As the Beijing Stock Exchange marks its 5th anniversary, the first batch of its themed funds have shown divergent development trends.

339 listed companies, with a total market value of 841.486 billion yuan. This is the transcript of the Beijing Stock Exchange (BSE) as of September 2. The starting point of this development can be traced back five years ago.

On September 2, 2021, the establishment of the Beijing Stock Exchange was officially announced. On November 15 the same year, the BSE was inaugurated and opened for trading, starting with 81 companies from the Select Layer of the New Third Board. Eight days later, the first batch of 8 BSE-themed funds was established, entering the market with 4 billion yuan in capital under the two-year fixed-term open operation mechanism.

As an important tool for ordinary investors to participate in BSE investment with a low threshold, the number of BSE-themed funds has now expanded to 57, most of which are index funds, while there are only 10 active equity products. The first batch of 8 funds are all active equity products with the earliest establishment time, making them the best observation samples for public funds investing in the BSE.

The performance gap between the top and bottom products reaches 119.8%

Although they started from the same starting line, after nearly five years of tempering in the market cycle, the performance of the first batch of BSE-themed funds has diverged, with a gap of 119.8% between the top and the bottom.

Wind data shows that as of September 2, 7 of the first 8 BSE-themed funds have achieved positive returns since their establishment. Harvest BSE Select Two-Year Fixed Open Fund managed by Liu Jie is the only product that recorded negative returns, with a loss of 17.15% since its establishment.

Huatai-Pinebridge BSE Innovation Select Two-Year Fixed Open Fund leads with a return of 102.65%, which is also the only fund that has doubled its net value. This performance was achieved through the relay of three fund managers, Ma Xiang, Ma Lei and Lin Wei. The first two contributed the main returns, and the current fund manager Lin Wei has been in office for less than a month.

ChinaAMC BSE Innovative SMEs Select Two-Year Fixed Open Fund managed by Gu Xinfeng ranks second with a return of 81.56%. It is worth mentioning that this fund once won the second place of public offering active equity funds in 2023 with a yield of 58.56%.

Ranking the third is E Fund BSE Select Two-Year Fixed Open Fund, with a yield of 55.38% since its establishment. This fund was initially managed solely by Zheng Xi, Qiu Tianlan joined the management on August 30, 2025, and then Zheng Xi left his post on December 13, 2025. Among them, Zheng Xi contributed 70.03% of the tenure return.

In addition, Wanjia BSE Wisdom Select Two-Year Fixed Open Fund, GF BSE Select Two-Year Fixed Open Fund, Southern BSE Select Two-Year Fixed Open Fund, and Dacheng BSE Two-Year Fixed Open Fund have achieved performance returns of 45.73%, 39.97%, 38.91% and 22.67% respectively.

The profit ratio of three products exceeds 90%

Due to the revision of the information disclosure rules, the recently released semi-annual reports of funds have added the indicator of "proportion of profitable investors", which provides a new perspective for observing the performance of funds.

It should be noted that this indicator counts the profit proportion of investors who have held the fund for more than 7 days in the past year, that is, from July 1, 2025 to June 30, 2026. The calculation method is "number of profitable investors / total number of investors * 100%".

The first batch of 8 BSE-themed funds was established on November 23, 2021, all operating in the form of two-year fixed-term open, and just experienced the second open period at the end of 2025. During this period, some investors may redeem and some may buy in. Therefore, the result of the proportion of profitable investors of these products is not only affected by the net value performance, but also related to the time point of investors' entry and exit.

The proportion of profitable investors of 3 of the products exceeds 90%.

The best data comes from Huatai-Pinebridge BSE Innovation Select Two-Year Fixed Open Fund, with the proportion of profitable investors reaching 99.94%. Since the second open period of this fund is from December 8, 2025 to December 19, 2025, the change in the number of investors is reflected in the annual report of that year.

The annual report data shows that as of the end of 2025, the number of holders of Huatai-Pinebridge BSE Innovation Select Two-Year Fixed Open Fund was 47,600, a decrease of 34,900 compared with the middle of 2025. Since the net value of this fund during the open period is always higher than the net value on June 30, 2025, all investors who choose to redeem will be included in the profit group.

There are also new investors. According to the 2025 fourth-quarter report, Huatai-Pinebridge BSE Innovation Select Two-Year Fixed Open Fund had 224 million shares redeemed and 39.9622 million shares subscribed. Since the net value of this fund at the end of June is higher than the net value during the open period, these new investors will also be included in the profit group.

Investors who hold the fund without any operation have also become part of the profitable group, benefiting from the rise of the net value in the interval. As for the 0.06% of investors who failed to make profits, they may have conducted fast-in and fast-out operations during the open period.

In addition, E Fund BSE Select Two-Year Fixed Open Fund and Dacheng BSE Two-Year Fixed Open Fund have achieved the proportion of profitable investors of 99.9% and 90.66% respectively. The reasons for the outstanding data are similar to that of Huatai-Pinebridge BSE Innovation Select Two-Year Fixed Open Fund.

The open period of these three funds is from December 8, 2025 to December 19, 2025. The difference is that during the open period of Dacheng BSE Two-Year Fixed Open Fund, the net value on December 9, 2025 and December 10, 2025 is lower than the net value on June 30, 2025. If some investors redeem on these two days, they will be included in the loss group.

The profit ratio of two products is less than 20%

At the other end of the data, the proportion of profitable investors of two products is less than 20%.

The data of Southern BSE Select Two-Year Fixed Open Fund is the lowest, only 7.79%. The second open period of this product is from November 24, 2025 to December 11, 2025.

Since the net value of this fund fluctuated between 1.3485 yuan and 1.3823 yuan during the open period, which is lower than the net value of 1.4444 yuan on June 30, 2025, investors who choose to redeem will be included in the loss group.

The 2025 annual report shows that the number of holders of Southern BSE Select Two-Year Fixed Open Fund is 17,000, a decrease of 11,800 compared with the middle of 2025.

In terms of share subscription and redemption, the 2025 fourth-quarter report shows that Southern BSE Select Two-Year Fixed Open Fund has 184 million shares redeemed and 15.3341 million shares subscribed. Since the net value of this fund has fallen to 1.214 yuan at the end of June this year, which is lower than the net value during the open period, all new investors are included in the loss group. Investors who hold the fund without any operation are also included in the loss group due to the decline of the net value in the interval.

The other product is Harvest BSE Select Two-Year Fixed Open Fund, whose proportion of profitable investors is only 18.85%.

Since the open period of this fund is from December 8, 2025 to January 6, 2026, the time interval spans one year. The change in the number of investors needs to be calculated by combining the 2026 semi-annual report and the 2025 semi-annual report. The former shows 14,300 holders, a decrease of 12,000 compared with the latter.

Combined with the data of the 2025 fourth-quarter report and the 2026 first-quarter report, it can be calculated that Harvest BSE Select Two-Year Fixed Open Fund had 5.1899 million shares subscribed and 216 million shares redeemed during the open period.

However, the complexity is that the net value was lower than the net value on June 30, 2025 for 8 trading days during the open period, so it is impossible to make an intuitive data deduction. In other words, investors who choose to redeem may make profits or lose money.

New investors will be included in the loss group because the net value at the end of June this year is lower than the net value during the open period. Investors who hold the fund without any operation are also included in the loss group for the same reason.

In addition, the proportion of profitable investors of Wanjia BSE Wisdom Select Two-Year Fixed Open Fund, GF BSE Select Two-Year Fixed Open Fund, and ChinaAMC BSE Innovative SMEs Select Two-Year Fixed Open Fund did not exceed 50%, which are 47.72%, 45.16% and 39.67% respectively.