The most staggering surge has exceeded 924%! The "long-term performance transcript" of public funds is released.

In the past few years when the A-share market style has undergone drastic shifts, a group of active equity funds have weathered the bull and bear cycles and delivered a "long-term performance report card": the highest performance in the past year has exceeded 142%, with 10 "doubling funds"; the highest performance in the past three years has exceeded 401%, with Jin Zicai taking the top five spots on the list alone; on the lists of the past five and ten years, products managed by a number of well-known fund managers including Zheng Xi, Mo Haibo, Feng Mingyuan, Liu Yuanhai, Cao Jin and Zheng Weishan have emerged. Among them, Huashan Advantageous Industry A leads the whole market with a unit net value increase of over 924% in the past 10 years, which once again confirms the value of active management capabilities to traverse cycles.

Highest performance in the past year exceeds 142%

From the dimension of the past year, there are 10 "doubling funds".

The ex-rights unit net value growth rates of E Fund Supply Reform and E Fund Industrial Opportunity A managed by Yang Zongchang are 142.68% and 134.67% respectively, ranking first and third for the time being. The second place is Qianhai Open Source Shanghai-Hong Kong-Shenzhen Enjoy Life managed by Wei Chun and Liang Ce, with a performance of 141.85% in the past year.

Also among the top performers are Caitong Multi-Strategy Fuxin, Caitong Ingenious Selection 1-Year Holding A, and Caitong Prosperity Selection 1-Year Holding A managed by Jin Zicai, whose performances in the past year are 113.43%, 109.52% and 105.65% respectively.

Huashan Balanced Growth A, Huashan Zhiyuan Return A, AXA SPDB Digital Economy A and other funds have achieved a unit net value increase of over 100% in the past year.

Highest performance in the past three years exceeds 401%

From the dimension of the past three years, there is 1 "quadrupling fund" and 13 "tripling funds".

Jin Zicai takes all the top five spots on the past three-year list. The performance of Caitong Multi-Strategy Fuxin managed by him in the past three years is 401.91%, temporarily ranking first; the ex-rights unit net value growth rates of Caitong Growth Selection A, Caitong Prosperity Selection 1-Year Holding A, Caitong Ingenious Selection 1-Year Holding A, and Caitong Integrated Circuit Industry A in the past three years are 393.96%, 390.65%, 381.19% and 369.64% respectively.

Debon Xinxing Value A managed by Lu Yang follows closely with a unit net value increase of 362.74%.

Performance Driven A of ABN AMRO, Qianhai Open Source Shanghai-Hong Kong-Shenzhen Enjoy Life, Manulife Growth, Morgan Stanley Huaxin Digital Economy A, Huashan Balanced Growth A, AVIC Opportunity Pilot A, Invesco Great Wall Steady Return A and other funds have all achieved performances of over 300% in the past three years.

Highest performance in the past five years exceeds 339%

From the dimension of the past five years, there are 3 "tripling funds" and 10 "doubling funds".

The unit net value growth rate of Qianhai Open Source Shanghai-Hong Kong-Shenzhen Enjoy Life managed by Wei Chun and Liang Ce in the past five years reaches 339.11%, ranking first; followed by E Fund Ruixiang I managed by Wu Yang, whose performance in the past five years reaches 335.20%; Invesco Great Wall Steady Return A and Bocom Youze Return A rank third and fourth respectively with unit net value increases of 308.71% and 291.99% in the past five years.

Debon Xinxing Value A, E Fund Pioneer Growth A, Huashan Advantageous Industry A, E Fund Supply Reform and other funds also rank relatively high in performance over the past five years.

Highest performance in the past ten years exceeds 924%

From the dimension of the past ten years, Huashan Advantageous Industry A managed by Zhang Mingxin ranks first with a unit net value increase of 924.29% in the past 10 years. Followed by E Fund Ruixiang I managed by Wu Yang, whose performance in the past ten years is as high as 807.66%.

The ex-rights unit net value growth rates of Caitong Value Momentum A and Caitong Growth Selection A managed by Jin Zicai in the past 10 years are 729.13% and 714.12% respectively, ranking third and fourth.

E Fund Information Industry A, Wanjia Emerging Blue Chip A, Huashan New Trend Selection, Manulife Transformation Opportunity A, Wanjia Quality Life, ABN AMRO New Energy Industry A and other funds also rank among the top in performance over the past 10 years.

The list of the past ten years is full of products managed by a number of well-known fund managers including Zheng Xi, Mo Haibo, Feng Mingyuan, Liu Yuanhai, Cao Jin and Zheng Weishan.

Structural opportunities are expected to remain the main feature of the market

Since 2026, the volatility of the A-share market has intensified, and style shifts have accelerated significantly.

Looking ahead to the market trend, Guo Jie, fund manager of E Fund, said that in the next three months, structural opportunities are expected to remain the main feature of the market, and policy transmission, corporate earnings and the external environment will affect changes in expectations. We will continue to be optimistic about high-quality consumer sectors with solid brand barriers and abundant cash flow, internet platforms with user ecology and capital return capabilities, as well as agriculture and food ingredient sectors with advantages in scale, technology and channels; at the same time, we will pay attention to resource chemical enterprises with outstanding cost advantages and advanced manufacturing with global competitiveness. The portfolio will be constructed around holding high-barrier assets for the long term, deploying high-quality enterprises at low positions, and seizing the growth opportunities of outstanding enterprises.

Ma Lei, fund manager of Harvest Fund, believes that the current global AI industry is generally in its early stage, and has risen sharply since 2025 due to the explosion of Coding and Agent, opening up To B and To C application scenarios. Looking forward to the next two to three years, global AI capital expenditure will maintain a strong upward momentum, mainly due to the continuous iteration of model technology and the accelerated expansion of application scenarios, and the AI industry still has a strong upward trend. Looking ahead, the three major directions of enterprise-level AI, AI for Science, and AI for Engineering are just getting started. Although the AI industry chain has performed remarkably in the past three or four years, the core companies are still in the process of rapid performance growth, with broad space for future development.

Liu Shiqing, fund manager of China Europe Fund, judges the subsequent market as "neutral to positive". He believes that before 2025, China's economy experienced a large downward cycle, and at present, the capacity cycle has most likely gradually entered a repair window. He also pointed out that the market is still in the process of gradually moving upward, and many industries have not yet reached the point of cycle reversal. For example, the automotive industry has not yet reached the time of reversal. Therefore, he prefers to gradually find a series of targets with offensive opportunities from a relatively defensive state. The focus of attention extends from upstream cyclical industries to midstream manufacturing, and even to downstream consumer goods, consumer manufacturing and consumer service sectors. For cyclical stocks, he believes that industry prosperity is very important, and valuation level (cheap or expensive) is also very important. It is not advisable to judge solely by PE. In the high prosperity stage of cyclical stocks, PE may seem very low, but this does not mean that the stock is necessarily cheap. Therefore, in addition to PE, valuation indicators such as PB also need to be considered.

This article is from the WeChat official account "China Fund News" (ID: chinafundnews), the author is Cao Wenjing, and it is released with authorization from 36Kr.