Active equity funds will collectively earn over 1 trillion yuan in profits by 2025

This article is reprinted from: Securities Daily

Active equity funds will total over 1 trillion yuan in profits by 2025

Focusing on industries such as electronics and electrical equipment

Reporter: Chen Fang

Compared to passive index funds, active equity funds place more emphasis on research and selection of high-quality companies and sectors, and strive to achieve higher returns through proactive investment operations. With the completion of public fund annual report disclosures for 2025, the operating performance of active equity funds in 2025 has been officially revealed.

Data from Tianxiang Investment Consulting shows that as of the end of 2025, the combined scale of active equity funds (including actively managed stock funds, hybrid funds with a bias toward stocks, and flexible allocation hybrid funds) reached 3.90 trillion yuan, up about 15% from 3.39 trillion yuan at the end of 2024. Specifically, hybrid funds with a bias toward stocks are the largest, with a size of 24,023.53 billion yuan, accounting for 61.57% of active equity funds; flexible allocation hybrid funds come next, at 9,320.61 billion yuan, accounting for 23.89%; actively managed stock funds have a size of 5,672.80 billion yuan, accounting for 14.54%.

In terms of profitability, in 2025, active equity funds generated a total profit of 1,001.164 billion yuan. Among them, hybrid funds with a bias toward stocks, flexible allocation hybrid funds, and actively managed stock funds earned 628.77 billion yuan, 224.72 billion yuan, and 147.68 billion yuan, respectively.

Some active equity funds have provided investors with a good holding experience. For example, E Fund’s active equity funds ranked among the top in profits, reaching 80.921 billion yuan; China Europe Fund, Fullgoal Fund, Harvest Fund, GF Fund, and Huaxia Fund followed next in order, with profits of 62.381 billion yuan, 53.313 billion yuan, 46.982 billion yuan, 44.529 billion yuan, and 35.268 billion yuan, respectively.

The profit results have been unveiled, and investors’ attention may be even more drawn to changes in holdings. By looking at the distribution of heavily held industries and heavily held stocks of active equity funds in 2025, it is possible to directly see the investment main lines and sector preferences of fund managers.

Data from Tianxiang Investment Consulting shows that, based on Shenwan’s first-level industry classification, the top ten industries by holdings for active equity funds are electronics, power equipment, pharmaceuticals and biologicals, communications, non-ferrous metals, machinery and equipment, automobiles, basic chemicals, food and beverage, and non-bank financials. From the top ten heavily held stocks of active equity funds, Zhongji Xuchuang ranks first, Xin Yisheng ranks second, and CATL ranks third.

In terms of changes in shareholdings, the top 3 stocks with the largest increase in market value by active equity funds are Zhongji Xuchuang, Xin Yisheng, and Dongshan Precision; the top 3 stocks with the largest decrease in market value are Midea Group, BYD, and Wuliangye. Looking at the performance in terms of gains and losses in 2025, all 10 stocks with the largest increases in market value by active equity funds achieved rises, while the 10 stocks with the largest decreases saw declines to varying degrees.

The performance of active equity funds is also affected by the trend of the equity market. In recent times, volatility in the equity market has increased, but according to interviewees, the oscillation and adjustment have not changed the market’s long-term positive fundamentals, and structural opportunities are still worth seizing.

A related person from Yingshan Fund told Securities Daily reporter: “For the A-share market, the domestic liquidity environment is still relatively favorable, and the backdrop of a relatively low absolute level of risk-free interest rates has not fundamentally changed. Against the backdrop of profound changes in the global landscape, Chinese assets still retain long-term allocation value. At the same time, the technology development process represented by AI is still moving forward continuously, and its strategic importance remains significant. Under the broader background of supply chain security, the localization and replacement process in many key areas is expected to further accelerate. In the short term, you can focus on equity assets with relatively high certainty.”

The equity investment team at Morgan Stanley Fund told Securities Daily reporter: “In the context of significant changes in the global landscape, investors may no longer be tired of trading short-term event developments, but instead turn their attention to medium- and long-term clues. For example, global attention to energy diversification and green energy will increase significantly, with key directions including new energy, nuclear power, power equipment, and computing-and-power coordination.”