Core Insights - The active equity funds experienced a remarkable performance in 2025, with 94.91% of all funds generating positive returns, and 96.64% of active equity funds achieving positive returns over one year [3][4] - The emergence of "doubling funds" was a significant highlight, with 60 funds, including 51 active equity funds, achieving over 100% cumulative returns [4][5] - The strong performance of active equity funds is closely linked to the structural trends in the A-share market, particularly in technology sectors such as optical modules, PCB, cloud computing, and innovative pharmaceuticals [3][5] Fund Performance - Among active equity funds, Yongying Technology Smart Selection A led with a return of 223.14%, making it the only fund to achieve "doubling" status [5] - Other notable performers included AVIC Opportunity Navigator A with 156.48% and Hengyue Advantage Selection A with 141.96% [5] - A total of 3419 funds outperformed their benchmark returns, representing 78.26% of the active equity funds [3] Market Trends - The "doubling funds" phenomenon is characterized by a clear structural market trend, with most funds heavily invested in the "computing power" industry chain, particularly in optical modules [5][6] - The communication sector emerged as a significant winner among passive index "doubling funds," with several funds achieving returns exceeding 110% [6] New Entrants and Management - The emergence of new fund managers was notable, with the average management tenure of fund managers for the "doubling funds" being only 3.01 years, and 43.33% having less than two years of experience [7][8] - Despite the high returns associated with newer fund managers, experienced managers also delivered strong performances, indicating a diverse range of expertise contributing to the success of these funds [8] Fund Management Companies - E Fund emerged as the largest winner in 2025, managing nine "doubling funds," with E Fund Rui Xiang I achieving the highest return of 119.38% [10] - Smaller fund companies also contributed significantly to the "doubling funds," with several achieving impressive returns despite their lower rankings in total assets [11][12] Future Outlook - Analysts suggest that the technology sector will continue to be a clear investment focus in 2026, recommending strategies such as "core + satellite" and "barbell" approaches for portfolio diversification [13]

Core Insights - In 2025, public funds, particularly those represented by "national team" capital such as Central Huijin and China Chengtong, have significantly driven the growth of ETFs, pushing the total scale of ETFs to exceed 6 trillion yuan, marking a new high [1] - The number of ETF products has increased by over 30% compared to the end of 2024, with total scale growth exceeding 60%, indicating a strong expansion trend [1] - A total of 8 ETFs have recorded annual gains exceeding 100%, all of which are stock-based ETFs, marking the highest number of doubling ETFs in a year [1] ETF Performance - The 8 doubling ETFs are primarily concentrated in the ChiNext, telecommunications, and non-ferrous metal themes [1] - The top-performing ETF is the Guotai ChiNext Artificial Intelligence ETF, which has surpassed 150% in annual growth [2] - Other notable ETFs include the Guotai CSI All-Share Communication Equipment ETF and the Fortune CSI Communication Equipment Theme ETF, both exceeding 120% growth [2] Industry Highlights - The non-ferrous metal sector has also performed well, with the annual growth of the Shenwan Non-Ferrous Metals Industry nearing 95%, ranking first among 31 industries [2] - Several ETFs in the non-ferrous metal mining theme have recorded annual gains exceeding 100% [2]

本报记者 彭衍菘 2025年即将收官，伴随A股市场结构性行情，主题类ETF（交易型开放式指数基金）的表现成为投资者关注的焦点。Wind 资讯数据显示，截至12月14日，从年内净值增长率来看，通信设备、人工智能、有色金属及黄金等主题ETF表现突出，尤其以 通信设备主题ETF领涨明显，多只ETF年内净值增长率超100%。与此同时，不同主题之间的资金流向呈现明显差异，既有"越 涨越买"的品种，也有高位流出的现象。 Wind资讯数据显示，在年内净值增长率居前的ETF中，通信设备主题ETF频现。其中国泰中证全指通信设备ETF以118.55% 的年内净值增长率位居前列；同样跟踪中证全指通信设备指数的天弘中证全指通信设备指数发起A、博时中证全指通信设备指 数发起式A，年内净值增长率也均超110%。 对此，陕西巨丰投资资讯高级投资顾问陈宇恒认为，这一表现背后，与年内5G建设持续深化、卫星通信等新基建预期升 温、行业景气度获市场认可密切相关。 除通信设备外，创业板人工智能主题ETF同样表现亮眼。南方创业板人工智能ETF、华宝创业板人工智能ETF年内净值增 长均超100%，显示在科技创新主线中，人工智能仍是资金重点布局方向。此外 ...

Core Insights - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][10]. Performance Overview - The top-performing ETFs with over 100% returns include: - Guotai CSI All-Share Communication Equipment ETF: 122.27% return, 12.45 billion in size, 6.32 years since inception, maximum drawdown of -28.87% [2][11]. - Fuguo CSI Communication Equipment Theme ETF: 111.21% return, 1.04 billion in size, 1.45 years since inception, maximum drawdown of -23.98% [2][11]. - Southern Growth Enterprise Board AI ETF: 110.15% return, 2.57 billion in size, 0.63 years since inception, maximum drawdown of -14.55% [2][11]. - Huabao Growth Enterprise Board AI ETF: 104.57% return, 3.36 billion in size, 1.01 years since inception, maximum drawdown of -31.52% [2][11]. - Guotai Growth Enterprise Board AI ETF: 100.38% return, 0.55 billion in size, 0.71 years since inception, maximum drawdown of -18.13% [2][11]. Fund Management Insights - The Fuguo CSI Communication Equipment Theme ETF, managed by Su Huaqing, has shown strong growth with a total return of 149.10% since inception and an annualized return of 87.49% [5][14]. - The fund's current size is 1.04 billion, and its investment strategy focuses on AI computing infrastructure [6][14]. Portfolio Composition - As of Q3 2025, the fund's top holdings include: - Xinyi Technology: 159.66 million, 436,500 shares, increased by 476.31% [7][15]. - Zhongji Xuchuang: 158.12 million, 391,700 shares, increased by 473.81% [7][15]. - ZTE Corporation: 64.58 million, 1,415,088 shares, increased by 472.91% [7][15]. - Other significant holdings include Tianfu Communication, Unisplendour, and AVIC Optoelectronics, with substantial increases in shareholding [8][16]. Market Trends - The market has responded positively to policies such as the commencement of major projects and the "anti-involution" strategy, leading to a recovery in undervalued cyclical sectors [8][16]. - The technology growth sector, particularly TMT (Technology, Media, and Telecommunications), has significantly outperformed the market, with a focus on AI and new energy sectors [8][16].

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, focusing on communication equipment and artificial intelligence [1][11]. Group 1: ETF Performance - The top-performing ETF is the Guotai CSI All-Share Communication Equipment ETF (515880.OF), with a year-to-date return of 122.27% [3][13]. - Other notable ETFs include: - Fortune CSI Communication Equipment Theme ETF (159583.OF) with a return of 111.21% - Southern Growth Enterprise Board AI ETF (159382.OF) with a return of 110.15% - Huabao Growth Enterprise Board AI ETF (159363.OF) with a return of 104.57% - Guotai Growth Enterprise Board AI ETF (159388.OF) with a return of 100.38% [2][12]. Group 2: Fund Management and Strategy - The Guotai CSI All-Share Communication Equipment ETF, managed by Ai Xiaojun, has been operational for over six years, achieving a total return of 202.97% and an annualized return of 19.16% [3][13]. - The fund's current size is 124.50 billion [3][13]. - The fund's investment strategy focuses on the AI computing power industry chain, with significant holdings in leading companies such as Xinyi and Zhongji Xuchuang [6][14]. Group 3: Market Dynamics and Volatility - The fund manager has significantly increased core holdings, with an increase rate exceeding 130% [7][15]. - Despite impressive returns, the fund experienced a maximum drawdown of -28.87%, indicating high volatility in the high-growth technology sector [8][15]. - Long-term performance shows a total return of 179.70% over five years and 254.68% over three years, outperforming broad market indices like the CSI 300 [8][15]. Group 4: Future Outlook - As the 2025 market approaches its end, there is significant interest in whether the Guotai communication ETF can maintain its leading position and how the AI computing power industry will perform moving forward [10][16].

Core Insights - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][8]. Group 1: ETF Performance - Five ETFs have surpassed 100% returns this year, with the top performers being managed by Guotai, Fuguo, Nanfang, and Huabao [1][8]. - The leading ETF, Guotai Zhongzheng Communication Equipment ETF, achieved a return of 122.27% with a scale of 12.45 billion [2][9]. - The Nanfang Chuangyeban Artificial Intelligence ETF, established only six months ago, reported a return of 110.15% and a scale of 2.573 billion [3][11]. Group 2: Fund Manager Insights - Fund manager Pan Shuiyang has been managing the Nanfang Chuangyeban Artificial Intelligence ETF since its inception, achieving a return of 110.15% [5][13]. - The fund's top holdings include leading companies in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, along with other AI-related firms [5][13]. Group 3: Market Trends and Future Outlook - The investment logic highlighted by Pan Shuiyang indicates a strong demand for high-speed optical modules driven by increased capital expenditure from overseas cloud vendors, with visibility of orders extending to 2027 [6][16]. - The ETF's maximum drawdown this year was -14.55%, which is relatively small compared to other high-performing ETFs, indicating resilience in a volatile market [7][16]. - The future asset allocation and adjustment strategies of these high-performing ETFs will be closely monitored as the market approaches the end of 2025 [7][17].

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][8]. Group 1: ETF Performance - Five ETFs have surpassed 100% returns this year, with notable performances from communication and AI sectors [1][8]. - The top-performing ETFs include: - Guotai CSI All-Share Communication Equipment ETF with a return of 122.27% and a scale of 124.50 billion [2][9]. - Fuguo CSI Communication Equipment Theme ETF with a return of 111.21% and a scale of 10.41 billion [2][9]. - Southern Growth Enterprise Board AI ETF with a return of 110.15% and a scale of 25.73 billion [2][9]. - Huabao Growth Enterprise Board AI ETF with a return of 104.57% and a scale of 33.55 billion [2][9]. - Guotai Growth Enterprise Board AI ETF with a return of 100.38% and a scale of 5.51 billion [2][9]. Group 2: Huabao AI ETF Insights - The Huabao Growth Enterprise Board AI ETF, managed by Chen Jianhua and Cao Xucheng, has achieved a return of 104.57% since its inception on December 6, 2024, with a current scale of 33.55 billion [3][12]. - The fund's manager, Chen Jianhua, has delivered a return of 96.02% since the fund's establishment, with an annualized return of 94.60% [5][12]. - The fund's investment strategy focuses on the AI computing power industry chain, with major holdings in leading optical module companies, including Zhongji Xuchuang and Xinyi Sheng, which together represent a significant portion of the portfolio [5][12]. Group 3: Market Outlook - The fund's third-quarter adjustments were conservative, with increases in holdings ranging from 76% to 80% for most stocks [7][15]. - The fund managers expressed confidence in the sustained demand for AI, particularly in large models and computing power, which is expected to drive the performance of the AI sector [7][15]. - Future opportunities are anticipated in high-end computing cycles and new AI terminals, such as robotaxis and robots, which are at critical technological development stages [7][15].

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sectors of communication equipment and artificial intelligence [1][5]. Group 1: Performance Overview - The top-performing ETF is the Guotai CSI All-Share Communication Equipment ETF (515880.OF) with a return of 122.27%, managing a scale of 12.45 billion and having been established for 6.32 years [2][3][7]. - Following closely is the Fortune CSI Communication Equipment Theme ETF (159583.OF) with an 111.21% return, a scale of 1.04 billion, and a 1.45-year establishment [3][7]. - In the artificial intelligence sector, three ETFs have shown remarkable performance: - Southern Growth Enterprise Board AI ETF (159382.OF) with a 110.15% return and a scale of 2.57 billion [3][8]. - Huabao Growth Enterprise Board AI ETF (159363.OF) with a 104.57% return and a scale of 3.36 billion [3][8]. - Guotai Growth Enterprise Board AI ETF (159388.OF) with a 100.38% return and a scale of 0.55 billion [3][8]. Group 2: Volatility and Market Outlook - The high returns are accompanied by significant volatility, with maximum drawdowns ranging from -15% to -31% for these ETFs, highlighting the risks involved [4][8]. - Looking ahead, Zhongyin Securities indicates that the securities industry is experiencing a "moderate opening of capital space and leverage limits," which may catalyze a "spring surge" in the market, particularly in technology and AI hardware sectors [4][8].

Group 1 - The A-share market has experienced fluctuations, with significant capital inflow into stock ETFs, exceeding 100 billion yuan from November 14 to 21, indicating strong institutional confidence in the market [1] - Institutional investors view the current market downturn as an opportunity to acquire quality assets at lower prices, reflecting a long-term positive outlook for A-shares [1][2] - Analysts predict that the A-share market will continue its upward trend, with expectations for a revaluation of Chinese assets by 2026, suggesting a broadening of equity asset allocation by domestic residents [1] Group 2 - Investors are particularly favoring broad-based ETFs that cover core assets like the CSI 300 and CSI 500, as their valuation levels have become significantly attractive [2] - The strategy of investing in broad-based indices allows investors to mitigate risks while benefiting from economic recovery and industrial upgrades [2] - There is a notable shift in capital towards specific technology sectors, such as artificial intelligence and robotics, indicating a forward-looking approach to industry upgrades [3] Group 3 - The inflow of approximately 22.95 million yuan into the Southern Growth Enterprise Market AI ETF and 6.09 million yuan into the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board AI ETF highlights a targeted investment strategy in technology sectors [3] - The current market adjustment is perceived as a golden opportunity for strategic positioning in future industry trends, aligning with brokerages' forecasts for the growth of AI applications by 2026 [3] - Overall, the substantial capital inflow through ETFs signals a rational choice by market participants, reinforcing confidence in the long-term value of Chinese assets despite short-term volatility [3]

Group 1 - The pace of capital inflow into equity ETFs has significantly accelerated, with a total net subscription amount reaching 196.48 billion yuan as of November 21 [1] - On November 21, the single-day net subscription amount for equity ETFs exceeded 40 billion yuan, marking the highest net inflow in over seven months [1] - The capital flow is directed towards three main categories: broker-themed ETFs and dividend-themed ETFs, technology growth-themed ETFs, and Hong Kong stock-themed ETFs [1] Group 2 - Morgan Asset Management states that despite recent market adjustments, liquidity shocks are nearing full pricing, and the overall market trend has not fundamentally changed [2] - The Chinese AI industry is still in its early development stage, avoiding the excessive capital expenditure issues seen in the U.S., with a solid foundation for technological innovation and self-sufficiency [2]