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 public fund industry in China experienced significant performance in 2025, with major A-share indices showing strong gains across the board [1][3] - The top-performing equity fund, Yongying Technology Smart Selection A, achieved a remarkable return of 233.29%, breaking the previous record set by Huaxia Large Cap Select A in 2007 [1][3] - Conversely, the worst-performing fund, Xinyuan Consumer Selection A, recorded a return of -19.65% [1][3] Performance Summary - Major A-share indices performance: - Shanghai Composite Index: 18.41% - Shenzhen Component Index: 29.87% - ChiNext Index: 49.57% - Sci-Tech Innovation Board Index: 46.3% - Northbound 50 Index: 38.8% [1][3] - Total number of active equity funds analyzed: 4,369, excluding newly established products [1][3] - Number of funds that doubled their performance: 75 [1][3]

如何平衡固收、权益产品的发展，如何有效提升产品业绩，是鑫元基金需要直面的难题 投资时间网、标点财经研究员 余顺安 人类的悲喜，并不相通。 Wind数据显示，在刚刚过去的2025年，全市场有95%的公募基金录得正收益（只统计主代码基金，剔除2025年以来成立的产品），最高收益率超过 230%。但与此同时，有的产品净值下跌近两成——鑫元消费甄选A（017467）以-19.65%的收益率在行业中垫底，跑输业绩比较基准收益率逾22个百分 点。 这只成立未满3年的产品，陷入了连续亏损的泥淖。 根据基金年报，鑫元消费甄选A成立于2023年3月24日，成立当年收益率为-18.03%，跑输业绩比较基准收益率6.42个百分点（同期业绩比较基准收益率 为-11.61%）。2024年，该基金收益率为-23.13%，跑输业绩比较基准收益率30.5个百分点（同期业绩比较基准收益率为7.37%）。 据Wind数据统计，截至2025年末，鑫元消费甄选A成立以来收益率为-49.37%。也就是说，净值累计跌去近五成。 值得一提的是，鑫元消费甄选为发起式基金。根据该基金的基金合同约定，基金合同生效满3年之日，若基金资产规模低于2亿元，无需召开持 ...

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 [1][13] - Among 4,711 actively managed equity funds with performance records, 4,494 reported positive returns over the past year, while 217 had negative returns [1][13] - The top 30 funds with the largest declines all had annual returns below -9.75%, with several funds losing over 15%, including Huafu Medical Innovation A at -27.13% [1][14] Fund Performance - The worst-performing funds include: - Huafu Medical Innovation A: -27.13% return, size 0.60 billion [2][14] -浦银安盛医疗创新A: -20.29% return, size 0.16 billion [2][14] - 鑫元消费甄选A: -19.65% return, size 0.29 billion [2][14] - The performance of the top 30 funds with the largest declines indicates significant underperformance, with many funds experiencing substantial losses [1][15] Historical Performance Analysis - Dongwu Industry Rotation A and Dongwu Progress Strategy A, managed by Zhao Meiling, have shown poor performance, with returns of -12.66% and -10.90% respectively [3][15] - Both funds have long histories, with Dongwu Industry Rotation A established in April 2008 and Dongwu Progress Strategy A in May 2009, yet they have consistently underperformed in recent years [4][16] - The three-year returns for these funds are -22.25% and -24.34%, significantly lagging behind their benchmarks [4][16] Portfolio Composition - The two funds exhibit high similarity in their holdings, with overlapping top ten stocks that have generally performed poorly recently [5][17] - Key holdings for Dongwu Industry Rotation A include: - 分众传媒: 8.52% - 恒瑞医药: 6.94% - 圆通速递: 6.71% [19] - Recent performance of these stocks has been detrimental to the funds' net values, with significant declines observed [19] Industry Trends - Zhao Meiling's funds have a long-term focus on consumer, pharmaceutical, and high-end manufacturing sectors, which have shown mixed performance in recent structural market conditions [12][24] - The overall market for actively managed equity funds in 2025 has been positive, but significant internal differentiation exists, with some thematic products and smaller funds struggling amid market volatility [12][24]

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 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 36 trillion yuan [1][10] - 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][10] - Over a three-year period, 924 out of 3,792 funds recorded negative returns, indicating a significant number of funds struggling to maintain performance [1][10] - The top 30 funds with the worst annual returns all had returns below -9.75%, with several funds losing over 15% [1][10] Fund Performance - The worst-performing fund, Huafu Medical Innovation A, had a return of -27.13%, followed by浦银安盛医疗创新A at -20.29% and 鑫元消费甄选A at -19.65% [2][11] - The performance of the top 30 funds with the largest declines highlights the challenges faced by certain actively managed funds in a fluctuating market [12][18] Specific Fund Analysis - 鑫元消费甄选A, managed by 姚启瑶, has shown particularly poor performance with a return of -19.85% since its inception in March 2023, resulting in a cumulative return of -49.37% [12][18] - The fund has experienced three changes in fund managers within a short period, which has led to challenges in maintaining a consistent investment strategy [13][18] - The current fund manager, 姚启璠, has a return of -2.41% since taking over in July 2025, with a focus on media and consumer sectors, but has faced challenges due to poor performance of key holdings [15][18] Market Trends - The overall market for actively managed equity funds has shown positive trends, but significant internal differentiation exists, with some thematic funds and smaller-scale funds struggling amid market volatility [18] - The ability to enhance flexibility in asset allocation and improve stock selection accuracy will be crucial for these funds to recover from their current low performance [18]

Core Insights - The public fund industry in China experienced significant performance in 2025, with major indices such as the Shanghai Composite Index and Shenzhen Component Index showing gains of 18.41% and 29.87% respectively [23][24] - A total of 4369 active equity funds were analyzed, with an average return of 31.92% and 75 funds achieving over 100% returns [23][24] Top Performing Funds - The top-performing fund, Yongying Technology Select A, achieved a remarkable return of 233.29%, breaking the previous record held by Huaxia Large Cap Select A [24][25] - Other notable funds include China Aviation Opportunity Navigator A with a return of 168.92% and Hongtu Innovation Emerging Industry A at 148.64% [25][26] - The top ten funds all recorded returns exceeding 137%, with several funds closely competing in performance [25][26] Underperforming Funds - The worst-performing fund, Xinyuan Consumer Select A, recorded a return of -19.65%, followed by several others with significant losses [27][28] - A total of 129 funds reported negative returns, with 19 funds experiencing declines greater than 10% [27][28] - The bottom ten funds had losses exceeding 13%, indicating a stark contrast to the top performers [28] Fund Manager Performance - Notable fund managers include those from E Fund, with three managers listed among the top ten by assets under management [30][31] - However, some prominent managers, such as Liu Yanchun from Invesco Great Wall, faced challenges, with five out of six funds underperforming their benchmarks [31][32] - The analysis revealed that many top managers struggled with long-term performance, with several funds showing negative returns over three to five years [39][43] Sector Performance - The sectors that performed well in 2025 included non-ferrous metals, telecommunications, and electronics, with gains of 94.73%, 84.75%, and 47.88% respectively [24][27] - Conversely, the coal and food and beverage sectors experienced declines, highlighting the uneven recovery across different industries [24][27] Investment Trends - The investment focus of successful funds leaned towards sectors such as semiconductors, communication equipment, and digital economy, reflecting current market trends [27][28] - The overall market sentiment was positive, with a significant number of funds achieving positive returns, indicating a favorable environment for equity investments in 2025 [23][24]

Group 1 - The annual report of public funds for 2025 shows significant performance, with the top fund, Yongying Technology Smart A, achieving a return of 233.29% and a scale of 11.52 billion [1][9] - The second and third positions are held by Zhonghang Opportunity Leading A with a return of 168.92% and Hongtu Innovation Emerging Industry A with a return of 148.64%, with scales of 13.23 billion and 14.86 billion respectively [1][9] - The total scale of public funds reached 35.89 trillion, an increase of 3.65 trillion from the beginning of the year, with a total of 13,610 funds [5][13] Group 2 - Looking ahead to 2026, the core theme of market opportunities is expected to be driven by AI-induced industrial transformation, with a focus on fundamental verification rather than liquidity-driven optimism [2][10] - The cloud computing sector is anticipated to see sustained growth in demand due to the acceleration of AI applications, alongside stable competition in core areas like optical communication and PCB [2][10] - The investment focus is shifting from AI hardware to application sectors, particularly in smart driving, AI hardware (such as AI phones and AR glasses), and humanoid robots [3][11] Group 3 - The performance of funds over the past three years shows Dongwu New Trend Value Line leading with a cumulative return of 273.85%, followed by Dongwu Mobile Internet A at 262.23% and Huaxia North Exchange Innovation Small and Medium Enterprises Selection at 260.42% [3][11] - The bottom performers include Huafu Medical Innovation A with a return of -26.15% and CITIC Construction Low Carbon Growth A with a return of -51.87% over three years [4][12] - The public fund market has experienced sharp performance differentiation amid macro narrative changes, highlighting the potential for high-quality growth in the coming years [8][15]

鑫元基金旗下权益类基金普遍面临基金经理从业年限短、在管基金规模小，投资收益不太理想的问题。 文｜资市分子 随着A股市场波动上行，投资者入场意愿增强，公募新基金发行市场复苏趋势明显。 Wind数据显示，截至11月25日，以基金成立日为统计口径，今年以来全市场新成立基金达1363只，发行规模合计为1.09万亿元，一举扭转过去多年产品发行 颓势。其中，权益类基金有1013只，占比为74.32%。 繁荣景象之下，仍有新产品需延长募集期。 在产品募集效率显著提升时，公募行业中仍有小部分产品延长募集期。根据Wind数据，截至11月26日，全市场年内有485只基金进行了募集期调整，其中延 长募集期的产品为98只，占比为20.21%。 "资市会"注意到，鑫元港股通领航也是延长募集期中的一员。招募说明书显示，该基金于2025年9月18日获得中国证监会准予注册批文，并在2025年11月5日 开始募集，原定募集截止日为2025年11月21日，后延长至2026年2月4日（含当日）。 鑫元港股通领航的拟任基金经理是王丽军，她曾在深圳永泰软件公司任项目实施专员，大公国际资信评估公司任行业评级部经理，东吴基金管理公司行业研 究员，申万巴黎 ...