从业绩抢眼的基金来看，蛇年净值翻倍的基金高达108只，其中永赢科技智选混合基金总回报高达221.41%，夺得蛇年业绩冠军；华商均衡成长混合基金 以171.25%的业绩回报夺得亚军；中航机遇领航混合基金以163.23%的收益率位居第三。 在2月13日收盘后，蛇年最后一个交易日正式结束。公募基金的蛇年业绩表现如何？ 整体来看，主动权益类基金中位数收益率超过36%，领跑的永赢科技智选混合基金，蛇年收益率高达221.41%。从ETF的表现看，则有35只ETF蛇年涨幅翻 倍。 基金蛇年业绩抢眼 从蛇年的交易区间看，从2025年2月5日（蛇年正月初八）开始，到2026年2月13日（蛇年腊月二十六）结束。上证指数在蛇年上涨25.58%，创业板指数上 涨58.73%，沪深300指数上涨22.09%，科创50指数上涨53.95%。 从基金在蛇年的业绩表现看，整体回报较为抢眼。Choice资讯显示，近4400只主动偏股类基金蛇年的中位数收益率为36.28%，算数平均收益率则高达 39.8%。 具体来看，蛇年回报超过60%的基金有830多只，回报超过80%的基金接近300只。 从资金流向看，蛇年涨幅居前的ETF，吸引了大量资金流入 ...

Core Viewpoint - The A-share market is expected to maintain an upward trend in 2026, with significant structural opportunities in sectors such as AI, robotics, innovative pharmaceuticals, solid-state batteries, and new consumption [1][4]. Market Performance - The A-share market has shown strong performance at the beginning of 2026, with the Shanghai Composite Index rising above 4100 points and trading volume exceeding 3 trillion yuan for four consecutive trading days [1][4]. - Despite some adjustments in the market, the overall bullish sentiment remains, supported by a relatively loose liquidity environment and strong expectations for market performance [4]. Investment Strategy - The investment strategy for 2026 will focus on systematic tracking and assessment of industry trends, identifying sectors with upward momentum and explosive potential [4][5]. - Investors are encouraged to maintain a broad perspective and avoid being fixated on specific sectors, emphasizing the importance of evaluating future industry trends and making decisions based on comparative analysis [4][5]. Sector Focus - Key sectors to watch include: - **AI Industry**: The AI sector is expected to continue its growth, with applications in AI software and healthcare showing significant gains [5]. - **Robotics**: The robotics sector is in the early investment stage, with a focus on the mass production capabilities of Tesla's robotics supply chain [5]. - **Innovative Pharmaceuticals**: This sector is anticipated to benefit from supportive policies, with potential for significant market growth and profitability [5]. - **Solid-State Batteries**: Positioned on the brink of commercialization, breakthroughs in this technology could present ongoing investment opportunities [5]. - **New Consumption**: Expected to gain traction as the macroeconomic environment stabilizes, this sector is also a key area of focus [5]. Economic Context - The macroeconomic environment in 2026 is characterized by supportive policies and a focus on high-quality development, which is crucial for the healthy growth of the capital market [4][6]. - The ongoing transformation of external pressures into opportunities for comprehensive reform is seen as a driving force for the capital market's development [4][6].

Group 1 - The core viewpoint of the news is that the A-share market has started the year with a strong performance, indicating robust investor confidence and a favorable environment for growth in 2026 [1][2] - Multiple fund managers believe that the current market rally is supported by clear policy direction and strong capital inflow, which could set a solid foundation for the market's performance throughout the year [2][3] - The spring market rally is characterized by a diverse performance across sectors, with technology, cyclical, consumer, innovative pharmaceuticals, and advanced manufacturing sectors being highlighted as key areas of interest [2][3] Group 2 - Fund managers are focusing on core investment opportunities in technology innovation, cyclical sectors, and strategic emerging industries, suggesting a diversified investment approach to adapt to market changes [3][4] - Specific sectors of interest include AI-related industries, semiconductor equipment, and commercial aerospace, which are expected to benefit from technological advancements and policy support [3][4] - The cyclical sector is also seen as having potential, with fund managers emphasizing the importance of tracking opportunities in coal, engineering machinery, and consumer goods as they may present favorable investment conditions [4]

Core Viewpoint - During the "14th Five-Year Plan" period, China's economic strength, technological capabilities, and overall national power have reached new heights, leading to a vibrant capital market. Huashang Fund remains committed to prioritizing the interests of its investors, adhering to active management, and pursuing high-quality development [1][10]. Performance Summary - As of December 31, 2025, Huashang Fund's actively managed equity funds achieved a five-year absolute return of 90.58%, ranking 5th among 139 comparable companies. Over seven years, the absolute return reached 341.72%, placing it 4th among 121 peers [10]. - The company's actively managed fixed-income funds recorded a five-year absolute return of 45.22%, ranking 1st among 126 comparable firms, and a seven-year absolute return of 100.14%, also ranking 1st among 112 peers [10]. - In December 2025, Huashang Fund was awarded the "Active Equity Investment Golden Bull Fund Company Award" by China Securities Journal for its outstanding long-term performance [10]. Fund Specifics - The Huashang Balanced Growth Mixed Fund, managed by Zhang Mingxin, has shown remarkable performance, with the Huashang Balanced Growth Mixed C fund ranking 3rd in its category over the past year and 5th over the past three years [2][11]. - The Huashang Balanced Growth Mixed A fund ranked 4th in the past year and 8th over the past three years among its peers [11]. Management Philosophy - Zhang Mingxin, the General Manager of the Equity Investment Department at Huashang Fund, emphasizes that value investing is undoubtedly a sustainable investment approach. He advocates for a comprehensive value assessment and reasonable pricing to provide a good margin of safety, which is fundamental to investment [5][13]. - The company believes that only industries in an upward economic cycle can consistently reach new highs, and thorough cross-industry comparisons and in-depth research of the industrial chain are essential for identifying alpha assets that can achieve significant returns [5][13]. Future Outlook - Looking ahead, Huashang Fund will continue to prioritize the interests of its investors, adhere to the essence of the industry, deepen active management, and maintain a long-term perspective. The company aims to optimize resource allocation and fulfill its mission in the context of high-quality development [14].

Core Viewpoint - During the "14th Five-Year Plan" period, China's economic strength, technological capabilities, and overall national power have reached new heights, leading to a vibrant capital market. Huashang Fund remains committed to prioritizing the interests of its investors, adhering to active management, and pursuing high-quality development [1][16]. Fund Performance - As of December 31, 2025, Huashang Fund's active equity funds achieved an absolute return of 90.58% over the past five years, ranking 5th among 139 comparable companies. Over seven years, the absolute return reached 341.72%, placing it 4th among 121 peers [16]. - The company's active fixed-income funds recorded a five-year absolute return of 45.22%, ranking 1st among 126 comparable firms, and a seven-year absolute return of 100.14%, also ranking 1st among 112 peers [16]. Awards and Recognition - In December 2025, Huashang Fund was awarded the "Active Equity Investment Golden Bull Fund Company Award" by China Securities Journal during the 22nd Fund Industry Golden Bull Awards, highlighting its impressive long-term performance [16]. Specific Fund Highlights - The Huashang Balanced Growth Mixed Fund, managed by Zhang Mingxin, has shown outstanding performance, ranking 3rd in its category for the past year and 5th over the past three years as of December 31, 2025 [2][17]. - The Huashang Balanced Growth Mixed C fund is classified as an equity fund with a stock allocation limit of 60%-95% [17]. Management Philosophy - Zhang Mingxin, the General Manager of the Equity Investment Department at Huashang Fund, emphasizes that value investing is a sustainable investment approach. He advocates for comprehensive value assessment and reasonable pricing to provide a good margin of safety, which is fundamental to investment [20]. - The company recognizes that its development is closely tied to the future of the Chinese economy and the call for building a strong financial nation, emphasizing the importance of high-quality development and active management [20].

Core Insights - The performance of public funds in 2025 has been released, with Yongying Technology Smart Mixed Fund achieving a remarkable return of 233.29%, making it the champion among actively managed equity funds for the year [1] - This performance surpasses the previous record held by Huaxia Large Cap Select Fund, managed by Wang Yawei, which had a return of 226.24% in 2007, setting a new record for the past 18 years [1] - The average return for actively managed equity funds in 2025 reached 32%, with approximately 800 funds exceeding a 50% return and over 70 funds doubling their net value [1] Fund Performance - The top-performing funds primarily benefited from heavy investments in the technology sector, particularly those related to AI [1] - As of the end of Q3 2025, the top ten holdings of leading funds such as Yongying Technology Smart Mixed, AVIC Opportunity Navigation Mixed, Xin'ao Performance Driven Mixed, Huian Growth Preferred Mixed, and Huashang Balanced Growth Mixed were predominantly AI-related concept stocks [1]

Core Insights - The performance of public funds in 2025 has been strong, with an average return of 31.25% across over 4,600 active equity funds, and more than 80 funds have doubled their net value this year [2][11] - The top-performing fund, Yongying Technology Select Mixed Fund, achieved a remarkable return of 239.78%, securing its position as the likely annual champion [1][12] - The focus on technology growth, particularly in AI-related sectors, remains a key investment theme for fund managers moving into 2026 [7][15] Fund Performance - As of December 30, 2025, 833 funds reported returns exceeding 50%, with over 80 funds achieving net value doubling [2][11] - The top funds with returns over 130% include: - Yongying Technology Select Mixed Fund: 239.78% - AVIC Opportunity Leading Mixed Fund: 176.65% - Hengyue Advantage Selected Mixed Fund: 153.31% - Hongtu Innovation Emerging Industry Mixed Fund: 153.27% [4][12] - The performance gap among the top ten funds is narrow, indicating potential volatility in final rankings [1][10] Investment Focus - Most top-performing funds have heavily invested in AI-related technology stocks, which have driven their net values significantly higher [6][14] - Fund managers express optimism about the technology sector, particularly AI, as a transformative investment opportunity that aligns with societal and economic trends [7][15] - The AI industry is expected to continue its growth, expanding into various sectors such as storage, AI edge computing, and energy storage [8][16] Future Outlook - Fund managers anticipate that the AI infrastructure development cycle will persist into 2026, providing ongoing growth opportunities for related companies [17] - There is a focus on sectors with long-term growth potential, including solid-state batteries, robotics, and innovative pharmaceuticals, as they approach commercialization [8][16]

Core Viewpoint - The article emphasizes the importance of value investing amidst a global wave of technological innovation, highlighting the need to focus on industry trends for sustainable long-term performance [1][6]. Fund Performance - As of December 10, 2025, the net value growth rate of Huashang Balanced Growth Mixed Fund A reached 140.87% for the year [1][6]. - According to data from Galaxy Securities, Huashang Balanced Growth Mixed Fund C ranked seventh in its category for both the past year and the past three years [1][6]. - The performance comparison shows that the fund's net value growth rates for the year are 139.53% for Fund C and 140.87% for Fund A, with a benchmark return of 23.89% [2][7]. Investment Philosophy - Zhang Mingxin, the fund manager, advocates for value investing as a sustainable investment strategy, emphasizing the need for comprehensive value assessment and reasonable pricing to provide a safety margin [5][11]. - The focus is on identifying industries in an upward economic cycle to achieve new highs, utilizing cross-industry comparisons and in-depth research of the industrial chain to find alpha stocks that can deliver significant returns [5][11]. Market Trends - The article notes that the AI industry trend is strengthening, with AI applications reshaping various sectors and increasing investments from major overseas companies [5][11]. - The fund's strategy includes maintaining core allocations in overseas computing power while also participating in domestic AI and semiconductor sectors [12]. Fund Management Background - Zhang Mingxin holds a master's degree in science and is a Chartered Financial Analyst (CFA), with 10 years of experience in the securities industry, including 5.3 years in research and 4.7 years in investment [8][10].

Core Viewpoint - The article emphasizes the importance of value investing in the context of a global wave of technological innovation, highlighting the need to focus on industry trends and pursue sustainable long-term performance [1][3]. Fund Performance - As of December 10, 2025, the net value growth rate of Huashang Balanced Growth Mixed Fund A reached 140.87% for the year, while Fund C achieved a growth rate of 139.53% [2]. - Over the past year, Fund C ranked 7th among its peers with a growth rate of 103.35%, and Fund A ranked 9th with a growth rate of 104.55% [2]. - In the last three years, Fund C also ranked 7th with a growth rate of 90.52%, while Fund A ranked 9th with a growth rate of 93.96% [2]. Investment Strategy - Zhang Mingxin, the fund manager, advocates for a core investment strategy focused on industries in an upward economic cycle, particularly emphasizing the AI sector and its expanding applications [3][4]. - The fund continues to maintain a core allocation towards overseas computing power while also participating in investments in domestic AI and semiconductor sectors [4]. Manager Background - Zhang Mingxin has a master's degree in science and is a Chartered Financial Analyst (CFA) with 10 years of experience in the securities industry, including 5.3 years in research and 4.7 years in investment [3]. - His investment philosophy centers on "investment based on industry trends," aiming for stable value appreciation and performance growth [3].

Core Viewpoint - The performance of actively managed equity funds has significantly improved, with an average return of over 48% in the past year, and more than 270 funds have doubled their net value [1][2]. Group 1: Fund Performance - As of August 28, 2023, 4378 actively managed equity funds reported an average return of 48.13%, with 4354 funds achieving positive returns [2]. - A total of 586 funds generated returns exceeding 80%, and 274 funds saw their net value double, with some funds achieving returns over 200% [2]. - Notable high-performing funds include 中信建投北交所精选两年定开混合基金 with a return of 264.31%, 华夏北交所创新中小企业精选两年定开混合基金 at 241.75%, and 中欧数字经济混合基金 at 237.52% [2]. Group 2: Investment Strategies - Fund managers are focusing on structural opportunities, particularly in sectors like artificial intelligence, innovative pharmaceuticals, and new consumption [4]. - The AI industry is expected to continue its growth trajectory, with significant investment opportunities in AI applications, autonomous driving, and humanoid robots [4][5]. - Fund managers are adjusting their portfolios to include stable assets like banks and insurance while increasing exposure to technology assets such as robotics and AI computing [5]. Group 3: Market Outlook - The overall sentiment towards the equity market has become more positive, with expectations that the most severe systemic shocks have passed [4]. - There is an emphasis on monitoring macroeconomic events that could introduce volatility, while still identifying opportunities in sectors like AI, innovative pharmaceuticals, and non-ferrous metals [4][5].