Core Viewpoint - The A-share market has shown a "slow bull" trend in the first three quarters of this year, with significant contributions from the TMT (Technology, Media, and Telecommunications) sector, particularly in AI, robotics, and semiconductors. Active equity fund managers who actively position in new directions have performed well, but the volatility in popular sectors and events like the "tariff shock" in early April have impacted their ability to manage drawdowns, affecting investor experiences [4]. Summary by Category Overall Performance of Active Equity Fund Managers - In the first three quarters of this year, there are 1,698 active equity fund managers with an average return of 34.08% and a median return of 30.45%. The average drawdown is -13.93%, with a median of -13.05% [4][5]. - Fund managers managing over 100 billion yuan have the highest median returns at 36.79%, but also face larger drawdowns [5]. Performance by Management Scale - **Over 100 Billion Yuan**: 80 managers, median return 36.79%, median drawdown -14.13%. Top performers include Zhang Wei from Huatai-PineBridge and Ge Lan from China Europe Fund, both heavily invested in the pharmaceutical sector [6][7]. - **50-100 Billion Yuan**: 130 managers, median return 35.28%, median drawdown -13.28%. Top performers include Zheng Ning from Zhongyin Fund, with a return of 95.01% [9][10]. - **20-50 Billion Yuan**: 275 managers, median return 32.82%, median drawdown -13.08%. Top performers include Dan Lin from Yongying Fund, with a return of 97.40% [13][14]. - **Below 20 Billion Yuan**: 1,213 managers, median return 29.46%, median drawdown -12.95%. Top performers include Wang Chao from Fortune Fund, with a return of 93.31% [16]. Notable Fund Managers - **Zhang Wei**: Achieved a return of 69.62% with a maximum drawdown of -10.01%, managing six funds [7][8]. - **Zheng Ning**: Focused on innovative drugs, achieving a return of 95.01% with a maximum drawdown of -13.06% [10][12]. - **Dan Lin**: Achieved a return of 97.40% with a maximum drawdown of -12.88% [14]. - **Zhao Longlong**: Managed to achieve a return of 62.08% with the smallest drawdown of -9.51% among his peers [15]. Investment Focus - Fund managers are increasingly focusing on sectors such as innovative pharmaceuticals and high-end medical devices, with a notable emphasis on the potential of Chinese innovative drugs in international markets [8][10].

Core Insights - The A-share market has shown a "slow bull" trend in the first three quarters of this year, with significant contributions from the TMT sector, particularly in AI, robotics, and semiconductors [1] - Active equity fund managers have performed well, but the volatility in popular sectors and events like the "tariff shock" in early April have impacted their ability to manage drawdowns [1] - The average return for active equity fund managers this year is 34.08%, with a median return of 30.45%, while the average drawdown is -13.93% and the median drawdown is -13.05% [1][3] Fund Manager Performance by Management Scale Over 100 Billion - Among the 80 active equity fund managers with over 100 billion in management scale, the median return is 36.79% and the median drawdown is -14.13% [3] - Notable fund managers include Zhang Wei from Huatai-PineBridge and Ge Lan from China Europe Fund, both heavily invested in the pharmaceutical sector [3][4] 50-100 Billion - In the 50-100 billion category, 130 fund managers have a median return of 35.28% and a median drawdown of -13.28% [8] - The top performer is Zheng Ning from Bank of China Fund, achieving a return of 95.01% with a maximum drawdown of -13.06% [9] 20-50 Billion - For managers with 20-50 billion in assets, the median return is 32.82% and the median drawdown is -13.08% [10] - The top three fund managers include Dan Lin from Yongying Fund, Jin Xiaofei from Penghua Fund, and Zhao Longlong from Morgan Fund [12] Below 20 Billion - In the category of managers with less than 20 billion, the median return is 29.46% and the median drawdown is -12.95% [15] - The top three fund managers are Wang Chao from Fortune Fund, Qi Zhen from Huabao Fund, and Liu Haixiao from Haifutong Fund [15]

Group 1 - Zhongjian Technology (002779.SZ) released its semi-annual report for 2025 on August 23, 2025, indicating that as of August 22, 2025, 18 institutional investors disclosed holdings in Zhongjian Technology A-shares, totaling 73.539 million shares, which accounts for 39.79% of the total share capital [1] - The top ten institutional investors include Zhongjian Electromechanical Group Co., Ltd., China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund, and others, with a combined holding ratio of 39.35%, reflecting an increase of 0.96 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five public funds increased their holdings compared to the previous period, including Penghua Carbon Neutral Theme Mixed A and Morgan Dynamic Selection Mixed A, with an increase ratio of 1.18% [2] - Two public funds decreased their holdings compared to the previous quarter, including Huatai-PB Quality Growth Mixed A and Huatai-PB Quality Selected Mixed A, showing a slight decline [2] - Eight new public funds were disclosed this period, mainly including Morgan Emerging Power Mixed A and others, while seven public funds were not disclosed this period, including Yongying Advanced Manufacturing Smart Selection Mixed A and others [2]