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Core Insights - The performance of public funds in the active equity sector for the year 2025 has been finalized, highlighting the importance of long-term stability over short-term bursts in investment [1] - The report by Guotai Junan Securities reveals the absolute return rankings of equity funds, showcasing which fund companies have excelled over the past decade, five years, and three years [1][2] Ten-Year Performance - Caitong Fund achieved the highest absolute return over the last ten years, with an average net asset value growth rate of 291.18%, ranking first among 97 fund companies [2][3] - Other top performers include Xinda Australia (270.88%) and Huashang Fund (185.80%), with several companies like Dacheng, Wanjia, and Guoshou Anbao also exceeding 170% [4][5] Five-Year Performance - In the five-year period from January 1, 2021, to December 31, 2025, Jinyuan Shun'an Fund led with a return of 132.07%, followed by Dongwu Fund (129.82%) and Zhonggeng Fund (101.08%) [7][9] - The report indicates that mid-sized fund companies have shown a significant average return advantage over large and small companies during this period [10] Three-Year Performance - Over the last three years, Huashang Yuanda Fund topped the rankings with an average return of 148.30%, followed by Dongwu (136.86%) and Debang (119.38%) [11][12] - The report emphasizes the increased demands on research and risk control capabilities of fund companies due to market volatility [11] 2025 Performance - In 2025, the market showed signs of recovery, with Zhonghang Fund achieving an average return of 133.44%, followed by Kaishi (117.71%) and Debang (82.45%) [15][16] - A total of 159 fund companies reported positive returns, indicating a strong performance across the sector [15]

Core Insights - The performance of actively managed equity funds in China has been evaluated over different time frames, revealing which fund companies have excelled in various market conditions [2][6]. Long-term Performance (10 Years) - The top three fund companies over the last decade (2016-2025) are: - Caitong Fund with an average net value growth rate of 291.18%, ranking first among 97 companies [3][4]. - Xinda Australia with a growth rate of 270.88%, ranking second [5]. - Huashang Fund with a growth rate of 185.80%, ranking third [5]. - The average returns of medium and large fund companies significantly outperformed small fund companies, with medium companies averaging 119.75% and large companies 98.67%, while small companies averaged 75.72% [6]. Medium-term Performance (5 Years) - In the five-year period from 2021 to 2025, the top performers are: - Jinyuan Shun'an with a return of 132.07%, ranking first among 139 companies [8][9]. - Dongwu Fund with a return of 129.82%, ranking second [9]. - Zhonggeng Fund with a return of 101.08%, ranking third [10]. - Notable fund managers contributing to these performances include Miao Weibin from Jinyuan Shun'an and Liu Yuanhai from Dongwu Fund [8]. Short-term Performance (3 Years) - Over the last three years (2023-2025), the leading fund companies are: - Huarun Yuanda with an average return of 148.30%, ranking first among 149 companies [12][14]. - Dongwu Fund with a return of 136.86%, ranking second [14]. - Debang with a return of 119.38%, ranking third [14]. - The performance of these companies reflects their ability to adapt to market volatility and capitalize on sector rotations [12]. 2025 Performance - In 2025, the best-performing fund companies include: - Zhonghang Fund with an average return of 133.44% [16][17]. - Kaishi with a return of 117.71% [17]. - Debang with a return of 82.45% [17]. - The overall market saw 159 fund companies achieve positive returns, indicating a recovery phase [16].

Core Insights - The recent performance of active equity funds has been under scrutiny, with over 38% of these funds still in losses over the past five years despite a significant number achieving positive returns since 2025 [1][2][3] - Key factors contributing to the underperformance include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][7] Performance Overview - As of November 10, 2025, the Shanghai Composite Index has risen by 19.42%, while 97.45% of active equity funds reported positive returns [2][3] - However, 1019 active equity funds remain in losses, with 38% of the total, indicating a stark contrast in performance for investors who entered the market earlier [1][2] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, with six funds reporting over 200% returns [3] - Conversely, nearly 40% of active equity funds have not turned a profit in five years, with some funds experiencing maximum drawdowns starting in 2021 [3][4] Underperforming Funds - Notable underperformers include funds managed by well-known managers, with losses exceeding 30% over five years [4] - Specific funds like Tianzhi New Consumption and Fangzheng Fubang Innovation Power have reported losses of -65.25% and -62.32%, respectively [3][4] Trading Behavior - High average stock positions during market peaks have been linked to poor long-term performance, with funds showing an average stock position of 84.22% during critical periods [5][6] - Frequent trading has also negatively impacted fund performance, with an average turnover rate of 460.71% across all active equity funds, rising to 508.45% for those with over 30% losses [7][8] Sector Reliance - Many funds have shown over-reliance on traditional sectors, leading to underperformance despite being labeled as "new" or "growth" funds [8][9] - Funds like Tianzhi New Consumption and Invesco Great Wall New Growth have shifted their holdings but still struggle to achieve positive returns [8][9] Market Outlook - The active equity fund market is seeing a resurgence, with 1354 new funds launched in 2025, indicating renewed investor interest [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [12]

Core Insights - The article highlights the performance of active equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in a decade, revealing that over 97% of these funds achieved positive returns since 2025, yet 38% remain in losses over the past five years [1][2][3] - Key reasons for the underperformance of many active funds include high-level accumulation, frequent trading, and reliance on specific sectors, which have eroded fund values [1][5][6] Performance Overview - As of November 10, the Shanghai Composite Index closed at 4018 points, marking a significant recovery, with major indices like the Shenzhen Composite and ChiNext Index showing gains of 27.6% and 46.35% respectively since 2025 [2] - Despite a high percentage of active equity funds showing positive returns in 2023, the long-term performance reveals a stark contrast, with many investors experiencing losses since entering the market around the end of 2020 [2][3] Fund Performance Analysis - Among the 2695 active equity funds with over five years of existence, 1676 have achieved positive returns, while nearly 40% remain unprofitable, with some funds experiencing drawdowns exceeding 50% [3][4] - Notable underperformers include funds managed by well-known managers, indicating that even established names are not immune to market challenges [4] Causes of Underperformance - High-level accumulation during market peaks has been identified as a significant factor contributing to the long-term underperformance of active equity funds [5][6] - Frequent trading has also negatively impacted fund performance, with average turnover rates for underperforming funds significantly higher than the market average [7][8] Market Trends and Future Outlook - The article notes a shift in investor sentiment towards active management products, with a notable increase in the number of newly established funds and a doubling of issuance scale compared to the previous year [11] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of over-reliance on specific themes or sectors [12]

Core Viewpoint - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to the performance benchmarks, promoting a return to the fundamental purpose of asset management, which is to provide stable long-term returns for investors [1][9]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released an action plan in May to promote high-quality development in the public fund industry, emphasizing the importance of performance benchmarks [1]. - A draft of new regulations regarding performance benchmarks was published on October 31, which is expected to improve the discipline of active investment and stabilize investment styles [1][9]. - The introduction of a performance benchmark element library aims to standardize the selection of benchmarks and prevent arbitrary changes, enhancing the comparability and normativity of benchmarks [9][8]. Group 2: Fund Performance Analysis - As of November 4, 2023, 3731 active equity funds were analyzed, with an average return that lagged behind their benchmarks by 7.26%, and only 34% of these funds outperformed their benchmarks over the past three years [2]. - Among the top-performing funds, only 20 funds achieved over 100% excess returns, indicating that achieving superior performance under the new standards is challenging [2]. - Some high-performing funds may have misleadingly high returns due to benchmark mismatches, highlighting the importance of appropriate benchmark selection [2][3]. Group 3: Size and Performance Correlation - Larger active equity funds do not necessarily correlate with superior excess returns; only 40% of funds over 10 billion yuan in size outperformed their benchmarks [5]. - Smaller funds, with an average size of 30.57 million yuan, showed better excess return capabilities, supporting the notion that smaller funds can adapt more flexibly to market changes [6][5]. Group 4: Fund Manager Impact - The total management scale of fund managers influences their active management capabilities, with a significant number of successful funds managed by managers overseeing over 10 billion yuan [7]. - The average tenure of fund managers does not significantly correlate with their ability to generate excess returns, indicating that experience alone may not guarantee performance [7]. Group 5: Industry Evolution - The new regulations are expected to lead to a systematic restructuring of the public fund industry, with a one-year transition period for existing products to adjust their benchmarks [9][10]. - The emphasis on long-term performance and the establishment of a benchmark-linked compensation system for fund managers will promote more transparent and standardized investment behaviors [9][10].

Core Insights - The Shanghai Composite Index has reached the 3900-point mark for the first time in over a decade, highlighting a significant shift in the fund market with over 500 funds doubling their performance while nearly 100 funds remain in a loss position [1][2] Group 1: Fund Performance - Over 513 funds have achieved a doubling of their performance since August 2015, with notable funds like Huashang New Trend and Huashang Advantage Industry achieving returns over 5 times [2] - The disparity in fund performance is stark, with 98 funds showing cumulative losses, 67 of which have returns below -10%, and the worst-performing fund, Tianzhi New Consumption, suffering a loss of 55.3% [4][5] Group 2: Investment Strategies - Successful fund managers have focused on high-growth sectors such as new energy, semiconductors, and artificial intelligence, adapting to macroeconomic changes and industry cycles [3][4] - The investment landscape has evolved, with a shift towards diversified strategies that balance industry exposure and risk, moving away from reliance on single sectors [7][8] Group 3: Challenges and Adaptations - Many underperforming funds have concentrated on traditional sectors like real estate and consumer goods, missing out on growth opportunities in emerging industries [4][6] - Smaller firms often struggle with research capabilities and inconsistent investment styles, leading to significant performance declines [5][6] Group 4: Long-term Focus - The industry is encouraged to abandon short-term speculation in favor of long-term, stable investment strategies that can withstand market fluctuations [7][8] - Fund managers are advised to build core competencies that can navigate through economic cycles, ensuring a balanced approach to investment across various sectors [7][8]

Core Insights - The Shanghai Composite Index has reached the 3900-point mark for the first time in over a decade, highlighting a significant market shift with over 500 funds achieving doubled returns, while nearly 100 funds remain in a loss position [1][2]. Fund Performance - A total of 513 funds have doubled their performance since August 2015, with notable funds like Huashang New Trend and Huashang Advantage Industry achieving returns over 5 times [2]. - Conversely, 98 funds have reported cumulative losses, with 67 of these funds showing returns below -10%, and the worst-performing fund, Tianzhi New Consumption, suffering a loss of 55.3% [4][5]. Investment Strategies - Successful fund managers have capitalized on emerging trends in sectors such as renewable energy, semiconductors, and artificial intelligence, adapting their strategies to align with macroeconomic changes [3][4]. - The industry has seen a shift from traditional sectors like real estate and consumer goods to high-growth areas, driven by a focus on technological innovation and strategic emerging industries [3][6]. Long-term Investment Focus - The fund industry has evolved, with a greater emphasis on diverse investment strategies and tools, moving away from short-term speculation to long-term stability [7][8]. - Leading fund managers advocate for a balanced approach that includes various investment styles and sectors, aiming to mitigate risks while capturing high-growth opportunities [8].

Core Insights - The article highlights a significant divergence in fund performance over the past decade, with over 500 funds achieving more than double returns while nearly 100 funds remain in a loss position [2][3][6] - The evolution of the fund industry is marked by a diversification of investment strategies and tools, enhancing support for investment operations [2][4] Fund Performance - Since August 19, 2015, the Shanghai Composite Index has crossed the 3900-point mark, with 513 funds achieving double returns during this period [3] - Notable high-performing funds include Huashang New Trend Selection and Huashang Advantage Industry, with returns exceeding five times, while others like Xinao New Energy Industry and Jiayin Trend Priority achieved returns over four times [4] Investment Strategies - Successful fund managers have capitalized on market opportunities by focusing on sectors like new energy, semiconductors, and artificial intelligence, aligning their strategies with industry cycles and policy directions [4][5] - The article emphasizes the importance of adapting to macroeconomic changes and embracing innovation to generate long-term returns [5] Underperforming Funds - In stark contrast, 98 funds have reported losses, with 67 of them yielding returns below -10%, and the worst-performing fund, Tianzhi New Consumption, suffering a loss of 55.3% [6][7] - The underperformance is attributed to poor sector choices, with many funds heavily invested in traditional sectors like real estate and consumer goods, missing out on growth opportunities in emerging industries [7][8] Long-term Investment Focus - The article advocates for a shift from short-term speculation to long-term, stable investment strategies, highlighting the need for fund managers to build core capabilities that can withstand market cycles [9][10] - Successful funds have balanced their portfolios across various sectors and investment styles, ensuring stability while capturing high-growth opportunities [10]

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].