Abstract: One-factor performance evaluation model with CAPM theory and investment timing evaluation model are utilized in this paper to practically analyze securities investment funds around China. The result of testing goodness of fit proves the model’s applicability in Chinese fund market.，The performance evaluation indicates the general investment is lower than the performance benchmark. Correspondingly， funds gain limited capacity of security selecting， even negative when period taken into consideration. Finally， the benefit resource of securities investment funds in China is average benefit from marketing-mix