Amid the glare of its championship title, Yongying Fund finds itself simultaneously under the spotlight and at the center of public debate due to promotional controversies and long-term performance tests.
On one hand, it is the absolute champion of the 2025 public fund annual return rankings. On the other, two of its "Smart Select" products are embroiled in allegations of improper promotional practices. As stellar performance intertwines with compliance issues, Yongying Fund's situation has become increasingly complex.
The annual champion has emerged with a significant lead in returns. One of the most notable active equity products in 2025 was undoubtedly Yongying Technology Smart Select A. According to Wind data, this product, established in late October 2024, achieved a return rate of 233.29% for the 2025 calendar year, ranking first in the entire industry, with cumulative returns exceeding 285% since its inception. Such performance is considered a commanding lead within the structural market trends. In fact, several other products under Yongying Fund also performed strongly in 2025. For example, Yongying Ruihong A, Yongying High-End Manufacturing A, and Yongying Rong'an A all reported annual returns surpassing 100%. From a short-term momentum perspective, Yongying Fund successfully capitalized on阶段性 opportunities within the technology growth and new quality productivity sectors.
Just as the champion's光环 had not faded, a controversy surrounding "product promotion" suddenly emerged. In mid-January, a report concerning a prominent financial influencer's "concentrated promotion" pushed Yongying Fund into the热搜. The report alleged that an influencer lacking fund sales qualifications, who was subsequently banned from all platforms, frequently promoted Yongying High-End Equipment Smart Select A and Yongying Information Industry Smart Select A on social media. Using phrases like "go all-in on AI" and "satellite internet is a sure profit," the influencer引导粉丝 to subscribe, resulting in single-day subscription amounts for the two products approaching tens of billions of yuan. If true, such actions not only push against the compliance boundaries of the "Securities Investment Fund Sales Management Measures" but also impact market fairness. The following day, Yongying Fund swiftly implemented purchase limits on the two products. Effective January 14th, the single-day subscription limit for individual investors was set at 1 million yuan. Although the company did not publicly address questions regarding potential "kickback collaborations," the purchase restriction itself signaled a move towards risk control.
These two controversial products are themselves positioned as thematic tool-type funds focused on "new quality productivity." Yongying Information Industry Smart Select A was established in March 2025 and is managed by Wang Wenlong, focusing on AI applications and To B Agent scenarios. By the end of the fourth quarter of 2025, the return for the fund's A-share class was -12.74%, significantly underperforming its业绩比较基准 by nearly 13 percentage points. This is a new product characterized by "high expectations and high volatility," which has yet to deliver on market anticipation. Yongying High-End Equipment Smart Select A was established earlier, in July 2022, and is managed by Zhang Lu, with a focus on high-end equipment sectors like commercial aerospace and satellite internet. In 2025, this product performed impressively, achieving an annual return exceeding 90% and significantly outperforming its benchmark. However, looking back at the previous two years, its A-share class recorded returns of -12.66% in 2023 and -4.16% in 2024, notably lagging behind its业绩比较基准. The fund's return curve exhibits a distinct "roller coaster" characteristic. More notably, its assets under management surged dramatically in the fourth quarter of 2025, with fund shares increasing more than fourfold and the scale of assets growing over seven times quarter-on-quarter. The concentrated inflow of short-term capital has further amplified the product's volatility.
At the end of January, Yongying Fund announced it had commissioned a third-party institution to reassess the risk ratings of its products. According to the latest results, the risk等级 for several funds, including Yongying High-End Equipment Smart Select, was upgraded from "R3 Medium Risk" to "R4 Medium-High Risk." This move holds symbolic significance against the backdrop of regulators emphasizing investor suitability management; when product volatility increases significantly, risk disclosure must be correspondingly enhanced.
Concurrently, regulators are strengthening long-cycle performance assessments. In 2025, the China Securities Regulatory Commission released the "Action Plan for Promoting High-Quality Development of Public Funds," explicitly stating that the weighting for performance考核 over three years or more should be no less than 80%. Fund managers whose performance significantly lags the benchmark over a three-year period should see their performance ratings明显下调. This implies that the光环 of a short-term champion cannot substitute for long-term, stable returns.
Examining performance over a three-year周期 up to the end of Q4 2025 reveals pressure. Seventeen primary share-class products under Yongying Fund had three-year returns below their respective业绩比较基准. For instance: Yongying Huitianyi A had a three-year return of -9.59%; Yongying Qianyuan Three-Year Fixed Open had a three-year return of -3.06%; Yongying New Energy Smart Select A had a three-year return of -29.52%; and Yongying Consumption Theme A had a three-year return of -23.12%. These products failed to outperform their market benchmarks over the longer周期.
This stands in stark contrast to the high profile of the 2025 "champion fund"—on one side is阶段性 explosive growth, on the other is long-term performance pressure. When market fervor combines with the effects of social media traffic, fund companies must contend not only with performance pressures but also withstand tests of compliance and risk control. As long-cycle assessment becomes the industry's main theme, the champion's光环 may be dazzling, but what truly determines the future is the report card delivered over the medium to long term.