Core Insights - The overall performance of investors has improved significantly this year, with many reporting substantial profits after employing strategies like regular investment and averaging down [1][5][22] - The "偏股基金指数" (Equity Fund Index) has rebounded to levels seen in February 2022, indicating that most investments made since then have turned profitable [4][9] - Data from Alipay shows that 215 million investors have positive cumulative returns on their fund investments, excluding money market funds like Yu'ebao [5][6] Market Performance - Major indices such as the Shanghai Composite Index and CSI 300 have risen over 14%, while the "偏股基金指数" has surged by 29.81%, outperforming the broader market [9][10] - As of September 18, 2025, only 70 out of 4,136 selected funds reported losses, representing just 1.69% of the total [11] - Approximately 79.35% of funds have returned over 15%, indicating that around 80% of active funds have outperformed the market this year [12][13] Fund Analysis - The "偏股基金指数" has consistently achieved new highs during bull markets, while the broader indices have not reached their previous peaks [17][20] - The active fund managers have demonstrated the ability to generate alpha returns, which are not consistently replicated by passive indices [20] - The average return of selected funds from Alipay's "蚂蚁理财金选" (Ant Financial's Gold Selection) has been 29.75%, outperforming the "偏股基金指数" [31] Investment Behavior - Good investment practices, such as regular contributions and averaging down, have been crucial for many investors to recover from previous losses [22][26] - Diversification and selecting quality funds are emphasized as effective strategies to mitigate risks and enhance returns [28][30] - The cultivation of sound investment habits is deemed essential for long-term success in fund investments [36]

Core Viewpoint - The article highlights the significant role of billion-yuan public fund managers in the capital market, especially during the structural rise of A-shares in 2025, where active equity funds have shown strong absolute returns [3]. Group 1: Fund Manager Performance - As of the end of Q2 2025, 15 fund managers have surpassed a management scale of 10 billion yuan, with notable firms including China Europe Fund, Huatai-PineBridge Fund, and Yongying Fund [3]. - The top three fund managers by management scale are Zhang Wei from Huatai-PineBridge Fund (167.64 billion yuan), Yan Siqian from Penghua Fund (161.36 billion yuan), and Lan Xiaokang from China Europe Fund (155.58 billion yuan) [4][6]. - The average tenure of these top fund managers is approximately 4 years, with 4 managers having over 10 years of experience [3]. Group 2: Top Holdings and Returns - The top holdings among these fund managers include stocks like Victory Technology, Tencent Holdings, and CATL, which are favored by at least three managers [3]. - Zhang Wei leads the performance rankings with a return of 75.67% in 2025, managing 167.64 billion yuan across six funds [7]. - Yang Dong from Fortune Fund has a return of 61.18% with a management scale of 103.66 billion yuan, focusing on growth stocks and industry trends [8]. Group 3: Scale Growth and Rankings - The threshold for the top 10 fund managers by scale growth in 2025 is set at 31.02 billion yuan, with Yongying Fund's Zhang Lu and Gao Nan taking the top two spots [9]. - Zhang Lu achieved a net growth of 133.88 billion yuan, bringing his management scale to 154.13 billion yuan, with a return of 69.39% [10][11]. - Gao Nan's management scale increased by 107.79 billion yuan to 153.26 billion yuan, with a return of 36.20% [11][12].

Core Insights - As of the second quarter of 2025, among 84 billion-level active equity fund managers, 15 have surpassed a management scale of 10 billion this year, either through new entries or returning to the list [1] Group 1: Fund Managers - Among the 15 billion-level active equity fund managers, multiple managers from China Europe Fund, Huatai-PineBridge Fund, and Yongying Fund are recognized [1] - China Europe Fund has three managers listed: Lan Xiaokang, Wang Pei, and Yin Weichun [1] - Both Huatai-PineBridge Fund and Yongying Fund have two managers each on the list [1] Group 2: Other Fund Institutions - Eight other public fund institutions, including Penghua Fund, E Fund, GF Fund, and Fortune Fund, each have one manager recognized in the billion-level category [1]

Core Viewpoint - The active equity funds in the public offering market have performed exceptionally well this year, with over 98% achieving positive returns and 75% outperforming the market benchmark (CSI 300 Index up by 14.95%) [3][4]. Group 1: Performance of Active Equity Funds - More than 98% of active equity funds have recorded positive returns this year, with 75% surpassing the market performance [3]. - The top three active equity fund managers among licensed public funds are Dongzheng Asset Management, Caitong Asset Management, and Guotai Haitong Asset Management [3][4]. - Caitong Asset Management has a comprehensive product line in active equity funds, contributing to its strong performance in recent years [3]. Group 2: Caitong Asset Management's Fund Performance - Caitong Asset Management's 20 active equity funds have all achieved returns exceeding 20% this year, significantly outperforming the CSI 300 Index [5]. - Over the past year, all but one of Caitong's funds have returned over 50%, with four funds doubling their value [5]. - The firm has successfully positioned itself in various sectors, including technology, manufacturing, and consumption, leading to substantial returns [5][24]. Group 3: Investment Strategies and Fund Management - Caitong Asset Management employs a diverse range of investment strategies across its funds, focusing on sectors such as technology, advanced manufacturing, and consumer goods [6][20]. - The firm has adopted a structured approach to fund management, utilizing a three-tiered structure that balances core holdings with tactical positions [29]. - The investment philosophy emphasizes a combination of industry insights and rigorous research, enabling the team to identify trends and opportunities effectively [44][45]. Group 4: Research and Development - Caitong Asset Management's investment team consists of approximately 40 members, with 20 dedicated researchers focusing on various sectors [45]. - The firm integrates a comprehensive research approach into its investment strategy, enhancing the decision-making process and aligning with long-term absolute return goals [46][47]. - The success of Caitong's equity products is attributed to a systematic approach that combines industry perspective, research empowerment, and a focus on absolute returns [47].

在这15位百亿元主动权益基金经理中，中欧基金、汇添富基金、永赢基金均不止一名基金经理上榜，其 中中欧基金有3位基金经理上榜，分别是蓝小康、王培和尹为醇，另外2家均有2位基金经理上榜，此 外，鹏华基金、易方达基金、广发基金、富国基金等8家公募机构均有1位基金经理上榜。 从管理规模来看，汇添富基金张韡、鹏华基金闫思倩、中欧基金蓝小康管理规模位列前3，二季度末管 理规模依次为167.64亿元、161.36亿元和155.58亿元。永赢基金2位基金经理张璐和高楠位列第四和第五 名，管理规模均超150亿元。 任职年限方面，这15位基金经理中，任职最短的接近4年，4位任职超10年，其中任职最长的是易方达基 金郭杰、景顺长城基金刘苏和中欧基金王培，均担任基金经理年限高达12年。另外富国基金杨栋任职年 限达10年。 | | | | 2025 年管理规模破百亿的主动权益基金经理名单 | | | | --- | --- | --- | --- | --- | --- | | 基金经理 | 所属基金 | 担任基金经 | 在管基 | 2025 年二季末管理规 | 2024 年年末管理 | | 名称 | 公司 | 理年限 | 金数 | ...

Group 1 - The core viewpoint of the article highlights the strong performance of actively managed equity funds in 2023, with a significant number of funds achieving positive returns and impressive average yields [1][2] - As of August 31, 2023, 99% of ordinary equity funds and 98% of mixed equity funds reported positive returns, with average returns of 27.91% and 27.66% respectively [1][2] - Over the long term, actively managed equity funds have outperformed the CSI 300 index in 10 out of the last 17 years, with five years showing double-digit excess returns [1][2] Group 2 - The article attributes the strong performance of actively managed equity funds in 2023 to the structural market conditions, emphasizing the importance of sector and stock selection [2][3] - Fund managers with deep industry insights and research capabilities are better positioned to capitalize on market opportunities during volatile conditions [3] Group 3 - The selection of actively managed equity funds is fundamentally about choosing the right fund manager, as their decisions directly impact fund performance [3][4] - The article introduces Zhang Ronghe, the proposed fund manager for the Guotai Qiming Return Mixed Fund, highlighting his extensive macroeconomic research background and investment philosophy [4][5] Group 4 - Zhang Ronghe's investment strategy focuses on macroeconomic fundamentals, selecting industries that benefit from economic cycles, and then choosing individual stocks based on specific indicators [5][6] - His management of the Guotai Blue Chip Selection Fund has yielded a 46.40% return over the past year, showcasing his ability to manage diverse risk-return profiles [6][8] Group 5 - Zhang Ronghe emphasizes risk control and client experience in his investment management, aiming to minimize drawdowns and enhance investor satisfaction [7][8] - His approach includes monitoring domestic policy fluctuations and overseas risks, focusing on cyclical sectors and core assets that are expected to perform well in the upcoming economic environment [9]

Core Viewpoint - The current market environment is favorable for actively managed equity funds, with significant performance improvements observed since 2025, where nearly all ordinary stock and mixed equity funds have achieved positive returns averaging over 27% [1][2]. Group 1: Active Equity Fund Performance - Active equity funds have shown remarkable performance, with an average return of 27.91% and a median return of 24.72% for 2025 YTD, with 99% of the 1,038 funds reporting positive returns [2]. - Since 2009, active equity funds have outperformed the CSI 300 index in 10 out of 17 years, indicating a strong long-term performance trend [1]. Group 2: A-Share Market Valuation - Current A-share market valuation indicators show high cost-effectiveness, with the Wande All A-share equity risk premium at the 52.7th percentile since 2010, and the CSI 300 dividend yield compared to the 10-year government bond yield at the 94.0th percentile [3]. Group 3: Fund Manager Profile - Zhang Ronghe, the proposed fund manager, has 13 years of experience, with a strong background in macro strategy research and investment management, currently managing funds like Guotai Blue Chip Selection [4][6]. - His investment approach focuses on identifying optimal risk-return solutions within specific investment constraints, utilizing a top-down investment framework centered on macro fundamentals [6]. Group 4: Historical Performance of Fund Manager - Under Zhang Ronghe's management, the Guotai Blue Chip Selection fund has achieved a 46.40% return over the past year and over 46% since inception, with an annualized return close to 30%, significantly outperforming benchmarks [7]. - The Guotai Zhaoxiang Tianli fund, also managed by Zhang, has delivered a 10.57% return in the past year, achieving a 4.22% excess return relative to its benchmark [11]. Group 5: Market Outlook - Zhang Ronghe perceives the current market as structurally distinct from previous bull markets, with a focus on sector rotation rather than broad market rallies, indicating a need for selective investment strategies [15]. - The macroeconomic outlook for 2026 is expected to improve significantly compared to 2025, with a focus on cyclical sectors and policy-driven growth opportunities [16]. Group 6: Guotai Fund's Investment Strength - Guotai Fund has demonstrated strong active equity investment capabilities, generating a total profit of 16.4 billion yuan for investors over the past six years [17]. - The firm emphasizes independent research and deep analysis to identify high-value companies, maintaining a consistent focus on investor profitability regardless of market conditions [18].

1. Report Title and Information - The report is titled "Fund Analysis Special Report (In - depth): Counting the Semi - annual Report of Public Active Equity Funds in 2025 - Institutional Funds Focus on the Top, Market Activity and Fund Turnover Increase" [1] - The analysts are Wang Ziwei and Wang Dandan, and the report was released on September 5, 2025 [1] 2. Core View - In the first half of 2025, the A - share market recovered and became more active, but the total share of active equity funds decreased compared with last year. The proportion of institutional holdings increased, while that of individual holdings decreased slightly. Both individual and institutional investor funds were significantly concentrated in top - scale funds, with individual investors preferring larger - scale funds more than institutions [2] 3. Summary by Catalog 3.1 Holder Structure 3.1.1 Share/Proportion Changes - In the first half of 2025, the total share of active equity funds decreased compared with last year. The proportion of institutional holdings increased, and that of individual holdings decreased slightly. By the end of the first half of 2025, the institutional share of active equity funds was 424.585 billion shares, accounting for 15.51%, and the individual share was 2313.5 billion shares, accounting for 84.49%. The institutional holding ratio increased by 1.78% compared with the end of 2024 and 0.58% compared with the end of the first half of 2024. Among different investment categories, the ordinary stock - type funds had the highest institutional holding ratio at 23.59%, and the balanced hybrid - equity - oriented funds had the lowest at 11.50% [17] 3.1.2 Institutional/Individual Fund Distribution - In the first half of 2025, both individual and institutional investor funds were significantly concentrated in top - scale funds. By mid - 2025, 37.05% of institutional funds were concentrated in the top 5% of funds by scale, with the proportion increasing by 2.51% compared with the end of 2024 and 11.38% compared with the end of the first half of 2024. 38.16% of individual funds were concentrated in the top 5% of funds by scale, with the proportion decreasing by 0.66% compared with the end of 2024 but increasing by 1.27% compared with the end of the first half of 2024. Individual investors preferred larger - scale funds [22] 3.2 Institutional Positioning 3.2.1 Funds with Larger Holding Shares - As of the end of the first half of 2025, among the top ten ordinary stock - type funds held by institutions, 8 were increased in holdings and 2 were decreased. Among the partial - equity hybrid funds, 9 were increased and 1 were decreased. Among the flexible - allocation equity - oriented funds, 7 were increased and 3 were decreased. The ordinary stock - type, partial - equity hybrid, and flexible - allocation equity - oriented funds with the largest institutional holdings were "Invesco Great Wall Research Selection", "Changxin Jinli Trend", and "China Europe Dividend Premium", with holding shares of 3.465 billion, 9.571 billion, and 4.383 billion respectively, and the share changes in the past six months were 669 million, - 2.143 billion, and 2 billion respectively [26] 3.2.2 Funds with Larger Increased Holding Shares - In the first half of 2025, the ordinary stock - type fund with the largest increase in institutional holdings was "Fullgoal Consumption Selection 30" managed by Zhou Wenbo, with an increase of 1.755 billion shares. The partial - equity hybrid fund with the largest increase was "Fullgoal Steady Growth" managed by Fan Yan, with an increase of 5.108 billion shares. The flexible - allocation equity - oriented fund with the largest increase was "China Europe Dividend Premium" managed by Lan Xiaokang, with an increase of 2 billion shares [31][34][36] 3.2.3 Small - and Medium - Sized Funds with Faster - Rising Proportions - Among small - sized funds with a scale between 100 million and 500 million, the top ten funds with the fastest - rising institutional holding ratios were "Haitong Quantitative Forward", "Changxin Huizhi Quantitative Stock Selection", etc. Among small - sized funds with a scale between 500 million and 1 billion, the top ten funds with the fastest - rising institutional holding ratios were "China Europe High - end Equipment", "GF Balanced Growth", etc. [38][40] 3.3 FOF Positioning 3.3.1 Funds with Larger Holding Market Values - As of mid - 2025, the active partial - equity funds with the largest FOF holding market values were "Dacheng Gaoxin" with a holding market value of 896 million yuan. Other top - ten funds included "Fullgoal Steady Growth" (773 million yuan), "Xingquan Business Model Preferred" (568 million yuan), etc. [44] 3.3.2 Funds with Larger Increased Holding Shares - From the perspective of the share changes of FOF - held funds in the latest period, "Fullgoal Steady Growth" had the largest increase in FOF holdings, with an increase of 638 million shares. Other funds with large increases included "E Fund Strategic Emerging Industries", "E Fund Active Growth", etc. [47] 3.3.3 Funds with a Larger Number of Holders - As of mid - 2025, "Dacheng Gaoxin" was held by 169 FOFs. The second - and third - ranked funds were "Fullgoal Steady Growth" managed by Fan Yan and "Invesco Great Wall Quality Evergreen" managed by Nong Bingli, held by 132 and 88 FOFs respectively. Other top - ten funds included "Dongfanghong JD Big Data", "Boda Growth Zhihang", etc. [50] 3.4 Shareholding Characteristics 3.4.1 Fund Turnover - In the first half of 2025, the average turnover of all active partial - equity funds was 2.12, higher than that in the first half of 2024 (2.08) and the second half of 2024 (1.93). Among different types of active equity funds, the flexible - allocation equity - oriented funds had the highest turnover in the first half of 2025 at 2.26, followed by partial - equity hybrid funds and balanced hybrid - equity - oriented funds with turnovers of 2.11 and 1.98 respectively. The ordinary stock - type funds had the lowest turnover at 1.92 [53] 3.4.2 Market Value/Plate Changes - In terms of market - value style, active partial - equity funds were mainly allocated to small - and medium - cap stocks. By the end of the first half of 2025, stocks with a market value below 30 billion accounted for the highest proportion at 42.71%. Compared with the end of 2024, the proportion of large - cap stocks increased, while that of small - and medium - cap stocks decreased. By the end of the first half of 2025, among all the holdings of active partial - equity funds, the technology sector accounted for the highest proportion, and the financial sector accounted for the lowest. Compared with the end of 2024, the technology sector had the largest increase in market - value proportion, and the manufacturing sector had the largest decrease [64] 3.4.3 Industry Allocation Proportion Changes - At the sub - industry level, in the first half of 2025, the industries with a relatively large increase in shareholding market - value proportion were pharmaceutical biology, media, electronics, non - ferrous metals, and non - bank finance. The proportions of the power equipment, food and beverage, and household appliance industries decreased significantly. As of mid - 2025, the top three industries held by active equity funds were electronics, pharmaceutical biology, and power equipment, with their shareholding market - value proportions accounting for 17.03%, 12.12%, and 7.53% respectively [66] 3.4.4 "Hidden Heavy Positions" - In the first half of 2025, among the stocks with a heavy - position market value ranked below 50 in the second - quarter heavy - position holdings of active equity funds, the stock with the highest non - heavy - position market value calculated according to all shareholding details was Dongshan Precision, with a total shareholding market value of 922.9 million yuan, of which 380.2 million yuan was non - heavy - position holding. Among the stocks with a heavy - position market value ranked below 100, the stock with the highest non - heavy - position market value was Naxinwei [69] 3.4.5 Sub - Industry Changes - From the perspective of the market value of holdings in Shenwan primary industries, in the technology sector, the allocation proportions of the electronics and media industries increased significantly, and those of the communication and computer industries increased slightly. In the large - consumption sector, the pharmaceutical biology industry was booming in the first half of the year, while traditional consumption - related fields were reduced in holdings. In the cycle - manufacturing sector, except for a slight increase in the proportions of the national defense and military industry and the machinery equipment industry, other industries decreased, with the power equipment industry having the most significant decrease. In terms of resource products, the market - value proportion of the non - ferrous metals industry increased significantly [71][77]

Group 1: Brokerage Firms' Mid-Year Dividends - 28 out of 42 listed brokerages plan to implement mid-term cash dividends, totaling approximately 188 billion yuan, a year-on-year increase of 39.8% [1] - Among the 28 brokerages, 21 have a dividend total exceeding 100 million yuan, with 7 surpassing 1 billion yuan; CITIC Securities leads with a proposed cash dividend of 4.298 billion yuan [1] - The trend of mid-term dividends is expanding, with 6 brokerages initiating mid-term dividends for the first time, indicating a growing awareness of shareholder returns in the industry [1] Group 2: Departure of Key Asset Management Figure - Xu Zhimin, the Chief Investment Officer of Zhongtai Asset Management, announced his departure after over ten years, with all managed products achieving profitability and consistently outperforming the CSI 300 index [2] - His departure highlights the accelerating talent turnover in the brokerage asset management sector, raising concerns about the stability of investment research teams and the sustainability of product performance under new management [2] Group 3: Fundraising Success of New Equity Fund - The newly launched招商均衡优选混合 fund raised over 5 billion yuan on its first day, reaching its fundraising cap, potentially setting a record for the largest initial fundraising of an equity fund this year [3] - This fundraising success reflects a rebound in market risk appetite and increased investor confidence in actively managed equity products, which may encourage more fund companies to focus on equity product offerings [3] Group 4: Establishment of New Venture Capital Fund - A new venture capital partnership, with a total investment of 1 billion yuan, has been established by China International Capital Corporation (CICC) and other partners, focusing on equity and venture investments [4] - This initiative demonstrates the leading brokerage's accelerated efforts to invest in emerging industries, enhancing its competitiveness in investment management and potentially attracting more capital to the venture capital sector [4]

Core Viewpoint - The A-share market has shown signs of recovery this year, leading to a significant increase in the number and scale of newly launched active equity funds, with some funds raising over 5 billion yuan in a single day [1][2]. Group 1: Fund Performance and Trends - The newly launched active equity fund, the China Merchants Balanced Preferred Mixed Fund, set a fundraising cap of 5 billion yuan and exceeded this amount on its first day of sale, indicating strong investor interest [1]. - As of September 2, 2023, there are 10 funds that have raised over 5 billion yuan this year, including 2 FoFs and 8 bond funds, while only 2 ETF-linked funds in the equity category have raised over 4 billion yuan [1]. - The top-performing active equity funds include Dachen Insight Advantage, E Fund Value Return, China Europe Core Selection, and Huashang Zhiyuan Return, each raising between 2 billion to 2.5 billion yuan [2]. Group 2: Market Conditions and Investor Sentiment - The increase in active equity fund issuance is closely linked to the positive changes in the stock market, with a notable recovery in investor confidence towards active equity funds [2]. - Over 40 funds have doubled their performance this year, reflecting a significant improvement in the performance of active equity funds amid rising A-share indices [2]. - Morgan Stanley's analysis suggests that the current A-share market is driven by liquidity, with improving investor sentiment towards Chinese assets contributing to the appreciation of the yuan, which is favorable for the A-share market [2]. Group 3: Sector Focus and Risks - There is a notable shift in capital towards the technology sector, which is experiencing accelerated cycles of market and funding, indicating a crowded space that may require higher standards for upward momentum [3]. - Investors are advised to be cautious of short-term market dynamics, particularly regarding the interplay between profit-taking and chasing high prices, as well as structural changes in incremental capital [3].