Core Viewpoint - The year 2025 marked a significant turnaround for active equity funds, with a notable performance improvement after three years of underperformance against the market, driven by structural market trends favoring technology and healthcare sectors [4][7]. Group 1: Market Performance - The Shanghai Composite Index closed at 3968.84 points, reflecting an annual increase of 18.41%, while the CSI 300 rose by 17.66% [3]. - The active equity fund index recorded a total return of 33.81% for the year, with over 90% of active equity funds achieving positive returns [4][5]. - The top-performing fund, Yongying Technology Select Mixed A, achieved a cumulative return of 239.78%, breaking the previous record held by Wang Yawei for 18 years [6][12]. Group 2: Sector Analysis - In 2025, 28 out of 31 sectors reported positive returns, with the top five sectors being non-ferrous metals (92.64%), telecommunications (87.27%), electronics (49.39%), comprehensive (44.9%), and power equipment (43.12%) [7]. - The bottom five sectors included food and beverage (-9.15%), coal (-4.77%), beauty and personal care (-0.44%), transportation (0.47%), and real estate (0.71%) [7]. - The market's structural trends were heavily influenced by the narrative surrounding technology and artificial intelligence, which dominated the year [7][8]. Group 3: Fund Issuance and Growth - The total scale of public funds reached a historic high of 37.02 trillion yuan by the end of November 2025, marking a continuous increase over eight months [8]. - A total of 1498 new funds were issued in 2025, the second-highest annual issuance on record, with index funds accounting for a quarter of all index funds issued since 2002 [9][10]. - The ETF market saw a significant growth of nearly 2.3 trillion yuan in 2025, with the total market size reaching 601.87 billion yuan, a 60% increase from the beginning of the year [10][11]. Group 4: Fund Manager Insights - The top 30 fund managers saw a significant number of their funds outperforming the market, with 130 out of 136 funds achieving positive returns [64]. - Notable fund managers included Du Meng from Morgan Stanley and Chen Hao from E Fund, both of whom saw substantial performance improvements in their managed products [65][67]. - The performance of funds was heavily influenced by their sector allocations, particularly in technology and communication sectors, which were common among the top-performing funds [47][49].

Group 1 - Zhongfu Circuit experienced a stock price increase of 7.01%, reaching 47.47 CNY per share, with a trading volume of 599 million CNY and a turnover rate of 7.05%, resulting in a total market capitalization of 9.087 billion CNY [1] - The company, Shenzhen Zhongfu Circuit Co., Ltd., was established on March 12, 2004, and went public on August 12, 2021. Its main business involves the research, production, and sales of printed circuit boards [1] - The revenue composition of Zhongfu Circuit is primarily from printed circuit boards, accounting for 89.34%, while other supplementary sources contribute 10.66% [1] Group 2 - Among the top ten circulating shareholders of Zhongfu Circuit, a fund under E Fund Management, specifically E Fund New Emerging Growth Mixed Fund (000404), entered the top ten with 1.761 million shares, representing 0.92% of the circulating shares. The estimated floating profit for today is approximately 5.4766 million CNY [2] - E Fund New Emerging Growth Mixed Fund (000404) was established on November 28, 2013, with a latest scale of 3.325 billion CNY. Year-to-date returns are 65.76%, ranking 350 out of 8174 in its category; the one-year return is 96.49%, ranking 524 out of 7981; and since inception, the return is 555.9% [2]