整体来看，在这波牛市行情中，百亿级明星基金经理的表现参 差不齐。其中，有部分明星基金经理成功抓住了市场热点，取 得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明 星基金经理的业绩表现不尽如人意，甚至跑输了大盘。 作者：洪小棠 封图：图虫创意 今年以来，A 股市场走出了震荡上行的牛市行情。截至8月13日，上证指数年内涨幅9.90%，深证 成指年内上涨10.91%，创业板指同期涨幅16.57%。同期，万德偏股混合型基金指数今年以来的收 益率为19.67%，近一年该指数更是创造了38%的收益率。 在这波 牛 市行情中，明星基金经理们的表现如何？是否能做出超越市场的超额收益？ Wind数据显示， 截至二季度末，共近20位主动权益类明星基金经理在管规模超过200亿元。 这些 明星基金经理的投资风格各异，涵盖了成长、价值、均衡、主题等多种风格，他们的投资决策不仅 影响着市场的走势，也牵动着无数投资者的心。 整体来看，在这波牛市行情中，百亿级明星基金经理的表现参差不齐。其中，有部分明星基金经理 成功抓住了市场热点，取得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明星基金经理 的业绩表现不尽如人意，甚至跑输了大盘 ...

Market Overview - On August 9, the Shanghai Composite Index reached a peak of 3656.85, just 17.55 points shy of the high of 3674.40 from September 24 of the previous year [1] - The market has been characterized by small-cap stocks, with the Micro-cap Index rising by 1.75%, the CSI 2000 by 1.7%, the CSI 1000 by 1.55%, the CSI 500 by 1.08%, and the CSI 300 by 0.43% [1][2] Fund Performance - As of June 30, 2025, only 2 out of 1037 ordinary equity funds remained above 10 billion yuan in size, namely E Fund Consumer Industry at 16.854 billion yuan and Da Cheng Gao Xin A at 12.340 billion yuan [4] - Among 4846 mixed equity funds, only 14 funds exceeded 10 billion yuan, with the largest being E Fund Blue Chip Selection at 34.93 billion yuan [4] - The performance of these large-scale funds has been mixed, with only 4 out of 14 funds achieving returns over 20% year-to-date as of August 8, 2025 [6] Year-to-Date Performance - The top-performing funds year-to-date include: - Yongying Advanced Manufacturing Selection C with a net value growth of 59.99% - Ruiyuan Growth Value A with a growth of 22.04% - China Europe Medical Health A with a growth of 21.81% [6][8] One-Year Performance - Over the past year, the top three funds in terms of net value growth are: - Yongying Advanced Manufacturing Selection C at 163.94% - Galaxy Innovation Growth A at 62.66% - Ruiyuan Growth Value A at 40.79% [9][10] Annualized Returns - Among the 14 large-scale mixed equity funds, 10 have an annualized return exceeding 8%, indicating strong long-term performance [11] - Yongying Advanced Manufacturing Selection C, with a short history of less than 3 years, has an impressive annualized return of 35.96% [11][12] Notable Exceptions - The fund "Quan Guo Xu Yuan San Nian Chi You A" has a current size of 11.2 billion yuan, with year-to-date returns of 12.98% and one-year returns of 31.68%, but an annualized return of -7.18% since inception [12][13]

Core Viewpoint - The performance of large-cap actively managed equity funds has shown significant divergence in the first half of 2025, with 18 out of 26 funds achieving positive returns and 8 experiencing negative returns [1][2]. Group 1: Fund Performance - The top-performing fund, Penghua Carbon Neutral Theme, achieved a year-to-date return of 45.83%, while the bottom performer, Xingquan Trend Investment, recorded a decline of 12.01%, resulting in a performance gap of 57.84 percentage points [1][2]. - The funds with positive returns include notable names such as Yongying Advanced Manufacturing Select A with a return of 41.10% and Industrial Bank Frontier Medical A with a return of 16.15% [2][9]. - The performance of Penghua Carbon Neutral Theme was driven by strong stock performance in the first quarter, with some holdings experiencing a maximum increase of 129.37% [3][9]. Group 2: Recent Trends and Market Insights - The medical sector has gained attention due to significant excess returns, with funds like Industrial Bank Frontier Medical A and China Europe Medical Health A showing positive growth [9]. - The consumer sector has faced challenges, with several funds, including E Fund Consumer Industry and Huatai-PineBridge Dingli A, reporting declines [9][11]. - Market dynamics indicate that fund managers focusing on emerging sectors like "dual carbon" and healthcare have outperformed those relying on traditional consumer leaders [11]. Group 3: Fund Manager Insights - Fund managers such as Yan Siqian and Zhang Lu have successfully navigated the market by capitalizing on industry transformations, contrasting with traditional managers who have struggled [11]. - Zhao Yi, a prominent fund manager, has highlighted opportunities in rapidly growing AI-related sectors and high-end manufacturing, indicating a shift in investment focus [11]. Group 4: Future Outlook - As the second quarter approaches its end, the divergence in performance among large-cap funds is expected to continue, with fund managers' repositioning strategies being closely monitored [11].