专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 2025年，A股市场迎来全面上涨行情，市场情绪显著复苏。 Wind数据显示，截至12月25日，今年以来全市场近4700只主动权益类基金中，仅194只年内收益为负， 超过4500只实现正收益。其中，83只基金年内回报突破100%，前十名基金回报均超144%，永赢科技智 选A以237.66%的年内回报暂居榜首。 若将考察周期拉长至三年，头部基金的业绩表现更为亮眼。排名前二十的基金近三年回报均超过 160%，平均回报达193%。东吴新趋势价值线以279.67%的三年回报位列第一，华夏北交所创新中小企 业精选两年定开以272.71%紧随其后。然而，在亮眼表现的背后，部分产品在过去三年中亦遭遇了显著 挑战。排名末位的20只基金平均亏损接近41%，与头部产品的表现形成鲜明反差。 | 数据来源：Wind 截止 | | --- | 至20251225 从近三年回报来看，排名垫底的20只主动权益基金平均下跌41%。其中，金鹰多元策略A亏损47.72%位 居末位，中信建投智信物联网A、天治新消费紧随其后，亏损均超47%。 值得注意的是 ...

Core Viewpoint - The A-share market has shown a clear "track market" characteristic this year, with significant performance in sectors like AI and innovative pharmaceuticals, while traditional sectors like consumption and banking are struggling [1][2]. Group 1: Market Performance - As of October 10, 2023, 53 funds have doubled their performance year-to-date, with 43 of these being actively managed equity products, highlighting the advantage of active management in a structural market [2][3]. - The technology and pharmaceutical sectors have emerged as the biggest winners, with top-performing funds like Yongying Technology Smart A achieving a return of 187.86% [2]. - The overall performance of the A-share market has been mixed, with over 96% of equity products showing positive returns, but 20 funds still experiencing declines of over 10% [3]. Group 2: Impact of External Factors - The recent escalation of the US-China tariff conflict has introduced new uncertainties to the market, with the A-share indices experiencing slight declines on October 13, 2023 [1][5]. - Analysts believe the current market reaction to the tariff threat is different from the sharp declines seen in April, as the market has become somewhat immune to such threats due to previous experiences [5][6]. - The consensus among analysts is that while short-term market fluctuations may occur, the long-term focus on technology and growth sectors remains unchanged [7]. Group 3: Investment Strategies - In light of the current market conditions, it is suggested that investors focus on funds with mature strategies and stable teams, balancing performance with stability [4]. - The recommendation is to wait for short-term market risks to fully materialize before increasing positions, while maintaining a focus on sectors with clear growth trends like AI and innovative pharmaceuticals [7].

Core Viewpoint - The A-share and Hong Kong stock markets have shown a continuous upward trend since mid-April, achieving new highs in the third quarter, with equity funds yielding significant returns [1] Group 1: Active Equity Funds - A total of 37 funds have doubled their returns this year as of September 26, with 31 active equity funds in A-shares achieving over 100% returns [2][4] - The average return for active equity funds is 30.32%, with over 98% of these funds reporting positive returns [4] - The top-performing fund, Yongying Technology Smart Selection A, has a return rate of 189.58%, significantly boosted by its focus on AI concept stocks [4][6] Group 2: Passive Index Funds - Nearly 98% of index funds have achieved positive returns, with an average return of 27.53% [7] - Funds tracking innovative drugs, communications, and artificial intelligence have outperformed, with the top two funds yielding returns of 103.96% and 100.59% [7] - Underperforming index funds are primarily those tracking energy, food and beverage, and coal sectors, with losses exceeding 5% [7] Group 3: QDII Funds - QDII funds focused on the Hong Kong market, particularly in innovative drug assets, have performed well, with four funds exceeding 100% returns [3][8] - The top-performing QDII fund, Huatai Bairui Hang Seng Innovation Drug ETF, has a return of 152.25% [8] - Other notable funds in this category have also shown strong performance, with several exceeding 90% returns [8]

Group 1 - The A-share market has recently rebounded, with small-cap stocks outperforming the broader market significantly, leading to a collective rise in the net value of quantitative public funds, with over 97% achieving positive returns this year [1][2][3] - The Wind data shows that as of July 28, 314 out of 652 quantitative public funds have refreshed their historical net value highs, representing over 48% of the total [2][3] - The small-cap stock index reached a historical high of 476,824.12 points on July 29, with a year-to-date return of 50.23%, significantly outperforming larger indices [2][3] Group 2 - Due to the limited capacity of small-cap stocks to absorb funds, several high-performing products have implemented purchase limits, with some reducing the daily purchase limit to as low as 1,000 yuan [3][4] - Approximately 28 quantitative products are currently under restrictions for large purchases, with some tightening their purchase limits further [4] - Fund managers indicate that maintaining a comfortable management scale around 20 billion yuan is crucial for effective strategy execution [4] Group 3 - Despite the strong performance of small-cap stocks, there are emerging risks, including high crowding in small-cap strategies, which could lead to significant downturns if market sentiment shifts [6][7][8] - Analysts have noted that the current rally in small-cap stocks is heavily reliant on sentiment and liquidity rather than solid performance fundamentals, raising concerns about potential valuation bubbles [6][7] - Fund managers have cautioned about the risks associated with high crowding and the need for careful monitoring of market volatility and external uncertainties [7][8]

Group 1 - The core viewpoint of the articles highlights the strong performance of small-cap stocks in the A-share market, significantly outperforming larger indices, leading to a surge in public quantitative fund net values, with over 97% of these funds achieving positive returns this year [1][2][3] - The Wind data indicates that as of July 28, 314 out of 652 public quantitative funds have reached historical net value highs, representing over 48% of the total [2][3] - The small-cap stock index reached a historical high of 476,824.12 points on July 29, with a year-to-date return of 50.23%, while the mid-cap indices also showed substantial gains compared to larger indices [2][3] Group 2 - Due to the limited capacity of small-cap stocks to absorb funds, several high-performing products have implemented purchase limits, with some reducing daily purchase limits to as low as 1,000 yuan [3][4] - Approximately 28 quantitative products, including the CITIC Prudential Multi-Strategy Fund, have suspended large purchases, indicating a trend towards tighter purchase limits across the sector [4] - Fund managers suggest that a comfortable management scale for small-cap products is around 20 billion yuan, with a target position maintained between 60% to 80% to manage risks effectively [4] Group 3 - Analysts express concerns about the high "crowding" in small-cap stocks, which could lead to significant risks if market sentiment shifts, although the likelihood of extreme adjustments similar to early 2024 is considered low [6][7][8] - The reliance on sentiment and liquidity in small-cap stocks has raised concerns about their underlying fragility, with many stocks driven by themes rather than solid performance, leading to potential valuation bubbles [6][7] - Fund managers have cautioned about the need to monitor market volatility closely and prepare for potential risks, emphasizing that the current high levels of investment in small-cap stocks may not be sustainable [7][8]