Core Viewpoint - The article discusses the contrasting performance of equity funds in the A-share market, highlighting a significant recovery in net values for many funds while also noting the challenges faced by others leading to their liquidation [3][5]. Group 1: Fund Performance - As of November 18, over 97% of active equity funds reported positive returns over the past year, with 22 funds achieving over 100% returns [5][6]. - Notable top performers include Yongying Technology Smart A with a return of 210.65% and Hengyue Advantage Selection at 156.29% [5]. - The number of funds with net values below 1 yuan has decreased from 1,905 (44%) last year to 973 (22%) this year, indicating a significant recovery [5][6]. Group 2: Fund Liquidation - In the second half of the year, 108 funds have been liquidated, with an additional 75 funds facing potential liquidation due to low asset values [6][9]. - The fund "Guolian Consumer Selection" was liquidated after its net asset value fell below 50 million yuan for 50 consecutive trading days, with a recent three-month return of -7.58% [6][9]. Group 3: Market Outlook - Analysts suggest that the market is likely to continue its upward trend due to policy support and liquidity, despite the current high volatility around the 4,000-point mark [9][10]. - The AI and innovative pharmaceutical sectors are highlighted as key growth areas, with expectations for continued strong performance in these sectors [9][10]. - Institutions remain optimistic about the market's prospects for 2026, driven by factors such as innovation, supportive policies for private enterprises, and ample liquidity [10][11].

"在政策催化下，市场保持震荡上行的概率仍然较大。"招商基金投研人士对第一财经表示，今年中国资 产整体仍处于流动性和预期改善带来的估值修复阶段，短期而言，在市场偏好下降，业绩期的催化下四 季度有概率进入风格收敛阶段。 在当下的市场里，权益基金正上演"冰火交织"戏码。 A股市场升温浪潮中，有人打出了漂亮的"翻身仗"，也有人黯然离场。Wind数据显示，截至11月18日， 超过97%的主动权益类基金近一年斩获正收益，头部产品业绩更是实现翻倍。多只"毛基"产品重返1元 净值，甚至规模出现倍数级跃升，实现成功逆袭。 热闹背后藏冷意。下半年来，超百只基金走向清盘结局黯然离场，还有75只拉响清盘警报。站在4000点 高位震荡的十字路口，市场更关心的是，下一步行情将如何演绎？主线赛道是否面临切换？ 逆袭与清盘并存 伴随A股市场行情整体升温，权益基金的净值正迎来快速修复。Wind数据显示，截至11月18日，在已有 数据的4378只主动权益类基金（包括灵活配置型、偏股混合型、平衡混合型、普通股票型；仅计算初始 基金，下同）中，4266只产品近一年回报录得正收益，占比超过97%，整体赚钱效应凸显。 业绩头部阵营表现尤为亮眼，区间业绩 ...

因为业绩好，3季度还获得了不少申购，基金份额从1.46亿份增至1.81亿份，终结了持续多个季度的净赎回趋 势。果然，相比黑历史，不少人还是更在意眼前收益高低。 01 不知道大家还记不记得"恒越优势精选"。 对，就是那只最大回撤超过70%，也挨了很多骂的基金，今年表现特别神勇，涨了144.74%，全市场第2。 | 证券代码 | 证券简称 | 基金经理(现任) 复权单位净值增长率 | 最大回撤 | | | --- | --- | --- | --- | --- | | | | | [記始交易日期] 2025-1-1 [起始交易日期] [截止交易日期] 2025-11-17 2021-1-1 | | | | | | [单位] %↓ [截止交易日期] 最新 | | | 022364.OF 永赢科技智选A | | 日午 | 186.26 | -27.04 | | 011815.OF 恒越优势精选 | | 景海宁 | 144.74 | -71.61 | | 016243.OF 广发成长领航-年持有A | | 吴远怡 | 143.14 | -44.83 | | 470888.OF 汇添富香港优势精选A | | 张掖 | 1 ...

"永赢现象"背后：它的押注与"止损"在哪？ 本文自南都·湾财社。 采写 | 南都·湾财社记者 黄顺威 编辑 | 王琦璋 近日，永赢基金连发多则公告，宣布固定收益投资部投资副总监杨凡颖因个人原因卸任旗下8只（仅统 计初始份额，下同）产品的基金经理职务。Wind数据显示，截至2025年9月末，杨凡颖在管产品规模近 123亿元，此次卸任后，其在管的基金数归零。 | 序号 | 基金名称 | 现任基金经理 | | --- | --- | --- | | 1 | 永赢瑞益债券 | 张耀、余国豪 | | 2 | 永赢昭利债券 | 张慧 | | 3 | 永赢安源60天滚动持有债券 | 壬宇超 | | র্ব | 永赢华嘉信用债 | 张雷、曾琬云 | | 5 | 永赢湖北国企债一年定开发起 | 余国豪 | | 6 | 永赢卓利债券 | 张雪 | | 7 | 永赢凯利债券 | 张雪 | | 8 | 永赢安盈90天滚动持有债券发起, | 胡雪靈 | 据wind统计， 2025年以来，永赢基金已有6位基金经理"清仓式"卸任，其中4人管理规模曾超百亿元， 多只他们曾管理的偏股混合型基金在其任职期间亏损明显；同时，新聘了5位基金经理，5 ...

近日，永赢基金连发多则公告，宣布固定收益投资部投资副总监杨凡颖因个人原因卸任旗下8只（仅统 计初始份额，下同）产品的基金经理职务。Wind数据显示，截至2025年9月末，杨凡颖在管产品规模近 123亿元，此次卸任后，其在管的基金数归零。 据wind统计，2025年以来，永赢基金已有6位基金经理"清仓式"卸任，其中4人管理规模曾超百亿元，多 只他们曾管理的偏股混合型基金在其任职期间亏损明显；同时，新聘了5位基金经理，5人出任该公司基 金经理至今均未满1年。 2025年以来，"永赢现象"成为业内关注的焦点——据wind数据，该公司混合型基金规模排名从年初第30 快速晋升至前10；基金经理任桀"出道"一年，在管产品以近200%收益占据公募基金年内收益第一。在 此背后，外界对永赢基金产生了不同议论——是重新定义产品赛道，还是接连启用新人进行"豪赌"？ 固收老将"清仓式"卸任 11月初，永赢基金连发多条公告，公司固定收益投资部投资副总监杨凡颖因个人原因卸任旗下全部在管 基金，包括永赢昭利债券、永赢卓利债券、永赢凯利债券、永赢安盈90天滚动债券等8只产品。 从过往履历看，杨凡颖拥有8年固收类公募基金管理积淀。她早年深耕鹏 ...

2025.11. 10 本文字数：3193，阅读时长大约5分钟 尽管整体收益有所回落，但头部产品的表现依旧亮眼。从具体产品来看，永赢科技智选A以 205.35%的年内表现大幅领跑，与第二名拉开了近58个百分点；恒越优势精选、红土创新新兴产业 分别以147.36%、139.82%的年内回报位居第二、第三。此外，还有中欧数字经济A、中航机遇领 航A等36只产品业绩实现翻倍。 作者 | 第一财经 曹璐 临近年底，A股在4000点关口的震荡盘整节奏中，主动权益基金正迎来年度业绩冲刺的关键节点。 市场结构显著分化，"高切低"特征下，基金业绩首尾差距已惊人地超过220个百分点，领跑者收益 率突破200%，而垫底产品仍在负收益中挣扎。 在这个关键冲刺阶段，多家基金公司对旗下产品"流量阀"进行动态调控。一边是部分绩优基金果断 放开大额申购，积极"补弹药"；另一边，也有众多产品反其道而行，将申购门槛严控至万元甚至百 元级别。 这一收一放之间，既是基金公司对后市机遇的预判，也有主动管理规模、稳定业绩的考量。站在当前 时点，多位业内受访人士表示，对后续权益市场表现保持积极乐观，并建议以均衡风格应对市场的快 速轮动，短期调整之际或也 ...

Core Insights - The A-share market is experiencing significant structural differentiation, with a performance gap exceeding 220 percentage points between top and bottom-performing funds, highlighting a "high-cut low" characteristic [1][3] - Many fund companies are dynamically adjusting their subscription policies, with some high-performing funds lifting restrictions on large subscriptions while others are tightening limits to manage performance and scale [1][5] Market Performance - As of November 10, the A-share market is fluctuating around the 4000-point mark, with the Shanghai Composite Index showing a year-to-date increase of 19.9% [2] - The average return of actively managed equity funds has decreased from 33.08% at the end of Q3 to 30.51% [2][3] Fund Performance - Top-performing funds include Yongying Technology Smart A with a return of 205.35%, followed by Hengyue Advantage Selection at 147.36% and Hongtu Innovation Emerging Industry at 139.82% [3][4] - There are currently 147 actively managed equity funds struggling with negative returns, with some experiencing declines exceeding 10% [3] Subscription Policy Adjustments - Several funds have lifted restrictions on large subscriptions, including E Fund Rui Xiang Mixed and Changcheng Medical Industry Selection, to meet investor demand [5][6] - Conversely, 218 actively managed equity funds have suspended large subscriptions, with some limiting daily subscription amounts to as low as 100 yuan [7][8] Market Outlook - The market is expected to maintain a slow bull trend in Q4, with recommendations for balanced investment strategies across various sectors [8][9] - The innovation drug sector is facing volatility due to a mismatch between market expectations and actual industry developments, with a shift in focus from short-term event-driven trading to long-term fundamental performance [9]

Core Viewpoint - The discussion of "Old Deng" and "Young Deng" has evolved into a new narrative in the investment community, reflecting a clash of investment styles and market cycles, with a focus on whether to adhere to value investing or embrace growth trends [1][3]. Group 1: Investment Styles - "Old Deng" refers to investors favoring mature industry leaders with less focus on short-term volatility, while "Young Deng" represents those chasing emerging technologies and market trends [3][5]. - The performance gap between these investment styles has widened significantly in the current market environment, with "Young Deng" stocks, such as those in AI and robotics, outperforming traditional sectors like real estate and banking [3][4]. Group 2: Market Dynamics - The recent market has seen a stark divide, with some funds experiencing significant gains in technology sectors, while others, adhering to traditional value investing, have faced performance pressures [4][6]. - Fund managers are increasingly recognizing the need to balance their investment strategies between maintaining a focus on value and adapting to growth opportunities in emerging sectors [5][7]. Group 3: Future Outlook - The ongoing transformation in investment philosophies is tied to broader industry shifts and the evolution of investor demographics, indicating a potential long-term change in market dynamics [5][8]. - There is a consensus among fund managers that understanding the cyclical nature of markets and being adaptable in investment strategies will be crucial for future success [6][9].

Core Viewpoint - The number of active equity fund managers managing over 10 billion yuan has rebounded to 109, marking a nearly one-third increase from the previous quarter, indicating a significant expansion in the industry [4][5]. Group 1: Fund Manager Expansion - As of the end of Q3, there are over 1,720 active equity fund managers, with 109 managing over 10 billion yuan, a substantial increase from the previous quarter [5]. - New fund managers, such as Ren Jie from Yongying Fund, have seen rapid growth, with his fund returning 198.11% year-to-date, leading to a surge in managed assets from 0.26 million yuan to 12.878 billion yuan [6]. - Established managers like Zhang Kun from E Fund and Xie Zhiyu from Xingzheng Global Fund have also regained significant asset management sizes, with Zhang managing 56.544 billion yuan, and both Xie and Ge Lan returning to the 40 billion yuan tier [6][8]. Group 2: Investor Sentiment and Redemption Trends - Despite the recovery in fund sizes, investor sentiment remains cautious, with a notable trend of "profit-taking" leading to net redemptions of over 33 billion units from top fund managers' products [7]. - Many fund managers are experiencing growth due to association with larger, well-performing funds, as seen with Zhao Lei from China Europe Fund, who entered the 10 billion yuan club after being appointed to manage a successful fund [7]. Group 3: Industry Dynamics and Future Outlook - The current landscape shows a shift from the "star-making" era to a focus on platform-based strategies, with a recognition of the challenges posed by large asset sizes [10][12]. - The industry is moving away from the "star fund manager" model, emphasizing a more integrated and multi-strategy research approach to mitigate risks associated with large fund sizes [10][11]. - The fee structure and performance assessment mechanisms are evolving, with some fund managers opting to limit rapid growth to maintain operational effectiveness and avoid the pitfalls of short-term performance-driven investments [11][12]. Group 4: Market Trends and Investment Strategies - The A-share market is experiencing a steady upward trend, with increased investor enthusiasm for equity markets, particularly in technology sectors [13]. - Fund managers like Chen Ying anticipate continued high-risk appetite in the market, although potential profit-taking may lead to a more volatile environment in Q4 [13]. - Long-term investment strategies are focusing on sectors like innovative pharmaceuticals, with managers like Ge Lan highlighting the importance of quality and innovation in driving industry growth [15].

Core Insights - The number of fund managers managing over 10 billion yuan has increased significantly, reaching 109 by the end of Q3, marking a nearly one-third increase from the previous quarter [1][2] - The industry is transitioning from a "star-making" model to a "platform" strategy, indicating a shift in focus from individual fund managers to a more collaborative approach [1][9] - The era of "trillion-level" top fund managers is unlikely to return, as the highest management scale among current fund managers has not exceeded 600 billion yuan, a significant drop from previous peaks [9][10] Fund Manager Performance - Notable fund managers like Zhang Kun, Xie Zhiyu, and Ge Lan have seen their management scales rebound, with Zhang Kun managing 565.44 billion yuan, an increase of nearly 15 billion yuan in a single quarter [3][4] - Newer fund managers, such as Ren Jie from Yongying Fund, have rapidly increased their management scales, with Ren's scale growing from 0.26 billion yuan to 128.78 billion yuan in just over a year [2][7] - Despite the growth in management scales, many top fund managers still face net redemptions, with over 330 billion units redeemed across their products in Q3 [6][11] Industry Dynamics - The current landscape features a mix of large institutions and emerging mid-sized firms, with companies like Yongying and Jinying successfully entering the "billion club" [1][7] - The top fund managers are distributed across 38 fund companies, with seven companies having five or more billion-yuan fund managers, accounting for nearly half of the total [6][10] - The industry is increasingly aware of the "double-edged sword" of scale, with many fund managers opting to limit rapid growth to maintain operational effectiveness and avoid the pitfalls of excessive scale [10][11] Market Outlook - The A-share market is experiencing a steady upward trend, with increased investor enthusiasm and significant inflows into equity markets, particularly in technology sectors [12][13] - Fund managers express cautious optimism about the market, predicting potential new highs while acknowledging the risks of profit-taking due to previous gains [12][13] - Long-term investment strategies focus on sectors like innovative pharmaceuticals and consumer healthcare, driven by structural changes in the economy and supportive policies [14]