2025年前三季度落下帷幕，在这场结构性牛市中，公募基金行业迎来了丰收年，主动权益类基金凭借出 色的表现，打了一场漂亮的"翻身仗"。 Wind数据显示，在AI算力和创新药两大景气赛道的支撑下，截至9月30日，全市场53只基金年内收益率 翻倍，科技成长风格成为最大赢家；同时，以黄金为代表的大宗商品也高歌猛进，黄金ETF年内普遍上 涨超40%。 53只"翻倍基"横空出世 在今年的结构性行情中，主动权益基金表现尤为突出，涌现出一批业绩惊人的"翻倍基"。 Wind数据显示，截至9月30日，年内共有53只基金的收益率超过100%，其中主动权益基金达到了42 只，占比近八成，充分体现了基金经理在科技成长等热门赛道上的精准布局能力。 紧随其后的是张韡管理的汇添富香港优势精选A，年内收益率高达155.09%，该基金也是QDII基金中的 领跑者。二季报显示，该基金重仓港股创新药，前五大重仓股分别为映恩生物、科伦博泰生物、信达生 物、和黄医药、康诺亚。 此外，冯炉丹管理的中欧数字经济A则以140.86%的收益率位列第三，吴海宁管理的恒越优势精选、韩 浩管理的中航机遇领航分别以128.21%、127.17%的收益率排名第四和第五， ...

2025年前三季度落下帷幕，在这场结构性牛市中，公募基金行业迎来了丰收年，主动权益类基金凭借出色的表现，打了一场漂亮的"翻身仗"。 Wind数据显示，在AI算力和创新药两大景气赛道的支撑下，截至9月30日，全市场53只基金年内收益率翻倍，科技成长风格成为最大赢家；同时，以黄金为代表的 大宗商品也高歌猛进，黄金ETF年内普遍上涨超40%。 53只"翻倍基"横空出世 在今年的结构性行情中，主动权益基金表现尤为突出，涌现出一批业绩惊人的"翻倍基"。 Wind数据显示，截至9月30日，年内共有53只基金的收益率超过100%，其中主动权益基金达到了42只，占比近八成，充分体现了基金经理在科技成长等热门赛道上 的精准布局能力。 具体来看，任桀管理的永赢科技智选A以194.49%的回报率，问鼎2025年前三季度主动权益基金业绩冠军。二季报显示，该基金重仓了海外算力产业链，前五大重仓 股分别为新易盛、中际旭创、天孚通信、胜宏科技、源杰科技等光模块、PCB龙头，其中PCB牛股胜宏科技年内大涨581%，为该基金贡献了丰厚收益。 紧随其后的是张韡管理的汇添富香港优势精选A，年内收益率高达155.09%，该基金也是QDII基金中的领 ...

2025年前三季度落下帷幕，在这场结构性牛市中，公募基金行业迎来了丰收年，主动权益类基金凭借出 色的表现，打了一场漂亮的"翻身仗"。 在今年的结构性行情中，主动权益基金表现尤为突出，涌现出一批业绩惊人的"翻倍基"。 Wind数据显示，截至9月30日，年内共有53只基金的收益率超过100%，其中主动权益基金达到了42 只，占比近八成，充分体现了基金经理在科技成长等热门赛道上的精准布局能力。 具体来看，任桀管理的永赢科技智选A以194.49%的回报率，问鼎2025年前三季度主动权益基金业绩冠 军。二季报显示，该基金重仓了海外算力产业链，前五大重仓股分别为新易盛、中际旭创、天孚通信、 胜宏科技、源杰科技等光模块、PCB龙头，其中PCB牛股胜宏科技年内大涨581%，为该基金贡献了丰 厚收益。 Wind数据显示，在AI算力和创新药两大景气赛道的支撑下，截至9月30日，全市场53只基金年内收益率 翻倍，科技成长风格成为最大赢家；同时，以黄金为代表的大宗商品也高歌猛进，黄金ETF年内普遍上 涨超40%。 53只"翻倍基"横空出世 体现在基金业绩上，黄金ETF成为今年商品型基金的最大赢家。Wind数据显示，截至9月30日，1 ...

（原标题：39只"翻倍基"，最新业绩来了） 【导读】前三季度主动权益基金平均业绩超29%，39只"翻倍基"，最牛接近195% 中国基金报记者 方丽 孙晓辉 今年前三季度，A股市场持续走强，结构性亮点纷呈，科技成长与资源品板块领涨，公募权益基金赚钱效应显著，业绩翻倍基金批量诞生！ 具体来看，主流指数前三季度总体上演上涨行情，其中科创创业50年内涨幅达到63.04%，表现最好；创业板指、科创50、北证50、中证2000等指 数表现强势，涨幅超30%，仅红利指数、中证红利出现下跌。 从申万一级行业来看，前三季度行业表现也出现巨大分化。有色金属、通信、电子位居前三，年内涨幅均超50%，电力设备、综合、机械设备、 传媒、汽车、计算机、基础化工、医药生物等板块涨幅超过20%；煤炭、食品饮料、石油石化、交通运输等板块逆势下跌。 在这样的基础市场下，前三季度主动权益基金单位净值增长率平均达到29.24%，最牛基金涨幅接近195%。 主动权益基金前三季度单位净值 平均涨29.24% 受益于股市上涨，今年前三季度权益类基金交出了亮眼的成绩单。 Wind数据显示，若不计算2025年成立的新基金，前三季度权益基金平均获得30.04% ...

【导读】前三季度主动权益基金平均业绩超29%，39只"翻倍基"，最牛接近195% 中国基金报记者 方丽 孙晓辉 今年前三季度，A股市场持续走强，结构性亮点纷呈，科技成长 与资源品板块领涨， 公募权 益基金赚钱效应显著，业绩翻倍基金批量诞生！ 具体来看，主流指数前三季度总体上演上涨行情，其中 科创创业 50年内涨幅达到63.04%， 表现最好；创业板指、科创50、北证50、中证2000等指数表现强势，涨幅超30%，仅红利 指数、中证红利出现下跌。 主动权益基金前三季度单位净值 平均涨29.24% 受益于股市上涨，今年前三季度权益类基金交出了亮眼的成绩单。 从申万一级行业来看，前三季度行业表现也出现巨大分化。有色金属、通信、电子位居前 三，年内涨幅均超50%，电力设备、综合、机械设备、传媒、汽车、计算机、基础化工、医 药生物等板块涨幅超过20%；煤炭、食品饮料、石油石化、交通运输等板块逆势下跌。 | | 序号 代码 ▼ 名称 | | 年初至今 | | --- | --- | --- | --- | | | へ 申银万国一级行业指数 | | | | - | | 801050 有色金属(申万 | 67.52% | | ...

本文共1900 字 阅读完约7分钟 金融投资报记者 刘庆华 三季度行情即将收官。在经历了一季度的震荡上行，一季度末和二季度初的调整之后，A股市场和港股 市场自4月中旬以来持续走高，并在三季度迭创阶段新高，投向股票资产的基金也获得了不错的收益。 Wind数据显示，今年以来截至9月26日，在权益类基金和QDII基金中，合计共有37只基金收益率翻倍。 主动管理的A股权益类基金中，重仓AI的基金收益率领先，单只基金收益率最高接近190%。被动指数 型基金中，跟踪创新药、通信、人工智能等方向的基金收益率居前。 01 主动权益基金：31只基金收益翻倍 投向A股的主动权益类基金今年以来表现不俗，超额回报出色。截至9月26日，算术平均收益率为 30.32%（剔除年内成立的基金），超过98%的主动权益类基金取得正收益，收益率超50%的基金达到 684只，占比超15%。其中，收益率超过100%的基金有31只，单只基金最高收益率接近190%。 永赢科技智选A以189.58%的收益率领跑。二季度以来该基金净值涨幅明显，近半年的收益率超过了 164%。从基金季报可以看到，二季度末该基金有明显的调仓动作，前十大重仓股全部更换，将持仓重 ...

Group 1 - As of September 17, 42 public funds have achieved a net value growth rate exceeding 100% this year, with the highest nearing 190% [1] - The 42 "doubling funds" include various types such as equity mixed, QDII, flexible allocation, ordinary stock, and passive index funds, with equity mixed funds being the most prevalent at 23, accounting for nearly 55% [1] - Most of these funds are heavily invested in technology or pharmaceutical assets, with notable examples including Yongying Technology Smart Selection A and Yinhua Guozheng Hong Kong Stock Innovation Drug ETF [1] Group 2 - The investment direction in the AI industry chain is emphasized as "underlying hardware chips + upper software applications," indicating a focus on semiconductor opportunities due to increasing computing power demands [2] - In addition to the 42 "doubling funds," over 100 other products have achieved a net value growth rate between 80% and 100%, primarily focusing on technology and pharmaceutical assets [2]

Market Overview - The A-share market has shown a strong upward trend since August, with major indices reaching new highs and significant trading volume, indicating a bullish sentiment among investors [2][3] - As of September 4, over 94% of public funds have reported positive returns this year, with 397 funds achieving returns exceeding 50% [2][3] Fund Performance - Among the 13,110 public funds, 12,372 have positive returns, with 1,592 funds yielding over 30% and 397 funds exceeding 50% [2] - Active equity funds have performed particularly well, with an average return of 21.61%, and over 97% of these funds reporting positive returns [2][3] Top Performing Funds - The top-performing funds include Huatai-PineBridge Hong Kong Advantage Selection A and Yongying Technology Smart Selection A, both achieving returns over 160% [2][4] - Funds focusing on innovative pharmaceuticals and technology sectors have been particularly successful, with 12 active equity funds doubling their returns this year [4][5] Investment Trends - The strong performance of active equity funds is attributed to macroeconomic recovery and structural opportunities in the market, particularly in sectors like AI, new energy, and pharmaceuticals [3][4] - The investment logic for pharmaceutical funds emphasizes a "cyclical thinking" approach, anticipating a prolonged growth phase for innovative drugs due to upcoming commercialization and clinical data releases [5] Underperforming Funds - Despite the overall positive trend, 122 active equity funds have reported losses this year, with the worst-performing fund down 16.1% [6] - Many underperforming funds are heavily invested in manufacturing and technology sectors, which have struggled in the current market environment [6] Future Outlook - The outlook for active equity funds remains optimistic, with expectations of continued investment opportunities driven by policy support, liquidity improvements, and industry upgrades [7][8] - Investment strategies are shifting towards cyclical stocks, with a focus on sectors such as industrial metals, chemicals, and consumer goods [8]

Core Viewpoint - A significant number of funds experienced substantial declines, with some dropping over 10% in a single day, primarily due to concentrated holdings in specific sectors that faced sharp declines [1][2][6]. Fund Performance and Holdings - The fund "Yongying High-end Manufacturing A" saw a drop of 10.84%, leading the market in losses, with other funds like "Qianhai Kaiyuan Cycle Selection A" and "E Fund Rui Xiang I" also experiencing declines of 10.76% and 10.43% respectively [2]. - The top three holdings of "Yongying High-end Manufacturing" all fell over 13%, indicating a high concentration in specific stocks [3]. - "Yongying High-end Manufacturing" had a high concentration of holdings, with the top 10 stocks accounting for over 67% of its portfolio [7]. Market Dynamics and Fund Manager Behavior - The recent market downturn was exacerbated by fund managers' strategies that mirrored stock trading behaviors, raising questions about the appropriateness of such practices in public funds, which are intended for long-term investment [5][17]. - The technology sector, particularly stocks related to optical modules and chips, faced significant corrections, with declines of up to 15.58% for key stocks like "Xinyiseng" [6][15]. - The phenomenon of funds heavily investing in popular stocks has led to a "herding" effect, where many funds are exposed to the same risks, resulting in collective downturns [18][22]. Regulatory and Long-term Implications - Regulatory bodies emphasize that public funds should serve as long-term capital rather than engage in short-term speculation, highlighting the need for a shift in fund management strategies [19][21]. - The current trend of concentrated investments in a few high-flying stocks raises concerns about the long-term health and stability of the market, as it may lead to inflated valuations and subsequent corrections [23][24].

Core Viewpoint - The public fund industry has shown signs of "mild recovery" in the first half of the year, with management fees reaching 62.09 billion yuan, a slight increase compared to the previous year, but still significantly lower than pre-reform levels [3][4][6]. Summary by Sections Management Fees - The total scale of the public fund industry reached 34.39 trillion yuan by the end of June, an increase of nearly 1.57 trillion yuan in the first half of the year, representing a year-to-date growth of 4.78% [5]. - The management fees collected by public funds in the first half of the year amounted to 62.09 billion yuan, a year-on-year increase of 10.18 billion yuan, or 1.67% [5][6]. - Despite the slight recovery, management fees are still down over 8.5 billion yuan compared to the 70.62 billion yuan reported before the fee reform in July 2023, indicating ongoing structural adjustments in the industry [6]. Fund Type Performance - Different types of funds have shown significant divergence in management fee income. Equity funds experienced the most notable decline, with management fees of 26.57 billion yuan, down 1.67 billion yuan year-on-year [6]. - Conversely, low-risk and specialty funds, such as money market and bond funds, saw management fee growth, with respective fees of 18.28 billion yuan and 14.62 billion yuan, both reaching historical highs [6][7]. Company Performance - Among the 193 fund management companies, 21 reported management fees exceeding 1 billion yuan, with the top ten companies maintaining a stable ranking [7]. - E Fund led with management fees of 3.918 billion yuan, although this was a decrease of 155 million yuan from the previous year [7][8]. - The competition among the lower-ranked companies is intense, with management fee differences of less than 1.2 billion yuan among them [8]. Profitability - A total of 66 fund companies reported a combined net profit of 17.673 billion yuan in the first half of the year, reflecting a year-on-year increase of over 10% [9][10]. - Approximately 88% of these companies were profitable, with 37 companies reporting net profit growth year-on-year [9]. - E Fund maintained its leading position with a net profit of 1.877 billion yuan, up 23.84% from the previous year [10]. Challenges for Smaller Firms - Some smaller firms, such as Jiutai and Jiangxin, reported losses, with revenues below 70 million yuan, highlighting their survival challenges [11]. - The operational difficulties faced by these smaller firms underscore their limitations in resources, branding, and research capabilities [11].