①The Shanghai Composite Index has broken through the 3900-point mark again after a decade, heralding a promising slow bull market; ②Performance of actively managed equity funds over the past decade: Caitong leads, followed closely by Wanji and Galaxy; ③Medium and small-sized funds have shown greater flexibility in terms of active equity returns over the past five and three years.
Cailian Press, October 9 (reporter Yan Jun) – On the first trading day after the National Day holiday, A-shares delivered a generous bonus to returning investors. After a span of 10 years, the Shanghai Composite Index broke through the 3900-point level again.
The index has returned to its high point from a decade ago. Over these ten years, China’s A-share market has exhibited short bull markets and prolonged bear markets, experiencing two major structural bull markets driven by consumption and new energy sectors. However, the broader market lacked sustained profitability until after “September 24, 2024,” when A-shares embarked on a slow bull market fueled by policy incentives, technological leadership, and continuous market activity.
Guotai Haitong Securities Research recently released the absolute return rankings for equity-oriented funds of fund management companies for Q3 2025. The ranking data showed that all actively managed equity funds from the 165 public fund management companies generated positive returns in Q3 2025. Overall, the average return of the actively managed equity funds of these companies was 25.93%. By company size, the average returns for large, medium, and small fund management companies were 26.31%, 24.90%, and 25.97%, respectively.
Beyond single-quarter performance, it is worth noting who has led the industry in performance over this 10-year cycle as the index revisits the 3900-point mark?
All equity funds from 165 fund management companies generated positive returns in Q3.
The profitability effect persisted throughout Q3 2025. Guotai Haitong Securities Research noted that in July 2025, despite external headwinds, the national economy remained resilient and stable, with key indicators surpassing expectations. The strong momentum continued into Q2, bolstered by the central government's ongoing efforts to strengthen anti-internal competition policies. A-shares extended their rebound; indices rose steadily in August and fluctuated at higher levels in September, with technology continuing to attract capital.
Against this backdrop, the Shanghai Composite Index rose by 12.73% in Q3, while the Shenzhen Component Index surged by 29.25%. Among the major indices, the SSE 50 Index increased by 10.21%, the CSI 300 Index gained 17.90%, the CSI 500 Index climbed 25.31%, the ChiNext Index soared by 50.40%, and the STAR 50 Index jumped by 49.02%.
No fund management company missed out on this market rally. In Q3 2025, all actively managed equity funds from the 165 public fund management companies yielded positive returns. Overall, the average return of actively managed equity funds was 25.93%.
By company size, the average returns for large, medium, and small fund management companies' actively managed equity funds were 26.31%, 24.90%, and 25.97%, respectively. Large fund managers slightly outperformed in average performance levels. However, the dispersion of returns among small fund management companies was higher compared to larger peers. The top 10th percentile of small fund management companies achieved a return of 42.04%, whereas the bottom 90th percentile achieved a return of 14.03%.
Caitong Secures Championship in a Decade-Long Active Equity Race
The SSE Composite Index has returned to the 3900-point mark, experiencing multiple bull and bear transitions during this period, further testing the comprehensive investment research capabilities of fund companies. Which firms have led the pack over these ten years?
Research data from Guotai Haitong Securities shows that Caitong Fund achieved an active equity return rate of 318% over the past decade, leading all 88 fund companies in the market. It is also the only fund company with an active equity return rate exceeding 300% in the past ten years.
The runner-up for active equity returns over the past decade is Wanji Fund, with a return rate of 272.77%. Yinhe Fund and Dacheng Fund ranked third and fourth, with return rates of 240.05% and 238.41%, respectively. The fifth place went to Huashang Fund, which reported an active equity return rate of 228.23% over the past decade.
Other top-ten ranked funds include Huaan (212.74%), NuoDe (208.11%), Jiaoyin Schroders (202.32%), Hongli (191.09%), and Zhongou (188.23%). Additionally, several long-term performers such as Yifangda, Dongwu, Ping An, Xingzheng Global, Hongde, Invesco Great Wall, Jinying, Guotai Franklin Templeton, Changxin, Baoyin, Debang, Fuan Da, and Morgan achieved active equity return rates exceeding 150% over the past decade.
When analyzed by fund company size, the average active equity return rate of 13 large-sized fund companies over the past decade was 147.66%, led by Huaan, Jiaoyin Schroders, and Zhongou. All 13 large-sized fund companies reported positive returns over the past decade. For medium-sized firms, all 10 had positive returns, averaging 163.76%, with Wanji, Dacheng, and Huashang taking the lead. Among 65 small-sized fund companies, the average active equity return rate was 108.58%, with Caitong, Yinhe, and Nuode leading the pack. Overall, large and medium-sized fund companies demonstrated more robust research systems and higher average return rates, whereas small-sized firms experienced significant performance disparities, with two companies reporting negative active equity returns over the past decade.
Top Performers in Five-Year Active Equity Returns: Dongwu, Jinyuan Shun’an, and Huashang Claim Top Three Spots
Over the past five years, China’s A-share market first rose and then declined. The earlier phase witnessed the peak of consumer goods and new energy sectors, coinciding with rapid growth in both the number and scale of public funds. However, by mid-2022, adjustments in these sectors sent the market into a downward trend for over two years until sentiment reversed in Q4 2024.
During these five years, active equity performance among fund companies faced pressure, particularly due to many products being issued at market peaks. Overall, smaller fund companies held the majority of top-ranking positions in terms of yield during this period.
Dongwu Fund claimed first place with a return rate of 161.33% in the five-year active equity fund rankings. Jinyuan Shun’an and Huashang Fund ranked second and third, with return rates of 126.99% and 120.39%, respectively.
Chunhou Fund and Hongtu Innovation Fund have also achieved returns exceeding 100% in active equity over the past five years, with returns of 118.89% and 113.41%, respectively. Notably, Huashang Fund and Hongtu Innovation Fund have also performed well in long-term fixed-income results.
In addition, Zhonggen, Orient Alpha, Caitong, Guojin, and Hongli Fund Management companies have achieved active equity returns exceeding 90% over the past five years.
Further comparing large, medium, and small fund management companies, the average return on active equity for 13 large fund companies over the past five years was 17.42%, led by Huaan, Huaxia, and ICBC Credit Suisse; for 10 medium-sized fund companies, the average return on active equity over the same period was 41.11%, with Huashang, Dacheng, and万家 ranking in the top three; among 118 small fund companies, the average return on active equity was 27.31%, with Dongwu, Jinyuan Shun’an, and Chunhou leading. Smaller fund companies slightly outperformed larger ones in terms of active equity performance over the past five years.
Ranking of active equity returns over the past three years shows Dongwu remains a standout.
Among 152 fund companies, Dongwu again leads with a three-year return of 121.85%, followed closely by China Resources Yuanda with a return of 119.57%. Within this time frame, only these two fund companies have achieved returns exceeding 100%.
Debang Fund ranks third, with a three-year active equity return of 85.28%, while Chunhou Fund and Bohai Huijin Asset Management rank fourth and fifth in the industry with returns of 71.99% and 65.78%, respectively. Additionally, Guojin, Huashang, Kaishi, Guorong, and Yinhe are among the top ten.
Comparing fund companies of different sizes, the average return on active equity for 13 large fund companies over the past three years was 19.08%, led by Huashang, Wanji, and Dacheng; for 10 medium-sized fund companies, all had positive returns on active equity, averaging 27.2%, with Huashang, Dacheng, and Wanji ranking in the top three; among 129 small fund companies, the average return on active equity was 21.32%, with Dongwu, China Resources Yuanda, and Debang leading. Medium-sized fund companies demonstrated greater flexibility and better performance over the past three years.
