作者 |佳文 编辑 | 袁畅 公募基金最新一季的季报已经全部披露完毕。他们揭示的故事还远没有被充分挖掘。 在过去的2025年里，有大批的基金经理崛起，他们有的出自名门，有的在行业里已领跑多年，也有的是新晋崛起，有的完 全陌生。 他们或因能力、魄力抑或运气而冲上行业潮头，外界并不所知，但有一点，如此出色的表现，既有他们自身的主观努力， 也和2025年~2026年的" 超级成长行情"有关。 而随着他们的业绩上冲到行业榜前列，他们的投资风格和业绩原因，都格外值得关注。 01 谁是新来者？ 根据choice对过去一年主动基金净值增长率的统计，截至1月27日，这个市场里有15只基金在过去一年内收益率超过137%。 其中，按基金经理角度，大概能划分为几类： 第一类，历史上曾经业绩比较突出过的，包括永赢瑞恒的高楠、广发成长领航的吴远怡、中欧数字经济的冯炉丹等。 第二类，产品类型特别突出，或是基金经理风格倾向特别突出的。典型是吴国清管理的前海开源金银、叶勇管理的万家趋 势领先、任桀管理的永赢科技智选等，前两者都专注有色和贵金属，后者典型是科技。 第三类，则是本文特别希望能够来分析的（当然很可能一篇是分析不完的），从产品名称看 ...

Core Viewpoint - The public fund industry has witnessed a record-breaking annual return, with Yongying Technology Smart Selection achieving a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][6]. Group 1: Fund Performance - Yongying Technology Smart Selection, managed by Ren Jie, secured the top position in the 2025 public fund rankings with a return of 233.29% [3][6]. - The second place was taken by Zhonghang Opportunity Navigation, managed by Han Hao, with a return of 168.92% [3][4]. - The third place was claimed by Hongtu Innovation Emerging Industry, managed by Liao Xinghao, with a return of 148.64% [3][4]. - A total of 90 funds achieved returns exceeding 100% in 2025, with 75 of these being actively managed equity funds, indicating a highly competitive environment [9]. Group 2: Market Trends - The A-share market saw all major indices rise, with the Shanghai Composite Index increasing by 18.41% and the ChiNext Index leading with nearly 50% annual growth [2]. - The total market capitalization of A-shares reached a new high of nearly 109 trillion yuan [2]. - Various sectors experienced active market trends, with robotics, innovative pharmaceuticals, and hard technology sectors leading the charge [2]. Group 3: Fund Management Insights - The success of Yongying Technology Smart Selection is attributed to its concentrated holdings in high-performing sectors, particularly in CPO, with top ten holdings accounting for 73.25% of the fund's net value [8]. - The fund's top four holdings saw significant gains, with the first holding, Xinyi Sheng, increasing by 187.96% in the fourth quarter [8]. - The active management capabilities of funds have allowed them to outperform passive index products in a volatile market [3]. Group 4: ETF Market Developments - The ETF market in China reached a total scale of 6.03 trillion yuan in 2025, marking a significant increase from 3.73 trillion yuan at the beginning of the year [10]. - The top-performing ETFs included the Guotai Communication ETF with a return of 125.81% and the Guotai Communication Equipment ETF with 121.37% [10][14]. - Gold-themed ETFs also performed well, with several funds achieving returns exceeding 90% [12]. Group 5: Fixed Income + Fund Growth - The "Fixed Income +" strategy saw substantial growth, with the total scale of related funds reaching 2.52 trillion yuan, a 50% increase from the end of 2024 [15]. - The median return for fixed income + funds in 2025 was 10.2%, with the top performer, Southern Changyuan Convertible Bond, achieving a return of 48.77% [16][18].

Group 1 - The core viewpoint of the article highlights the explosive growth of public quantitative funds in China, with both the number of funds and the total fundraising scale reaching historical highs this year [2][5]. - As of October 29, 2025, a total of 158 public quantitative strategy funds have been established this year, representing an increase of over 66% compared to the 95 funds established last year [5]. - The total fundraising scale for quantitative strategy funds this year is 83.064 billion yuan, which is a 125% increase from last year's 36.855 billion yuan and more than double the 40.901 billion yuan from 2021 [5]. Group 2 - The article notes that the majority of newly established quantitative strategy funds are enhanced index funds, with 132 out of 158 funds falling into this category, accounting for over 80% of the total [5]. - The average fundraising scale per quantitative strategy fund is 5.26 billion yuan, with 21 funds raising over 1 billion yuan, of which 19 are enhanced index funds, making up 90% of the high-raising funds [5]. - The development of public quantitative strategy funds has led to a total of over 700 funds with a combined scale exceeding 380 billion yuan, marking significant growth since the first enhanced index fund was established over 20 years ago [5]. Group 3 - The performance of public quantitative strategy funds has been impressive, with an average net value growth rate exceeding 28% this year, and 70 funds achieving a net value increase of over 50% [7]. - The top-performing funds include actively managed quantitative funds, with the best performer, Hui'an Growth Preferred, achieving nearly 150% returns this year [7]. - There remains significant development potential in the market for index-enhanced and actively managed quantitative selection funds, as they have not yet reached a competitive saturation point [7].