2025年的A股，是一场被科技浪潮裹挟的结构性牛市。上证综指18.41%、深证成指29.87%、创业板指49.57%、科创50上涨35.92%——四大指数用两位数甚 至接近50%的年度涨幅，为公募基金行业写下浓墨重彩的一页。 然而，牛市从来不是普惠的馈赠。Wind数据统计，截至12月31日的数据显示，全市场公募基金（只含主份额，下同）2025年平均收益率为19%，有95%的产 品实现正收益，98只产品净值翻倍。其中，主动权益类基金更是扬眉吐气，平均收益率达32%，永赢科技智选混合发起A以233.29%的年度回报一骑绝尘。 | 证券代码 | 证券简称 | 基金管理人 | | 否初始基投资类型(二级分类)基金经理(现任) | | 基金成立日 | | --- | --- | --- | --- | --- | --- | --- | | 022364. OF | 水嬴科技智洗A | 水扁车金 | 走 | 偏股混合型基金 | 任等 | 2024/10/30 | | 018956. OF | 中航机遇领航A | 中航星金 | 是 | 偏股混合型基金 | 韩浩 | 2023/8/10 | | 001753. OF | 红 ...

今年前11个月，权益类基金收益率平均值为24.85%。6960只产品年内录得正收益，16只产 品净值跌幅超过10%，它们都有谁？ 作者｜资市分子 随着2025年逐步进入收官阶段，公募行业中权益类基金业绩表现备受瞩目。 2025年，A股市场行情经历从低谷到反弹，再到震荡。前11个月，上证指数、深证成指、创业板指涨幅 分别为16.02%、24.67%、42.54%。电子、人工智能、通信、创新药等领域投资机会频现。 权益类基金赚钱效应显现。前11个月，万得普通股票型基金指数、万得偏股混合型基金指数、万得灵活 配置型基金指数、万得指数增强型基金指数涨幅均超过20%。 永赢科技智选A以191.71%的收益率"遥遥领先"，拉开第二名50多个百分点。 排第二的恒越优势精选A，收益率136.72%。中航机遇领航A、中欧数字经济A、红土创新新兴产业A则 分别以135.34%、124.37%、120.91%收益率，排第三名至第五名。 交银择优回报A、广发成长领航一年持有A、汇安成长优选A、兴证资管金麒麟兴享优选B、信澳业绩驱 动A收益率分别为120.84%、119.03%、118.26%、116.89%、114.87%，排在第六 ...

来源 资市会 今年前11个月，权益类基金收益率平均值为24.85%。6960只产品年内录得正收益，16只产品净值跌幅 超过10%，它们都有谁？ 作者|资市分子 随着2025年逐步进入收官阶段，公募行业中权益类基金业绩表现备受瞩目。 2025年，A股市场行情经历从低谷到反弹，再到震荡。前11个月，上证指数、深证成指、创业板指涨幅 分别为16.02%、24.67%、42.54%。电子、人工智能、通信、创新药等领域投资机会频现。 权益类基金赚钱效应显现。前11个月，万得普通股票型基金指数、万得偏股混合型基金指数、万得灵活 配置型基金指数、万得指数增强型基金指数涨幅均超过20%。 据Wind统计，前11个月，全市场7118只权益类基金（只统计基金主代码，剔除今年新成立产品）收益 率均值为24.85%，其中6960只产品年内录得正收益，占比97.78%。收益率超50%的有729只，但也有158 只基金收益率为负。 权益类基金收益率首尾差距也大，达211.23%。 "资市会"注意到，有23只权益类基金收益率超100%，其中11只三季度末管理规模不足10亿元。同时有 16只基金净值跌幅超过10%，其中11只三季度末管理规模 ...

Core Viewpoint - The article discusses the contrasting performance of equity funds in the A-share market, highlighting a significant recovery in net values for many funds while also noting the challenges faced by others leading to their liquidation [3][5]. Group 1: Fund Performance - As of November 18, over 97% of active equity funds reported positive returns over the past year, with 22 funds achieving over 100% returns [5][6]. - Notable top performers include Yongying Technology Smart A with a return of 210.65% and Hengyue Advantage Selection at 156.29% [5]. - The number of funds with net values below 1 yuan has decreased from 1,905 (44%) last year to 973 (22%) this year, indicating a significant recovery [5][6]. Group 2: Fund Liquidation - In the second half of the year, 108 funds have been liquidated, with an additional 75 funds facing potential liquidation due to low asset values [6][9]. - The fund "Guolian Consumer Selection" was liquidated after its net asset value fell below 50 million yuan for 50 consecutive trading days, with a recent three-month return of -7.58% [6][9]. Group 3: Market Outlook - Analysts suggest that the market is likely to continue its upward trend due to policy support and liquidity, despite the current high volatility around the 4,000-point mark [9][10]. - The AI and innovative pharmaceutical sectors are highlighted as key growth areas, with expectations for continued strong performance in these sectors [9][10]. - Institutions remain optimistic about the market's prospects for 2026, driven by factors such as innovation, supportive policies for private enterprises, and ample liquidity [10][11].

Core Insights - The A-share market is experiencing a mixed performance in equity funds, with over 97% of active equity funds achieving positive returns in the past year, while some funds face liquidation [1][2][3] - The top-performing funds have seen returns double, with notable examples like Yongying Technology Select A achieving a return of 210.65% [2][3] - A significant reduction in the number of "毛基" (funds with net asset values below 1 yuan) has been observed, dropping from 44% to 22% year-on-year [3] Fund Performance - As of November 18, 4266 out of 4378 active equity funds reported positive returns, highlighting a strong overall profitability effect [2] - The number of funds that have successfully increased their net asset values above 1 yuan includes 937 funds, with some like Guangfa Growth Leading A reaching 2.21 yuan [3] - Conversely, 108 funds have been liquidated in the second half of the year, with 75 funds facing potential liquidation warnings [3][4] Market Trends - The market is currently at a critical juncture around the 4000-point level, with concerns about potential shifts in main investment themes [1][5] - The performance of funds is closely tied to sectors like artificial intelligence and innovative pharmaceuticals, which have driven the recovery of previously underperforming funds [5][6] - Analysts suggest that the structural opportunities in the market are not limited to AI, indicating a broader range of investment themes [6] Future Outlook - Institutions maintain an optimistic outlook for the market, with expectations of continued support from policies and liquidity, particularly in the AI and innovative sectors [6][7] - The upcoming year is anticipated to bring favorable conditions for the market, driven by innovation and supportive policies for private enterprises [7] - The focus on high-value exports and self-sufficiency in technology is expected to be a core theme for A-shares in the coming year [7]

Core Insights - The "Hengyue Advantage Select" fund has shown remarkable performance this year, with a growth rate of 144.74%, ranking second in the market despite a previous maximum drawdown exceeding 70% [1][10]. Fund Performance - The fund's share increased from 14.6 million to 18.1 million due to strong performance in the third quarter, ending a trend of net redemptions [3]. - The fund's maximum drawdown is reported at -71.61%, indicating significant volatility in its past performance [2]. Fund Management Changes - The previous fund manager, Ye Jia, was replaced due to poor performance, with Wu Haining now co-managing the fund [9][10]. - Wu Haining's management has led to a significant turnaround, achieving a return of 153.12% during her tenure [11]. Investment Strategy - Wu Haining's strategy involved a three-phase approach: initial average returns, a surge in performance from June to September driven by overseas computing power, and a focus on storage chips post-September [12][13][14]. - The fund's high turnover rate of 1500% reflects an aggressive trading strategy aimed at maximizing returns [17]. Market Context - The current market is experiencing a correction after reaching new highs, with a potential for further volatility as sectors that previously performed well are now seeing declines [19][28]. - The market dynamics indicate a shift from broad-based growth to sector-specific performance, suggesting a narrowing focus in investment opportunities [28].

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]

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]

Core Insights - The Chinese public fund market experienced a "universal rise" in the first half of 2025, with over 87% of the more than 12,600 funds achieving positive returns, reflecting an optimistic market sentiment [1][2] - The structural bull market was driven by policy benefits, deep valuation recovery, and high growth expectations, with thematic investments, particularly in innovative pharmaceuticals and the Beijing Stock Exchange, standing out [1][3] - Fund performance showed significant differentiation, with the top-performing funds concentrated in thematic investments, especially in innovative pharmaceuticals [2][4] Thematic Fund Performance - The top 10 funds in the performance rankings were dominated by thematic funds, with 7 out of 10 focusing on innovative pharmaceuticals [2][3] - The champion fund, Huatai-PB Hong Kong Advantage Selection A, achieved an impressive return of 86.48%, heavily investing in Hong Kong innovative pharmaceutical stocks [2][3] - The second place, CITIC Securities Beijing Stock Exchange Selection Two-Year Open A, recorded a return of 82.45%, benefiting from policy advantages and valuation increases in the Beijing Stock Exchange [2][3] Non-Thematic Fund Opportunities - Non-thematic funds also showed potential, with GF Growth Navigator One-Year Holding A achieving a return of 68.29%, ranking seventh on the list [3] - The resurgence of the innovative pharmaceutical sector was attributed to factors such as aging population demands, supportive policies, and valuation recovery [3][4] Fund Company Performance - Fund companies overall reported positive performance in the first half of 2025, but differentiation among them intensified [4][5] - E Fund led in revenue and net profit, with 5.896 billion yuan in revenue and 1.877 billion yuan in net profit, while GF Fund showed the most significant growth in net profit, increasing by 43.54% [5] - Some companies faced challenges with profit declines, attributed to product structure imbalances and high sales channel costs [5][6] Industry Trends - The public fund industry is transitioning from a "scale-oriented" to a "quality-oriented" approach, focusing on enhancing investor experience [6] - Key factors influencing the industry landscape include the sustainability of strong performances in innovative pharmaceuticals and the Beijing Stock Exchange, market style shifts, and responses to fee reform pressures [6]

Core Viewpoint - The fund market is experiencing a surge in activity, with a significant influx of new funds and a notable increase in investor confidence, leading to both new fund launches and restrictions on existing high-performing funds [1][2][5]. Group 1: Fund Market Activity - In the first week of September, 38 new funds were launched, raising a total of 27.573 billion yuan, with over 88% of this amount coming from equity products [2][3]. - A standout product, the招商均衡优选基金, achieved a record-breaking first-day fundraising of at least 8.7 billion yuan, making it the first non-initiated active equity fund to sell out in one day this year [2][3]. - The overall fundraising environment has improved, with 404 new funds initiated in the third quarter, marking the highest quarterly launch count since 2022 [3][4]. Group 2: Investor Sentiment and Behavior - Investor interest in the A-share market has increased, as evidenced by a rise in inquiries about market dynamics and fund allocation advice [5][6]. - Optimism among investors is growing, driven by the market's upward movement and supportive policies, although some analysts caution that the market sentiment has not yet reached overheating levels [5][6]. - Despite the positive sentiment, there are indications of accumulated risks in the micro-structural aspects of the market, prompting some funds to impose purchase limits to manage inflows [4][6]. Group 3: Market Trends and Predictions - The current market trend shows a strong performance in certain sectors, particularly in AI-related themes, while other thematic sectors have seen limited opportunities [7]. - Analysts predict that the market may shift towards cyclical assets as it approaches an upward turning point in the third quarter [6].