公募2025年成绩单近日揭晓：A股结构性行情加持下，重仓大科技的主动权益基金脱颖而出。 数据显示，永赢科技智选全年收益率达233.29%，登顶主动权益榜，并刷新公募年度收益纪录。2025年 涌现了75只净值翻倍的基金（仅统计初始基金，下同），备受市场关注。 在科创板块引领的结构性行情中，翻倍基金的重仓股含"科"量普遍较高，而重仓传统板块的基金业绩相 对平淡，部分产品全年陷亏损。主动权益基金业绩分化显著，全年首尾差距超过250个百分点。 业内人士指出，2026年市场风格有望趋于均衡，企业盈利修复将成为核心变量，权益投资的分化或进一 步加剧。 新业绩纪录诞生 抱团重仓，仍是2025年公募主动权益"大丰收"的底色，主要集中在AI产业链上。人工智能、算力、半导 体、机器人等科技主线轮番上涨，基金经理一旦选对细分领域，其管理的基金业绩便能获得惊人的上涨 幅度。 比如，2025年度收益冠军基金——永赢科技智选成立于2024年10月30日，该基金成立之初就选择重仓科 技赛道；2025年二季度末调仓，集中押注算力板块，覆盖众多细分领域龙头，持股高度集中，全年收益 率233.29%，大幅领跑全市场基金。 首尾业绩差超250% ...

Group 1 - The core point of the news is that the public fund industry has achieved record-breaking annual returns, with Yongying Technology Smart Selection winning the championship with a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][5] - In 2025, major A-share indices performed well, with the Shanghai Composite Index rising by 18.41% and the ChiNext Index leading with nearly 50% annual growth, contributing to a total market capitalization of nearly 109 trillion yuan [1][3] - The market saw a variety of active sectors, with robotics, innovative pharmaceuticals, and Hong Kong brokerage firms leading in the first half, while CPO, semiconductors, and new energy sectors took the lead in the third quarter [1] Group 2 - The top ten public funds for 2025 were dominated by actively managed equity funds, with Yongying Technology Smart Selection and China Aviation Opportunity Navigator securing the first and second places with returns of 233.29% and 168.92%, respectively [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 for fund performance [2][8] - The emergence of "doubling funds" has become a benchmark for entering the top 100, with notable contributions from various fund companies, including E Fund and Red Soil Innovation [8] Group 3 - The "doubling fund" phenomenon highlights the strong performance of smaller fund companies, with Red Soil Innovation's funds achieving significant returns, showcasing the competitive landscape of the public fund market [4][8] - The total scale of the ETF market in China reached 6.03 trillion yuan in 2025, marking a significant increase and establishing it as the largest ETF market in Asia [9] - The performance of "fixed income plus" products has also seen substantial growth, with total assets reaching 2.52 trillion yuan, reflecting a 50% increase from the previous year [12]

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].

Core Insights - The public fund industry achieved a record-breaking annual return in 2025, with Yongying Technology Smart Selection leading at 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][6] - The A-share market saw significant growth, with major indices rising, including the Shanghai Composite Index up 18.41% and the ChiNext Index nearly 50% [1][3] - A total of 90 funds exceeded a 100% return in 2025, indicating a highly competitive environment for fund performance [2][9] Fund Performance - Yongying Technology Smart Selection, managed by Ren Jie, secured the top position with a return of 233.29%, followed by China Aviation Opportunity Navigation at 168.92% [3][4] - The top ten funds were all actively managed equity funds, showcasing the effectiveness of active management in a volatile market [3][5] - The third place was taken by Hongtu Innovation Emerging Industry with a return of 148.64%, while several other funds also reported returns exceeding 140% [4][5] Market Trends - The year 2025 marked a significant increase in the number of "doubling funds," with 75 actively managed equity funds achieving over 100% returns [2][9] - The market saw a diverse range of sectors performing well, including robotics, innovative pharmaceuticals, and hard technology sectors like CPO and semiconductors [1][3] - The trend of high returns was not limited to large fund companies; smaller firms also made significant contributions to the top rankings [5] Fund Characteristics - Yongying Technology Smart Selection's success was attributed to its concentrated holdings in high-performing sectors, particularly in computing power [8] - The fund's top ten holdings accounted for 73.25% of its net value, with substantial gains in its major stocks during the fourth quarter [8] - The competitive landscape for funds in 2025 emphasized the importance of active management and strategic sector allocation [3][5]

Core Insights - The year 2025 is anticipated to be a harvest year for public funds, with significant profit effects observed throughout 2023, particularly in innovative pharmaceuticals and technology sectors, leading to the emergence of numerous "doubling funds" [1][2] - Active equity funds are expected to regain their performance edge as the bull market returns, with 55 "doubling funds" primarily being actively managed products [2] Group 1: Fund Performance - As of December 8, 2023, 55 funds have achieved a doubling of returns, with the top performer, Yongying Technology Select, boasting a remarkable 217.93% annual return, significantly ahead of the second-place fund by 56.83% [3] - The top ten funds are predominantly focused on AI, with only one fund, Huatai-PB Quality Select, being a non-AI themed fund, which ranks eighth with a 135.73% return [4][5] Group 2: Market Trends - The AI sector has been a major driver of fund performance, with funds heavily investing in computing power and maintaining high positions, reflecting a strategy that amplifies returns during favorable market conditions [3][4] - Concerns about short-term volatility in the AI sector have been expressed by fund managers, indicating that while the fundamentals remain strong, the market may experience fluctuations as performance expectations are realized [9] Group 3: Capital Expenditure Insights - Analysts suggest that the likelihood of an "AI bubble" in China is low due to limited cyclical financing, prudent capital expenditures, and stable IDC deployment rates, with major internet companies focusing on ROI and operational efficiency [7][8]

Core Viewpoint - The A-share market is experiencing significant structural differentiation, with a notable performance gap of over 220 percentage points between top-performing and bottom-performing funds, as the market approaches the end of the year and the annual performance sprint for active equity funds begins [3][4]. Market Performance - As of November 10, the A-share market is in a consolidation phase around the 4000-point mark, with the Shanghai Composite Index closing at 4018.6 points, reflecting a year-to-date increase of 19.9% [5][6]. - The market shows a clear "high-cut low" characteristic, with the TMT sector experiencing volatility due to global AI narratives, while the pharmaceutical sector faces pressure from internal procurement and external geopolitical risks [6][7]. - The average return of active equity funds has decreased from 33.08% at the end of Q3 to 30.51% year-to-date, with the Wind data indicating a 2.08% decline in the fourth quarter [6][7]. 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% [8]. - The threshold for entering the top ten active equity funds is set at 122.13%, significantly higher than the previous year's 52.4% [7]. Fund Subscription Policies - In response to market conditions, several fund companies are adjusting their subscription policies, with some funds lifting restrictions on large subscriptions to attract more capital, while others are tightening limits to manage fund size and stability [9][10]. - As of November 10, 218 active equity funds have suspended large subscriptions, with some limiting daily subscription amounts to as low as 100 yuan [10][11]. Market Outlook - The dynamic adjustments in fund subscription policies signal a controlled approach to fund size management, with expectations of a stable upward trend in the A-share market, supported by structural improvements in the domestic economy and a decline in risk-free interest rates [11][12]. - The innovation drug sector is experiencing volatility, with market expectations diverging from actual industry performance, leading to profit-taking behavior among investors [12][13].

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]

Group 1 - The capital market has rebounded strongly over the past year, with the Shanghai Composite Index returning to 4000 points for the first time in 10 years, and the average return of equity funds exceeding 30% [1] - Hongtu Innovation Fund has achieved impressive performance, with all its actively managed equity products yielding over 76% in the past year, and the highest product gaining over 132% [1][2] - The fund's equity products have also shown strong medium to long-term performance, ranking well among peers in various time frames, with a one-year return of 72.34% and a five-year return of 113.41% [2][3] Group 2 - The success of Hongtu Innovation Fund is attributed to its deep research capabilities and continuous optimization of product strategies, supported by an integrated platform for macro research, industry analysis, and stock selection [3] - The fund focuses on high-growth sectors such as technology, healthcare, and military, while maintaining a commitment to responsible investment and risk management [4] - The company emphasizes transparency in its operations and aims to enhance investor satisfaction by pursuing value growth [4]

Core Insights - The A-share market has shown significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong performance of public equity funds and the emergence of numerous "doubling funds" [1][3] Group 1: Fund Performance - The average net value growth rate of actively managed equity funds for the first ten months reached 27.48%, with the best-performing funds exceeding 200% [3][5] - Over 98% of actively managed equity funds reported positive net value growth rates, with 705 funds achieving over 50% growth, and 34 funds surpassing 100% [7][5] - The top-performing fund, Yongying Technology Smart Selection A, achieved a net value growth rate of 200.63%, capitalizing on opportunities in the cloud computing market [9][8] Group 2: Index and Sector Performance - Major indices such as the ChiNext Index and the Science and Technology Innovation 50 Index saw annual growth rates exceeding 50%, with the ChiNext Index at 48.84% [1][4] - The communication equipment sector emerged as a significant winner, with related index funds showing remarkable performance, including the Guotai CSI All-Index Communication Equipment ETF, which had a growth rate of 98.87% [12][13] Group 3: Investment Themes and Manager Insights - Fund managers are focusing on structural opportunities in sectors like AI, innovative drugs, and robotics, which have shown strong performance [7][14] - Investment strategies include a focus on domestic semiconductor equipment and energy storage, with managers highlighting the increasing production capacity of domestic storage chips and the growing demand for energy storage solutions [15][14]

Group 1 - The core viewpoint of the articles highlights the strong performance of public funds in 2023, with 60 funds achieving a net value growth rate exceeding 100%, led by Yongying Technology Smart Selection A at 223.81% [1] - The top-performing funds are primarily focused on technology innovation, particularly in sectors like artificial intelligence, semiconductors, and cloud computing, indicating a high concentration in these areas [1][2] - Fund managers express optimism about the long-term investment opportunities in the technology growth sector, particularly as the global AI industry accelerates its commercialization [1][2] Group 2 - Yongying Technology Smart Selection Fund maintains a high allocation in the cloud computing supply chain, particularly in optical communication and printed circuit boards, reflecting a strong belief in the computing power industry [1] - The fund's top ten holdings are concentrated in the communication and electronics sectors, including leading companies in optical modules and electronic enterprises, showcasing a commitment to the computing power supply chain [1] - Other funds, such as Huatai-PineBridge Hong Kong Advantage Selection A, have also performed well by focusing on the Hong Kong stock market, achieving a net value growth rate of 123.37% [2] Group 3 - Fund managers believe that the technology growth sector will continue to present investment opportunities, with a rich array of configuration solutions emerging in computing, communication, and storage [2][3] - The CPO and PCB industries are expected to see significant technological advancements by 2027, marking a pivotal year for new technology convergence [2] - The impressive performance of funds like China Europe Digital Economy A is attributed to their deep investments in the AI industry chain, focusing on five core investment directions [2]