Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns, and the first fund since 2008 potentially exceeding 200% returns [1][7][5] - The resurgence of active management capabilities in public funds is attributed to both market conditions and improved research capabilities [2][8] Performance Metrics - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [5] - If this fund's cumulative return exceeds 7.84% in the remaining trading days of 2025, it will surpass the historical record of 226.24% set by Huaxia Large Cap Select A in 2007 [5] Historical Context - The article compares the performance of actively managed equity funds across nine significant market years since 2000, noting that 2025 has seen a high number of "doubling funds" [3][6] - The number of funds achieving over 100% returns in 2025 is the highest since 2007, indicating a strong recovery in active management performance [7][8] Market Dynamics - The article discusses the concentration of holdings in these funds, which poses risks despite their high returns, as they may face significant performance declines during market corrections [10][11] - The active equity funds' performance is closely linked to specific sectors such as technology, high-end manufacturing, and innovative pharmaceuticals, which have shown strong fundamentals and growth potential [8][9] Industry Evolution - The article notes a shift in the public fund industry towards a more systematic approach to research and investment, moving away from short-term behaviors and focusing on long-term investor interests [12] - The talent pool within fund management has improved, ensuring stable research output and continuity, which is crucial for maintaining performance [11][12]