Core Viewpoint - The A-share market is expected to enter a new phase in 2026, with strong bullish sentiment and potential for high-growth sectors to continue performing well, driven by policy support and structural changes in the economy [2][4]. Market Sentiment - During the New Year holiday, the Hang Seng Tech Index rose by 4%, and the Nasdaq China Tech Index increased by 4.81%, indicating a strong bullish sentiment in the market [2][4]. - In 2025, 90 funds saw their annual returns double, with the top-performing fund achieving a 233.29% increase in net value [3]. Sector Performance - High-performing sectors in 2025 included computing power, humanoid robots, innovative pharmaceuticals, non-ferrous metals, and new consumption, which contributed to significant returns for funds focused on these areas [3][6]. - The market is expected to shift from valuation-driven growth to a healthier model driven by fundamentals and structural reforms, with a focus on long-term growth sectors such as new energy and innovative pharmaceuticals [6]. Economic Outlook - The economic growth engine is transitioning from monetary easing to credit expansion, with credit resources expected to flow more precisely into new productive sectors, aiding the recovery of the real economy [5]. - A significant increase in credit issuance is anticipated in January, potentially reaching 3-4 trillion yuan, which could benefit both the A-share and Hong Kong markets [5]. Investment Opportunities - There is a focus on sectors with long-term growth potential, including technology and consumption, with an emphasis on companies that are expanding globally [6]. - The investment community is particularly interested in themes such as commercial aerospace and low-altitude economy, which are expected to gain traction in 2026 [6]. Risks and Concerns - Fund managers express concerns about the potential negative impacts of a real estate downturn, uncertainties in US-China trade relations, and the risk of over-investment in certain AI sectors [7]. - Close attention is required regarding changes in capital expenditure in the AI sector, as any weakening could significantly alter investment logic [7].

Core Insights - The year 2025 is marked as a "victorious year" for public fund managers, with significant returns across various funds, particularly in the active equity fund category [1][2] - The top ten active equity funds achieved returns exceeding 137%, with the champion fund manager delivering over 230% [1][3] - The overall performance of the A-share market has shown a strong recovery, leading to a notable increase in fund profitability [1][2] Active Equity Funds - The top-performing fund, managed by Ren Jie, is the Yongying Technology Select Fund, with a return of over 233%, focusing on global cloud computing and benefiting from AI industry growth [3][4] - The second place is held by Han Hao's China Aviation Opportunity Fund, with a return of nearly 169%, also focusing on the AI industry chain [4] - The third place is occupied by Liao Xinghao's Hongtu Innovation Emerging Industry Fund, achieving over 148% return, similarly focused on AI and chip industries [5] - The top ten funds have all surpassed a return of 136%, indicating a strong trend towards technology-focused investments [6][7] Performance Against Benchmarks - The Yongying Technology Select Fund led in exceeding benchmark returns by 198 percentage points, followed by the China Aviation Opportunity Fund at 162 percentage points [12] - Other notable funds that exceeded benchmarks include the Hongtu Innovation Emerging Industry Fund and the Hengyue Advantage Select Fund, showcasing strong performance in a benchmark-focused environment [12][13] Ordinary Stock Funds - The top ordinary stock fund is the Rongtong Industry Trend Fund, managed by Li Jin, with a return of over 114.6% [14][16] - Other notable funds in this category include the E Fund Strategic Emerging Industries Fund and the Hongtu Innovation New Technology Fund, with returns of 107.6% and 104.9% respectively [14][15] Mixed Funds - The mixed fund category mirrors the top performers in active equity funds, with the Yongying Technology Select Fund and China Aviation Opportunity Fund leading the rankings [19][21] - Noteworthy funds ranked 11th to 20th include those managed by Chen Wenkai and Wu Yuanyi, demonstrating strong performance despite contractual constraints [19][21] Index Funds - The top index fund is the Guotai Zhongzheng All-Index Communication Equipment ETF, achieving a return of over 126% [22][23] - Other high-performing index funds are also focused on communication equipment themes, indicating a concentrated interest in this sector [22][23] QDII Funds - The top QDII fund is the Huatai-PB Hong Kong Advantage Select Fund, with a return of 114%, despite facing challenges in the latter part of the year [25][28] - Other notable QDII funds include the Chuangjin Hexin Global Pharmaceutical Fund and the E Fund Global Growth Select Fund, with returns of over 91% and 86% respectively [25][26] Bond Funds - The top-performing bond fund is the Southern Changyuan Convertible Bond Fund, with a return of 48.77% [30][31] - The performance of bond funds has been closely contested, with several funds achieving returns in the 33%-35.9% range [32]

Group 1 - The new chairman of Hongtu Innovation Fund is He Kun, who has a background as a university teacher and experience in regulatory and asset management sectors [2][4]. - He Kun's appointment follows the departure of the previous chairman, Ruan Fei, who left due to the expiration of the board's term [4]. - Hongtu Innovation Fund was established on June 18, 2014, and is the first public fund in China backed by a venture capital firm, with a registered capital of 550 million yuan [5]. Group 2 - As of the end of Q3 this year, Hongtu Innovation Fund manages a total public fund size of 20.662 billion yuan, with non-monetary fund assets amounting to 8.4 billion yuan, ranking 129th in the industry [5]. - The fund's REITs have a scale exceeding 3.2 billion yuan, bond funds over 2.4 billion yuan, and equity and mixed funds over 2.6 billion yuan [7]. - The Hongtu Innovation New Emerging Industry Fund has achieved a year-to-date net value growth rate of over 129%, ranking among the top in the market [7].

【导读】又有基金公司迎来新董事长，曾担任大学教师 12 月 5 日晚间，红土创新基金发布董事长变更公告，何琨担任公司新一任董事长。 | 新任人员职务 | 重事长 | | --- | --- | | 新任人员姓名 | 何琨 | | 任职目期 | 2025年12月3日 | | 过往从业经历 | 曾任云南财经大学教师,中国证监会派出机构工作人员,宝 盈资管公司副总经理,深创投红土资管董事、总经理。现任 | | | 深创投红土资产管理(深圳)有限公司董事长、法定代表人。 | | | 红土创新基金管理有限公司董事长、法定代表人。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 硕士 | 据介绍，何琨是大学教师出身，还具有监管部门及资管行业从业经验。他曾任云南财经大学 教师，中国证监会派出机构工作人员，宝盈资管公司副总经理，深创投红土资管董事、总经 理。现任深创投红土资产管理（深圳）有限公司董事长、法定代表人，红土创新基金管理有 限公司董事长、法定代表人。 中国基金报记者 若晖 又有基金公司迎来新的掌门人。 12 月 5 日，红土创新基金发布董事长变更公告，任命何琨担任公司董 ...