Core Viewpoint - The article highlights the performance of equity funds in the A-share market, noting significant gains in August 2025, with the Shanghai Composite Index reaching a nearly 10-year high and a substantial number of funds achieving record net asset values [3][4]. Summary by Sections Recent Performance of Equity Funds - In August 2025, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13%, indicating a robust market rally [3]. - As of the end of August 2025, there were 9,037 equity funds, with 3,668 funds (approximately 40.59%) reaching historical net asset value highs [3][4]. Top Performing Funds in the Last Year - Among the 1,569 equity funds with performance data, 7 funds achieved over 200% returns in the past year, with a threshold of 150% for the top 20 funds [4][5]. - The top 5 funds based on one-year performance include: 1. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 261% return 2. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 236.45% return 3. China Europe Digital Economy Mixed Initiated A (Code: 018993) - 232% return 4. Debon Xin Xing Value Flexible Allocation Mixed A (Code: 001412) - 222.43% return 5. Xin Ao Performance Driven Mixed C (Code: 016371) - 216.06% return [5][8]. Performance Over Three Years - For the three-year performance, the top 5 funds include: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 245.80% return 2. Huitianfu North Exchange Innovative Selected Two-Year Open Mixed A (Code: 014279) - 187.03% return 3. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 181.13% return [10][11]. Performance Over Five Years - In the five-year performance category, the top 5 funds are: 1. Dongwu Mobile Internet Mixed A (Code: 001323) - 285.32% return 2. Dongwu New Trend Value Line Mixed (Code: 001322) - 276.38% return 3. Jinyuan Shun'an Yuanqi Flexible Allocation Mixed (Code: 004685) - 236.16% return 4. Huashang Yuanheng Mixed A (Code: 004206) - 200.52% return 5. Huashang Runfeng Mixed A (Code: 003598) - 193.05% return [15][19].

Market Overview - In August 2025, A-shares experienced a significant rally, with the Shanghai Composite Index reaching a nearly 10-year high, increasing by 7.97%, while the Shenzhen Component Index rose by 15.32% and the ChiNext Index surged by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] - As of August 2025, there were 9,037 equity funds (over 60% in stocks) established for more than one year, with 3,668 funds achieving historical net value highs in August, representing approximately 40.59% [1] One-Year Performance - Among the 1,569 equity funds with performance data for the past year, 7 funds reported returns exceeding 200%, driven by the "924" market rally and subsequent rebounds since April 2025 [2] - The top five funds based on one-year returns include: 1. CITIC Construction North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 261% return 2. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 232% return 3. China Europe Digital Economy Mixed Initiated A (Code: 018993) - 232% return 4. Debon Xinxing Value Flexible Allocation Mixed A (Code: 001412) - 119.73% return 5. Xin'ao Performance Driven Mixed C (Code: 016371) - 112.15% return [2][6] Three-Year Performance - For the three-year performance, 974 equity funds were analyzed, with the top five funds showing returns above 119% [9] - The leading funds include: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) 2. Huitianfu North Exchange Innovative Selected Two-Year Open Mixed A (Code: 014279) 3. CITIC Construction North Exchange Selected Two-Year Open Mixed A (Code: 016303) [9][11] Five-Year Performance - In the five-year category, 453 equity funds were evaluated, with the top five funds achieving returns exceeding 138% [14] - The top funds include: 1. Dongwu Mobile Internet Mixed A (Code: 001323) 2. Dongwu New Trend Value Line Mixed (Code: 001322) 3. Jinyuan Shun'an Yuanqi Flexible Allocation Mixed (Code: 004685) [14][16] Fund Management Insights - Liu Yuanhai, managing the top two funds in the five-year category, emphasizes continued investment in AI technology sectors, anticipating a potential industry turning point next year [18]

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 Viewpoint - The A-share market experienced a slight decline after reaching the historical high of 3731 points in 2021, raising questions about investment opportunities and strategies for those who bought funds at that peak [1][4]. Market Performance - The three major indices in the A-share market closed lower today, with a trading volume close to 2.6 trillion yuan. Sectors such as liquor, real estate, and automobiles led the gains, while insurance and brokerage sectors saw a pullback [3][4]. - Analysts suggest that significant trading volume often leads to high volatility, and the current market remains active with no clear signs of capital withdrawal [3]. Fund Performance Since 2021 - Funds purchased at the 3731-point peak have shown varied performance, with some funds gaining over 200% since then. However, many investors are still waiting to break even [4][6]. - As of August 2025, the market has returned to around 3700 points, but many individual stocks have not recovered to their previous highs, indicating a disparity between index performance and individual stock performance [8]. Strategies for Investors - For investors whose funds have not yet returned to break-even, it is advised to maintain a rational approach and consider shifting from chasing hot stocks to a balanced allocation strategy. This includes dynamic adjustments to portfolios and setting stop-loss limits [9][12]. - Dollar-cost averaging through systematic investment plans can help reduce costs over time, especially during market downturns [9][10]. Market Outlook - The current market is characterized as a "healthy bull" market, supported by government policies and increasing capital inflows. This environment is expected to foster continued market confidence and potential upward movement [12][13]. - Investors are encouraged to adopt a balanced approach, using a "core-satellite" strategy to manage risk and avoid overexposure to any single investment [16][18].

Group 1 - Huayang Group has experienced a continuous decline for six trading days, with a cumulative drop of -5.08% [1] - Huayang Group, founded in 1993, aims to become a leading supplier of automotive electronic products and components both domestically and internationally [1] - Dongwu Mobile Internet Mixed A Fund has entered the top ten shareholders of Huayang Group, marking its new entry in the first quarter of this year [1] Group 2 - The Dongwu Mobile Internet Mixed A Fund has achieved a return of 9.22% this year, ranking 519 out of 2301 in its category [1] - The fund manager of Dongwu Mobile Internet Mixed A is Liu Yuanhai, who holds a PhD in Management from Tongji University and has extensive experience in fund management [3][4] - Dongwu Fund Management Co., Ltd. was established in September 2004, with Dongwu Securities Co., Ltd. holding 70% and Hailan Group Co., Ltd. holding 30% of the shares [5]