According to Wind data, technology sectors such as artificial intelligence, semiconductors, and industrial digitalization have been the primary sources of excess returns for active equity funds over the past five years. Flexible asset allocation strategies have also demonstrated significant advantages in volatile markets.
Simultaneously, the new performance assessment regulations implemented by the fund association in April 2026 have institutionally strengthened the alignment of interests between fund managers and investors, injecting momentum into the industry's long-term healthy development.
An analysis of the top 30 funds that outperformed their benchmarks over the past five years reveals that five fund managers had multiple products on the list, forming a standout group of performers in this five-year period.
Liu Yuanhai of Soochow Fund believes the technology rally is far from over, with AI applications representing the next phase. The Soochow New Trend Value Line fund he manages delivered a return of 355.79% over five years, while Soochow Mobile Internet Fund A achieved 352.83%, ranking first and second among active equity funds.
Looking ahead to 2026, Liu anticipates the A-share market may resemble 2025, presenting clear structural opportunities. He cites potential improvements in corporate profit growth and enhanced risk appetite among investors. Technology is expected to remain a key investment theme, with AI-driven developments continuing to offer promise. Liu notes that the focus of AI industry development is shifting from computing infrastructure and large model training to practical applications. He is particularly interested in autonomous driving, device-side AI, humanoid robots, and internet companies embracing AI. He remains optimistic about AI computing power investments, including optical modules, PCBs, storage, power, and liquid cooling.
Zhang Mingxin of Huashang Fund describes 2026 as the inaugural year where AI truly begins transforming the world, but cautions against investment dogma. His Huashang Advantage Industry fund returned 299.68% over five years, with a 45.78% gain year-to-date. Another fund, Huashang Balanced Growth, has risen nearly 60% this year.
Zhang maintains that a dual support structure of "policy support plus industrial drivers" remains solid. He believes 2026 marks the beginning of AI fundamentally changing various industries, with supply chain constraints from chips to fiber optics revealing numerous investment opportunities. However, he emphasizes that technological progress is non-linear and advises a disciplined, value-driven approach. Beyond AI, he tracks opportunities in autonomous driving, solid-state batteries, robotics, innovative drugs, and new consumption trends.
Wu Yang of E Fund adopts a dual strategy focusing on consumer recovery and technological innovation. His E Fund Rui Xiang I returned 352.02% over five years, while E Fund Foresight Growth A achieved over 208%.
Wu is optimistic about consumer recovery, technological innovation, and overseas demand. He highlights the resilience of China's domestic consumption market and sees potential in experiential and premium consumer segments. In technology, he focuses on AI, automotive intelligence, autonomous driving, and robotics, anticipating industry inflection points. He also identifies the international expansion of Chinese companies as a long-term trend.
Jin Zicai of Caitong Fund expresses strong optimism about the computing power sector, forecasting growth rates in 2026 and even 2027 to exceed those of 2025. His Caitong Value Momentum A and Caitong Growth Preferred A funds returned 186.65% and 184.62% over five years, respectively.
Jin expects more significant changes in monetary and fiscal policy to stimulate investment. He identifies 2026 as the first year of rapid development for Agentic AI, predicting exponential growth in computing demand. His investments are concentrated in the PCB and optical communication sectors, seeking opportunities across the supply chain. He emphasizes a research-driven approach to portfolio allocation, aiming for前瞻性, traceability, and replicability.
Rong Zhineng of Bosera Fund focuses on technology and manufacturing growth, seeking structural opportunities. His Bosera Transformation Power A and Bosera National Security Strategy A-H-S funds returned 283.44% and 176.95% over five years, respectively.
Rong believes that continued macroeconomic improvement and capital market reforms will create more value for investors. He highlights the enduring advantages of China's tech and manufacturing sectors, including talent dividends and industrial cluster effects, which present sustained structural investment opportunities within the global supply chain.
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