Active equity funds will collectively profit over 1 trillion yuan by 2025, with a focus on sectors such as electronics and electrical equipment.

Reporter Fang Lingchen

Compared with passive index funds, actively managed equity funds place greater emphasis on research and screening of high-quality companies and sectors, and seek higher returns through active investment operations. With the public offering funds’ 2025 annual reports now fully disclosed, the performance of actively managed equity funds in 2025 has officially been revealed.

According to statistics from Tianxiang Investment Advisory, as of the end of 2025, the total size of actively managed equity funds (including aggressive-investment stock funds, stock-focused hybrid funds, and flexible-allocation hybrid funds) reached RMB 3.90 trillion, up about 15% from RMB 3.39 trillion at the end of 2024. Specifically, stock-focused hybrid funds had the largest scale at RMB 39k, accounting for 61.57% of actively managed equity funds; flexible-allocation hybrid funds ranked second at RMB 33.9k, accounting for 23.89%; aggressive-investment stock funds had a scale of RMB 5,672.80 billion, accounting for 14.54%.

In terms of profitability, in 2025, the total profit of actively managed equity funds amounted to RMB 1,001.64 billion. Among them, stock-focused hybrid funds, flexible-allocation hybrid funds, and aggressive-investment stock funds recorded profits of RMB 628.77 billion, RMB 224.72 billion, and RMB 147.68 billion, respectively.

Some actively managed equity funds have provided investors with a strong holding experience. For example, within actively managed equity funds, the top performer in terms of profit was the funds managed by E Fund, at RMB 80.92 billion. Funds from China Europe Fund, Fullgoal Fund, Harvest Fund, GF Fund, and Huaxia Fund followed next in order, with RMB 62.38 billion, RMB 53.31 billion, RMB 46.98 billion, RMB 44.53 billion, and RMB 35.27 billion, respectively.

The profitability results have been unveiled; holding and position movements are even more worth paying attention to. By looking at the distribution of heavily held industries and stocks in actively managed equity funds in 2025, it’s possible to directly see fund managers’ main investment lines and sector preferences.

According to Tianxiang Investment Advisory, broken down by Shenwan first-level industries, the top ten industries by holdings for actively managed equity funds were Electronics, Power Equipment, Pharmaceutical Biology, Communications, Nonferrous Metals, Machinery Equipment, Automobiles, Basic Chemical, Food and Beverages, and Non-bank Financials. Judging from the top ten most heavily held stocks of actively managed equity funds, Jafron? Science and Technology (CICC) topped the list again; Xin Yisheng ranked second; CATL ranked third.

Regarding changes in shareholdings, the top 3 stocks by increase in market value held by actively managed equity funds were Jafron? Science and Technology (CICC), Xin Yisheng, and Dongshan Precision. The top 3 stocks by reduction in market value were Midea Group, BYD, and Wuliangye. Looking at performance by percentage changes in 2025, all of the top 10 stocks by increase in market value achieved gains, while the top 10 stocks by reduction in market value saw declines to varying degrees.

The performance of actively managed equity funds is also influenced by the trend in the equity market. In recent days, volatility in the equity market has increased. However, according to interviewees, the market’s long-term fundamentally positive outlook has not changed, and structural opportunities remain well worth seizing.

A related person from the Shangyin Fund told reporters from The Securities Daily: “For the A-share market, the domestic liquidity environment is still relatively favorable, and the absolute level of the risk-free interest rate remains low—this background has not changed fundamentally. Against the backdrop of profound changes in the global landscape, Chinese assets still retain allocation value over the long term. At the same time, the technology development process represented by AI continues to advance, and its strategic importance remains significant. Under the broader context of supply-chain security, the process of domestic substitution for many key links is expected to accelerate further. In the short term, investors may focus on equity assets with relatively higher certainty.”

Morgan Stanley Fund’s equity investment team told reporters from The Securities Daily: “Against the backdrop of significant changes in the global landscape, investors may no longer be worn out by trading short-term event-driven fluctuations, and will instead shift their attention to clues over the medium and long term. For example, the global emphasis on energy diversification and green energy will increase markedly. The key directions include new energy, nuclear power, power equipment, and compute-power coordination, among others.”

(Editer: Wen Jing)

Keywords:

                                                            Actively managed equity funds
                                                            Fund