在A股市场沪指强势创出十年新高的背景下，权益类基金本被寄予为投资者捕捉经济增长红利的厚望。 然而Wind数据显示，在过去十年间（2015年8月19日至2025年8月19日），全市场仍有154只基金（只含 主代码）收益为负，其中权益类产品占到91只。这批产品历经多轮市场周期仍未能修复净值，甚至部分 仍处于深跌状态。 | 序号 | 证券代码 | 证券简称 | 近十年回报 | | 今年以来回报 成立以来回报 | 基金规模 | 基金经理 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | (%) | (亿元) | | | 1 | 350008.OF | 天治新消费 | -55.20 | 7.27 | -11.78 | 0.19 | 梁利 | | 2 | 000986.OF | 太平灵活配置 | -54.05 | 0.70 | -56.90 | 2.55 | 月婷 | | 3 | 233008.OF | 大摩消费领航 | -50.02 | 4.71 | -22.02 | 0.68 | 王大鹏 | | 4 | 690003.OF ...

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].