2025.11. 19 本文字数：2546，阅读时长大约4分钟 作者 | 第一财经 曹璐 在当下的市场里，权益基金正上演"冰火交织"戏码。 A股市场升温浪潮中，有人打出了漂亮的"翻身仗"，也有人黯然离场。Wind数据显示，截至11月18 日，超过97%的主动权益类基金近一年斩获正收益，头部产品业绩更是实现翻倍。多只"毛基"产品重 返1元净值，甚至规模出现倍数级跃升，实现成功逆袭。 据第一财经统计，截至去年11月18日，上述主动权益基金中，复权单位净值数据（即考虑分红再投 资后调整计算的单位净值；且前复权，下同）跌破1元的产品有1905只，占比达44%。而今年的11 月18日，净值低于1元的"毛基"数量已降至973只，占比腰斩至22%。 在此前的"毛基"产品中，有937只基金产品净值重返"水面"以上。其中，广发成长领航一年持有A已迈 入"2元"区间，复权单位净值从此前的0.9元增至2.21元；恒越优势精选则从0.56元上升至1.43元。 类似的"小体量突围"案例并不鲜见。华泰柏瑞质量精选A、永赢数字经济智选A、国泰海通创新成长A 等多只产品，均凭借不错的业绩表现吸引资金蜂拥而入，基金合计规模从几百万元至数千万元 ...

Core Insights - The A-share market has shown significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong performance of public equity funds and the emergence of numerous "doubling funds" [1][3] Group 1: Fund Performance - The average net value growth rate of actively managed equity funds for the first ten months reached 27.48%, with the best-performing funds exceeding 200% [3][5] - Over 98% of actively managed equity funds reported positive net value growth rates, with 705 funds achieving over 50% growth, and 34 funds surpassing 100% [7][5] - The top-performing fund, Yongying Technology Smart Selection A, achieved a net value growth rate of 200.63%, capitalizing on opportunities in the cloud computing market [9][8] Group 2: Index and Sector Performance - Major indices such as the ChiNext Index and the Science and Technology Innovation 50 Index saw annual growth rates exceeding 50%, with the ChiNext Index at 48.84% [1][4] - The communication equipment sector emerged as a significant winner, with related index funds showing remarkable performance, including the Guotai CSI All-Index Communication Equipment ETF, which had a growth rate of 98.87% [12][13] Group 3: Investment Themes and Manager Insights - Fund managers are focusing on structural opportunities in sectors like AI, innovative drugs, and robotics, which have shown strong performance [7][14] - Investment strategies include a focus on domestic semiconductor equipment and energy storage, with managers highlighting the increasing production capacity of domestic storage chips and the growing demand for energy storage solutions [15][14]