Core Insights - A-shares have seen a significant rebound, with the Shanghai Composite Index surpassing 3900 points for the first time in a decade, indicating a potential slow bull market driven by policy support and technology [1][2] - In Q3 2025, all 165 public fund companies reported positive returns for their active equity funds, with an average return of 25.93% across the board [2][3] - The top-performing fund company over the past decade is Caitong Fund, achieving a remarkable 318% return, the only company to exceed 300% in this category [3][4] Fund Performance Overview - The Shanghai Composite Index rose by 12.73% in Q3 2025, while the Shenzhen Component Index surged by 29.25% [2] - The average returns for active equity funds by company size are as follows: large firms at 26.31%, medium firms at 24.90%, and small firms at 25.97% [2][3] - The top 10% of small fund companies achieved a return of 42.04%, while the bottom 10% had a return of 14.03%, indicating significant performance dispersion [2][3] Long-term Performance Rankings - Over the past decade, the top five fund companies by active equity returns are: 1. Caitong Fund: 318% 2. Wanji Fund: 272.77% 3. Yinhe Fund: 240.05% 4. Dacheng Fund: 238.41% 5. Huashang Fund: 228.23% [4][6] - Other notable companies with returns exceeding 150% include E Fund, Dongwu, and Ping An [4] Recent Performance Trends - In the last five years, the top three active equity funds are: 1. Dongwu Fund: 161.33% 2. Jinyuan Shun'an: 126.99% 3. Huashang Fund: 120.39% [8][10] - The average return for large fund companies over the past five years is 17.42%, while medium-sized firms average 41.11% [12][15] Three-Year Performance Insights - Over the past three years, Dongwu Fund leads with a return of 121.85%, followed closely by Huashang Fund at 119.57% [12][13] - The average return for large fund companies in this period is 19.08%, with medium-sized firms showing a stronger performance at 27.2% [15]

Core Insights - The fixed income fund performance rankings for various fund companies have been released, highlighting the competitive landscape in this sector and the importance of fixed income products as essential investment tools [1] 10-Year Performance - Western Asset Management and Everbright Pramerica lead the 10-year performance rankings, with returns of 91.87% and 88.73% respectively, significantly outperforming other companies [2][3] - Other notable performers include China Universal Asset Management and Qianhai Kaiyuan Fund, with returns of 77.57% and 74.25% respectively, while several other companies achieved returns exceeding 60% [2] - The average return for 17 large fixed income fund companies over the past 10 years is 53.99%, indicating a clear advantage for larger firms in this space [2] 5-Year Performance - Huashang Fund, Everbright Pramerica, and Hongtu Innovation lead the 5-year performance rankings with returns of 57.09%, 28.94%, and 28.26% respectively [5][7] - The average return for large fund companies over the last 5 years is 19.17%, while medium and small companies have average returns of 17.75% and 16.61% respectively, showing a slight edge for larger firms [6] 3-Year Performance - Everbright Pramerica, Huashang Fund, and Huatai PineBridge lead the 3-year performance rankings with returns of 16.79%, 16.22%, and 15.15% respectively [9][10] - The average return for large fund companies over the past 3 years is 9.75%, while medium and small companies have average returns of 8.86% and 8.49% respectively [9] 2025 Performance - In 2025, Everbright Pramerica achieved the highest return in the fixed income sector at 7.34%, followed by Ruifeng with 6.90% [12][13] - A total of 166 fund managers were analyzed, with 146 achieving positive returns, indicating a competitive environment despite the overall market challenges [12]

Core Viewpoint - Fixed income products have become essential investment options, with performance differences reflecting the strength of fund companies [2] Group 1: 10-Year Performance - West China Li De Fund and Everbright Pramerica Fund lead the 10-year performance rankings, with returns of 91.87% and 88.73% respectively [4][6] - Other notable performers include Xinda Australia (77.57%) and Qianhai Kaiyuan (74.25%), with several companies like E Fund, Tianhong, and Huatai-PB also exceeding 60% returns [4][6] - The average return for 17 large fixed income fund companies over the past 10 years is 53.99%, indicating a clear advantage for larger firms [4] Group 2: 5-Year Performance - Huashang Fund tops the 5-year performance list with a net value growth rate of 57.09%, followed by Everbright Pramerica (28.94%) and Hongtu Innovation (28.26%) [9][10] - The average return for large fund companies over the last 5 years is 19.17%, while medium and small companies show slightly lower averages [9] Group 3: 3-Year Performance - Everbright Pramerica Fund leads the 3-year performance with a return of 16.79%, followed by Huashang Fund (16.22%) and Huatai-PB (15.15%) [14][17] - Among 166 public fund managers, 146 achieved positive returns, with an average return of 9.75% for large companies over the last 3 years [15][19] Group 4: Recent Performance in 2025 - In 2025, Everbright Pramerica achieved a return of 7.34%, leading among 166 fund managers, followed by Ruiyuan (6.90%) and Huashang (5.22%) [19][21] - The overall performance in the fixed income sector has shown a trend of narrow fluctuations and frequent adjustments, with 10 fund managers exceeding a 3% return [19]

Core Insights - The article discusses the performance of actively managed equity funds by various fund companies in China over different time frames, highlighting the top performers and their strategies in navigating market fluctuations [2][3]. Long-term Performance (Last 10 Years) - From October 1, 2015, to September 30, 2025, the top three fund companies in absolute returns are: - Caitong Fund with a return of 318.00% [5][6] - Wanji Fund with a return of 272.77% [7] - Yinhua Fund with a return of 240.05% [7] - The average return for equity funds over the last ten years was 318.00%, with larger fund companies outperforming smaller ones [7][12]. Medium-term Performance (Last 5 Years) - From October 1, 2020, to September 30, 2025, Dongwu Fund led with an average return of 161.33% [15][19]. - Other notable performers include Jinyuan Shun'an Fund with 126.99% and Huashang Fund with 120.39% [16][19]. - The average returns for large, medium, and small fund companies were 17.42%, 41.11%, and 27.31%, respectively [20]. Short-term Performance (Last 3 Years) - From October 1, 2022, to September 30, 2025, Dongwu Fund again topped the list with an average return of 121.85% [23][25]. - Huayuan Yuanda and Debang followed with returns of 119.57% and 85.28% [23][25]. - The average returns for large, medium, and small fund companies during this period were 19.08%, 27.20%, and 21.32%, respectively [27]. Recent Performance (First Three Quarters of 2025) - In the first three quarters of 2025, the best-performing fund company was Kaishi Fund with a return of 106.42% [29][30]. - Other strong performers included Zhonghang, Dongwu, and Hongtu Innovation, all exceeding 60% returns [29][30].

Core Insights - The article highlights the strong performance of various mutual funds in China for the year-to-date, particularly in the equity and mixed fund categories, with average returns exceeding 35.4% for ordinary stock funds and 29.1% for mixed funds [2][3]. Fund Performance - The top-performing fund is the Yongying Technology Select Fund managed by Ren Jie, with a year-to-date return of approximately 194.49% [3][4]. - The second-best fund is the Huatai Hong Kong Advantage Select Fund managed by Zhang Wei, achieving a return of over 155% [3][14]. - The third position is held by the China Europe Digital Economy Fund managed by Feng Ludan, with a return of nearly 141% [3][4]. - In the bond fund category, the Southern Changyuan Convertible Bond Fund managed by Liu Wenliang leads with a return of 44.21%, outperforming many equity funds [15]. Sector-Specific Insights - The article notes that funds focused on specific sectors, such as technology and healthcare, have shown exceptional performance, with many funds achieving returns exceeding 100% [5][6]. - The Huazhong Medical Biology Fund, managed by Sang Xiangyu, achieved a return of 103.31%, reclaiming the top position among ordinary stock funds [5][7]. - The article emphasizes that without a return of at least 110%, funds could not make it into the top twenty performers this year [2]. Index Fund Performance - In the index fund category, the top three funds are all focused on innovative pharmaceuticals, with returns exceeding 106% [10][12]. - The Wanji Zhongzheng Hong Kong Stock Connect Innovative Drug ETF, managed by He Fangzhou, leads with a return of 114.01% [12][10]. QDII Fund Insights - QDII funds have predominantly invested in Hong Kong stocks, with the top-performing fund being the Huatai Hong Kong Advantage Select Fund, achieving a return of over 155% [13][14]. - Other notable QDII funds include the Guangfa Zhongzheng Hong Kong Innovative Drug ETF and the Yifangda Global Pharmaceutical Industry Fund, both exceeding 100% returns [13][14]. Bond Fund Insights - The Southern Changyuan Convertible Bond Fund, with a return of 44.21%, showcases the strong performance of bond funds this year, attributed to their equity components [15].

Core Insights - The article emphasizes the importance of fund managers in determining the performance of fund products, highlighting that the average return of fund managers this year is 22.64%, significantly outperforming the market [1][2]. Fund Manager Overview - As of the end of August, there are 2,831 fund managers with performance data, managing a total of 5,276 private fund products, with a combined management scale of approximately 465.47 billion [1][2]. - Nearly 50% of these fund managers hold a master's degree, while 221 have a doctoral degree [1]. - Among these managers, 244 have over 20 years of experience, and only 62 have over 30 years [1]. Performance by Fund Size - Fund managers managing private funds between 10-20 billion have an average return of 24.99%, leading the performance rankings [2]. - Managers from funds over 100 billion have an average return of 24.78%, while those from 50-100 billion have a return of 20.16% [2]. Top Performers in Different Fund Sizes - In the over 100 billion category, the top three fund managers are Lu Hang from Fusheng Asset, Jiang Yunfei from Duration Investment, and Yin Tao from Stable Investment [3][4]. - For the 50-100 billion category, the top performers are Tong Xun from Tongben Investment, Ni Fei from Kaishi Private Equity, and Zhang Xiangfang from Mingxi Capital [8][9]. - In the 20-50 billion category, Li Jiajia from Haokun Shengfa Asset leads, followed by Shi En from Yunqi Quantitative and Xu Shuang from Zige Investment [12][14]. - The top manager in the 10-20 billion category is He Zhenquan from Liangli Private Equity, with Cai Yingming from Longhang Asset and Zhai Jingyong from Rongshu Investment following [17][19]. - Liu Xianglong from Fuyuan Capital tops the 5-10 billion category, with Han Yongfeng from Yijiu Private Fund and Wang Jiangming from Zhongmin Huijin following [21][24]. - In the 0-5 billion category, Yao Yong from Qinxing Fund leads, followed by Sun Guichen from Xincheng (Beijing) Private Equity and Lin Cun from Senrui Investment [26][29]. Educational Background and Experience - The majority of fund managers across different categories hold master's degrees, with a smaller percentage holding doctoral degrees [1][2]. - The article notes that the longest-serving fund managers have extensive experience, with some exceeding 30 years in the industry [1][2].

Core Viewpoint - The year 2025 presents both significant opportunities and challenges for fund investments, with various themes such as AI, robotics, semiconductors, and pharmaceuticals leading the market [2][3]. Fund Performance - As of June 30, 2025, the top five performing funds include: - Huatai-PineBridge Hong Kong Advantage Selection Fund with a return of 85.64% - CITIC Construction Investment North Exchange Selection Fund with a return of 82.45% - Great Wall Pharmaceutical Industry Selection Fund with a return of 75.18% - Huaxia North Exchange Innovation Small and Medium Enterprises Selection Fund with a return of 72.16% - Bank of China Hong Kong Stock Connect Pharmaceutical Fund with a return of 70.08% [2][7][16]. - The next five funds, with returns exceeding 61%, include: - Yongying Pharmaceutical Innovation Selection Fund - GF Growth Navigation Fund - Huaan Pharmaceutical Biotechnology Fund - Ping An Core Advantage Fund - Nuon Selected Value Fund [2][7]. Fund Manager Insights - Notable fund managers include: - Zhang Wei of Huatai-PineBridge, with a background in biomedical studies and extensive experience in the pharmaceutical sector [6]. - Leng Wenpeng of CITIC Construction Investment, who has a diverse career path in various investment firms [6]. - Liang Furui of Great Wall Fund, recognized for his rapid success in the pharmaceutical sector [6]. Mixed Fund Performance - The leading mixed fund is CITIC Construction Investment North Exchange Selection Fund, which focuses on North Exchange stocks, achieving a return of 82.45% [12][16]. - Other notable mixed funds include: - Great Wall Pharmaceutical Industry Selection Fund - Yongying Pharmaceutical Innovation Selection Fund - GF Growth Navigation Fund - Ping An Core Advantage Fund [13][16]. Index Fund Trends - In the index fund category, new entrants like Huatai-PineBridge, Yinhua, and Wanji have shown strong performance, with returns exceeding 57% [17][18]. QDII Fund Highlights - The top QDII fund is Huatai-PineBridge Hong Kong Advantage Selection Fund, with a return of 85.64%, primarily investing in Hong Kong stocks [19][22]. - Other strong performers include: - GF Hong Kong Innovation Pharmaceutical ETF - Huatai-PineBridge Hang Seng Innovation Pharmaceutical ETF, both with returns over 55% [20][22]. Bond Fund Performance - In the bond fund category, the top performer is Huashang Fengli Enhanced Open Fund with a return of 13.83% [24]. - Other notable bond funds include: - China Europe Convertible Bond Fund - Bosera Convertible Bond Enhanced Fund - Fuguo Optimized Enhanced Fund [24].

Core Viewpoint - The article highlights the performance of various mutual funds over different time frames, emphasizing the importance of consistent returns and strong investment research capabilities in selecting funds. It identifies top-performing equity, bond, and FOF funds based on their returns over the past year, three years, and five years [2][3]. Equity Funds - A total of 41 equity funds have ranked in the top 10% for one, three, and five years, with at least 50% cumulative returns over five years. Notable fund managers include Penghua Fund, Dacheng Fund, E Fund, and Huaxia Fund, each having multiple products listed [3][4]. - The top five equity funds over the past five years include: 1. Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (Code: 004685) with a five-year return of 293.77% [5][7]. 2. Jin Ying Technology Innovation Stock A (Code: 001167) with a five-year return of 139.01% [9][11]. 3. Huashang Runfeng Mixed A (Code: 003598) with a five-year return of 135.67% [5]. 4. Huaxia New Brocade Mixed A (Code: 002833) with a five-year return of 135.50% [5]. 5. Dacheng CSI 360 Internet + Big Data 100 Index A (Code: 002236) with a five-year return of 125.61% [5]. Bond Funds - A total of 47 bond funds have ranked in the top 10% for one, three, and five years, with at least 26% cumulative returns over five years. Leading fund managers include Huashang Fund, Dongfanghong Asset Management, and Anxin Fund, each having multiple products listed [15][19]. - The top five bond funds over the past five years include: 1. Huashang Fengli Enhanced Regular Open Bond A (Code: 003092) with a five-year return of 128.99% [19][20]. 2. Huashang Hengyi Stable Mixed (Code: 008488) with a five-year return of 95.05% [15]. 3. Huashang Shuangyi Balanced Mixed A (Code: 001448) with a five-year return of 83.49% [15]. 4. Huashang Credit Enhanced Bond A (Code: 001751) with a five-year return of 78.91% [15]. 5. Anxin Min Stable Growth Mixed A (Code: 008809) with a five-year return of 50.20% [15]. FOF Funds - A total of 12 FOF funds have ranked in the top 40% for one, three, and five years, with at least 11% cumulative returns over five years. Notable fund managers include招商基金 and 南方基金, each having two products listed [22]. - The top three FOF funds over the past five years include: 1. Qianhai Kaiyuan Yuyuan (FOF) (Code: 005809) with a five-year return of 23.87% [22][24]. 2. Xingquan Antai Balanced Pension Three-Year Holding Mixed (FOF) A (Code: 006580) with a five-year return of 21.93% [22]. 3. 招商和悦稳健养老一年持有期混合(FOF) A (Code: 006861) with a five-year return of 20.83% [22].

Core Viewpoint - The equity market continued to recover in Q1 2025, with investor risk appetite rising, as evidenced by a 4.65% increase in the Wind Mixed Equity Fund Index for the quarter and an 11.77% increase over the past year [1]. Fund Performance Equity Funds - The top-performing ordinary equity funds over the past three years include: - Chuangjin Hexin Cultural Media A with a return of 61.44% and a maximum drawdown of -28.28% [3] - Jin Ying Technology Innovation A with a return of 60.58% and a maximum drawdown of -38.68% [3] - Zhaoshang Technology Power A with a return of 56.81% and a maximum drawdown of -18.47% [3]. Mixed Equity Funds - The top mixed equity funds include: - Zhaoshang Advantage Enterprise A with a return of 86.51% and a maximum drawdown of -40.83% [7]. - Huatai-PB North Exchange Innovation Selected with a return of 80.10% and a maximum drawdown of -27.37% [7]. Bond Funds - In the fixed income market, there was significant structural differentiation affecting bond fund performance: - The Wind Short-term Pure Bond Index slightly increased by 0.13% in Q1 2025, while the Wind Medium-Long Term Pure Bond Index fell by 0.29%, marking the largest quarterly decline since Q1 2023 [1]. QDII Equity Funds - The top QDII equity funds over the past three years include: - Southern China Emerging Economy A with a return of 84.84% and a maximum drawdown of -33.95% [22]. - Tianhong CSI China-US Internet A with a return of 76.74% and a maximum drawdown of -24.33% [22]. FOF Funds - The top FOF funds over the past three years include: - Xingzheng Global Anyue Stable Pension with a return of 11.83% and a maximum drawdown of -4.99% [27]. Thematic Funds - The top quantitative funds over the past three years include: - CITIC Prudential Multi-Strategy with a return of 61.08% and a maximum drawdown of -40.72% [30].

Core Viewpoints - The article emphasizes the common misconceptions in mutual fund investment and encourages investors to adopt a more informed and strategic approach to avoid pitfalls [2][4][9]. Misconception 1: Frequent Trading and Blindly Chasing Gains - Frequent trading and chasing market highs are discouraged as they can lead to emotional decision-making and increased transaction costs, ultimately eroding potential returns [2]. - A more effective strategy is to hold onto a promising fund despite short-term volatility, allowing for recovery and growth over time [2]. Misconception 2: Performance as the Sole Indicator for Fund Selection - Relying solely on past performance rankings to select funds is misleading, as historical returns do not guarantee future results [4]. - Fund performance is influenced by market conditions and the fund manager's capabilities, making it essential to consider a broader range of factors [4]. Misconception 3: Holding a Large Number of Funds - Owning too many funds can lead to excessive management effort and potential confusion, resulting in a "messy investment" [6]. - Diversification is important, but over-diversification can lead to similar holdings across funds, which may not effectively mitigate risk [7]. Misconception 4: High Dividends Equate to Higher Returns - High dividend payouts do not necessarily indicate better overall returns, as dividends are a portion of the fund's net asset value and do not add to the total return [9]. - Investors should focus on the fund's growth potential rather than just dividend frequency, as an overemphasis on dividends may lead to missed opportunities for capital appreciation [10].