金 融 工 程 华福证券 2026 年 01 月 27 日 FOF、ETF、QDII、量化基金与 REITs 证 券 截至 2025 年 4 季度末，公募市场上共有 FOF 基金 546 只，FOF 基 金总规模为 2437.28 亿元，环比上涨 26.0%。2025 年 4 季度 ETF 市场 总规模为 58467.38 亿元，较 2025 年 3 季度提升了 6.75%。2025 年 Q4 我国 QDII 市场共有 271 只 QDII 基金，合计规模 7382 亿元。截至 2025 年 Q4，我国市场量化基金共 709 只，较 2025 年 Q3 末增加 49 只，基金 规模合计 3738.98 亿元，较 2025 年 Q3 末基金规模上升 117.30 亿元。 2025 年 Q4 有 5 只 REITs 发行，份额 23.99 亿份，截至 2025 年 12 月 31 日，REITs 基金总上市交易份额为 436.79 亿份。 公募基金 2025 年四季报全景解析 团队成员 投资要点： 公募基金规模有所上涨 金 融 工 程 定 期 报 告 2025 年四季度 A 股市场上涨，中证全指季度上涨 0.74 ...

Core Insights - The majority of stock and mixed funds achieved positive returns, with 88.05% reporting gains, and 235 funds exceeding a 3% return [1][2] - The Shanghai Composite Index rose by 0.18% to close at 3461.15 points, while the Shenzhen Component increased by 1.17%, and the ChiNext Index rose by 1.90% [1] - The top-performing sectors included electronics, power equipment, and pharmaceuticals, with respective increases of 1.69%, 1.38%, and 1.35% [1] Fund Performance - The average net value growth rate for stock and mixed funds on July 3 was 0.62%, with 235 funds showing a growth rate above 3% [1][2] - The top fund, Yongying Ruiheng Mixed C, achieved a net value growth rate of 5.54%, followed closely by Yongying Ruiheng Mixed A and Yongying Medical Health A, with rates of 5.50% and 5.48% respectively [2] - Among the funds with a growth rate exceeding 3%, 133 were equity-based, 52 were standard stock funds, and 28 were index stock funds [2] Fund Drawdowns - A total of 50 funds experienced a net value drawdown exceeding 1%, with the largest decline recorded by Qianhai Kaiyuan Hong Kong-Shenzhen Strong Domestic Industry Fund at -2.77% [2][4] - Other notable drawdowns included Yongying Qiyuan Mixed Initiation A and C, with declines of -2.14% and -2.13% respectively [4][5]

Core Insights - The article highlights significant declines in the performance of several funds managed by Qianhai Kaiyuan Fund Company, particularly those focused on artificial intelligence, with drops exceeding 8% in April 2025 [1][4]. Fund Performance - Four funds under Qianhai Kaiyuan experienced declines over 8% in April, with the Qianhai Kaiyuan Artificial Intelligence Theme Mixed C and A funds showing the largest drops of 13.93% and 13.90%, respectively [1]. - The Qianhai Kaiyuan Artificial Intelligence Theme Mixed C fund, launched on January 20, 2025, has seen a total decline of 20.84% by May 7, 2025 [1]. Fund Managers - The funds are managed by experienced professionals, with Qu Yang having over 11 years of management experience and Wei Chun having over 6 years [2]. - Qu Yang has a background that includes roles at Southern Fund and has been with Qianhai Kaiyuan since July 2014, serving as Vice General Manager and Chairman of the Investment Decision Committee [2]. - Wei Chun joined Qianhai Kaiyuan in June 2013 and has held various positions, currently serving as a fund manager in the equity investment department [2]. Top Holdings - The top ten holdings of the Qianhai Kaiyuan Artificial Intelligence Theme fund include companies such as Chipone Technology, Rockchip Electronics, and Hanguang Information [2]. - Other funds managed by Wei Chun, such as Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life and Qianhai Kaiyuan Hong Kong-Shenzhen Strong Domestic Industry, also experienced significant declines, with drops of 9.87% and 8.10%, respectively [3].