Core Viewpoint - The year 2025 marked a significant turnaround for active equity funds, with a notable performance improvement after three years of underperformance against the market, driven by structural market trends favoring technology and healthcare sectors [4][7]. Group 1: Market Performance - The Shanghai Composite Index closed at 3968.84 points, reflecting an annual increase of 18.41%, while the CSI 300 rose by 17.66% [3]. - The active equity fund index recorded a total return of 33.81% for the year, with over 90% of active equity funds achieving positive returns [4][5]. - The top-performing fund, Yongying Technology Select Mixed A, achieved a cumulative return of 239.78%, breaking the previous record held by Wang Yawei for 18 years [6][12]. Group 2: Sector Analysis - In 2025, 28 out of 31 sectors reported positive returns, with the top five sectors being non-ferrous metals (92.64%), telecommunications (87.27%), electronics (49.39%), comprehensive (44.9%), and power equipment (43.12%) [7]. - The bottom five sectors included food and beverage (-9.15%), coal (-4.77%), beauty and personal care (-0.44%), transportation (0.47%), and real estate (0.71%) [7]. - The market's structural trends were heavily influenced by the narrative surrounding technology and artificial intelligence, which dominated the year [7][8]. Group 3: Fund Issuance and Growth - The total scale of public funds reached a historic high of 37.02 trillion yuan by the end of November 2025, marking a continuous increase over eight months [8]. - A total of 1498 new funds were issued in 2025, the second-highest annual issuance on record, with index funds accounting for a quarter of all index funds issued since 2002 [9][10]. - The ETF market saw a significant growth of nearly 2.3 trillion yuan in 2025, with the total market size reaching 601.87 billion yuan, a 60% increase from the beginning of the year [10][11]. Group 4: Fund Manager Insights - The top 30 fund managers saw a significant number of their funds outperforming the market, with 130 out of 136 funds achieving positive returns [64]. - Notable fund managers included Du Meng from Morgan Stanley and Chen Hao from E Fund, both of whom saw substantial performance improvements in their managed products [65][67]. - The performance of funds was heavily influenced by their sector allocations, particularly in technology and communication sectors, which were common among the top-performing funds [47][49].

Group 1 - Farah Electronics has experienced a decline for five consecutive trading days, with a cumulative drop of -3.79% [1] - The company is recognized as a leading manufacturer of professional film capacitors globally [1] - Two funds under Qianhai Open Source Fund have entered the top ten shareholders of Farah Electronics, with Qianhai Open Source Public Utility Stock reducing its holdings in Q2 this year [1] Group 2 - Qianhai Open Source Public Utility Stock has achieved a year-to-date return of 13.29%, ranking 321 out of 769 in its category [2] - Qianhai Open Source New Economy Mixed A has a year-to-date return of 6.71%, ranking 1003 out of 1866 in its category [2] - The performance of Qianhai Open Source Public Utility Stock shows a quarterly increase of 3.45% and a six-month increase of 15.47% [2] Group 3 - The fund manager for both Qianhai Open Source Public Utility Stock and Qianhai Open Source New Economy Mixed A is Mr. Cui Chenlong, who has been with Qianhai Open Source Fund Management since August 2017 [4][5] - Mr. Cui holds a PhD from Nanyang Technological University in Singapore and has extensive experience in investment research and management [4][5] - Qianhai Open Source Fund Management was established in January 2013 and has four shareholders, each holding 25% [5]

Group 1 - Yuanguang Software has experienced a continuous decline for 7 trading days, with a cumulative drop of -9.60% [1] - Yuanguang Software Co., Ltd. is a leading provider of enterprise management, energy interconnection, and social service information technology, products, and services in China [1] - The controlling shareholder of Yuanguang Software is State Grid Digital Technology Co., Ltd., a wholly-owned subsidiary of State Grid Corporation, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [1] Group 2 - Two funds under Qianhai Kaiyuan Fund have entered the top ten shareholders of Yuanguang Software, with Qianhai Kaiyuan New Economy Mixed A and Qianhai Kaiyuan Public Utilities Stock both reducing their holdings in the fourth quarter of last year [1] - Qianhai Kaiyuan New Economy Mixed A has a year-to-date return of 4.05%, ranking 832 out of 2324 in its category, while Qianhai Kaiyuan Public Utilities Stock has a year-to-date return of 7.27%, ranking 350 out of 1007 [1] Group 3 - The fund manager for both Qianhai Kaiyuan New Economy Mixed A and Qianhai Kaiyuan Public Utilities Stock is Cui Chenlong, who has been with Qianhai Kaiyuan Fund Management Co., Ltd. since August 2017 [3][4] - Cui Chenlong has held various positions, including researcher and fund manager for multiple funds since July 2020 [3][4]