Active equity funds ushered in a “big year of performance”, and E-Fangda Fund led the market with 10 “doubling bases”

The timing has changed, a new chapter has started, and the 2025 A-share market has officially come to an end. Looking back at the whole year, the A-share market showed a clear upward trend in the structural turbulence pattern: the Shanghai Stock Exchange hit a new high of nearly ten years, once hitting the 4,000-point integer mark; artificial intelligence, semiconductors and other hard technology tracks performed brilliantly, and the main line of scientific and technological innovation permeated the market context throughout the year; the A-share market capitalization achieved a historic leap over the year, breaking the 100 trillion yuan mark. The average daily turnover for the whole year exceeded 1.7 trillion yuan, and market trading activity continued to boost.

The steady operation of the market is inseparable from the protection of capital market reform policies. Policies such as medium- to long-term capital entry, high-quality development of public funds, rate reform, and new performance comparison benchmark regulations push the industry to implement investor-based practices and reshape the ecosystem. Active equity fund performance recovery has become an important tool for investors to share market growth.

Over 96% of products received positive returns, and 75 “doublebases” were created in one year

According to Wind statistics, out of more than 4,100 active equity funds established over 1 year in 2025, the number of positive return products exceeded 4,000, accounting for nearly 97%, and more than 3,400 products outperformed the performance comparison benchmark for the same period, accounting for more than 80%, fully demonstrating the ability of active management to capture excess returns in structured markets.

It is worth noting that within 1 year of last year, 75 “double bases” were created among active equity funds. Judging from the number, E-Fangda Fund had a monopoly of 10. This is a significant leader among fund companies, showing its excellent active management capabilities.

Among them, the 3 funds currently managed by Wu Yang, who excels in industry allocation, have annual returns of around 120%, and Liu Jianwei, who has a balanced growth style, also has an annual increase of more than 110% in management products; veteran Zheng Xi is deeply involved in the TMT field, and the 2 technology industry-themed funds he manages have an annual income of more than 100%; newcomers Ouyang Liangqi and He Yicheng each have 1 “double base”.

Note: ① Data source: Wind, as of 2025/12/31; ② Volatility is a measure of how much a fund's net worth rises or falls over a period of time. Annualized volatility is the result of annualized treatment of standard differences in yield, and is one of the main indicators for measuring the risk of fund volatility.

The ability to innovate high is also an important measure of a fund's performance. The ability of net worth to continuously reach new highs means that the fund can provide investors with sustainable long-term returns. According to Wind data, in the last month of 2025, out of more than 4,100 active equity funds, more than 500 hit a new high since establishment. Among them, E-Fangda Fund had 29, leading the number.

Medium- to long-term performance attracted attention, and the investment and research system established a solid foundation

The Zhitong Finance App learned that in recent years, as industry reforms have progressed, public funds have moved towards high-quality development. Under the guidance of all participants in the market, investors are paying more and more attention to the fund's medium- to long-term sustainable profitability. The “Action Plan to Promote the High-Quality Development of Public Funds” clearly proposes to fully implement a long-term assessment mechanism for fund investment income. Among them, the assessment weight for medium- to long-term income over three years is not less than 80%.

In a volatile market environment, short-term performance is easily influenced by market style, and medium- to long-term performance through the bull and bear cycle can better reflect the strength of fund managers. According to Wind statistics, there are 41 active equity funds with annualized returns of 30% or more in the past 3 years, and there are 231 active equity funds with annualized returns of 20% or more, ranking first among fund companies; in the past 5 years, there are 68 active equity funds with annualized returns of 15% or more, and 206 active equity funds with an annualized return of 10% or more. eFangda Fund has 5 and 11 respectively, which is the highest number.

Note: ① Data source: Galaxy Securities, as of 2025/12/31; ② Sharp ratio is one of the risk indicators for fund income fluctuations, used to measure how much excess return the fund can generate for each unit of risk; the higher the Sharp ratio, the higher the return compensation obtained when bearing the same risk; Sharp ratio (times) calculation formula = (annualized net value growth rate - annualized risk-free return) /annualized standard deviation; ③ According to the three-level classification of Galaxy Securities Fund, E-Fangda Strategic Emerging Industry A is a standard equity fund (Class A), E-Fangda Growth Engine A, E-Fangda Pioneer Growth, E-Fangda Frontier Growth A, E-Fangda Foresight Growth A, E-Fangda Industry Upgrade A, E-Fangda High-End Manufacturing A is a partial equity fund (upper and lower stock limit 60%-95%) (Class A), E-Fangda Mövenpick I is a flexible allocation fund (benchmark stock ratio 60%-100%) (Class A), E-Fangda Technology Innovation A is a partial equity fund (shares listed 95%) (Class A), E-Fangda Information Industry A belongs to TMT and IT industry partial equity funds (Class A) Class), E-Fangda Information Industry Selection A belongs to TMT and Information technology industry equity fund (Class A).

According to Galaxy Securities data, E-Fangda, managed by Liu Jianwei, has impressive medium- to long-term results. With an annualized yield of 35.71%, 35.13%, and 31.06% annualized returns of 35.71%, 35.13%, and 31.06% in the past 3 years, they ranked 2nd, 3rd, and 7th among 1,465 similar products; in the past 5 years, Yifangrong also ranked 1st among 708 similar products with an annualized yield of 24.99%.

Meanwhile, under the hot market in the technology sector, E-Fangda Information Industry A (001513) and E-Fangda Information Industry Select A (010013), managed by Zheng Xi, performed well. The annualized returns for the past 3 years were 33.31% and 28.78%, respectively, and the similar rankings were 4/34 and 1/26; the annualized returns in the past 5 years were 17.54%, 11.02%, and the similar rankings were 2/18 and 3/21 respectively.

Meanwhile, E-Fangda Mövenpick I (001437), E-Fangda Pioneer Growth A (011891), and E-Fangda Vision Growth A (010115) managed by Wuyang have all achieved annualized returns of around 25% in the past 3 years. Among them, eFangda Mövenpick I ranked 3rd among 446 similar products with an annualized return of 23.22% in the past 5 years.

In addition, E-Fangda, a balanced hybrid fund managed by Chen Hao, emphasizes the steady growth of equity bonds. Over the years, the stock position has remained at 50%-60%, and the performance has continued to be steady. The annualized yield in the past 3 years was 11.33%, a similar ranking of 3/39, an annualized return of 7.75% in the past 5 years, and a similar ranking of 2/22.

The reason behind the excellent performance stems from solid investment and research system support. In the context of high-quality development of the industry, fund companies continue to strengthen the construction of a “platform-based, team-based, and integrated” investment and research system in order to consolidate core investment and research capabilities. As early as many years ago, Yifangda Fund established a unique “big platform, small team” management model. Relying on internal and external resource integration and professional division of labor and collaboration between the front, middle and back offices, it provides comprehensive support for each investment and research team in terms of compliance, risk control, trading, operation, etc., to help the team focus on core investment and research work, with a view to continuing to create alpha for customers in a complex market environment and obtain steady returns in the medium to long term.