Core Insights - The performance of active equity funds has significantly improved this year, with over 90% achieving positive returns and 30 funds doubling their net value, indicating a strong recovery in the market [2][3] - The top-performing fund, Yongying Technology Smart Mixed Fund, has achieved a return of 202.13%, leading the second-place fund by nearly 60 percentage points, making its victory in the 2025 performance rankings almost certain [3] - There is a notable performance divergence among funds over the past three years, with a difference of nearly 300 percentage points between the best and worst performers [6] Fund Performance - As of December 5, the average return for active equity funds this year is 27.38%, with 104 funds exceeding 80% returns and 30 funds surpassing 100% [3] - The second to tenth rankings remain uncertain, with several funds like China Aviation Opportunity Leading Mixed Fund and Hengyue Advantage Selected Mixed Fund showing returns of 144.12% and 133.38%, respectively [3] - The leading funds are heavily invested in the technology sector, with top holdings in companies like Xinyi Technology and Zhongji Xuchuang [4][5] Long-term Performance Trends - Over the past three years, the average return for active equity funds has exceeded 14.5%, but there is significant performance disparity, with around 40 funds achieving over 100% returns [6] - The top-performing fund over three years, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, has a return of 240.63%, while over 1,000 funds have reported losses, with some experiencing declines over 40% [6] - The regulatory body is emphasizing long-term performance assessments, with new guidelines requiring a focus on three-year performance metrics for fund managers [7]