□本报记者王鹤静 在国内公募基金高质量发展强调业绩比较基准约束作用的背景下，受被动化投资浪潮的影响，公募主动 权益投资来到了变革的关键节点，不少公募机构将目光投向了聚焦优质赛道且定位清晰的主题产品，通 过搭建主题产品矩阵，致力于在众多细分贝塔之上进一步获取阿尔法收益。 尤其是得益于今年以科技成长为代表的结构化行情，这些"卡位"布局细分新兴产业的主题产品实现了收 益与规模的"双丰收"。于是，在主动投资方面搭建主题产品矩阵的策略开始在业内蔓延开来，多家中小 公募机构纷纷撒网布局。业内机构表示，由于中小公募机构在权益投资上面临规模、人才、品牌等方面 的劣势，通过明确战略定位、聚焦细分领域、发挥灵活高效的组织优势，并且持续打造主动管理能力与 客户信任，仍有潜在空间实现"弯道超车"。 "卡位"布局实现规模增长 在今年以科技成长主题为代表的结构性行情下，部分机构前瞻性地在科技细分赛道精准布局了多只"卡 位"的主题产品，取得了显著收益，并且成功实现了规模增长，典型代表就是永赢基金旗下的"智选"系 列产品。 在主动投资方面打造主题产品矩阵，折射出公募机构为满足投资者需求所做出的积极转变。 以平安基金为例，记者了解到，为进一步 ...

Core Viewpoint - The article discusses the recent performance and strategies of Yongying Fund, highlighting its significant growth in the active equity fund sector and its innovative approach to product offerings, particularly the Yongying Smart Selection series, which aims to combine the advantages of active equity and ETF-like tools [2][21][29]. Group 1: Market Performance and Growth - As of August 15, 2025, the Wande偏股混合型基金指数 has achieved a year-to-date increase of 20.48%, outperforming the沪深300指数 [2]. - Yongying Fund's active equity scale increased by 24.476 billion yuan in the first half of 2025, marking a growth rate of over 100%, leading the industry [2]. - The Yongying Smart Selection series has seen a total scale increase of 25.929 billion yuan, indicating that other active equity products have slightly declined in scale [2]. Group 2: Challenges and Strategies - The article notes that the public fund industry is characterized by a "Matthew effect," where the top 10% of funds significantly outperform the remaining 90%, creating challenges for smaller funds [6]. - Yongying Fund has successfully leveraged its strong fixed income background, achieving a scale of over 100 billion yuan in just over two years, with fixed income accounting for 78.64% of its business [6]. - The company has adopted a strategy of recruiting well-known fund managers to enhance its product offerings and scale, with over 90% of its mixed fund managers being externally sourced [10][14]. Group 3: Market Trends and Innovations - The article highlights the shift in investor preferences towards clearer, tool-like products, with Yongying Fund responding by positioning its active equity products similarly to ETFs [21][23]. - Yongying Fund's Smart Selection series aims to provide thematic investment opportunities while maintaining the flexibility of active management, addressing the limitations of traditional ETFs [24][25]. - The fund's approach allows it to capitalize on emerging industries and trends, such as the robotics sector, which has seen significant returns compared to traditional indices [25]. Group 4: Industry Context and Future Outlook - The article emphasizes the increasing difficulty for small public funds to survive in a competitive environment, with many struggling to achieve profitability [26]. - Yongying Fund's ability to adapt and innovate in response to market demands positions it favorably against competitors, suggesting a potential for sustained growth [29]. - The overall trend in the industry indicates a need for differentiation and innovation, as the market moves towards a phase of consolidation and efficiency [29].