文|文夏 来源|财富独角兽 2026新年开局，A股市场交出一份火热答卷。 上证指数稳稳站上4100点，沪深两市成交额飙至3万亿。Wind数据显示，2026年首周，上证指数上涨 3.8%、创业板指上涨 3.9%、科创50 涨幅最高，达到 9.8%。行业方面，芯片、AI 应用、商业航天、医药等赛道集体爆发，赚钱效应持续升温。 与此同时，笔者发现这一系列密集涌动的市场热点，呈现出清晰的延续性——它们都是 2025年资本市场那条最核心的科技成长主线的深化和拓展，硬科 技风范尽显。值得一提的是，招商证券在A股2026年投资策略展望表示，2026年市场主线仍是科技。 当2025年行情中最耀眼的科技、AI等主线在2026年开年继续轮动上涨时，基民的核心问题再次浮出水面：面对持续的结构性机会，普通投资者如何通过 基金投资把握行情？ 或许，刚刚尘埃落定的2025年主动权益基金榜单能给我们提供有价值的参考。 01 2025年各公募基金公司权益表现 回首2025年，从年初DeepSeek概念引爆AI算力、光模块，到年末商业航天、人形机器人、GPU自主化等硬科技题材再升温，科技主线贯穿始终，重仓大 科技的主动权益基金获得"大丰收"。 ...

Core Viewpoint - The A-share market has experienced a significant upward trend since August, leading to substantial profits for actively managed equity funds, with over 30% of these funds reaching historical net asset value highs [2][4]. Group 1: Fund Performance - As of August 20, 2023, among 5,279 actively managed equity funds, 1,616 have achieved historical net asset value highs since August, representing over 30% of the total [4]. - In the past year, 105 funds have doubled in value, and 232 funds have increased by over 50% [2][4]. - Leading funds are primarily focused on sectors such as artificial intelligence, innovative pharmaceuticals, and semiconductors, indicating a forward-looking investment strategy by public funds [2][4]. Group 2: Leading Institutions and Managers - Top institutions like E Fund, Fortune, Southern, GF, and China Universal have over 40 funds each that have reached new net asset value highs [4]. - The top 20 public funds contributed nearly 50% of the total funds that achieved new highs, with 802 funds in total [4]. - Emerging mid-generation fund managers are gaining prominence, with notable performances from E Fund's Wu Yang and GF's Wu Yuanyi, achieving returns of nearly 150% and 160% respectively [4][5]. Group 3: Sector Focus and Investment Trends - The focus on new quality productivity as a core driver of China's economic high-quality development has become a central narrative in the capital market [8]. - The allocation to the ChiNext and STAR Market has increased, with the proportion of active equity funds in the ChiNext rising from 16.6% to 19.0% and in the STAR Market from 15.2% to 15.4% [8][9]. - The electronics and pharmaceutical sectors are the primary focus for increased allocations, with the electronics sector's market value reaching 4,392 billion yuan [9]. Group 4: Technological Investment Strategies - The market has seen a rise in technology-themed funds, with 531 such funds currently available, totaling 4,264.39 billion yuan in assets [11]. - Leading firms like E Fund and Nuon have established comprehensive technology investment strategies, with E Fund launching over 20 related products since 2019 [12]. - The development of new quality productivity is viewed as a long-term narrative, with public funds expected to play a significant role in identifying future investment opportunities [14].

Core Insights - The article highlights the resurgence of investor sentiment in the Chinese stock market, particularly driven by innovations in AI, healthcare, and technology sectors, with the Shanghai Composite Index reaching a ten-year high [1] Group 1: AI and Technology Innovations - AI is identified as the largest technological innovation since the mobile internet, with the total market capitalization of the "Seven Sisters" in the US tech sector reaching a record $19.6 trillion [1] - The correlation between the stock performance of the "Seven Sisters" and AI innovations is expected to strengthen from 2024 onwards [1] Group 2: Fund Performance and Management - The E Fund's mid-generation technology growth team has achieved impressive returns, with specific funds like E Fund Rui Xiang Mixed I yielding 96.13% year-to-date [3] - E Fund has established a clear and stable investment style, enhancing its research capabilities through specialized divisions and cross-border research [3] Group 3: Individual Fund Managers - Wu Yang, known for his "industry sniper" approach, has successfully navigated market cycles, achieving a 21.72% return in 2022 despite a broader market decline [5][6] - Liu Jianwei emphasizes a value-oriented approach in technology investments, focusing on growth phases and risk-reward ratios, achieving a 24.56% return in 2024 [10][11] - Zheng Xi has a long-term perspective on technology trends, with a focus on global investment opportunities, achieving a net value growth of 186.70% since inception for E Fund Information Industry A [15][16] - Ouyang Liangqi adopts a methodical approach to technology investments, focusing on penetration rates and the underlying logic of technological revolutions [20][21] - Cai Rongcheng is characterized by a contrarian investment style, focusing on supply-side research and diversifying across multiple sectors to mitigate risks [25][27] Group 4: Market Outlook and Trends - The AI industry is expected to experience significant growth, with increasing demand for computing power and applications, particularly in the context of generative AI [7][28] - The semiconductor and autonomous driving sectors are also highlighted as areas of growth, driven by advancements in AI and technology [17][18]