老登归来？多只百亿基金创新高！

Core Viewpoint - The market has recently shifted from a cooling trend to a rebound led by the electronics and non-ferrous metals sectors, with several large-cap active equity funds reaching new net asset value (NAV) highs [1][12]. Fund Performance - A total of 8 large-cap active equity funds achieved new NAV highs on January 19-20, 2026, indicating strong performance in the current market environment [2][12]. - The top-performing funds include: - Guangfa Multi-Factor Mixed Fund: NAV reached 168.64 billion, managed by Yang Dong and Tang Xiaobin, with a long-term annualized return of over 24% [3][14]. - China Europe Dividend Preferred Flexible Allocation Mixed A: NAV reached 168.38 billion, managed by Lan Xiaokang, with an average return exceeding 40% across three products in 2025 [3][14]. - Yongying Advanced Manufacturing Intelligent Selection Mixed Fund A: NAV reached 194.62 billion, managed by Zhang Lu [3][14]. Market Trends - The recent rebound in the electronics sector is crucial for the recovery of large-cap funds, particularly the Xingquan He Run Fund, which is close to recovering its maximum drawdown from 2021 [7][16]. - The Xingquan He Run Fund has a scale of nearly 250 billion and is only 2% away from its historical high, indicating a strong potential for recovery if the electronics sector maintains its momentum [8][16]. Investment Strategies - The funds that have performed well are characterized by their focus on value investing and long-term stability, avoiding short-term market trends [4][14]. - Fund managers who have successfully navigated recent market conditions include those who focused on technology and renewable energy sectors, demonstrating a strategic approach rather than relying on luck [6][15]. Additional Notable Funds - Other large-cap funds worth monitoring include: - Ruiyuan Balanced Value Three-Year Fund and Guangfa Steady Growth Fund, both of which have also shown resilience and are close to recovering from previous drawdowns [9][17].