Core Insights - The sustainability of fund managers' performance is a crucial measure of their investment ability, risk control, and the effectiveness of their investment systems [1] - The A-share market has seen a shift in ecology over the past seven years, with small-cap stocks gaining prominence and technology and dividend sectors becoming focal points [1] Group 1: Fund Manager Performance - In the period from 2023 to 2025, there are 3,063 fund managers with performance data, of which 1,070 have achieved consecutive positive returns, accounting for 34.93% [1] - The top 20 fund managers for cumulative returns from 2023 to 2025 have a performance threshold of 76.6% [1] - Liu Yuanhai from Dongwu Fund ranks first with a return of 164.97%, maintaining over 30% returns since 2023 [5] Group 2: Fund Manager Rankings - The top five fund managers by returns include Liu Yuanhai (Dongwu Fund), Gong Zheng (Zhongyou Fund), Di Xinghua (Guohai Franklin Fund), Wang Haichang (Noan Fund), and Lei Tao (Debang Fund) [2][3] - Liu Yuanhai manages approximately 64 billion yuan across five funds, focusing on technology investments, particularly in AI and semiconductors [5] - The second-ranked fund manager, Gong Zheng, has a return of 150.86% from 2021 to 2025, with a management scale of 0.61 billion yuan [3][10] Group 3: Long-term Performance - From 2019 to 2025, 1,330 fund managers have performance data, with 260 achieving consecutive positive returns, representing 19.55% [11] - The top five fund managers in this period include Miao Weibin (Jinyuan Shun'an Fund), Song Qing (Noan Fund), Jiang Yiqian (Jia Shi Fund), Cai Yubin (Zhaoshang Fund), and Bai Bingyang (Fuguo Fund) [11][14] - Miao Weibin leads with a cumulative return of 461.69% and manages approximately 1.3 billion yuan across one fund [14][15]

Core Insights - The sustainability of fund managers' performance is a crucial measure of their investment capability, risk management, and effectiveness of their investment systems [3] - In the past seven years, the A-share market has undergone significant changes, with a notable shift towards small-cap stocks and a focus on technology and dividend sectors [3] - As of 2023, 34.93% of fund managers have achieved positive returns for consecutive years from 2023 to 2025, with a threshold of 76.6% for the top 20 fund managers [3][5] Group 1: Fund Manager Performance - Liu Yuanhai from Dongwu Fund ranks first with a cumulative return of 164.97% from 2023 to 2025, maintaining a stable performance above 30% in 2023 [8] - The top five fund managers by cumulative returns from 2023 to 2025 include Liu Yuanhai, Gong Zheng from Zhongyou Fund, Di Xinghua from Guohai Franklin Fund, Wang Haichang from Nuoan Fund, and Lei Tao from Debang Fund [4][5] - The performance of fund managers is evaluated based on their ability to generate absolute returns, especially during bear or volatile markets [3] Group 2: Fund Manager Rankings - The top 20 fund managers from 2021 to 2025 show that 22.18% of the 2123 fund managers have achieved consecutive positive returns, with a threshold of 29.6% for the top performers [9][10] - The top five fund managers from 2021 to 2025 are Miao Weibin from Jinyuan Shun'an Fund, Gu Fanding from CITIC Prudential Fund, Zhou Jing from Huabao Fund, Song Qing from Nuoan Fund, and Zhang Qisi from Southern Fund [9][10] - Miao Weibin achieved a cumulative return of 461.69% from 2019 to 2025, leading the rankings with a management scale of approximately 1.35 billion [20] Group 3: Investment Strategies - Liu Yuanhai specializes in technology investments, particularly in AI, semiconductors, and computer sectors, maintaining over 90% stock positions in his managed funds [8] - Miao Weibin employs a "macro-driven + asset rotation" strategy, focusing on undervalued stocks with improving fundamentals [20] - Zhou Jing, with a management scale of approximately 19 billion, has a diverse portfolio including major tech companies like Xiaomi, Tencent, and Alibaba [13]