永赢产品夺冠，鑫元产品倒数第一！刘彦春、韩威俊业绩太惨了

Core Insights - The public fund industry in China experienced significant performance in 2025, with major indices such as the Shanghai Composite Index and Shenzhen Component Index showing gains of 18.41% and 29.87% respectively [23][24] - A total of 4369 active equity funds were analyzed, with an average return of 31.92% and 75 funds achieving over 100% returns [23][24] Top Performing Funds - The top-performing fund, Yongying Technology Select A, achieved a remarkable return of 233.29%, breaking the previous record held by Huaxia Large Cap Select A [24][25] - Other notable funds include China Aviation Opportunity Navigator A with a return of 168.92% and Hongtu Innovation Emerging Industry A at 148.64% [25][26] - The top ten funds all recorded returns exceeding 137%, with several funds closely competing in performance [25][26] Underperforming Funds - The worst-performing fund, Xinyuan Consumer Select A, recorded a return of -19.65%, followed by several others with significant losses [27][28] - A total of 129 funds reported negative returns, with 19 funds experiencing declines greater than 10% [27][28] - The bottom ten funds had losses exceeding 13%, indicating a stark contrast to the top performers [28] Fund Manager Performance - Notable fund managers include those from E Fund, with three managers listed among the top ten by assets under management [30][31] - However, some prominent managers, such as Liu Yanchun from Invesco Great Wall, faced challenges, with five out of six funds underperforming their benchmarks [31][32] - The analysis revealed that many top managers struggled with long-term performance, with several funds showing negative returns over three to five years [39][43] Sector Performance - The sectors that performed well in 2025 included non-ferrous metals, telecommunications, and electronics, with gains of 94.73%, 84.75%, and 47.88% respectively [24][27] - Conversely, the coal and food and beverage sectors experienced declines, highlighting the uneven recovery across different industries [24][27] Investment Trends - The investment focus of successful funds leaned towards sectors such as semiconductors, communication equipment, and digital economy, reflecting current market trends [27][28] - The overall market sentiment was positive, with a significant number of funds achieving positive returns, indicating a favorable environment for equity investments in 2025 [23][24]