证券时报基金研究院 余世鹏 业内人士认为，公募主动管理能力的回归，得益于市场行情与投研能力的共振，但高集中度持仓隐含的风险仍需 警惕——相较于证明自己，避免重蹈覆辙更为关键。可喜的是，在"去明星化"和体系化投研建设下，行业人才梯 队趋于稳定，以往"追高"的短期行为已得到缓解。 最高收益近220% 有望刷新历史纪录 为清晰呈现主动权益基金在上涨行情中的表现趋势，本文在分析中剔除了2005年、2018年、2022年等市场整体表 现较弱的年份，最终选取2000年后与上涨行情高度重合的九个年份作为观察对象，包括2006、2007、2009、 2014、2015年，以及2019至2021年和2025年（数据截至12月12日）。 数据显示，截至12月12日，永赢科技智选A在2025年里的收益率达到了218.40%，超出第二名的中航机遇领航A （166.65%）50多个百分点，不仅大概率锁定年度基金冠军，还成为2008年以来首次出现的年度收益在200%以上 的基金。2025年还有10多个交易日，该基金累计收益如果再增7.84%，将超越华夏大盘精选A曾在2007年创下的年 度收益（226.24%），成为公募史上收益最高的年度 ...

2025年尚未结束，截至12月12日，公募主动权益基金不仅跑出近60只"翻倍基"，还出现了2008年以来首只收益率在 200%以上"两倍基"。值得注意的是，如果该基金在2025年剩余交易日里，累计收益超过7.84%，将成为公募史上收益 率最高的年度"翻倍基"。 证券时报·券商中国记者对比了千禧年后的9个行情年份发现，无论是2019年前的普涨行情还是此后的结构行情，主动权 益基金持续大放异彩，特别2025年高仓位基金攻势越发凌猛，收益高度和翻倍基数量均在历史高位。 业内人士接受证券时报·券商中国记者采访时直言，时隔久日公募主动管理能力迎来回归，是市场结构行情与公募投研 能力共同进阶的结果。但这些基金同样有着显著的集中持仓特征。过往教训并未走远，和证明能力相比，避免重蹈覆 辙更为重要。和过往相比，公募如今的人才梯队已能保障投研能力稳定输出和传承，在"去明星化"背景下基金管理人 与投资者"追高"情况有所缓解。 最高收益近220%，有望刷新历史纪录 A股历次行情的持续时间不一，为观察主动权益基金表现的变化趋势，证券时报·券商中国记者选取2000年后与上涨行 情有较高重合度的9个年份为统计对象，分别为2006年、200 ...

Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns and the first fund since 2008 reaching over 200% returns [1][2][9] - The potential for the highest annual return in public fund history is noted, with a specific fund needing to exceed 7.84% in remaining trading days to surpass the previous record [1][5] Performance Analysis - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly ahead of the second-place fund [5] - Historical comparisons show that while 2025 has seen a resurgence in fund performance, previous years like 2006 and 2007 also had high returns, but no "two-fold funds" appeared in the years following 2019 [6][7] Market Trends - The article discusses the changing nature of the A-share market, with a shift from broad market rallies to more structured market conditions, leading to fewer high-performing funds in recent years [9][10] - The concentration of holdings in successful funds is emphasized, with many funds heavily invested in specific sectors like technology and high-end manufacturing, which have shown strong performance [10][13] Fund Management Insights - The return of active management capabilities is attributed to both market conditions and improved research capabilities within fund management teams [10][11] - The article notes that the current talent pool in fund management is more stable and capable of delivering consistent research output compared to previous years [14][15] Risks and Considerations - The article warns of the risks associated with high concentration in fund holdings, which can lead to significant performance declines during market corrections [13] - It also highlights the importance of avoiding past mistakes and maintaining a balanced approach to fund management, especially in light of the recent performance surge [12][15]

最高收益近220%，有望刷新历史纪录 2025年尚未结束，截至12月12日，公募主动权益基金不仅跑出近60只"翻倍基"，还出现了2008年以来首 只收益率在200%以上"两倍基"。值得注意的是，如果该基金在2025年剩余交易日里，累计收益超过 7.84%，将成为公募史上收益率最高的年度"翻倍基"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 券商中国记者对比了千禧年后的9个行情年份发现，无论是2019年前的普涨行情还是此后的结构行情， 主动权益基金持续大放异彩，特别2025年高仓位基金攻势越发凌猛，收益高度和翻倍基数量均在历史高 位。 业内人士接受券商中国记者采访时直言，时隔久日公募主动管理能力迎来回归，是市场结构行情与公募 投研能力共同进阶的结果。但这些基金同样有着显著的集中持仓特征。过往教训并未走远，和证明能力 相比，避免重蹈覆辙更为重要。和过往相比，公募如今的人才梯队已能保障投研能力稳定输出和传承， 在"去明星化"背景下基金管理人与投资者"追高"情况有所缓解。 A股历次行情的持续时间不一，为观察主动权益基金表现的变化趋势，券商中国记者选取2000年后与上 涨行情有较高重合度 ...

Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns, and the first fund since 2008 potentially exceeding 200% returns [1][7][5] - The resurgence of active management capabilities in public funds is attributed to both market conditions and improved research capabilities [2][8] Performance Metrics - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [5] - If this fund's cumulative return exceeds 7.84% in the remaining trading days of 2025, it will surpass the historical record of 226.24% set by Huaxia Large Cap Select A in 2007 [5] Historical Context - The article compares the performance of actively managed equity funds across nine significant market years since 2000, noting that 2025 has seen a high number of "doubling funds" [3][6] - The number of funds achieving over 100% returns in 2025 is the highest since 2007, indicating a strong recovery in active management performance [7][8] Market Dynamics - The article discusses the concentration of holdings in these funds, which poses risks despite their high returns, as they may face significant performance declines during market corrections [10][11] - The active equity funds' performance is closely linked to specific sectors such as technology, high-end manufacturing, and innovative pharmaceuticals, which have shown strong fundamentals and growth potential [8][9] Industry Evolution - The article notes a shift in the public fund industry towards a more systematic approach to research and investment, moving away from short-term behaviors and focusing on long-term investor interests [12] - The talent pool within fund management has improved, ensuring stable research output and continuity, which is crucial for maintaining performance [11][12]