来源：零城逆影 最近一个多月一直在忙着研究2026年的权益和固收基金榜单，很多人好奇我们的榜单是怎么挑选的，为什么有些业绩很好的没进，一些短期业绩一般的基金 经理却入选了。本文说说我们筛选基金榜单时最看重的一个指标，并介绍几个值得关注的基金经理。 我们挑选基金经理的时候会看的指标非常多，但最最最重视的一个指标就是『长期超额收益稳定性』，这个指标背后反映了三个关键维度： 我不喜欢看起来业绩很好，但超额收益只集中于某个阶段的基金，这中间可能会有很多偶然因素和运气成分。我喜欢确定性，不喜欢偶然性。比如下面这种 超额收益走势图，我就不喜欢，只有少数阶段爆发超额收益。 当我翻看无数基金后，我发现一个事实——怎么选出来的基金很多都是易方达的？ 继续列举几个榜单中我们已选入的基金经理案例，证明我不是在打广告： 这张图是杨桢霄管理的易方达医疗保健/全指医药，超过9年的时间跨度，超额收益非常稳定，长期业绩在医药基金中也是排名居前。（2016-8-22至2025-12- 24，数据来源：wind） 比如下面这张图的超额收益走势我就很喜欢。这是易方达陈皓管理的易方达科翔/国证成长，超过11年的时间跨度，超额收益极其平滑，同期业绩排 ...

Market Performance - The Shanghai Composite Index (SSE) broke through the 3700-point mark, reaching a nearly four-year high, with a closing value of 3696.77 on August 15 [1][2] - Since hitting a low of 3040 points on April 7, the SSE has seen a rise of over 10%, and a cumulative increase of 34% since the "924 market" last year [1][2] Fund Performance - Approximately 96.6% of the 12,963 public funds recorded positive returns, highlighting a strong profit effect in the market [2][3] - Five funds have nearly doubled their net value, with 92 funds showing a net value increase of over 50% [3][4] - The top-performing funds are heavily focused on the AI computing power sector, with significant returns from funds like E Fund Rui Xiang and Yongying Technology [3][4] AI Sector Insights - The AI-related industry chain has become a core market theme, with significant performance in sectors such as communications (32.88% increase), electronics (17% increase), media (16.38% increase), and computers (10.8% increase) over the past three months [4][7] - The demand for AI hardware is expected to grow due to model iterations, capital expenditure increases, and policy relaxations, indicating a favorable outlook for AI hardware [1][7] Future AI Applications - AI is anticipated to revolutionize productivity across various sectors, with applications in healthcare, finance, education, and manufacturing [8][9] - The ongoing advancements in AI technology, including reduced training costs and enhanced capabilities, are expected to expand the potential applications of AI [9]

Group 1 - As of August 13, 792 active equity funds have reached historical net asset value highs, representing 17.21% of the total 4602 active equity funds in the market [1] - The best-performing fund year-to-date is Yongying Technology Smart A, managed by Ren Jie, with a return of 119.80% [2] - Other notable funds with year-to-date returns exceeding 80% include Penghua Medical Technology, E Fund Rui Xiang, and E Fund Pioneer Growth [2][4] Group 2 - The top ten holdings of Yongying Technology Smart A include companies such as Xinyi Semiconductor and Zhongji Xuchuang [2] - Dachen Fund's Liu Xu has six products that reached historical net asset value highs, with Dachen Gao Xin being a representative fund with a scale of 17.916 billion yuan [5] - The fund manager of Dachen Gao Xin has significant holdings in major companies like China Mobile and Tencent [5] Group 3 - The fund manager Lei Zhiyong from Morgan Stanley Digital Economy expressed views on AI investment opportunities, emphasizing the increasing demand for computing power [6] - Central European Fund's Lan Xiaokang is optimistic about sectors such as precious metals, oil, and consumer assets, indicating a potential reversal in consumer spending trends [6][7] - Lan Xiaokang also highlighted the importance of structural reforms in supply-side industries like cement and steel [6]