近日，百亿私募海南希瓦私募基金管理有限公司（下称"海南希瓦"）创始人、基金经理梁宏在投资社区 发声，准备给2015年买入该公司基金，目前还持有份额的投资者赠送手机，作为风雨十周年陪伴，这引 发了不少投资者关注与讨论。过去十年，基金市场伴随A股在跌宕中前行；若十年前买入一只基金，基 民至今收益如何？ Wind数据显示，截至9月26日，成立超十年且依旧存续的公募基金（仅统计主代码，下同）有2036只， 过去十年平均收益达93.4%，平均年化收益6.1%，华商新趋势优选以649.2%收益领跑。但依旧有51只基 金长跑十年依旧亏损，招商沪深300地产以-48.2%收益成"亏损王"，其中还不乏来自中邮基金、富国基 金、广发基金、鹏华基金的产品，十年前规模超百亿元。 十年平均收益超90% "风雨十周年"是梁宏对海南希瓦的总结，也是部分基民的投资心路历程。 作为知名私募基金经理，梁宏的投资能力近年来饱受争议。以梁宏在管的代表作希瓦小牛1号为例，称 赞他的人认为，该产品自2015年5月成立至2021年初即创造十倍收益的佳话；质疑他的人认为，该产品 单位净值在2021年初见顶后，一度下跌超40%，高位入场的投资者被"套"数年。 ...

十年平均收益超90% "风雨十周年"是梁宏对海南希瓦的总结，也是部分基民的投资心路历程。 作为知名私募基金经理，梁宏的投资能力近年来饱受争议。以梁宏在管的代表作希瓦小牛1号为例，称 赞他的人认为，该产品自2015年5月成立至2021年初即创造十倍收益的佳话；质疑他的人认为，该产品 单位净值在2021年初见顶后，一度下跌超40%，高位入场的投资者被"套"数年。 近日，百亿私募海南希瓦私募基金管理有限公司（下称"海南希瓦"）创始人、基金经理梁宏在投资社区 发声，准备给2015年买入该公司基金，目前还持有份额的投资者赠送手机，作为风雨十周年陪伴，这引 发了不少投资者关注与讨论。过去十年，基金市场伴随A股在跌宕中前行；若十年前买入一只基金，基 民至今收益如何？ Wind数据显示，截至9月26日，成立超十年且依旧存续的公募基金（仅统计主代码，下同）有2036只， 过去十年平均收益达93.4%，平均年化收益6.1%，华商新趋势优选以649.2%收益领跑。但依旧有51只基 金长跑十年依旧亏损，招商沪深300地产以-48.2%收益成"亏损王"，其中还不乏来自中邮基金、富国基 金、广发基金、鹏华基金的产品，十年前规模超百亿元。 ...

Wind数据显示，截至9月1日，今年以来主动权益类基金整体平均净值增长率超25%，该品类95%以上的产品都实现了正收益，不少基金净值更是 突破前期高点，创下历史新高。 今年8月22日，上证指数时隔10年后重新站上3800点。上一次上证指数突破3800点时，还是在遥远的2015年8月19日。 资本市场的周期更迭从未停歇。2015年6月5日，上证指数曾一度站上5100点，又在随后的剧烈波动中引发无数投资者的思考与追问。近十年过 去，市场几经牛熊，行业结构、资金偏好、投资理念都发生了深刻变化。 尤其自去年"9·24"行情以来，ETF成为市场焦点，被动投资讨论如火如荼，许多声音开始质疑主动权益基金持续创造超额收益的能力，一度发出"主 动基金经理到底能否穿越牛熊？""还有必要买主动权益基金吗？"的疑问。 今年前八个月，A股市场强势上行，公募权益类基金同步迎来业绩"大丰收"，赚钱效应显著回升，超过30只"翻倍基"现身。 为了探寻这些问题的答案，我们进行了一次深入的数据挖掘与复盘。 | | | | | 2015年高点以来净值增长Top50的绩优基金 | | | | | | --- | --- | --- | --- | - ...

Core Insights - The A-share market has reached a ten-year high, drawing attention to equity funds, particularly the Huashang New Trend Preferred Fund, which has achieved a total return of 456.21% over the past decade [1] - The fund, managed by Tong Li since its inception on May 14, 2015, has demonstrated strong long-term investment value with a total return of 435.29% and an annualized return of 17.73% as of August 2025, ranking second among peers [1] - The fund has shown resilience in various market conditions, achieving returns of 77.42% and 69.60% in 2020 and 2019 respectively, and a positive return of 13.60% in 2022 despite overall market declines [1] Fund Management and Performance - The fund has been managed by three different managers, with the current manager, Tong Li, achieving a total return of 14.30%, surpassing the benchmark by 8.38% since taking over [1] - Previous manager Zhou Haidong managed the fund from May 2015 to March 2025, achieving a total return of 368.34% [1] Portfolio Composition - As of June 30, 2025, the fund's top ten holdings are concentrated in the mining, military, and technology sectors, with significant investments in Zijin Mining (31.2 million), AVIC Shenyang Aircraft (15.2 million), and Industrial Bank (11.9 million) [1] Market Outlook - The fund manager anticipates a continuation of growth style in the third quarter, influenced by the ongoing subdued state of consumer sectors and the strengthening narrative around AI due to improved modeling capabilities [1] - The fund will maintain its focus on two main investment directions: growth-oriented technology sectors with low market expectations and stable, low-valuation industries such as wind energy and non-ferrous metals [1] Investment Strategy - Huashang New Trend Preferred Fund has successfully capitalized on opportunities through flexible asset allocation and sector rotation, achieving significant long-term excess returns [1] - The fund's success is attributed to the manager's excellent stock-picking ability and the strategic positioning of Huashang Asset Management [1]

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] Fund Performance - The top-performing fund, Dachen Gaoxin A, has achieved a cumulative return of 373.82% over the past ten years, with a fund size of 17.916 billion [2] - Dachen Gaoxin A has a total return of 400.83% since its inception, with an annualized return of 16.49%, ranking first among ordinary equity funds [3] - The fund's performance in recent years includes a return of 10.82% this year, 27.12% over the past year, and 43.18% over the past three years [3][7] Historical Returns - Dachen Gaoxin A has shown strong performance across various market conditions, with returns of 60.26% in 2020 and 27.95% in 2021, while it only declined by 17.92% in 2022, outperforming benchmarks [5][7] - The fund's returns for the last few years include 10.82% in 2025, 29.01% in 2024, and 5.23% in 2023 [6][7] Management Stability - The fund has been managed by only two managers since its inception, with an average tenure of 6.84 years, indicating management stability [7] - Current manager Liu Xu has achieved a total return of 397.35% since taking over in 2015, significantly outperforming the benchmark [7] Portfolio Composition - As of June 30, 2025, the fund's top holdings are concentrated in telecommunications, home appliances, manufacturing, and energy sectors, with a total market value close to 10 billion [9] - The fund has made slight adjustments to its holdings, increasing positions in companies like Midea Group and China National Offshore Oil, while reducing stakes in Tencent Holdings and China Unicom [9][10] Investment Strategy - Dachen Gaoxin A's success is attributed to in-depth fundamental research and strict value investment standards, showcasing the long-term viability of value investing in complex market environments [11]

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 Insights - The Shanghai Composite Index reached a nearly 10-year high, closing at 3728.03 points on August 18, with a peak of 3745.94 points during the day, leading to significant performance improvements in active equity funds [1][2] - As of August 18, among the 1154 active equity funds established for over 10 years, 280 funds (approximately 24%) have achieved over 100% returns, indicating a stark performance differentiation in the long-term [2][4] - Notably, three funds have returned over 400% in the past decade, with specific returns of 471.24%, 432.28%, and 430.82% for Huashang New Trend Preferred, Jiao Yin Trend Priority A, and Huashang Advantage Industry respectively [2][3] - Conversely, there are 96 funds (about 10%) that have reported losses over the past 10 years, with three funds losing more than 50% of their value [4][5] Performance of Top Funds - The top-performing funds include Huashang New Trend Preferred, Jiao Yin Trend Priority A, and Huashang Advantage Industry, all of which have shown exceptional long-term returns [2][3] - Jiao Yin Trend Priority A, managed by Yang Jinjing since May 2020, has achieved a return of 186.78% during his tenure, with an annualized return of 22.04% [3] - Other notable funds with returns exceeding 300% include Dongwu Mobile Internet A, Huashan Media Internet A, and others, showcasing the potential of quality active management [3] Underperforming Funds - A significant number of funds have underperformed, with 96 funds showing losses over the past decade, highlighting the challenges in active fund management [4][5] - The fund with the largest loss is Fangzheng Fubang Innovation Power A, which has experienced a loss of over 50% and has had 10 different managers since its inception [4] - Taiping Flexible Allocation, the first active equity fund from Taiping Fund, has lost 54.26% over the past 10 years, indicating a failure to meet performance expectations [5] Investment Insights - The disparity in performance among active equity funds underscores the importance of selecting quality funds based on historical performance, manager stability, and investment strategy [6] - Funds that have doubled in value over the past decade typically excel in industry allocation, stock selection, and risk management, demonstrating effective active management capabilities [6]

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 Viewpoint - The A-share market is experiencing a recovery in sentiment, with nearly 20 equity funds resuming large-scale subscriptions, indicating a positive outlook for future macroeconomic conditions and corporate earnings improvement [1][4][5]. Group 1: Fund Subscription Resumption - Nearly 20 equity funds, including both active and passive types, have announced the resumption of large-scale subscriptions since the beginning of the year [1][3]. - Notable fund announcements include Huashang Fund resuming large subscriptions for its Huashang New Trend Preferred Fund, which has a scale of approximately 12.91 billion yuan and a stock position of about 91.54% as of Q3 2023 [2]. - Other funds, such as Invesco Great Wall and Guolian Fund, have also lifted restrictions on large subscriptions, reflecting a trend of easing limits to attract external capital [3][4]. Group 2: Fund Issuance Market Recovery - The fund issuance market is showing signs of recovery, with equity funds dominating the new offerings, contrasting with the previous year's focus on bond funds [4]. - In January 2024, 111 new funds were scheduled for issuance, with nearly 40% being equity funds, including 44 equity-mixed and ordinary stock funds [4]. - The previous year saw 377 bond funds issued, totaling approximately 819.86 billion yuan, which accounted for over 70% of the issuance [4]. Group 3: Market Sentiment Improvement - The A-share market has seen a general rise, with major indices like the ChiNext Index increasing by nearly 2% and the Shenzhen Component Index and Northbound 50 Index rising over 1% [5]. - Analysts believe that the current A-share market valuation is at a historical low, with expectations of macroeconomic recovery and improving corporate earnings contributing to a potential rebound in market sentiment [5][6]. - Morgan Stanley Fund highlights that the current market offers high value due to low valuations, particularly favoring low-volatility dividend and technology growth sectors [6][7].

Core Viewpoint - The A-share market experienced a strong performance in the first half of the year, with major indices rising across the board, while the number of fund managers leaving their positions reached a decade-high, indicating a significant shift in the public fund industry towards team-based operations and away from individual "star" managers [1][2][6]. Group 1: Market Performance - The Shanghai Composite Index rose by 2.76%, the North Star 50 Index surged by 39.45%, and the National 2000 Index increased by over 10% in the first half of the year [1]. - As of June 30, the total number of public fund managers reached 4,042, marking the highest level in nearly a decade, with a net increase of 89 managers compared to the beginning of the year [6]. Group 2: Fund Manager Departures - A total of 182 fund managers left their positions in the first half of the year, the highest number for the same period in the past ten years, involving 99 public fund management companies [2][4]. - Notable departures included influential managers such as Hong Liu and Jin Meng from Harvest Fund, who left due to performance pressures, with their managed funds showing returns of -48.66% and -45.40% respectively [4][5]. Group 3: Industry Trends - The trend of "de-starification" in the industry is accelerating, with team-based management becoming the mainstream approach, driven by the need to adapt to the departure of veteran managers and to cultivate new talent [6]. - In the first half of the year, 2,525 products experienced changes in fund managers, with 703 active equity funds undergoing such changes, of which 244 were newly co-managed, accounting for nearly 35% [6][7].