当日历翻到12月，就意味着这一年留给基金经理"答卷"的时间不多了。 对公募基金来说，2025是收获之年。 从上半年的创新药，到下半年的科技，赚钱效应几乎贯穿全年，而批量涌现的"翻倍基"，是这轮牛市的生动注脚。据Wind统计，截至12月8日，年内有55只 基金实现收益翻倍。 透过三季报披露的持仓，可以窥见这些"翻倍基"的领跑秘诀：几乎都是乘AI之东风，只有个别靠创新药打完全场。 上半年创新药一枝独秀，相关主题基金强势霸屏，前十占据七席。下半年科技开启单边行情，演绎出"得AI者得天下"的格局。当前排名前十的名单中，只有 1只医药主题基金，也是年内唯一的医药"翻倍基"。 2025也是主动权益翻身之年。 因跑不赢指数，主动权益在前两年饱受诟病。随着牛市的回归，主动权益凭借超额弹性，重新夺回业绩主场。55只"翻倍基"中，只有6只是指数基金，且榜 单前24都是主动权益产品。 得AI者得天下 尽管距离年度揭榜还有十余个交易日，这场排位赛的走向已初见端倪。 韩浩管理的中航机遇领航，以161.09 %的年内收益暂列第二，重仓的方向同样是算力。这只基金虽然和第一名相去甚远，但比第三名领先16.46%，有望成为 今年的"亚军基"。 ...

在此次股权激励中，公司董事长马宇晖、总经理芦特尔、督察长汪成杰等分别出资629万元、529万元、 429万元，认购了价值不菲的股权，这意味着他们将可以通过公司管理资产规模的快速扩张，向上突破 300万元年薪上限的天花板，实现个人更大的利益。 公募基金公司最早于2014年开始实行股权激励，初衷是为了建立基金公司的长期激励机制。近11年多 来，业内已有30多家公司实行了股权激励。不过，在2019年至2021年的结构性牛市中，一些实行了股权 激励的公司，反而表现得相当激进和短视，而一些没有实行股权激励的公司反而能立足长远。 来源：蓝鲸新财富 在各大基金公司中，永赢基金以狼性著称，公司经营比较激进。这种企业文化的形成，在一定程度上与 公司的激励机制有关。 最近，永赢基金成为银行系基金公司中首家实现员工股权激励的公司。永赢基金公司的股东中新增了三 家员工持股合伙企业，合计持股3.51%。获得股权激励的总参与人数为90人，总出资额1亿元。 那么，永赢基金的股权激励在奖励什么呢？ 2025年以来，永赢基金旗下"智选"系列通过押注式投资，实现了"暴富"。今年前9个月，公司旗下股票 型基金与混合型基金的合计规模暴增了约1000 ...

Group 1 - The market has shown signs of recovery this year, with nearly 100 billion yuan in new fund issuance in November, totaling 966.16 billion yuan for the month and 136 new funds established, primarily in equity funds (stock and mixed) [1] - The private equity market reached a record high of 22.05 trillion yuan in October, but subjective strategies have struggled compared to quantitative strategies, marking the highest underperformance of subjective private equity against public equity since 2021 [2] - Active equity funds are experiencing intense competition for annual rankings, with 25 funds doubling their returns year-to-date by the end of November, led by the Yongying Technology Select Fund with a return of 191.71% [2][3] Group 2 - The top-performing funds include those managed by Zhang Wei, Wu Haining, Han Hao, and Feng Ludan, all exceeding 120% returns, occupying the top five positions in performance rankings [3] - The performance table lists the top funds, with the Yongying Technology Select A fund leading at 191.71% return and a total fund size of 11.52 billion yuan [5] - Market analysts predict that December may face unlocking pressures with an estimated 420 billion yuan in A-share unlocks, potentially leading to market fluctuations, while the overall market remains in a recovery phase with positive influences from policy and fundamental improvements [7]

Core Insights - The article discusses the transformation of China's public fund industry from scale growth to value creation, highlighting the unique strategies of Yongying Fund in achieving significant growth despite a challenging market environment [1][15]. Group 1: Company Strategy - Yongying Fund has experienced a remarkable increase in its active equity product scale, reaching 93.464 billion yuan, with a year-to-date growth of 76.6 billion yuan, the highest in the market [1][3]. - The management team at Yongying Fund recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area since 2018 [3][4]. - During the market downturn from 2022 to 2023, Yongying Fund made counter-cyclical investments by expanding its equity research team and launching ten new funds focused on new productivity and traditional industry upgrades [4][5]. Group 2: Investment Philosophy - Yongying Fund emphasizes that every fund manager should also act as a product manager, focusing on customer value and product positioning [5][6]. - The company has established a unique "product meeting" mechanism to facilitate collaboration among various departments, enhancing decision-making efficiency [6][10]. - The fund's product lines are clearly defined, with experienced managers overseeing foundational products while younger talent manages niche offerings [6][7]. Group 3: Market Positioning - Yongying Fund's "Smart Selection" product series has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [8][9]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [9][10]. - The rapid growth of the "Smart Selection" products, with one fund reaching 11.521 billion yuan by the end of Q3, illustrates the success of this strategy [9][10]. Group 4: Long-term Vision - Yongying Fund aims to build a platform-type asset management company with diverse product lines to mitigate the volatility of individual asset classes [11][12]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [12][13]. - The firm's approach serves as a reference for the industry, demonstrating that mid-sized fund companies can thrive through differentiated strategies and a focus on core competencies [13][14].

Core Viewpoint - The article discusses the transformation of the Chinese public fund industry from scale growth to value creation, highlighting the unique strategies of companies like Yongying Fund that have successfully navigated this change [1][18]. Group 1: Industry Landscape - The public fund industry has surpassed 36 trillion yuan, with leading firms establishing strong competitive advantages, leaving less space for mid-sized companies [2][18]. - Yongying Fund, a bank-affiliated company, has achieved remarkable growth, with its active equity product scale reaching 93.464 billion yuan, an increase of 76.6 billion yuan in the year, marking the highest growth in the market [2][18]. Group 2: Strategic Decisions - Yongying Fund's management recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area despite initial challenges [6][8]. - The company made significant investments in talent acquisition and launched ten new funds focused on innovative production capabilities and traditional industry upgrades during a market downturn [8][12]. Group 3: Organizational Innovation - The introduction of the concept that "every fund manager is also a product manager" has reshaped the investment culture at Yongying Fund, emphasizing the importance of understanding client needs and product positioning [9][10]. - A unique "product meeting" mechanism has been established to facilitate collaboration across departments, enhancing decision-making efficiency [10][12]. Group 4: Market Positioning - Yongying Fund's "Smart Selection" product line has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [12][19]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [13][19]. Group 5: Future Aspirations - Yongying Fund aims to evolve into a platform-based asset management company, emphasizing the importance of diverse product lines to mitigate market volatility [14][15]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [15][16]. Group 6: Industry Implications - Yongying Fund's success illustrates that mid-sized firms can thrive through differentiated strategies and a focus on core competencies [16][18]. - The shift towards tool-based products reflects a broader industry trend, raising questions about the evolving responsibilities of fund managers and investors [20][21].

Core Insights - The article discusses the transformation of China's public fund industry from scale growth to value creation, emphasizing the need for firms to seize opportunities and build lasting advantages in a high-quality development era [1] - Yongying Fund, a bank-affiliated company, has achieved remarkable growth in the competitive market, with its active equity product scale reaching 93.464 billion yuan, an increase of 76.6 billion yuan in the year, marking the highest growth in the market [1][2] Group 1: Strategic Decisions - Yongying Fund recognized the necessity of developing equity investments as a critical survival strategy, despite initial challenges and market fluctuations [2][3] - The management consensus emphasized that without investment in equity, the business would remain stagnant in five years, leading to a proactive approach during market downturns [3] Group 2: Talent and Product Development - The introduction of renowned fund managers has significantly upgraded Yongying Fund's research and investment capabilities, particularly with the recruitment of high-profile managers in 2023 [3][4] - The firm adopted a philosophy where every fund manager acts as a product manager, focusing on customer value and product positioning, which enhances the overall investment strategy [4][5] Group 3: Innovative Product Strategy - Yongying Fund's "Smart Selection" product line has gained traction by focusing on high-potential sectors like humanoid robots and innovative pharmaceuticals, avoiding uncertainty in investments [6] - The firm has developed a unique marketing strategy that prioritizes customer growth over sheer scale, aiming to build trust through genuine investment experiences [7] Group 4: Long-term Vision and Challenges - Yongying Fund aims to evolve into a platform-type asset management company, emphasizing a diverse product line to mitigate asset cycle volatility [9][10] - Despite achieving significant growth, the company acknowledges the need for further talent acquisition in key investment areas to enhance its competitive edge [10] Group 5: Industry Implications - Yongying Fund's approach demonstrates that mid-sized fund companies can thrive through differentiated strategies and a focus on core competencies, providing a reference for industry development [10][11]

Core Viewpoint - The recent data from the third quarter has raised alarms regarding the survival of several initiated funds, highlighting a trend of accelerated exits from the market due to persistent scale challenges [1][2]. Group 1: Fund Performance and Challenges - Many initiated funds are facing imminent liquidation, with some funds, like a certain enhanced index fund, at risk of termination if their scale remains below 200 million yuan by November 2025 [2]. - As of the end of the third quarter, several initiated funds established in 2022 are struggling with scales only in the millions, indicating a high risk of liquidation without new capital inflow [2]. - Some funds have managed to survive the "three-year test" by temporarily boosting their scales through short-term inflows, but this is not a sustainable solution [3]. Group 2: Successful Funds - A few initiated funds have emerged as "star products," achieving significant growth and avoiding liquidation risks, such as the Yongying Technology Smart Selection fund, which has seen a 246.27% increase since its inception [4]. - The success of these funds is attributed to their establishment during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves [5]. Group 3: Market Dynamics and Trends - The initiated funds are experiencing a rapid exit trend, with nearly 20 new active equity initiated funds announced since October, despite the overall pessimism regarding their market performance [7]. - The competition within the fund industry is intensifying, leading to a concentration of resources towards high-performing funds, while underperforming funds face the risk of being eliminated [8]. - The operational costs associated with smaller fund sizes can erode returns, making it difficult for these funds to attract new investments and grow their scales [7].

Core Viewpoint - The article highlights the increasing risk of fund liquidation for many initiated funds due to persistent scale challenges, despite some funds managing to attract additional investments and avoid closure [2][3][8]. Group 1: Fund Performance and Challenges - Several initiated funds are facing imminent liquidation, with a notable example being a fund that will terminate if its scale remains below 200 million yuan by November 2025 [3]. - As of the end of Q3, some funds, including certain pension FOFs, have scales of only a few million yuan, indicating a high risk of liquidation if no new investments are made [3]. - The phenomenon of "self-rescue" is observed in some funds, where temporary inflows allowed them to surpass the 200 million yuan threshold, thus avoiding liquidation [4]. Group 2: Successful Funds - Some initiated funds have become "star products," significantly increasing their scale and avoiding survival crises. For instance, the Yongying Technology Select fund has achieved a return of 246.27% and a scale of 11.52 billion yuan [5]. - Other funds, such as Yongying Advanced Manufacturing Select, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract substantial investments [5]. Group 3: Market Dynamics and Fund Establishment - The timing of fund establishment plays a crucial role in performance, with many initiated funds launched during market downturns, allowing them to acquire undervalued assets that can appreciate when market sentiment improves [6]. - The lower establishment threshold for initiated funds enables quicker launches during market lows, with over 300 initiated products established in 2022 alone [6]. Group 4: Industry Competition and Fund Liquidation - The accelerated pace of initiated fund liquidations reflects intense competition within the fund industry, with resources concentrating on high-quality funds [8]. - The ongoing coexistence of fund liquidations and new fund launches indicates a challenging environment where only funds with strong performance and competitive advantages are likely to survive [8].

Core Insights - The A-share market is experiencing a recovery, leading to a surge in the number of "doubling funds," with an average return of 28.20% for 8,484 active equity funds as of November 7, outperforming major indices like the Shanghai Composite and CSI 300 [2][3] - A total of 69 funds have achieved returns exceeding 100% this year, with the top two funds, Yongying Technology Smart A and C, achieving returns of 205.35% and 203.72% respectively, despite being newly established [3][4] - The majority of high-performing funds are heavily invested in technology sectors, particularly in artificial intelligence, semiconductors, and cloud computing, indicating a strong focus on growth opportunities in these areas [3][6] Fund Performance - The average tenure of fund managers for the 69 "doubling funds" is approximately 2.58 years, with many being newly appointed or newly launched products [4][7] - Notable funds include Yongying Technology Smart A/C, which has a concentrated portfolio in the global cloud computing industry, with top holdings in key technology companies [6][12] - Other high-performing funds include Yongying Ruiheng A/C and Yongying Rong'an A/C, which also achieved returns exceeding 100% and were launched recently [7][15] Fund Size Growth - The "doubling funds" have seen significant growth in size, with some funds experiencing over tenfold increases in scale compared to the previous quarter [12][14] - Funds like Xinao Performance Driven A and Zhonghang Opportunity Navigator A have seen their sizes increase dramatically, with growth rates of 12.06 times and 11.47 times respectively [12][13] - As of November 7, three funds have surpassed 10 billion yuan in size, indicating a strong market demand for these high-performing products [13][14] Fund Company Distribution - E Fund has the highest number of "doubling funds," totaling nine, showcasing its strong research and investment capabilities [15] - Yongying Fund and Anxin Fund each have six "doubling funds," while Huatai-PB Fund has four, indicating a competitive landscape among fund companies [15] - Yongying Fund has also seen its overall management scale increase from 5,284 billion yuan at the end of last year to 6,246 billion yuan by the end of the third quarter this year [15]

Core Insights - The third quarter data has raised alarms for many initiated funds, with a significant number facing liquidation due to scale challenges, despite some funds managing to attract additional investments and avoid closure [1][2][6] - The trend of initiated funds exiting the market is accelerating, while new products continue to be launched, indicating a competitive environment where only a few funds are able to thrive [2][6][7] Fund Liquidation Risks - Several initiated funds, including Huatai Asset Management's fund, are at risk of liquidation if their scale remains below 200 million yuan by November 2025, highlighting the stringent scale requirements [2] - As of the end of the third quarter, some pension FOF funds have scales as low as several million yuan, indicating a high likelihood of liquidation without new investments [2] - The third quarter saw total subscription shares for these funds reach 291 million, suggesting a potential short-term influx of capital to meet scale thresholds, but also a significant amount of redemptions, indicating a "quick in and out" strategy by investors [3] Successful Fund Growth - Despite the challenges, some initiated funds have successfully increased their scale, with funds like Yongying Technology Smart Selection achieving a cumulative growth of 246.27% and a scale of 11.52 billion yuan [4] - Other funds, such as Yongying Advanced Manufacturing Smart Selection, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract significant investments [4] Market Dynamics - Initiated funds often emerge during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves, leading to substantial returns [5] - The design of initiated funds allows for diverse and personalized investment strategies, which can enhance their appeal and growth potential [5] - The competitive landscape is intensifying, with nearly 20 new active equity initiated funds announced since October, reflecting ongoing interest despite the liquidation risks faced by many [7] Challenges and Industry Outlook - The accelerated pace of fund liquidations indicates a survival of the fittest scenario, where only funds with strong performance and market recognition will thrive [6][7] - The reliance on institutional funding and high operational costs for smaller funds can hinder their growth and attractiveness to new investors [6] - The ongoing trend of fund liquidations may lead to increased caution among investors, who will likely demand higher performance and management standards from funds [7]