【环球网财经综合报道】主动权益基金正以惊人的速度上演收益回报。一批主动权益基金业绩"翻倍"，批量涌现， 为投资者带来了丰厚的回报。 值得注意的是，在此轮行情中，主动权益基金与被动指数基金的业绩表现差距并不明显。数据显示，从去年9月24 日到今年9月18日，普通股票型基金、偏股混合型基金与股票型被动指数基金的期间业绩均值分别为59.55%、 58.57%和60.21%，三者非常接近。 分析人士认为，这揭示了投资中一个浅显却常被忽视的道理：主动权益基金的价值，不在于能否在每个短期周期中 都战胜市场，而在于其通过深度研究、精选个股和灵活配置，为投资者创造长期可持续的超额回报的能力。基金经 理的主动管理能力，尤其是在挖掘细分优势行业和优质公司方面的优势，是其长期配置价值的根本所在。 尽管业绩层面的短期向好提振了市场情绪，但公募基金行业若想真正迎来发展的"丰收季"，仍面临一个关键挑战 ——如何弥合"一旦回本就赎回"的投资者信任鸿沟。 业内指出，这需要基金管理人和投资者双方的共同努力。一方面，基金公司应持续提升投研能力，将基金经理的专 业优势稳定地转化为持有人实实在在的收益，并通过加强投资者教育，传递长期投资、价值投资的 ...

Core Insights - The A-share market has experienced significant growth since the implementation of a comprehensive financial policy on September 24 last year, with the Shanghai Composite Index reaching above 3800 points twice [1] - A total of 429 mixed equity funds and 112 ordinary equity funds have achieved over 100% performance in this period [1] Investment Value Rediscovery - Prior to the rise of technology growth stocks, the A-share market lacked a clear and sustained investment theme, with traditional cyclical and consumer sectors performing poorly due to weak economic expectations [1] - In uncertain times, many investors prioritized stability and safety, leading to a focus on high-dividend sectors [1] - A public fund manager noted a lack of participation in high-dividend stocks due to unfamiliarity with their business models and a belief that their performance was not aligned with growth investment aesthetics [1] Market Style Rotation - Over the past year, there has been a rapid rotation between high-dividend large-cap value stocks and thematic growth stocks such as AI and new productivity sectors [2] Adjustments in Investment Framework - The public fund manager has adjusted their investment framework, recognizing the need to relax stringent requirements for long-term economic moats in industries experiencing explosive growth [3] - The understanding of value has become more pragmatic and diversified, emphasizing the importance of industry prosperity and explosive growth as attractive value forms [3] - This approach aligns more closely with the characteristics of the A-share market, allowing for a more practical investment framework [3] Sector Performance - The PCB (Printed Circuit Board) sector has shown strong performance, benefiting from the explosive demand in AI computing infrastructure and automotive electronics since 2025 [4] Quantitative Private Equity Strategies - Since September 24 last year, the A-share market has shown a trend of oscillating upward, with significant market events occurring at three key points [5] - The first key point was the release of favorable policies in September 2024, which boosted market sentiment and led to a 20% increase in major indices by the end of that month [5] - The second phase involved a market recovery after external disturbances in April 2025, supported by continuous policy efforts, leading to a resurgence in market confidence and a significant increase in margin trading balances [6] - However, by August 2025, the performance of quantitative private equity strategies began to slow down due to a divergence in market performance, with a significant number of stocks declining despite index increases [6] - Many large private equity firms are focusing on artificial intelligence and exploring diversified strategies to enhance portfolio stability, which is seen as the future direction for quantitative private equity [6]

Group 1 - The active equity fund positions have surpassed 90%, reaching the highest level since March 2021 [1] - The average position of ordinary stock funds is approximately 91.94%, an increase of 1.16 percentage points from the previous week [1] - The average position of equity-mixed funds is around 90.39%, rising by 1.53 percentage points [1] Group 2 - Funds have increased their positions in sectors such as telecommunications, non-ferrous metals, real estate, electronics, and food and beverage [1] - Conversely, funds have reduced their positions in the automotive, computer, and basic chemicals sectors [1]

Group 1 - Central Huijin has significantly increased its holdings in ETFs, with a total market value of 1.28 trillion yuan, representing a nearly 23% increase from the end of last year [1] - Central Huijin Asset Management has increased its stock ETF holdings by 58% compared to the end of last year, with several broad-based ETFs receiving over 1 billion shares in additional purchases [1] - The securities industry reported a strong performance in the first half of 2025, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 30.8%, and a net profit of 104.02 billion yuan, up 65.08% [2] Group 2 - Equity funds have shown an average net value growth rate of 23.89% in the first eight months of 2025, outperforming major indices like the Shanghai Composite Index [3] - Active equity funds achieved an average net value growth rate of 23.83%, with some funds increasing by over 175% [4] - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all showed slight increases in August, indicating continued economic expansion in China [5] Group 3 - A new ultra-broadband optoelectronic integration system has been developed, promising to enhance high-speed wireless communication for future 6G networks [6] - In July, there was a notable shift of household deposits towards funds and wealth management products, with a decrease of 1.1 trillion yuan in new household deposits and an increase of 2.14 trillion yuan in non-bank institution deposits [7] - The U.S. Federal Reserve officials have indicated a likelihood of interest rate cuts, with market expectations for a 25 basis point cut in September reaching 86.9% [8] Group 4 - The CSI 300 ETF has seen significant growth, with a total scale increase of nearly 400 billion yuan over the past year, becoming a key channel for capital entry into the market [10] - The U.S. Department of Transportation has withdrawn funding for a $679 million offshore wind project, impacting the renewable energy sector [11] - Colombia has banned coal exports to Israel, which could affect Israel's coal supply significantly [12] Group 5 - The average coal price at European ARA ports was $96.25 per ton as of August 29, reflecting a decrease of $5.00 per ton [13] - The major indices in the market have shown an upward trend, with the Shanghai Composite Index closing at 3857.93 points, up 0.84% for the week [14] - The communication, non-ferrous metals, and electronics indices have shown the highest gains, while comprehensive finance, textiles, and coal indices have seen declines [15][18]

Core Insights - Over 1300 active equity funds have reached new net asset value highs, significantly outperforming the market index and achieving excess returns [1][2] - The recent profitability of active equity funds is attributed to structural market opportunities, the active management capabilities of fund managers, and an improved policy environment [1][3] Fund Performance - As of August 13, the average net asset value growth rate for active equity funds this year is 16.03%, with 1332 funds achieving new highs, representing over 25% of all active equity funds [2] - The performance of equity mixed funds and ordinary stock funds has outpaced the CSI 300 index by over 12 percentage points, with respective increases of 19.67% and 19.83% [2] Market Dynamics - The continuous rise of the Shanghai Composite Index has driven up stock prices, closely linking the net asset values of active equity funds to the performance of their underlying stocks [2] - Fund strategies that align with current market trends have contributed to the increase in fund net values [3] Managerial Expertise - Skilled fund managers leverage their investment research capabilities and market experience to identify trends and opportunities, enhancing fund performance through strategic asset allocation and stock selection [3] Capital Inflows - Increased risk appetite and favorable market conditions have attracted significant capital inflows into equity funds, providing ample support for investment operations and driving net asset values higher [3] Future Outlook - The market is expected to enter a positive feedback loop of capital inflows and rising prices, supported by improved investor confidence and favorable valuations compared to the bond market [4] - Investment recommendations include focusing on high-growth sectors such as AI, innovative pharmaceuticals, non-ferrous metals, and military industries, as well as key themes and reform areas [4] Short-term Strategy - The market may continue to experience oscillations, with a focus on low-valuation blue-chip stocks and sectors like pharmaceuticals and technology that have seen limited prior gains [5] - Investors are advised to prioritize companies and industries with expected earnings that exceed market expectations or show signs of recovery [5]

Core Insights - The active management equity funds are experiencing a strong recovery in returns, with 95% achieving positive returns and an average return exceeding 15% as of August 7, 2025 [1][2] - The pharmaceutical sector has emerged as the biggest winner, with four funds doubling their returns, all focused on this industry [3] Fund Performance - As of August 7, 2025, the average return for over 4,500 active equity funds is 15.03%, while more than 93% of over 2,500 stock index funds have positive returns averaging 11.8% [2] - Active equity funds have outperformed major indices like CSI 300 (4.6%) and CSI 500 (10.6%) after three years of underperformance [2] Fund Manager Dynamics - There are 90 active equity fund managers managing over 10 billion yuan, with Zhang Kun from E Fund leading at over 50 billion yuan [5][6] - Among these managers, 86 have achieved positive returns, with the average return for those managing over 30 billion yuan being 9.8%, which is lower than the average of the top 90 managers [6] Sector Focus - The four funds that doubled their returns are primarily invested in the pharmaceutical sector, including Changcheng Pharmaceutical Industry Selection and Huashan Pharmaceutical Biotechnology [3] - The top-performing managers, Zhang Wei and Zhang Lu, have focused on themes like innovative drugs and robotics, contributing to their high returns of 65.8% and 53.4% respectively [8] Underperforming Funds - Despite the overall positive trend, 228 active equity funds reported negative returns, with the worst performer, Qianhai Kaiyuan AI A, showing a return of -18.5% [3] - Wang Mingxu from GF Fund has seen 7 out of 8 funds underperform, with a bottom return of -7.4% [8][9] Investor Sentiment - Although the A-share market has been rising, investor confidence in active equity funds remains low, with a significant reduction in total shares of active equity funds by approximately 198.24 billion shares in the first half of 2025 [3]

Group 1 - The core viewpoint of the report indicates a positive upward trend in major indices, with the coal industry leading the gains [1][6]. - The A-share market showed a strong performance, particularly the ChiNext index, which rose by 2.76% [3][6]. - Among the major asset classes, industrial products outperformed others, while bonds, gold, and oil experienced declines [3][6]. Group 2 - In the fund market, the average stock position of all funds was 78.49%, a decrease of 0.40 percentage points from the previous week [3][10]. - Equity products showed varied performance, with passive index funds averaging a 2.53% increase, while ordinary stock funds rose by 1.75% [11][12]. - The report highlights that 27 out of 31 industries experienced gains, with construction materials and coal showing the highest increases [6][11]. Group 3 - The report notes that 47 new funds were established this week, raising a total of 17.765 billion, a decrease from the previous week [22][24]. - The total number of public funds reached 12,990, with a net asset value of 33.80 trillion [24][25]. - The report emphasizes the increasing allocation of public funds to the Sci-Tech Innovation Board, with a record high in stock allocation [26][27].

Group 1: Overall Market Overview - The overall fund market is dominated by mixed funds, totaling 4,702, followed by bond funds and equity funds. The growth rate for equity funds in the current quarter is the highest at 7.45%, followed by REITs at 6.15%. The largest scale is in money market funds, reaching 142,311.36 billion yuan [3][4] - As of the end of Q2 2025, there are 581 ordinary equity funds, 1,359 flexible allocation funds, 26 balanced mixed funds, and 2,613 equity mixed funds. The number of equity mixed funds increased by 41 compared to Q1 2025 [3][4] Group 2: Active Equity Fund Positioning - The highest equity position is in ordinary equity funds at 89.61%, followed by 88.19% in equity mixed funds. The stock positions of various active equity funds are close to historical highs since 2015, with flexible allocation funds reaching their highest ever [4] - The highest industry allocation for active equity funds is in Hong Kong Stock Connect at 19.91%, followed by electronics at 15.07%. The allocation to Hong Kong Stock Connect has reached its highest level since Q1 2015 [4][5] Group 3: Stock and Individual Stock Configuration - The highest valued stock held by active equity funds is Tencent Holdings. Among the top twenty holdings, six are from Hong Kong Stock Connect, accounting for 33.79% of the total value of the top 20 stocks. The food and beverage and electronics sectors each have three stocks in the top holdings, accounting for 12.44% and 11.72%, respectively [4][5] - The stock with the highest increase in holdings is Zhongji Xuchuang, with an increase of 139.45 billion yuan. Other stocks with increases exceeding 100 billion yuan include Xinyi and Shunfeng Holdings, all from the communication sector [5]

Group 1: Market Overview - The first half of 2025 saw a mixed performance in the fund market, with equity funds performing well while bond fund sizes declined [2][3] - The macroeconomic environment is characterized by a mild recovery with structural contradictions, where production outpaces consumption and deflationary pressures persist [3][4] - The industrial value-added in May 2025 grew by 5.8% year-on-year, while retail sales increased by 6.4%, driven by policies encouraging consumption [3][4] Group 2: Fund Performance - Over 80% of the 12,897 public funds saw net value growth in the first half of 2025, with several funds achieving growth rates exceeding 80% [5] - The number of newly established funds reached 672, raising a total of 540.85 billion yuan, although the issuance scale decreased by nearly 20% compared to the previous year [5] Group 3: Equity Funds - A-shares and Hong Kong stocks experienced overall gains, with the North Star 50 Index rising by 39.45% in the first half of 2025 [6] - The launch of ETF funds significantly contributed to the growth of stock funds, with 387 new stock funds established, marking a 183% increase in issuance compared to the previous year [7] Group 4: Sector Performance - The top 10 performing public funds were all actively managed equity funds, with seven being focused on the pharmaceutical sector, highlighting its strong performance [8] - The pharmaceutical sector saw a 26.1% increase in the A-share innovative drug concept, driven by domestic consumption policies and accelerated domestic substitution [9] Group 5: AI Sector - The AI sector experienced volatility, with the leading AI fund showing a -20.57% return, attributed to a mismatch between investment strategy and market trends [10] - Despite the struggles of some AI funds, the technology sector remains strong, with the DeepSeek index rising by 42.51% in the first half of 2025 [10] Group 6: Fixed Income Funds - The bond fund market saw a significant recovery in June 2025, with the number of newly established bond funds reaching a record high for the year [11] - Credit bonds attracted increased investment, with net subscriptions for credit bond ETFs exceeding 800 billion yuan in the past month [12] Group 7: Future Outlook - The investment strategy for the second half of 2025 suggests a focus on high-return assets and sectors with long-term growth potential, such as agriculture, transportation, and technology [15]

Core Insights - The public fund industry in China is undergoing significant transformation due to the fee reduction reform initiated by the China Securities Regulatory Commission (CSRC) in July 2023, which has led to a shift in focus from active to passive fund management [1][3][8] - The reform has resulted in a notable decline in management fees, particularly affecting small and medium-sized fund management companies, which are struggling to maintain profitability [6][10] - The emergence of new fund models, such as floating fee rate funds, aims to align the interests of fund managers and investors more closely, enhancing the overall investment experience [9][11] Group 1: Fee Reduction Impact - The fee reduction reform has set a cap on management fees for active equity funds at 1.2% and custody fees at 0.2%, effective from July 7, 2023, impacting both new and existing funds [3][4] - As a result of the reform, the issuance of equity index funds has surged, with new issuance reaching 1,880.59 billion yuan in the first half of 2023, marking a significant shift towards passive investment strategies [4][5] - The competitive landscape for ETFs has intensified, with many large public funds focusing on passive products to drive revenue growth amid declining management fees [5][10] Group 2: Challenges for Small and Medium-sized Firms - Small and medium-sized public funds are facing severe challenges, with over 56% of fund managers reporting a decline in management fee income, some experiencing drops exceeding 50% [6][7] - These firms are focusing on improving product performance rather than expanding their offerings, as they struggle to compete for market share and access to distribution channels [7][10] - The pressure to reduce costs has led to cuts in marketing and operational expenses, impacting the overall growth potential of these smaller firms [8][10] Group 3: Strategic Adaptations - The industry is witnessing a structural reform aimed at enhancing the quality of fund offerings, with a focus on consolidating resources towards leading products [8][10] - Fund managers are increasingly investing in research and development capabilities to improve performance and attract investors, despite the pressure on fees [10][11] - The introduction of floating fee rate funds is seen as a way to better align the interests of fund managers with those of investors, potentially improving investor satisfaction and retention [9][11]