本文授权来自《中国民商》 作者：闵晓强 编辑：李 鑫 2025年公募排行榜全部出炉，大约75只主动权益基金实现了全年净值涨幅翻倍。但是，这一年首尾分化严重，也有多只主动权益基金年终负收益，而且是 全年的跌幅超过了10%，其中广发基金有多达6只产品上榜。 这6只产品分别是广发内需增长、广发价值优势、广发价值优选、广发睿铭两年、广发稳健优选六个月持有和广发均衡优选。从它们的现任基金经理来 看，无一例外都是广发基金名将王明旭所管理的产品。目前王明旭管理的产品总共8只，除去上述的6只产品外，还有一只为两人合管产品，另外还有一只 为去年6月中旬成立的次新基金。 近年来，广发基金主动权益阵营群星闪烁，无论是曾经的状元刘格菘还是顶流傅友兴，或者是后起之秀郑澄然，但是未曾想公司的总经理助理、投资管理 部总经理王明旭成为了最短板，同时公司力捧的从新华基金转投而来的刘彬，2025年的业绩也只能说稀松平常而已，同样郑澄然交出的也是勉强及格的成 绩单。 在基金三季报中，王明旭强调："在报告期，本基金一直维持合同约定范围内的上限权益仓位。今年以来，业绩一直持续落后，为了在本年度余下时间净 值有所改善，在行业配置方面，3季度继续对组合结 ...

Core Viewpoint - Wang Mingxu, a fund manager at GF Fund, has multiple products ranking among the bottom performers in terms of annual returns, indicating a significant performance issue within his independently managed funds [1][2]. Group 1: Performance Analysis - As of October 21, six of the bottom 15 actively managed equity products by annual return are from GF Fund, all managed by Wang Mingxu, with three of them occupying the last three positions [1]. - Wang Mingxu's independently managed products have shown a high concentration strategy, which has led to poor performance in the current market environment, resulting in a systemic risk where all products suffer when market styles diverge from core holdings [2]. - The total scale of Wang Mingxu's managed products is 108.91 billion yuan, down from a peak of 306.52 billion yuan in mid-2021, indicating a gradual decline in assets under management [3]. Group 2: Investment Strategy - Wang Mingxu's independently managed products exhibit two notable characteristics: strong strategy replication and high overlap in major holdings [1]. - The top ten holdings across Wang Mingxu's products show significant overlap, with stocks like Jiangsu Bank, Sifang Jingchuang, and Midea Group appearing frequently, indicating a concentrated investment approach [6][7]. - In the second quarter, there was a consistent strategy across Wang Mingxu's products, with a collective reduction in real estate and brokerage stocks, while increasing positions in city commercial banks and high-end liquor stocks [7]. Group 3: Historical Context - Wang Mingxu has over 20 years of experience in the securities industry and has been with GF Fund since June 2018, where he also serves as the assistant general manager [3][4]. - Since the establishment of several of his products during market peaks in 2020-2021, they have faced significant market corrections, leading to poor performance metrics [4].