作为普通投资者参与市场的重要渠道，这一年，公募基金紧跟市场节奏，整体赚钱效应拉满。尤其是随着科技、有色金属赛道"起飞"，超百只基金净值翻 倍。但与此同时，也有基金踏空，个别基金甚至下跌超过10%。 蛇年收官，马年已至。过去一年，你的基金赚钱了吗？是否跑赢了市场？ 整体业绩亮眼 蛇年资本市场的强势回暖。从重要指数的表现来看，Wind数据显示，A股市场上，上证指数、深证成指分别上涨25.58%、38.84%，创业板指数上涨 58.73%，科创50、北证50指数分别上涨53.95%、44.59%；港股表现也不俗，恒生指数上涨32.04%。此外，贵金属在蛇年的表现可谓浓墨重彩，万得白银 行业指数、万得黄金行业指数分别大涨295.37%、127.66%。 亮眼的市场表现，为基金业绩飙升奠定了坚实基础。从基金整体业绩数据来看，蛇年堪称公募基金行业的"丰收年"。 170只基金蛇年收益率超过100%，同时有15只基金净值下跌逾10%。你的产品落在哪一区域？ 投资时间网、标点财经研究员 余顺安 在刚刚过去的蛇年（2025年1月29日—2026年2月16日），A股市场走出了一轮波澜壮阔的结构性牛市，上证指数时隔十年重返4000点 ...

Core Insights - The A-share market has shown an upward trend since 2025, leading to a general recovery in the performance of actively managed equity funds, with the total industry scale approaching a new high of 36 trillion yuan [1][14] - Among 4,711 actively managed equity funds with performance records, 4,494 reported positive returns, while 217 had negative returns over the past year [1][14] - Notably, the worst-performing funds had annual returns below -9.75%, with several losing over 15%, including Huafu Medical Innovation A at -27.13% [1][14] Fund Performance - The top three worst-performing funds included: - Huafu Medical Innovation A: -27.13% return, 0.60 billion yuan in size [2][15] -浦银安盛医疗创新A: -20.29% return, 0.16 billion yuan in size [2][15] - 鑫元消费甄选A: -19.65% return, 0.29 billion yuan in size [2][15] - Among the top 30 funds with the largest declines, six were managed by GF Fund under manager Wang Mingxu [1][14] Manager Performance - Wang Mingxu's managed funds have shown a significant decline in scale, dropping from a peak of 30.65 billion yuan in Q2 2021 to 8.26 billion yuan by Q4 2025, with six of his eight funds in the top 30 worst performers [4][17] - The funds managed by Wang exhibit a high degree of similarity in their holdings, leading to collective underperformance [10][23] Investment Strategy - Wang's flagship fund, GF Domestic Demand Growth A, experienced a significant style shift in 2025 but failed to improve performance, ending the year with a -16.31% return [5][18] - The fund's portfolio included heavyweights in the liquor, real estate, banking, and brokerage sectors, but the performance of these stocks was weak, with many declining over 10% [21][23] - Despite attempts to diversify into technology and manufacturing stocks, the overall results remained disappointing, indicating a mismatch between investment strategy and market conditions [13][23]

Core Insights - The A-share market experienced a comprehensive upward trend in 2025, with significant recovery in market sentiment [1] - As of December 25, nearly 4,700 active equity funds were analyzed, with only 194 showing negative returns this year, while over 4,500 achieved positive returns [1][5] - A total of 83 funds reported annual returns exceeding 100%, with the top ten funds all surpassing 144% [1] - The top twenty funds over a three-year period had returns exceeding 160%, with an average return of 193% [1][5] - The worst-performing twenty funds averaged a loss of nearly 41% over the same period, highlighting a stark contrast with top performers [1][6] Fund Performance - The fund with the worst performance, Jin Ying Multi-Strategy A, recorded a loss of 47.72%, followed closely by CITIC Construction Investment Smart IoT A and Tianzhi New Consumption, both exceeding 47% losses [2][6] - Despite the overall market uptrend, ten funds still reported negative returns this year, with CITIC Construction Investment Smart Life A down 17.05% and Shenyin Wanguo Medical Pioneer A down 13.82% [7] - The underperforming funds primarily consisted of flexible allocation and equity mixed funds, many of which were themed around popular sectors like technology and new energy [7] Management and Size Analysis - CITIC Construction Investment Fund was notably affected, with four of its products appearing in the bottom twenty, managed by Zhou Ziguang, whose funds underperformed their benchmarks by over 54% [7] - Tianzhi Fund also had three products in the bottom list, with two managed by Li Shen, showing significant underperformance against benchmarks [7] - Most underperforming funds were categorized as "mini funds," with 15 having assets under 200 million yuan, and Tianzhi Transformation Upgrade nearing liquidation with only 0.03 billion yuan [3][7] Investment Style and Future Outlook - Some funds failed to manage drawdowns effectively during adjustments in sectors like new energy and healthcare, exemplified by Shenyin Wanguo Medical Biology A, which lost 38.73% over three years [8] - The future of the industry is expected to trend towards more refined and transparent fund assessment systems, with a focus on long-term performance metrics [8] - This shift aims to promote rational investment behavior and encourage fund managers to focus on long-term industry trends and corporate value, fostering sustainable benefits for investors [8]

Group 1 - The pharmaceutical sector is showing signs of recovery after four consecutive years of decline, with over 80% of pharmaceutical-related thematic funds rising as of May 16, and 11 products achieving over 30% growth, led by Changcheng Pharmaceutical Industry Select A with a 42.48% year-to-date return [1] - The performance of Hong Kong stocks in innovative drugs is notable, with the Hong Kong Stock Connect Innovative Drug Index rising by 28.37% year-to-date. The concentration in innovative drug stocks is a key factor in the performance of pharmaceutical thematic funds, with top-performing funds heavily invested in Hong Kong innovative drug stocks [3] - There has been significant capital inflow into innovative drug-themed ETFs, with several funds receiving net inflows of hundreds of millions since the second quarter. Additionally, there has been an increase in applications for new pharmaceutical funds, with at least 23 funds applying for approval in the last three months, over half of which are initiated products [3] Group 2 - The rise of innovative drugs is attributed to policy support, optimized procurement rules, and accelerated R&D progress by leading pharmaceutical companies. The future of the sector looks promising as domestic innovative drugs expand internationally and commercialization efforts advance [3] - Comparisons between A-share and Hong Kong markets indicate that Hong Kong innovative drug companies have less valuation bubble and more quality assets, while A-shares have many companies transitioning from generic to innovative drugs, suggesting greater potential for valuation increases [4] - AI in healthcare is becoming a focal point for institutional investors, with innovative drugs seen as mid-term high-probability assets and AI healthcare as a favorable opportunity, introducing new variables to the pharmaceutical sector [4]