Core Insights - The active management equity funds are experiencing a strong recovery in returns, with 95% achieving positive returns and an average return exceeding 15% as of August 7, 2025 [1][2] - The pharmaceutical sector has emerged as the biggest winner, with four funds doubling their returns, all focused on this industry [3] Fund Performance - As of August 7, 2025, the average return for over 4,500 active equity funds is 15.03%, while more than 93% of over 2,500 stock index funds have positive returns averaging 11.8% [2] - Active equity funds have outperformed major indices like CSI 300 (4.6%) and CSI 500 (10.6%) after three years of underperformance [2] Fund Manager Dynamics - There are 90 active equity fund managers managing over 10 billion yuan, with Zhang Kun from E Fund leading at over 50 billion yuan [5][6] - Among these managers, 86 have achieved positive returns, with the average return for those managing over 30 billion yuan being 9.8%, which is lower than the average of the top 90 managers [6] Sector Focus - The four funds that doubled their returns are primarily invested in the pharmaceutical sector, including Changcheng Pharmaceutical Industry Selection and Huashan Pharmaceutical Biotechnology [3] - The top-performing managers, Zhang Wei and Zhang Lu, have focused on themes like innovative drugs and robotics, contributing to their high returns of 65.8% and 53.4% respectively [8] Underperforming Funds - Despite the overall positive trend, 228 active equity funds reported negative returns, with the worst performer, Qianhai Kaiyuan AI A, showing a return of -18.5% [3] - Wang Mingxu from GF Fund has seen 7 out of 8 funds underperform, with a bottom return of -7.4% [8][9] Investor Sentiment - Although the A-share market has been rising, investor confidence in active equity funds remains low, with a significant reduction in total shares of active equity funds by approximately 198.24 billion shares in the first half of 2025 [3]

经历三年调整期，2025年主动管理权益基金收益回升势头强劲。据wind数据，截至8月7日，95%主动权 益基金（剔除2025年之后成立，下同）年内取得正收益，平均收益突破15%。业绩榜单上，医药行业主 题基金成为最大赢家，4只年内收益翻倍主动权益基金（只计算初始份额，下同）均属其列。 百亿主动权益基金经理动态尤为引人关注。Wind数据显示，截至2025年上半年末，有90名主动权益基 金经理管理规模超百亿元，易方达基金张坤以超500亿元领衔。Wind指数显示，截至8月7日，有86名百 亿主动权益基金经理偏股型指数年内收益为正，汇添富基金张韡、永盈基金张璐收益分别以65.8%、 53.4%领跑；仅广发基金王明旭、郑澄然，兴证全球基金董理、景顺长城刘彦春四人偏股型指数年内收 益为负，王明旭偏股型指数年内收益-7.4%，收益垫底。 年内95%主动权益基金收益为正，4只翻倍 | 基金简称 | 基金成立日 | 基金规模 | 截至2025年6月末 | | 年内收益率 | 置等经理(现任) | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

Core Viewpoint - The resignation of Zhang Kun, a prominent figure in the mutual fund industry, reflects significant adjustments in the management structure of E Fund this year, indicating a strategic shift towards focusing on investment management rather than executive roles [2][4]. Management Changes - E Fund announced the resignation of Zhang Kun as Vice President due to "work adjustments," effective May 15, 2025, while he will continue to focus on investment management [2][4]. - Zhang Kun has been with E Fund since 2008 and has played a crucial role in the active equity research team, managing funds totaling 60.822 billion yuan as of the first quarter [4]. - This resignation is part of a broader trend within E Fund, as other executives like Chen Hao and Xiao Nan have also stepped down from management roles to concentrate on fund management [8]. Industry Trends - There is a growing trend in the mutual fund industry where executives with investment backgrounds are choosing to "lighten their load" by stepping down from management positions to focus on investment [11]. - The increasing competition and market volatility in the mutual fund sector have led to heightened performance pressure on fund managers, making it more beneficial for them to concentrate on investment rather than administrative duties [11][12]. - Regulatory reforms are pushing fund companies to establish performance-based assessment systems, which may further incentivize fund managers to prioritize investment performance over management responsibilities [13].