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].

Group 1 - Over 300 active equity funds have reached new year-to-date highs in net value since April 7, driven by structural investment opportunities and a focus on domestic consumption [1][2] - As of April 28, 38 funds achieved new year-to-date highs, with a total of 302 funds since April 7, reflecting a market rebound supported by favorable policies [1][2] - Funds heavily invested in the consumer sector, such as Guotai Consumer Select and Pengyang Consumer Industry Mixed Fund, have shown remarkable performance amid rising domestic demand [1] Group 2 - The Shunwan Lingxin LeRong One-Year Holding Mixed Fund has reported over 30% returns year-to-date, focusing on trendy toys, gold jewelry, and pet-related sectors [2] - The Longcheng Pharmaceutical Industry Selected Mixed Fund has achieved a year-to-date return of 49.78%, with several other pharmaceutical funds also exceeding 35% returns [2] - Fund managers are increasingly adapting their strategies to capture emerging consumption opportunities, moving away from traditional investment paths [3] Group 3 - Fund managers emphasize the importance of understanding consumer demands and adapting to the preferences of younger generations, which is driving a new consumption cycle [3] - Investment strategies are evolving to include a broader range of assets and sectors, focusing on growth stocks, policy-driven companies, and dividend-paying value companies [3]