Core Viewpoint - The article highlights the strong performance of QDII funds, particularly in the context of recent overseas market rebounds, with specific focus on stock and mixed-type QDII funds achieving significant returns since early April 2025 [3][4]. Summary by Category QDII Fund Performance - Since April 7, 2025, the average return of 670 QDII funds is approximately 4.40%, with stock-type QDII funds averaging 5.29% and mixed-type QDII funds averaging 6.13% [3][4]. - The German stock market has reached historical highs, and the Nasdaq index has rebounded over 20% from its lows, contributing to the strong performance of QDII funds [3]. Stock-type QDII Funds - There are 406 stock-type QDII funds with an average return of 5.29% since April 7, 2025, and an average return of 14.61% over the past year [4][5]. - The top three stock-type QDII funds over the past year include: 1. GF Fund's "Hong Kong Innovative Drug ETF" with a return of 57.48% 2. Southern Fund's "Southern Hong Kong LOF" with a return of 54.03% 3. Huaxia Fund's "Hang Seng Pharmaceutical ETF" with a return of 51.03% [5][6]. Mixed-type QDII Funds - There are 125 mixed-type QDII funds with an average return of 6.13% since April 7, 2025, and an average return of 17.15% over the past year [4][13]. - The top three mixed-type QDII funds over the past year include: 1. Southern Fund's "Southern China Emerging Economy 9-Month Holding Period Mixed (QDII) A" with a return of 72.37% 2. Huaxia Fund's "Huaxia Hong Kong Advantage Selected Mixed (QDII) A" with a return of 63.27% 3. Fortune Fund's "Fortune Global Consumer Selected Mixed (QDII) RMB A" with a return of 56.59% [13][16]. Long-term Performance - Over the past three years, stock-type QDII funds have an average return of 33.77%, with the top three funds being: 1. Tianhong Fund's "Tianhong CSI China-US Internet (QDII) A" with a return of 96.04% 2. GF Fund's "GF Global Selected Stocks (QDII) RMB A" with a return of 84.73% 3. Yifangda Fund's "SPDR Information Technology LOF" with a return of 79.49% [9][10]. - Mixed-type QDII funds have an average return of 21.36% over the past three years, with the top three being: 1. Southern Fund's "Southern China Emerging Economy 9-Month Holding Period Mixed (QDII) A" with a return of 87.15% 2. Fortune Fund's "Fortune Global Consumer Selected Mixed (QDII) RMB A" with a return of 82.17% 3. Huaxia Fund's "Huaxia Global Mobile Internet Mixed (QDII) RMB A" with a return of 78.20% [17][19].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a plan to promote the high-quality development of public funds, introducing 25 measures to enhance performance-based compensation for fund managers [3]. Fund Performance Summary - As of May 13, 2025, there are 13,478 public funds with nearly three years of excess returns, with an average excess return of -3.72%. Only 1,191 funds, or 8.84%, have excess returns exceeding 10% [3][4]. - Among fund types, QDII funds have the highest proportion of funds with excess returns over 10%, at 23.76%, followed by stock funds at 16.04% and mixed funds at 9.93% [4]. Top Performing Funds Stock Funds - There are 370 stock funds with excess returns greater than 10%, with an average net asset value growth rate of 21.79% and an average excess return of 22.26%. The threshold for the top 10 funds is 45.56% [5]. - The top three funds are managed by Zhang Lin from China Merchants Fund, Chen Ying from Jinying Fund, and Li Hai from Guotai Fund [5]. Mixed Funds - There are 580 mixed funds with excess returns greater than 10%, with an average net asset value growth rate of 23.42% and an average excess return of 23.91%. The threshold for the top 10 funds is 69.34% [7]. - The top two funds are managed by Gu Xin Feng and Zhang Cheng Yuan from Huaxia Fund [7]. QDII Funds - There are 43 QDII funds with excess returns greater than 10%, with an average net asset value growth rate of 47.02% and an average excess return of 27.29%. The threshold for the top 10 funds is 19.12% [9]. - The top three funds are managed by Xiong Xiaoya from Southern Fund, Peng Chen Chen from Fortune Fund, and Zhang Zili from Harvest Fund [9]. Notable Fund Managers - Chen Ying, managing the Jinying Technology Innovation Stock A fund, has achieved an excess return of 81.55% over three years, with a net asset value growth rate of 83.66% [6][7]. - Gu Xin Feng, managing the Huaxia North Exchange Innovation Small and Medium Enterprises fund, has achieved an excess return of 167.41% over three years, with a net asset value growth rate of 185.78% [8]. - Xiong Xiaoya, managing the Southern China New Emerging Economy fund, has achieved an excess return of 72.53% over three years, with a net asset value growth rate of 91.27% [10][11].

Core Insights - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 measures to enhance salary management in the industry [1] - Fund managers with products underperforming the benchmark by more than 10% over three years will see a significant decrease in performance-based compensation, while those exceeding the benchmark can receive reasonable increases [1] - As of May 13, 2025, there are 13,478 funds with nearly three years of excess returns, with an average excess return of -3.72% [1][2] Fund Performance Summary - Among the 13,478 funds, only 1,191 funds (8.84%) have achieved excess returns greater than 10% over three years [2] - QDII funds, equity funds, and mixed funds have the highest proportions of funds with excess returns over 10%, at 23.76%, 16.04%, and 9.93% respectively [1][2] Top Performing Funds - The top 10 equity funds with excess returns greater than 10% have an average unit net value growth rate of 21.79% and an average excess return of 22.26% [3] - The threshold for the top 10 equity funds is set at an excess return of 45.56% [3] - The top three funds are managed by Zhang Lin from China Merchants Fund, Chen Ying from Jinying Fund, and Li Hai from Guotai Fund [3] Notable Fund Managers - Chen Ying's fund (code: 001167) has a net value growth rate of 83.66% over three years, significantly outperforming its benchmark [5] - Chen Ying has a background in electronic engineering and an MBA, with experience in the telecommunications and computer industries [5][6] - The fund's top holdings include companies in the AI sector, which have shown substantial growth [6] Mixed Fund Performance - The top 10 mixed funds have an average unit net value growth rate of 23.42% and an average excess return of 23.91% [7] - The top two mixed funds are managed by Gu Xin Feng and Zhang Cheng Yuan from Huaxia Fund [7] QDII Fund Performance - The top QDII fund, managed by Xiong Xiaoya from Southern Fund, has a net value growth rate of 91.27% over three years [12] - Xiong Xiaoya has a strong focus on growth and consumer sectors, with significant investments in popular Hong Kong growth stocks [12][13]