百亿基金三年业绩分化：华商润丰涨超147%，景顺长城新兴成长跌30%，张坤、刘彦春被指“躺平式基金经理”

Core Insights - The equity market has shown an overall upward trend since 2025, leading to significant performance growth among large-cap active equity funds, with only 2 out of 34 funds reporting negative returns for the year [1][12]. Fund Performance - The top-performing fund, Yongying Technology Select A, achieved a remarkable annual return of 233.29%, with a current scale of 11.52 billion [4][14]. - The second and third positions were held by Zhonghang Opportunity Navigator A and Zhongou Digital Economy A, with returns of 168.92% and 143.07%, respectively [4][14]. - Conversely, funds focusing on traditional consumption and healthcare sectors, such as Invesco Great Wall Emerging Growth A and E Fund Consumer Industry, reported negative returns of -2.40% and -4.17% [4][14]. Fund Size and Management - The largest fund by size is E Fund Blue Chip Select, with assets of 36.41 billion, followed by Zhongou Healthcare A at 32.95 billion [3][13]. - Notable fund managers like Zhang Kun and Liu Yanchun have seen their funds underperform, with E Fund Blue Chip Select returning only 6.86% in 2025 and a three-year return of -14.12%, lagging behind its benchmark by 36.03 percentage points [5][14]. Long-term Performance - Over the past three years, Huashang Runfeng A has shown the best performance with a return of 147.70%, significantly outperforming its benchmark by 127.87 percentage points [15]. - However, some funds, including Invesco Great Wall Emerging Growth A and Zhongou Healthcare A, have reported negative three-year returns of -29.21% and -24.98%, respectively [16]. Market Outlook - Analysts expect favorable conditions for a "cross-year + spring" market rally in 2026, with a focus on growth and consumption sectors [9][17]. - The AI industry and themes like commercial aerospace are anticipated to maintain strong performance, while traditional consumption and healthcare sectors may face uncertainty [18][19].