Wind数据显示，截至10月21日，永赢科技智选A年内收益达195%，高居公募基金收益榜首。凭借独特的产品设计 和运营策略，永赢基金成为这轮上涨行情中最抢眼的公募机构之一。在外界看来，永赢基金把主动管理型基金做 成了工具型的"类指数化"产品，推出的系列产品集中投资于某细分行业或主题，风格更加突出，收益"大开大 合"。例如，永赢科技智选A就是代表之一，目前该基金高度聚焦在光模块、PCB行业个股。 公募基金2025年三季报逐步披露，永赢基金、长城基金、北信瑞丰基金等机构旗下产品成为首批"交卷者"。据 wind统计，截至10月22日，已有55只基金（仅统计初始份额，下同）披露了2025年三季报。 其中，多只权益类基金凭借科技板块的爆发实现业绩与规模"双丰收"，例如，永赢科技智选A、华富中证人工智 能产业ETF单季收益率分别达99.7%、73.9%，规模分别突破80亿元、100亿元，较二季度末翻倍式增长；债券型基 金收益虽然受债市调整影响，但"固收+"类产品超额收益明显。 与此同时，百亿级产品动态引发市场高度关注。泉果基金赵诣管理的泉果旭源三年持有期混合在封闭期满之际， 却因净值波动陷入"解套难"争议——近百亿资金被 ...

10月20日，泉果旭源三年持有在成立三年后首次打开赎回，面对持有三年收益率接近3.5%的成绩单， 投资者面临艰难抉择。 智通财经记者 | 杜萌 回顾近三年来的业绩走势，该基金于2022年10月18日成立，建仓完毕后从2023年一季度就开始"五个季 度连跌"。 | | 泉果旭源三年持有期混合业绩明细 | | | --- | --- | --- | | 周期 | 季度涨跌幅 | 同类平均 | | 25年3季度 | 45.58% | 25.43% | | 25年2季度 | -3.18% | 3.04% | | 25年1季度 | 5.57% | 4.62% | | 24年4季度 | -2.76% | -1.32% | | 24年3季度 | 20.13% | 10.59% | | 24年2季度 | -6.42% | -2.25% | | 24年1季度 | -6.80% | -3.08% | | 23年4季度 | -9.53% | -4.49% | | 23年3季度 | -14.79% | -8.17% | | 23年2季度 | -5.23% | -3.87% | | 23年1季度 | 1.48% | 2.50% | | ...

Core Insights - The recent quarterly reports from active equity funds indicate a strong confidence in the A-share market, with many funds maintaining high equity positions and some increasing their investment ratios [1][4][5] - Fund managers express optimism about future A-share performance, citing low market valuations, increased policy support, and gradual economic recovery as key factors [1][8][9] Fund Performance and Size - Several active equity funds reported significant growth in size, with the "Quanguo Xuyuan Three-Year Holding Period Mixed Fund" leading at 19.069 billion yuan, a 45.77% increase [4] - The "Shangyin Digital Economy Mixed Fund" saw its size surge from 13.69 million yuan to 260 million yuan, marking a notable increase [4][5] - Out of 21 disclosed active equity funds, 14 experienced size growth in Q3, with three funds doubling their size [4][5] Equity Positioning - A majority of the funds reported maintaining high equity positions, with 17 out of 21 funds having over 80% of their assets in stocks [5] - Many funds, including "Jinxin Intelligent China 2025 Flexible Allocation Mixed Fund," increased their stock positions during Q3, while a few, like "Shangyin Digital Economy Mixed Fund," made slight reductions [5][6] Portfolio Adjustments - The "Quanguo Xuyuan Three-Year Holding Period Mixed Fund" made significant changes to its top holdings, adding stocks like "Tianqi Lithium" and "Alibaba," while reducing positions in "Ningde Times" and "Tencent" [6] - The "Shangyin Digital Economy Mixed Fund" underwent a complete overhaul of its top holdings, focusing on semiconductor and AI-related stocks [6][7] Market Outlook - Fund managers are generally optimistic about the A-share market's future, anticipating steady economic recovery and favorable policies to drive growth [8][9] - The upcoming "14th Five-Year Plan" is expected to provide direction for domestic economic development, with a focus on consumption and technology as key growth areas [8][9]

具体来看，华富中证人工智能产业ETF以73.86%的净值增长率暂居榜首，同泰数字经济股票A、华富中 证人工智能产业ETF联接A分别以70.46%、63.96%的净值增长率紧随其后。另有北信瑞丰优势行业股 票、泉果旭源三年持有期混合、北信瑞丰量化优选灵活配置等7只基金净值增长率均在20%以上。 多只权益类基金在第三季度继续维持高仓位运作，部分产品更是进一步提高权益投资比例。截至三季度 末，华富中证人工智能产业ETF、同泰数字经济股票、北信瑞丰优势行业股票、同泰产业升级混合等13 只基金的股票仓位均在80%以上。相较于今年二季度末，部分基金进一步提升股票仓位。例如，同泰数 字经济股票的股票仓位从二季度末的92.94%提升至三季度末的93.49%；北信瑞丰外延增长主题灵活配 置的股票仓位从二季度末的83.85%跃升至三季度末的88.89%。 日前，公募基金2025年第三季度报告开始披露，截至10月17日记者发稿，已有华富基金、泉果基金、同 泰基金、北信瑞丰基金4家公募机构旗下共计17只权益类基金披露三季报。 多只权益类基金在第三季度维持高仓位运作，并实现净值增长。展望后市，基金经理对权益市场表现持 乐观态度，并重点 ...

Group 1 - The fund "Quanguo Xuyuan Three-Year Holding Period Mixed Fund" is set to welcome its first redemption date next month, after three years of operation, during which it has remained in a loss state, underperforming its peers by approximately 14 percentage points [1] - As of September 12, the fund's A share net value has decreased by 1.87% from October 18, 2022, while the average return of similar funds during the same period was 12.52% [1] - The fund is the first public offering launched by Quanguo Fund and is currently the largest product under the company's management [1] Group 2 - Since the second half of this year, the net value of the fund has shown a rebound, with a cumulative increase of 27.87% from July 1 to September 12, outperforming the benchmark return by nearly 18 percentage points and also surpassing the average return of similar funds by 21.23% [2] - The top holdings of the fund have performed well, with the largest holding, Keda Li, increasing nearly 35% in price, and the second largest holding, Ningde Times, rising by 41% [2] - Many investors are expressing their anticipation for the redemption, with some stating they have been waiting for three years to break even, while others feel that they would have been better off investing in an index three years ago [2]

Core Insights - The recent announcement of the liquidation of the QuanGuo Taiyan three-month fixed-income fund highlights the challenges faced by QuanGuo Fund, which has seen a significant decline in assets under management since its inception [1][2] - The performance of the flagship fund, QuanGuo Xuyuan, managed by star fund manager Zhao Yi, has been disappointing, with a loss of approximately 20% since its launch, raising concerns about potential redemptions from investors [1][4] Fund Performance and Management - QuanGuo Fund was established in 2022 and initially attracted attention due to its strong management team, including Zhao Yi, who previously achieved high returns in the market [2][5] - The fund's performance has deteriorated, with the QuanGuo Xuyuan fund yielding returns of 1.48% and -5.23% in the first two quarters of 2023, leading to a decline in subsequent fundraising efforts [3][6] - Zhao Yi's management has been criticized for not adapting to changing market conditions, particularly in the renewable energy sector, which has faced significant challenges [6][7] Market Position and Strategy - As of Q2 2025, QuanGuo Fund's non-money market fund management scale was 163.96 billion, ranking 108th in the industry, indicating a struggle to maintain competitive positioning [3][4] - The fund's strategy of focusing on three-year holding period products has limited investor flexibility, potentially leading to dissatisfaction among investors facing losses [4][11] - The reliance on a small number of star fund managers has resulted in low tolerance for underperformance, making the fund vulnerable to fluctuations in individual performance [10][12] Industry Context - The challenges faced by QuanGuo Fund reflect broader trends in the personal public fund sector, where firms with fewer managers often struggle to maintain stability and performance [10][12] - Successful personal public funds tend to focus on stable fixed-income products before expanding into equity, contrasting with QuanGuo's current strategy [11][12] - The overall performance of personal public funds has been mixed, with many experiencing significant declines following the departure of key fund managers [12][14]

Core Viewpoint - Since its establishment in 2022, QuanGuo Fund has faced significant challenges, including poor product performance, shrinking scale, and the resignation of fund managers, leading to a decline in its reputation and performance [2][6]. Fund Performance and Management Changes - Dai Jun, a prominent fund manager at QuanGuo Fund, has resigned from managing the "QuanGuo Taiyan 3-Month Regular Open Bond" fund, which triggered its liquidation due to having fewer than 200 continuous fund holders for 20 consecutive working days [3][5]. - Under Dai Jun's management, the fund's scale plummeted from 2.97 billion to 190 million within a year, marking a 94% decrease [5]. - The performance of the funds managed by Dai Jun was subpar, with "QuanGuo Taiyan 3-Month Regular Open Bond" ranking 1691 out of 3065 similar funds, and "QuanGuo TaiRan 30-Day Holding Bond" ranking 1021 out of 1071 [5]. Company Background and Fund Performance - QuanGuo Fund was founded by prominent figures in the industry, including Wang Guobin and Zhao Yi, yet its performance has been disappointing, with the "QuanGuo Taoyuan Phase I" fund losing 12.04% since inception, significantly worse than the average loss of 3.96% among similar funds [6][8]. - Zhao Yi's management of the "QuanGuo Xuyuan 3-Year Holding Mixed" fund has resulted in a return of -23.39%, with an annualized return of -9.29%, contrasting sharply with his previous successful track record [8][9]. Market Conditions and Strategic Issues - The poor performance of QuanGuo Fund is attributed to several factors, including the timing of product launches during a rising interest rate environment and a declining stock market, which saw the Shanghai Composite Index drop by 15.13% [10]. - The fund's strategy has been criticized for being inflexible, particularly in its heavy investment in the underperforming new energy sector, which saw a decline of 19% in 2022 and 25.03% in 2023 [10]. Fundraising Challenges - Currently, QuanGuo Fund manages a total of 17 billion, with approximately 68% of the funds in the "QuanGuo Xuyuan 3-Year Holding Mixed" fund, which has hindered further fundraising efforts [11]. - The company has only raised 252 million since 2025, a negligible amount compared to its overall scale [11][14]. Future Outlook - The departure of Dai Jun and the underperformance of equity funds indicate a challenging path ahead for QuanGuo Fund, as it struggles with both fixed income and equity business development [21]. - The company's growth prospects are dimming, especially with new regulations linking management fees to fund performance, which may further complicate its future [21].