来源：互金咖 主动权益基金迎来业绩丰收年。 回顾2025，公募行业整体交出了一份亮眼的答卷。Wind数据显示，若不统计去年成立党的次新基金，全市场11292只基金（只统计主代码，剔除 联接基金，下同）中10717只产品均获得正收益，占比94.91%；仅有575只产品在年内出现亏损。 若只看成立超过1年的主动权益基金（包括偏股混合型、灵活配置型、普通股票型、平衡混合型，下同），则4369只产品中4222只产品均实现正收 益，占比96.64%；仅有147只产品亏损。与此同时，3419只产品在去年跑赢其基准收益，占比78.26%；剩余950只产品则在去年跑输基准。 据新经济e线了解，从业绩归因和收益特征来看，2025年主动权益基金的亮眼业绩与A股结构性行情深度绑定，业绩突出的基金多集中在科技细分 领域，如光模块、PCB、云计算、存储等，还有部分基金重仓创新药板块。 尽管主动权益基金在去年扬眉吐气，但也有观点指出，表现较好的产品持仓明显呈现高集中度，在公募基金20多年的发展中，投资者需要用平常 心看待这类现象。主动权益基金持续焕发生机，需有数量更多、占比更高、业绩良好且持续的基金，才能惠及更多持有人。 "翻倍基"浪潮 ...

金鹰基金高度重视投研一体化建设，投委会层面确定了明晰的投研导向及战略研究方向，从源头上实现 投研协同，目标是提高投研转化效率。强化研究成果对投资业绩的直接贡献。将基金经理和研究员纳入 统一的投研平台，并设立多个投研一体化小组，加强小组内部的沟通协作，强化反馈机制，力争为持有 人带来良好的投资回报。同时，通过激励制度和明确的职业上升通道，激活投研队伍的积极性。 与此同时，金鹰基金通过市场调整过程中及时的投教宣传引导、多种渠道举办和参与各类投教活动，帮 助投资者充分认识风险，建立理性的投资观念，能够以中长期的视角理性看待市场短期波动，做好投资 者陪伴服务。 中证报中证网讯(记者万宇)作为连接实体经济和居民财富的关键纽带，公募基金行业正处于全面深化改 革、加快推动高质量发展的关键时期。今年以来，在《推动公募基金高质量发展行动方案》等一系列政 策的指引下，公募基金行业迎来从规模扩张向价值创造的深刻转型。金鹰基金近日表示，作为行业老牌 基金管理公司，公司始终牢记服务国家战略、服务实体经济的初心使命，坚持以市场需求为导向，并通 过不断加强业务创新和产品创新能力，积极履行专业机构投资者的社会责任，扎实推进行业高质量发 展， ...

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that a solid understanding of investment basics is crucial for success [2] Group 2 - Current personal pension funds available for investment include two types: pension target FOF funds and passive index funds [3] - FOF funds focus on diversified allocation, allowing for investment in various assets beyond equity funds, including bond funds and commodity funds, based on risk-return characteristics [3]

Core Viewpoint - Public funds are pioneers in personal pension initiatives and play a crucial role in the personal pension ecosystem, with the introduction of pension-targeted funds in 2018 and personal pension funds in 2022 [1] Product Matrix Expansion - As of now, a total of 1,246 personal pension products have been issued, including 466 savings products, 437 insurance products, 306 fund products, and 37 wealth management products [2] - The number of personal pension funds has expanded from 129 to 302 by the end of September 2025, with pension-targeted FOF products accounting for nearly 70% of the total [2] - By the end of the third quarter of 2025, the total scale of personal pension fund Y shares exceeded 15 billion yuan, growing over 65% since the beginning of the year [2] Performance and Growth - As of November 25, 2025, 120 out of the first 129 funds achieved positive returns, with a positive return rate of 93% and an average return of 9.14% [7] - The overall market performance of personal pension funds is strong, with an average return of 13.33% since inception, and over 90% of funds showing net value growth [7] - The largest pension FOF Y share fund, Xingquan Antai Active Pension, achieved a net value growth rate of 25.38%, surpassing its performance benchmark by 10.52 percentage points [7] Investor Engagement and Education - Companies emphasize the importance of educating investors about long-term pension planning and the need for personalized investment strategies based on individual circumstances [8] - Fund companies are focusing on enhancing investor experience and maintaining strategy stability while innovating product offerings to meet diverse investor needs [9]

Core Insights - The article emphasizes the importance of stabilizing the financial market through a collaborative approach, focusing on long-term investments and enhancing market resilience [1][8] Group 1: Market Stability Initiatives - The central economic work conference last December highlighted the need to stabilize the real estate and stock markets, aiming to facilitate long-term capital inflow [1] - Various measures have been implemented, including stock buybacks by listed companies and the role of state-owned enterprises in market value management, contributing to a more stable market environment [1][6] Group 2: Long-term Capital Inflow - There has been a significant increase in long-term capital entering the market, with insurance funds and ETFs showing substantial growth, indicating a positive shift towards a stable investment ecosystem [3][4] - By the end of Q3, insurance companies held stocks worth 3.62 trillion yuan and securities investment funds worth 1.97 trillion yuan, reflecting a notable year-on-year increase [3] Group 3: Corporate Actions - Listed companies have shown a strong commitment to returning value to investors, with 1,033 companies announcing cash dividend plans, an increase of 141 from the previous year, and total buyback amounts reaching 923 billion yuan [4][5] - The rise in cancellation-style buybacks has enhanced the per-share value, reinforcing the market's stability from a microeconomic perspective [5] Group 4: Policy Measures - A series of targeted policy measures have been introduced to address the challenges of insufficient long-term capital, including mandates for state-owned insurance companies to invest a significant portion of new premiums in A-shares [6][8] - The focus on enhancing corporate value through policies such as market value management guidelines and encouraging buybacks is aimed at strengthening the foundation of the capital market [6][8] Group 5: Future Directions - The article suggests that further efforts are needed to create a more mature capital market ecosystem, including optimizing the environment for long-term investments and enhancing regulatory frameworks [8][9] - Recommendations include developing public funds, promoting high-quality index investments, and establishing stabilization funds to support market resilience [9][10]

Core Viewpoint - The active equity funds are regaining popularity in the fourth quarter, outperforming passive index products due to their flexibility in capturing sector opportunities and generating alpha returns [1][2][4]. Group 1: Performance of Active Equity Funds - Since the beginning of the fourth quarter, active equity funds have shown significant performance, with some funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - As of November 18, several active funds reported returns exceeding 13%, with specific funds like 德邦乐享生活A and 银河核心优势A also performing well [2]. - The 泰信发展主题 fund had a strong focus on sectors such as lithium mining and solid-state batteries, with its major holdings seeing stock prices double in the fourth quarter [2]. Group 2: New Product Launches - There has been a surge in new product registrations for active equity funds, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Notable fund managers like 睿远基金 and 泉果基金 have launched new public offerings, indicating a shift towards active management strategies [3]. Group 3: Strategic Positioning of Funds - The industry is witnessing a strategic shift where fund managers are balancing their offerings between active and passive products, with a focus on capturing opportunities aligned with national strategies [4][6]. - 平安基金 has categorized its active equity products into four series to enhance product positioning and ensure stable investment strategies [5]. - The emphasis is on identifying sector opportunities that align with national policies, particularly in technology and advanced manufacturing [5]. Group 4: Market Dynamics and Future Outlook - The rise of passive investment has created a competitive environment, prompting active funds to redefine their strategies to focus on stock selection for generating excess returns [6][7]. - Fund managers are adapting their strategies based on market conditions, with some focusing on beta exposure to capture industry trends, while others emphasize deep fundamental analysis for alpha generation [7]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [7].

Core Viewpoint - The active equity funds are regaining popularity in the current market environment, outperforming passive index products, particularly in the fourth quarter of the year [1][2]. Active Equity Fund Performance - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - The 泰信发展主题 fund has heavily invested in sectors such as lithium mining and solid-state batteries, with key holdings like 天华新能 and 盛新锂能 seeing stock prices double [2]. Fund Reporting Trends - There has been a surge in new active equity fund registrations, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Major fund companies like 平安基金 and 广发基金 have reported multiple new stock and mixed funds in the fourth quarter [2]. Strategic Positioning of Funds - Fund companies are refining their product lines to ensure stability in investment strategies, categorizing active equity products into four series: full market stock selection, thematic tracks, index enhancement, and absolute return [4]. - The focus is on capturing opportunities aligned with national strategies, particularly in technology and advanced manufacturing sectors [4]. Market Dynamics and Investment Strategies - The market is experiencing a structural shift, with active funds able to adapt more flexibly to changing market conditions compared to passive products [4][5]. - Fund managers are encouraged to balance between beta (market trend) and alpha (excess returns) strategies, depending on their investment style and market conditions [5][6]. Future Outlook - The regulatory environment is expected to favor active equity products that can consistently generate excess returns, as indicated by recent guidelines [5]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [6].

Core Viewpoint - The recent market environment characterized by high volatility has provided a platform for flexible active equity funds to outperform passive index products, indicating a resurgence in the popularity of active equity funds [1][2][4]. Group 1: Performance of Active Equity Funds - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with some funds achieving returns exceeding 30%, such as the Taixin Development Theme Fund and Taixin Modern Service Fund [2]. - The Taixin Development Theme Fund has heavily invested in sectors like lithium mining and solid-state batteries, with stocks such as Tianhua Xinneng and Shengxin Lithium Energy doubling in price since the fourth quarter began [2]. Group 2: New Fund Submissions - There has been a surge in new submissions for active equity funds, with 54 new stock and mixed funds reported in November, surpassing the number of index funds for the first time this year [3]. - Major fund companies like Ping An Fund and GF Fund have submitted multiple new active products covering various themes, including emerging equipment, technology, and healthcare [3]. Group 3: Flexibility and Strategic Advantages - Active equity funds are regaining traction due to their ability to adapt to market changes and exploit alpha opportunities, as evidenced by their recent performance against passive funds [4]. - The current structural market conditions, characterized by rapid sector rotation, favor active management strategies that allow for timely adjustments in sector weightings [4][6]. Group 4: Future of Active and Passive Investment - The growth of passive investment has created a more competitive landscape, necessitating active funds to refine their strategies to maintain relevance and achieve excess returns [5]. - The market is expected to see a continued evolution where successful active funds focus on stock selection to generate alpha, while passive funds will enhance their offerings to meet diverse investor needs [5][6].

Core Insights - The number and proportion of passive index funds being launched by fund companies are significantly higher than other types of funds as the year-end approaches, indicating a strategic shift in the market [1][2] - Despite strong performance, the share of actively managed equity funds is decreasing, leading to increased net redemption pressure on existing funds [1][2] Group 1: Fund Issuance Trends - As of November 5, 2023, a total of 1,333 new funds have been launched this year, surpassing previous years and nearing the 2022 total of 1,546 [2] - Equity and mixed funds account for over 50% of the new fund issuance, with equity funds making up 37.69%, the highest since 2020 [2] - The proportion of bond funds has sharply decreased from over 65% in the past three years to 41.13%, highlighting a "strong equity, weak bond" trend [2] Group 2: Performance of Passive Index Funds - In Q3, 361 new equity funds were established, with a total scale of 203.608 billion yuan, of which 258 were index equity funds, accounting for over 70% of the total issuance [2] - The total share of actively managed equity and mixed funds decreased by 230.961 billion yuan in Q3, indicating a shift in investor preference towards passive products [2] Group 3: Strategic Focus of Fund Companies - Fund companies are increasingly focusing on passive index products, with 44 new products awaiting issuance, half of which are passive index funds [3] - These new products include enhanced versions of major indices and thematic funds in popular sectors such as technology and renewable energy [3] - Market analysts suggest that while there may be profit-taking at year-end, the dividend strategy could benefit from lower competition and better valuation compared to the technology sector [3]

Core Viewpoint - The demand for diversifying asset allocation and enhancing strategy diversification in bank wealth management is increasingly urgent in a low interest rate environment, with a focus on increasing participation in equity markets as a necessary measure for supporting the long-term stable development of capital markets [1] Summary by Sections Current State of Equity Investment - Wealth management companies have made efforts to establish equity investment frameworks, but progress has been relatively slow, with over 93% of assets still in fixed-income categories [2] - The historical focus on fixed-income products has created a "path dependence" that limits the development of equity investment capabilities [2] - Client preferences for the stability of fixed-income products further constrain wealth management companies' ability to increase equity investment [2] Four Main Paths for Equity Market Participation - **Path One: Direct Stock Investment** Wealth management companies can build a comprehensive equity research and investment team, allowing for direct control over equity investments. This model requires significant investment in resources and time [3] - **Path Two: Commissioned Investment** Companies can select external managers to design customized equity investment strategies, leveraging external expertise while avoiding the need for extensive internal research capabilities. However, this method has high post-investment management costs and limited flexibility [4] - **Path Three: Active Management Equity Funds** With over 5,300 active equity and mixed funds available, this path allows for flexible investment adjustments based on market changes, though it requires strong market trend analysis and fund selection capabilities [5] - **Path Four: Passive Index Funds** Passive index funds, with a total market size of approximately 4.5 trillion yuan, offer low fees and transparency, making them suitable for achieving beta returns. However, they lack the ability to capture excess returns through active adjustments [6] Recommendations for Planning Equity Market Participation - Wealth management companies should tailor their equity investment paths based on their resources and client preferences, with a gradual approach to building equity research capabilities [7] - Companies with limited equity research foundations should start with commissioned investments and gradually extend to passive and active funds [7] - For companies with stronger research capabilities, a combination of commissioned investments and active funds is recommended, transitioning to direct stock investment as capabilities mature [7] Supporting Actions for Equity Investment - Companies need to strengthen macroeconomic and asset allocation research to effectively capture key variables affecting equity prices [8] - Establishing robust evaluation and assessment mechanisms for equity investments is crucial for effective post-investment management [8] - A long-term perspective is essential for developing equity research capabilities, particularly in complex industries, to ensure sustainable investment outcomes [8]