Core Insights - The public fund industry is witnessing a significant performance shift, with 27 funds achieving over 100% net value growth in 2025, highlighting the emergence of smaller fund management firms that are competing effectively against larger institutions [1][2]. Performance Overview - As of December 4, 2025, notable funds include Hengyue Advantage Select Mixed A with a net value growth rate of 133.39%, followed by Hongtu Innovation Emerging Industry Mixed A at 123.82%, and Kaishi Lan Leading Economy Holding Period Mixed at 102.03% [2]. - The average management scale of the 27 funds with over 100% growth is 5640.43 billion, with the largest being 25,400 billion, while 8 fund managers have a management scale below 1,000 billion, including 3 below 100 billion [2]. Fund Management Strategies - Smaller fund management firms are focusing on differentiated strategies to achieve success, with Hengyue Fund emphasizing active management and avoiding homogenization in investment strategies [3][4]. - Hongtu Innovation Fund leverages its state-owned background and venture capital expertise to capture long-term investment opportunities in emerging industries [3]. - Kaishi Fund centers its research on industry analysis, particularly in technology sectors, and integrates AI into its investment research processes [4]. Investment Focus - The high-performing funds are aligned with technology growth themes, particularly in AI, showcasing adaptability to market changes [5]. - Hengyue Fund's strategy includes focusing on sectors like smart driving and energy storage, while Hongtu Innovation Fund has concentrated on AI-related industries since 2024 [5]. - Kaishi Fund invests in leading companies with competitive advantages in sectors supported by national policies, such as AI and renewable energy [5]. Future Industry Landscape - The public fund industry is expected to evolve into a differentiated structure characterized by "large comprehensive firms" and "small specialized firms" [6]. - The core competitiveness of smaller fund management firms will hinge on niche market focus, enhanced research capabilities, and technology-driven operational efficiency [6]. - The path for smaller firms lies in concentrating resources to build unique competitive advantages rather than replicating the broad strategies of larger firms [6].