Maximum returns over 57%. Nearly 90% of active equity funds have gained since the beginning of the year.

Securities Times Reporter Chen Shuyu

After the Spring Festival, the sentiment in the A-share market continues to improve, with most active equity fund NAVs rising. Wind data shows that 1,009 active equity funds hit new all-time high NAVs during the first trading week after the holiday, demonstrating strong recovery ability and profit-making effects.

As of February 27, out of 4,781 active equity products in the market, 4,299 have achieved positive returns this year, accounting for nearly 90%. Among them, 50 funds have gained over 30% this year, and 295 funds have gained over 20%.

In terms of return rankings, Western Gain Strategy Select A managed by He Qi leads the market with a 57.83% return year-to-date, followed by Western Gain New Power A and Western Gain Industry Theme Select A with 57.31% and 51.43%, respectively. Additionally, products like GF Vision Intelligent Selection A, Yinhua Domestic Demand Select A, Yinhua Tongli Select A, Ping An Xin’an A, Tongtai Huiying A, Yinhua Growth Pioneer, and China Life Anbao Industry Upgrade A also rank among the top performers.

The top-performing funds this year mainly focus on two main themes: one is resource-based domestic demand cycles, represented by commodities, benefiting from rising commodity prices and policies aimed at stabilizing growth; the other is technology growth, represented by storage chips and semiconductor equipment, driven by accelerated domestic substitution and the AI industry wave.

From a holdings perspective, taking Western Gain New Power A as an example, as of the end of 2025, its top ten holdings include Zijin Mining, Chifeng Gold, Dekang Agriculture and Animal Husbandry, Muyuan Foods, Shandong Gold, Tianshan Aluminum, Huaxia Airlines, China Gold, Lens Technology, Luxshare Precision, and Shandong Gold (H shares). The heavy holdings are mainly resource and agricultural leaders, showing clear cyclical allocation characteristics.

Yinhua Domestic Demand Select’s top ten holdings as of the end of 2025 include Chifeng Gold, Shanjin International, Shengda Resources, China Gold, Shandong Gold, Hunan Gold, Industrial Silver & Tin, Potential Hengxin, Zhuyie Group, and Western Gold. Regarding the focus on precious metals, Yinhua Domestic Demand Select fund manager Wang Ligang stated in the Q1 2025 fund quarterly report that the basic considerations are as follows:

First, continue to maintain allocations in gold and silver assets. After a correction in Q4, opportunities for positive returns in Q1 2026 still exist, with expectations for an accelerated upward phase. The antimony metal industry is also expected to perform well in Q1. Second, maintain certain agricultural allocations. Overall, 2026 is considered a favorable year for agricultural investments, and the assets allocated in agriculture have shown low-risk characteristics, helping to diversify the portfolio. However, resources will be further concentrated in excellent companies to enhance stability and reliability. Third, considering industry and market changes, serious consideration is given to opportunities in big tech, specifically in AI, pharmaceuticals, new energy, and military industries. In Q1 2026, these allocations will be increased amid market fluctuations.

Meanwhile, some high-performing funds are focusing on the tech growth track, especially in storage chips, semiconductor equipment, and power equipment sectors. For example, GF Vision Intelligent Selection A’s top ten holdings as of the end of 2025 include Buwei Storage, Jiangbolong, Puran Shares, Xinghuan Technology-U, Demingli, Changchuan Technology, Beijing Junzheng, Jingzhida, Yaxiang Integration, and Zhaoyi Innovation.

GF Vision Intelligent Selection A fund manager Tang Xiaobin stated in the Q4 2025 fund quarterly report that the global storage industry faces a demand surge combined with supply contraction, showing potential for a super cycle. Looking ahead, with accelerated technological iteration and ongoing domestic substitution, the market share of “two storage” (likely referring to NAND and DRAM) is expected to exceed 30%. Semiconductor equipment supply chains related to “two storage,” such as etching, deposition, bonding, and yield testing, are expected to benefit fully. Additionally, advanced processes may reach a “Darwin moment,” with future capacity expansion likely to accelerate, reinforcing confidence in storage and semiconductor equipment investment opportunities.

Ping An Xin’an A fund manager Lin Qingyuan believes that the investment logic of the AI industry is undergoing a profound paradigm shift: the end of computing power is electricity, and the second half of AI is energy. In portfolio construction, he focuses on the demand for equipment driven by AI incremental growth and the stock replacement logic of power grid upgrades, aiming to capture certain returns in the AI era. In Q4, the fund prioritized holdings in globally competitive Chinese power equipment and new energy infrastructure sectors. The stock selection follows the core framework of “Chinese manufacturing + North American pricing.” It selects high-quality companies that are part of China’s manufacturing industry and are also key players in global AI infrastructure, leveraging China’s supply chain advantages to fill capacity gaps in North America over the next 3-5 years. Most of these companies are in traditional manufacturing sectors, with low market attention and valuation discounts, offering significant upside potential.

Looking ahead, many fund companies express a relatively optimistic outlook. Guotai Fund believes that in the short term, AI, non-ferrous metals, and oil & gas will be the main leading sectors, catalyzed by developments in large models during the Spring Festival, changes in US tariffs, and US-Iran geopolitical conflicts. In the medium term, the market remains focused on price increases, which will be tested during the March-April construction season. However, the recovery of PPI year-over-year is expected to support the fundamentals of chemicals and new energy sectors.

Hua Xia Fund states that the medium-term positive trend of the market is likely to continue with deeper and balanced growth. From a macro perspective, policy space remains ample, and the postponement of uncertainties and the easing of overseas risks have created a more favorable external environment. Market driving forces are shifting from mere valuation repair to profit and structural rebalancing.