链接您与财富 市场有风险、投资需谨慎 |广告 A股"924" 行情一周年 最加如何 自去年9月24日以来,公募基金业绩全面回暖。普通股票型、增强指数 型、偏股混合型等基金指数均涨超50%。近九成基金实现正收益，其中 14只基金业绩涨超200%,超800只涨超100%。公募表示,展望未来继 续看多A股市场。人 70% 60.33% 60.01% 58.83% 60% 50% 40% 30% 20% 10% 1.07% 0% -0.17% -10% "924" 行情以来基金指数涨跌幅 "924" 行情以来部分业绩靠前的基金_ | 其余名称 下足少 | | 924以来收益 成立以来收益 | | --- | --- | --- | | (%) | | (%) | | 德邦鑫星价值灵活配置混合A - 天星变 271.51 | | 293.32 | | 中信建投北交所精选两年定开混合A | 268.41 | 173.62 | | 中欧数字经济混合发起A | 267.05 | 203.81 | | 永赢先进制造智选混合发起A | 257.01 | 159.62 | | 华夏北交所创新中小企业精选两年 | x 255.95 ...

Core Viewpoint - The article highlights the performance of equity funds in the A-share market, noting significant gains in August 2025, with the Shanghai Composite Index reaching a nearly 10-year high and a substantial number of funds achieving record net asset values [3][4]. Summary by Sections Recent Performance of Equity Funds - In August 2025, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13%, indicating a robust market rally [3]. - As of the end of August 2025, there were 9,037 equity funds, with 3,668 funds (approximately 40.59%) reaching historical net asset value highs [3][4]. Top Performing Funds in the Last Year - Among the 1,569 equity funds with performance data, 7 funds achieved over 200% returns in the past year, with a threshold of 150% for the top 20 funds [4][5]. - The top 5 funds based on one-year performance include: 1. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 261% return 2. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 236.45% return 3. China Europe Digital Economy Mixed Initiated A (Code: 018993) - 232% return 4. Debon Xin Xing Value Flexible Allocation Mixed A (Code: 001412) - 222.43% return 5. Xin Ao Performance Driven Mixed C (Code: 016371) - 216.06% return [5][8]. Performance Over Three Years - For the three-year performance, the top 5 funds include: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 245.80% return 2. Huitianfu North Exchange Innovative Selected Two-Year Open Mixed A (Code: 014279) - 187.03% return 3. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 181.13% return [10][11]. Performance Over Five Years - In the five-year performance category, the top 5 funds are: 1. Dongwu Mobile Internet Mixed A (Code: 001323) - 285.32% return 2. Dongwu New Trend Value Line Mixed (Code: 001322) - 276.38% return 3. Jinyuan Shun'an Yuanqi Flexible Allocation Mixed (Code: 004685) - 236.16% return 4. Huashang Yuanheng Mixed A (Code: 004206) - 200.52% return 5. Huashang Runfeng Mixed A (Code: 003598) - 193.05% return [15][19].

Market Overview - In August 2025, A-shares experienced a significant rally, with the Shanghai Composite Index reaching a nearly 10-year high, increasing by 7.97%, while the Shenzhen Component Index rose by 15.32% and the ChiNext Index surged by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] - As of August 2025, there were 9,037 equity funds (over 60% in stocks) established for more than one year, with 3,668 funds achieving historical net value highs in August, representing approximately 40.59% [1] One-Year Performance - Among the 1,569 equity funds with performance data for the past year, 7 funds reported returns exceeding 200%, driven by the "924" market rally and subsequent rebounds since April 2025 [2] - The top five funds based on one-year returns include: 1. CITIC Construction North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 261% return 2. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 232% return 3. China Europe Digital Economy Mixed Initiated A (Code: 018993) - 232% return 4. Debon Xinxing Value Flexible Allocation Mixed A (Code: 001412) - 119.73% return 5. Xin'ao Performance Driven Mixed C (Code: 016371) - 112.15% return [2][6] Three-Year Performance - For the three-year performance, 974 equity funds were analyzed, with the top five funds showing returns above 119% [9] - The leading funds include: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) 2. Huitianfu North Exchange Innovative Selected Two-Year Open Mixed A (Code: 014279) 3. CITIC Construction North Exchange Selected Two-Year Open Mixed A (Code: 016303) [9][11] Five-Year Performance - In the five-year category, 453 equity funds were evaluated, with the top five funds achieving returns exceeding 138% [14] - The top funds include: 1. Dongwu Mobile Internet Mixed A (Code: 001323) 2. Dongwu New Trend Value Line Mixed (Code: 001322) 3. Jinyuan Shun'an Yuanqi Flexible Allocation Mixed (Code: 004685) [14][16] Fund Management Insights - Liu Yuanhai, managing the top two funds in the five-year category, emphasizes continued investment in AI technology sectors, anticipating a potential industry turning point next year [18]

Core Insights - The Shanghai Composite Index rose to 3696.77 points, surpassing the previous high of 3674.40 points from October 8 of last year, indicating a structural market rally [1][2] - Several fund products have achieved significant returns, with some doubling their value, while others have incurred substantial losses due to market timing issues [1][5] Fund Performance - The CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A Fund recorded the highest return of 163.38% since October 8 of last year [3][4] - Other North Exchange funds also performed well, with returns of 139.86%, 126.94%, and 102.13% for the Huaxia North Exchange Innovative Small and Medium Enterprises Selected Fund, the Huitianfu North Exchange Innovative Selected Fund, and the Invesco Great Wall North Exchange Selected Fund, respectively [3] - The GF Growth Navigation One-Year Holding Mixed A Fund achieved a return of 119.73%, focusing on growth stocks like Pop Mart [4] Underperforming Funds - Some funds have experienced significant losses, with the Xinyuan Consumer Selection Mixed Fund down 23.35% and the Golden Eagle Transformation Power Mixed Fund down 21.22% since October 8 [5][7] - The underperformance of these funds is attributed to poor stock selection and market timing, particularly with holdings in companies like Xiaomi, which saw a decline of 11.34% in July [5][6] - Other funds, such as the Dongwu Industry Rotation Mixed A Fund, also reported losses due to misalignment with market trends, showing a decline of 11.32% [5] Sector Performance - Traditional consumption and new energy sectors have not rebounded significantly, leading to losses in related thematic funds [6] - Specific funds like the Guoshou Anbao Quality Consumption Stock Fund and the Jiashi New Consumption Stock Fund reported returns of -7.9% and -8.1%, respectively, since October 8 [7]

Core Viewpoint - The performance of funds in the first half of the year has been significantly influenced by the strong rally in Hong Kong's innovative pharmaceutical sector, with the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection, achieving over 85% returns [1][3]. Fund Performance - As of June 30, 2023, the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection, recorded a return of 86.00% [2][3]. - Other notable funds include CITIC Construction Investment North Exchange Selection and Great Wall Pharmaceutical Industry Selection, with returns of 82.45% and 75.18% respectively [6]. - The overall performance of the Hong Kong stock market, particularly in the innovative pharmaceutical sector, has been robust, with the Hang Seng Index and Hang Seng Technology Index rising by 20% and 18.68% respectively [3]. Market Trends - The innovative pharmaceutical sector in Hong Kong has been a key driver of fund performance, with many funds heavily invested in this area [4][6]. - The Hang Seng Hong Kong Innovative Pharmaceutical Selection Index has seen a year-to-date increase of 58.95%, indicating strong market interest and growth potential [6][7]. - Analysts predict that the innovative pharmaceutical sector will continue to benefit from policy support and market dynamics, suggesting a favorable outlook for the second half of the year [7][8]. Investment Insights - Fund managers believe that the pharmaceutical industry will experience a recovery in growth due to normalized regulations and increasing domestic medical demand [3][4]. - The current market environment is characterized by a combination of policy benefits, global liquidity, and positive market sentiment, which are expected to sustain the growth of innovative pharmaceutical companies [7][8]. - The disparity in fund performance highlights the importance of strategic investment choices, with some funds underperforming despite being in popular sectors [9].

Group 1 - The Beijing Stock Exchange (BSE) has shown strong performance this year, with related thematic funds seeing net value increases of over 30%, and some exceeding 70% [1] - As of June 12, the BSE 50 Index has risen by 37.25% this year, outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index [1] - Nearly 40 BSE-themed funds have an average net value increase of approximately 33.53% this year, with specific funds like CITIC Construction Investment and Huaxia showing net value increases of over 70% [1] Group 2 - 24 BSE funds have recorded net value increases exceeding 30% this year, including funds from Invesco Great Wall and GF Securities [2] - Since their inception, several funds have achieved net value increases of over 100%, with some exceeding 120% [2] - Analysts indicate that the BSE is gradually attracting more active incremental capital, with a need for increased institutional investor participation compared to the Sci-Tech Innovation Board and ChiNext [2]

Group 1 - The North Exchange 50 Index has shown strong performance this year, significantly outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index, with a rise of 36.43% as of May 29 [2] - Several North Exchange-themed funds have implemented purchase limits to protect the interests of fund shareholders, with specific limits set by various fund companies [1][2] - The best-performing public fund this year is the CITIC Construction North Exchange Selected Two-Year Open Mixed A, which has seen a net value increase of 66.9% [2] Group 2 - Analysts note that the North Exchange market is relatively small, which makes it easier for stock prices to rise when new funds flow in, creating a favorable environment for profit generation [3] - The North Exchange has become a gathering place for specialized and innovative enterprises, with 154 such companies, accounting for 58.11% of the total, surpassing the level of the ChiNext board [3] - The investment structure of the North Exchange has been optimized with the entry of mainstream institutional investors, which is expected to enhance the investment appeal of the North Exchange [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a plan to promote the high-quality development of public funds, introducing 25 measures to enhance performance-based compensation for fund managers [3]. Fund Performance Summary - As of May 13, 2025, there are 13,478 public funds with nearly three years of excess returns, with an average excess return of -3.72%. Only 1,191 funds, or 8.84%, have excess returns exceeding 10% [3][4]. - Among fund types, QDII funds have the highest proportion of funds with excess returns over 10%, at 23.76%, followed by stock funds at 16.04% and mixed funds at 9.93% [4]. Top Performing Funds Stock Funds - There are 370 stock funds with excess returns greater than 10%, with an average net asset value growth rate of 21.79% and an average excess return of 22.26%. The threshold for the top 10 funds is 45.56% [5]. - The top three funds are managed by Zhang Lin from China Merchants Fund, Chen Ying from Jinying Fund, and Li Hai from Guotai Fund [5]. Mixed Funds - There are 580 mixed funds with excess returns greater than 10%, with an average net asset value growth rate of 23.42% and an average excess return of 23.91%. The threshold for the top 10 funds is 69.34% [7]. - The top two funds are managed by Gu Xin Feng and Zhang Cheng Yuan from Huaxia Fund [7]. QDII Funds - There are 43 QDII funds with excess returns greater than 10%, with an average net asset value growth rate of 47.02% and an average excess return of 27.29%. The threshold for the top 10 funds is 19.12% [9]. - The top three funds are managed by Xiong Xiaoya from Southern Fund, Peng Chen Chen from Fortune Fund, and Zhang Zili from Harvest Fund [9]. Notable Fund Managers - Chen Ying, managing the Jinying Technology Innovation Stock A fund, has achieved an excess return of 81.55% over three years, with a net asset value growth rate of 83.66% [6][7]. - Gu Xin Feng, managing the Huaxia North Exchange Innovation Small and Medium Enterprises fund, has achieved an excess return of 167.41% over three years, with a net asset value growth rate of 185.78% [8]. - Xiong Xiaoya, managing the Southern China New Emerging Economy fund, has achieved an excess return of 72.53% over three years, with a net asset value growth rate of 91.27% [10][11].

Core Viewpoint - The report highlights the performance of stock and mixed funds on May 19, indicating that 50.99% of these funds achieved positive returns, with 96 funds exceeding a 2% return, while 258 funds experienced a net value decline of over 1% [1][2]. Fund Performance Summary - On May 19, the Shanghai Composite Index slightly increased to 3367.58 points, while the Shenzhen Component Index and the ChiNext Index decreased by 0.08% and 0.33% respectively [1]. - The top-performing sectors included comprehensive, environmental protection, and real estate, with increases of 1.99%, 1.87%, and 1.75% respectively. Conversely, the food and beverage, automotive, and banking sectors saw declines of 0.90%, 0.33%, and 0.32% respectively [1]. - The average net value growth rate for stock and mixed funds was 0.03%, with 50.99% of funds showing positive growth. The fund with the highest return was the Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Fund, achieving a net value growth rate of 4.16% [1][2]. Fund Types and Categories - Among the funds with a net value growth rate exceeding 2%, 51 were index stock funds, 35 were equity funds, and 6 were flexible allocation funds [2]. - The fund with the largest decline was the Yongying New Energy Smart Selection Mixed Fund A, which saw a net value drop of 3.31%. Other notable declines included Yongying New Energy Smart Selection Mixed Fund C and Ping An Advanced Manufacturing Theme Stock Fund C, with declines of 3.30% and 2.71% respectively [2][4]. Fund Rankings - The top funds by net value growth rate on May 19 included: - Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Fund: 4.16% - Huatai-PineBridge North Exchange Innovative Selected Two-Year Open Mixed Fund A: 3.91% - Huatai-PineBridge North Exchange Innovative Selected Two-Year Open Mixed Fund C: 3.90% - GF North Exchange Selected Two-Year Open Mixed Fund C: 3.17% [2][3]. - The funds with the largest net value declines included: - Yongying New Energy Smart Selection Mixed Fund A: -3.31% - Yongying New Energy Smart Selection Mixed Fund C: -3.30% - Ping An Advanced Manufacturing Theme Stock Fund C: -2.71% [4][5].

Core Insights - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 measures to enhance salary management in the industry [1] - Fund managers with products underperforming the benchmark by more than 10% over three years will see a significant decrease in performance-based compensation, while those exceeding the benchmark can receive reasonable increases [1] - As of May 13, 2025, there are 13,478 funds with nearly three years of excess returns, with an average excess return of -3.72% [1][2] Fund Performance Summary - Among the 13,478 funds, only 1,191 funds (8.84%) have achieved excess returns greater than 10% over three years [2] - QDII funds, equity funds, and mixed funds have the highest proportions of funds with excess returns over 10%, at 23.76%, 16.04%, and 9.93% respectively [1][2] Top Performing Funds - The top 10 equity funds with excess returns greater than 10% have an average unit net value growth rate of 21.79% and an average excess return of 22.26% [3] - The threshold for the top 10 equity funds is set at an excess return of 45.56% [3] - The top three funds are managed by Zhang Lin from China Merchants Fund, Chen Ying from Jinying Fund, and Li Hai from Guotai Fund [3] Notable Fund Managers - Chen Ying's fund (code: 001167) has a net value growth rate of 83.66% over three years, significantly outperforming its benchmark [5] - Chen Ying has a background in electronic engineering and an MBA, with experience in the telecommunications and computer industries [5][6] - The fund's top holdings include companies in the AI sector, which have shown substantial growth [6] Mixed Fund Performance - The top 10 mixed funds have an average unit net value growth rate of 23.42% and an average excess return of 23.91% [7] - The top two mixed funds are managed by Gu Xin Feng and Zhang Cheng Yuan from Huaxia Fund [7] QDII Fund Performance - The top QDII fund, managed by Xiong Xiaoya from Southern Fund, has a net value growth rate of 91.27% over three years [12] - Xiong Xiaoya has a strong focus on growth and consumer sectors, with significant investments in popular Hong Kong growth stocks [12][13]