, while its actively managed counterpart, the GF Shanghai-Hong Kong-Shenzhen Pharmaceutical Fund, has a return of 79% [3][4] - The Tianhong Hong Kong-Shenzhen Innovation Drug ETF has a return of 51%, compared to 34% for the Tianhong Healthcare Fund [3][4] Market Dynamics - The extreme performance of index products is closely linked to the current market conditions, particularly in the innovative pharmaceutical sector, where index funds can fully capitalize on their stock positions [6][7] - Active equity funds often fail to maintain full exposure to the pharmaceutical sector, limiting their performance compared to index funds that have clear and transparent allocations [6][7] Transparency and Strategy - Index products benefit from mandatory regulations regarding their holdings, leading to greater transparency compared to the flexibility afforded to active fund managers, which can result in unpredictable portfolio compositions [5][7] - The shift in focus among active fund managers, such as moving from "medical" to "innovative drugs," has led to underperformance as they struggle to adapt to market trends [8] Industry Trends - The rise of index funds is becoming a key strategy for public funds to reduce costs and reliance on star fund managers, with over 90% of new equity fund launches in 2023 being index products [10] - The integration of AI technology in asset management is expected to further enhance the efficiency of index funds, allowing for better analysis and personalized index product offerings [10]