主动权益类基金三年期战报：AI科技与北交所成主线，东吴新趋势价值线涨280%居首，德邦、易方达多只产品上榜

Core Viewpoint - The A-share market is experiencing a comprehensive upward trend in 2025, with significant recovery in market sentiment, as evidenced by the performance of active equity funds [1][6]. Fund Performance - As of December 25, 2025, nearly 4,700 active equity funds have been analyzed, with only 194 showing negative returns this year, while over 4,500 funds achieved positive returns [1][6]. - Among these, 83 funds have returns exceeding 100%, with the top ten funds all surpassing 144%. The fund "Yongying Technology Smart A" leads with a return of 237.66% [1][6]. - Over a three-year period, the top twenty funds have all returned over 160%, with an average return of 193%. "Dongwu New Trend Value Line" tops this list with a return of 279.67% [2][7]. Fund Types and Strategies - Flexible allocation funds have shown significant adaptability, with ten such funds in the top twenty achieving an average return of 208%, outperforming eight equity mixed funds at 183% and two ordinary stock funds at 161% [2][7]. - Notably, funds focused on the Beijing Stock Exchange have performed well, with three funds averaging a three-year return of 208%, including "Huaxia Beijing Stock Exchange Innovation Small and Medium Enterprises Selected" at 272.71% [2][7]. Fund Size and Management - "Debang Xinxing Value A" leads in size with 8.985 billion yuan, followed by "Dongwu Mobile Internet A" at 7.996 billion yuan, and "Jingshun Longcheng Stable Return A" at 6.061 billion yuan [3][8]. - Fund manager Liu Yuanhai from Dongwu Fund has notably managed three funds that made the list, achieving an average three-year return of 243% [3][8]. Investment Themes - The investment focus is shifting towards AI and technology growth, with an emphasis on sectors such as AI hardware, smart driving, and humanoid robots, as highlighted by Liu Yuanhai [4][9]. - The automotive intelligence industry is expected to reach a pivotal point in 2025, transitioning from a nurturing phase to rapid growth, with significant increases in penetration rates anticipated [10]. Future Outlook - The leading active equity funds illustrate two main investment themes: technology growth centered on AI and the "specialized and innovative" focus of the Beijing Stock Exchange [11]. - The fund assessment system is evolving towards greater precision and transparency, with a trend towards longer evaluation periods, emphasizing three-year or longer performance metrics [11].