A股再上3900，这十年，公募基金主动权益谁在领跑？

Core Insights - A-shares have seen a significant rebound, with the Shanghai Composite Index surpassing 3900 points for the first time in a decade, indicating a potential slow bull market driven by policy support and technology [1][2] - In Q3 2025, all 165 public fund companies reported positive returns for their active equity funds, with an average return of 25.93% across the board [2][3] - The top-performing fund company over the past decade is Caitong Fund, achieving a remarkable 318% return, the only company to exceed 300% in this category [3][4] Fund Performance Overview - The Shanghai Composite Index rose by 12.73% in Q3 2025, while the Shenzhen Component Index surged by 29.25% [2] - The average returns for active equity funds by company size are as follows: large firms at 26.31%, medium firms at 24.90%, and small firms at 25.97% [2][3] - The top 10% of small fund companies achieved a return of 42.04%, while the bottom 10% had a return of 14.03%, indicating significant performance dispersion [2][3] Long-term Performance Rankings - Over the past decade, the top five fund companies by active equity returns are: 1. Caitong Fund: 318% 2. Wanji Fund: 272.77% 3. Yinhe Fund: 240.05% 4. Dacheng Fund: 238.41% 5. Huashang Fund: 228.23% [4][6] - Other notable companies with returns exceeding 150% include E Fund, Dongwu, and Ping An [4] Recent Performance Trends - In the last five years, the top three active equity funds are: 1. Dongwu Fund: 161.33% 2. Jinyuan Shun'an: 126.99% 3. Huashang Fund: 120.39% [8][10] - The average return for large fund companies over the past five years is 17.42%, while medium-sized firms average 41.11% [12][15] Three-Year Performance Insights - Over the past three years, Dongwu Fund leads with a return of 121.85%, followed closely by Huashang Fund at 119.57% [12][13] - The average return for large fund companies in this period is 19.08%, with medium-sized firms showing a stronger performance at 27.2% [15]