Core Insights - The A-share market experienced a comprehensive upward trend in 2025, with significant recovery in market sentiment [1] - As of December 25, nearly 4,700 active equity funds were analyzed, with only 194 showing negative returns this year, while over 4,500 achieved positive returns [1][5] - A total of 83 funds reported annual returns exceeding 100%, with the top ten funds all surpassing 144% [1] - The top twenty funds over a three-year period had returns exceeding 160%, with an average return of 193% [1][5] - The worst-performing twenty funds averaged a loss of nearly 41% over the same period, highlighting a stark contrast with top performers [1][6] Fund Performance - The fund with the worst performance, Jin Ying Multi-Strategy A, recorded a loss of 47.72%, followed closely by CITIC Construction Investment Smart IoT A and Tianzhi New Consumption, both exceeding 47% losses [2][6] - Despite the overall market uptrend, ten funds still reported negative returns this year, with CITIC Construction Investment Smart Life A down 17.05% and Shenyin Wanguo Medical Pioneer A down 13.82% [7] - The underperforming funds primarily consisted of flexible allocation and equity mixed funds, many of which were themed around popular sectors like technology and new energy [7] Management and Size Analysis - CITIC Construction Investment Fund was notably affected, with four of its products appearing in the bottom twenty, managed by Zhou Ziguang, whose funds underperformed their benchmarks by over 54% [7] - Tianzhi Fund also had three products in the bottom list, with two managed by Li Shen, showing significant underperformance against benchmarks [7] - Most underperforming funds were categorized as "mini funds," with 15 having assets under 200 million yuan, and Tianzhi Transformation Upgrade nearing liquidation with only 0.03 billion yuan [3][7] Investment Style and Future Outlook - Some funds failed to manage drawdowns effectively during adjustments in sectors like new energy and healthcare, exemplified by Shenyin Wanguo Medical Biology A, which lost 38.73% over three years [8] - The future of the industry is expected to trend towards more refined and transparent fund assessment systems, with a focus on long-term performance metrics [8] - This shift aims to promote rational investment behavior and encourage fund managers to focus on long-term industry trends and corporate value, fostering sustainable benefits for investors [8]