作为普通投资者参与市场的重要渠道，这一年，公募基金紧跟市场节奏，整体赚钱效应拉满。尤其是随着科技、有色金属赛道"起飞"，超百只基金净值翻 倍。但与此同时，也有基金踏空，个别基金甚至下跌超过10%。 蛇年收官，马年已至。过去一年，你的基金赚钱了吗？是否跑赢了市场？ 整体业绩亮眼 蛇年资本市场的强势回暖。从重要指数的表现来看，Wind数据显示，A股市场上，上证指数、深证成指分别上涨25.58%、38.84%，创业板指数上涨 58.73%，科创50、北证50指数分别上涨53.95%、44.59%；港股表现也不俗，恒生指数上涨32.04%。此外，贵金属在蛇年的表现可谓浓墨重彩，万得白银 行业指数、万得黄金行业指数分别大涨295.37%、127.66%。 亮眼的市场表现，为基金业绩飙升奠定了坚实基础。从基金整体业绩数据来看，蛇年堪称公募基金行业的"丰收年"。 170只基金蛇年收益率超过100%，同时有15只基金净值下跌逾10%。你的产品落在哪一区域？ 投资时间网、标点财经研究员 余顺安 在刚刚过去的蛇年（2025年1月29日—2026年2月16日），A股市场走出了一轮波澜壮阔的结构性牛市，上证指数时隔十年重返4000点 ...

Core Viewpoint - The recent departure of prominent equity fund manager Yang Siliang from Baoying Fund to E Fund highlights the ongoing talent drain and challenges faced by the long-established public fund company, which is grappling with a significant reduction in equity management scale and declining industry rankings [2][4]. Talent Drain - Yang Siliang's move marks a continuation of the trend of talent outflow from Baoying Fund, which has seen several key equity managers leave in recent years, reflecting a persistent issue of retaining talent despite the company's historical success in nurturing fund managers [9][10]. - Baoying Fund has been referred to as the "public fund Huangpu Military Academy" due to its successful talent cultivation, yet it struggles with the paradox of producing talent that it cannot retain [9][10]. - The average tenure of Baoying Fund's fund managers is 3.33 years, below the industry average of 4.92 years, indicating a structural issue within the team [11]. Scale and Ranking Challenges - Baoying Fund's total asset management scale has decreased from 826.81 billion yuan in mid-2015 to 732.93 billion yuan by mid-2025, reflecting a loss of nearly 100 billion yuan [13]. - The fund's non-monetary fund scale has also dropped significantly, from 647.04 billion yuan in mid-2015 to 448.38 billion yuan by mid-2025, with its ranking falling from 27th to 79th among 162 public fund institutions [16]. - The equity fund scale has halved from 421.02 billion yuan at the end of 2020 to 197.39 billion yuan by mid-2025, indicating a severe contraction in this core area [17]. Shareholder Uncertainty - The second-largest shareholder, Foreign Trade Trust, is looking to sell its 25% stake in Baoying Fund, which could introduce further instability to the company's future [19]. - Baoying Fund's net profit has been declining, from 1.43 billion yuan in 2021 to 0.81 billion yuan in 2023, raising concerns about its financial health and ability to attract and retain talent [19][20].